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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[X] |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarter ended September 30, 2023
Commission file number 000-51770
CMG HOLDINGS GROUP, INC.
(Exact name of registrant as specified
in its charter)
Nevada |
|
87-0733770 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
2130 North Lincoln Park West 8N |
|
|
Chicago, IL |
|
60614 |
(Address of principal executive offices) |
|
(Zip Code) |
(773) 770-3440 |
Registrant's telephone number including area code |
Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether
the registrant has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files). Yes o No x
Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or small reporting company. See the definition
of "large accelerated filer," "accelerated filer" and "small reporting company" in Rule 12b-2 of the Exchange
Act.
Large accelerated filer |
[ ] |
Accelerated filer |
[ ] |
Non-accelerated filer |
[ ] |
Smaller reporting company |
[X] |
|
Emerging growth company |
[ ] |
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x
As of November 10, 2023, there were 438,672,016
shares of common stock of the registrant issued and outstanding.
Explanatory Paragraph
This 10Q filed on November 14, 2023 is
being amended to delete disclosure of Good Gaming, Inc. shares that were completely disposed of as of December 31, 2021. The disclosure
was inadvertently input in the document in error. The disclosure is no longer required as the Company no longer owns any shares of Good
Gaming, Inc.
1
|
CMG HOLDINGS GROUP, INC.
FORM 10-Q
TABLE OF CONTENTS |
|
Item # |
|
Description |
|
Page Numbers |
|
|
PART I FINANCIAL INFORMATION |
|
|
ITEM 1 |
|
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
|
3 |
ITEM 2 |
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|
15 |
ITEM 3 |
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK FACTORS |
|
16 |
ITEM 4 |
|
CONTROLS AND PROCEDURES |
|
16 |
PART II OTHER INFORMATION
ITEM 1 |
LEGAL PROCEEDINGS |
17 |
ITEM 1A |
RISK FACTORS |
17 |
ITEM 2 |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
17 |
ITEM 3 |
DEFAULTS UPON SENIOR SECURITIES |
18 |
ITEM 4 |
MINE SAFETY DISCLOSURES |
18 |
ITEM 5 |
OTHER INFORMATION |
18 |
ITEM 6 |
EXHIBITS |
18 |
2
PART I FINANCIAL INFORMATION
ITEM 1- CONSOLIDATED FINANCIAL STATEMENTS
CMG HOLDINGS GROUP, INC.
UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 2023 AND 2022
CONTENTS |
|
Consolidated Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022 (Audited) |
|
|
4 |
Consolidated Statements of Operations for the three months and nine months ended September 30, 2023 and 2022 (Unaudited) |
|
|
5 |
Consolidated Statements of Stockholders’ Deficit for the nine months ended September 30, 2023 and 2022 (Unaudited) |
|
|
6 |
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (Unaudited) |
|
|
7 |
Notes to Consolidated Financial Statements (Unaudited) |
|
|
8 |
3
CMG Holdings Group, Inc.
Consolidated Balance Sheet |
| |
September 30, | |
December 31, |
| |
2023 | |
2022 |
| |
(Unaudited) | |
(Audited) |
ASSETS | |
| |
|
CURRENT ASSETS | |
| | | |
| | |
Cash | |
$ | 102,368 | | |
$ | 338,157 | |
Loan to shareholder | |
| 100,000 | | |
| 100,000 | |
Loan receivable | |
| 1,621,089 | | |
| 1,514,764 | |
| |
| | | |
| | |
Total current assets | |
| 1,823,457 | | |
| 1,952,921 | |
| |
| | | |
| | |
Property and equipment | |
| 621 | | |
| 2,483 | |
| |
| | | |
| | |
| |
| | | |
| | |
Total Assets | |
$ | 1,824,078 | | |
$ | 1,955,404 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accrued liabilities | |
$ | 58,511 | | |
$ | 39,011 | |
Deferred compensation | |
| 488,014 | | |
| 385,514 | |
Loan from outside party | |
| 15,000 | | |
| 15,000 | |
Loan payable | |
| 712,000 | | |
| 722,000 | |
Note payable | |
| 60,000 | | |
| 60,000 | |
| |
| | | |
| | |
Total current liabilities | |
| 1,333,525 | | |
| 1,221,525 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 1,333,525 | | |
| 1,221,525 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| | | |
| | |
| |
| | | |
| | |
STOCKHOLDERS' DEFICIT | |
| | | |
| | |
Common Stock 450,000,000 shares authorized; $0.001 par value, | |
| | | |
| | |
438,672,016 shares issued and outstanding | |
| | | |
| | |
Common Stock 450,000,000 shares authorized; $0.001 par value, 438,672,016 shares issued and outstanding as of September
30, 2023 and December 31, 2022, respectively | |
| 438,672 | | |
| 438,672 | |
Additional paid in capital | |
| 14,630,689 | | |
| 14,630,689 | |
Accumulated deficit | |
| (14,578,808 | ) | |
| (14,335,482 | ) |
| |
| | | |
| | |
TOTAL STOCKHOLDERS DEFICIT | |
| 490,553 | | |
| 733,879 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | |
$ | 1,824,078 | | |
$ | 1,955,404 | |
| |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. |
4
CMG Holdings Group, Inc. |
Consolidated Statements of Operations |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the three months ended | |
For the nine months ended |
| |
September 30, 2023 | |
September 30, 2022 | |
September 30, 2023 | |
September 30, 2022 |
| |
| |
| |
| |
|
Revenues | |
$ | 146,143 | | |
$ | 911,206 | | |
$ | 625,568 | | |
$ | 1,886,761 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 27,921 | | |
| 581,254 | | |
| 301,864 | | |
| 1,379,140 | |
General and administrative expenses | |
| 250,158 | | |
| 194,971 | | |
| 644,283 | | |
| 507,397 | |
Total operating expenses | |
| 278,079 | | |
| 776,225 | | |
| 946,147 | | |
| 1,886,537 | |
| |
| | | |
| | | |
| | | |
| | |
Net income from operations | |
| (131,936 | ) | |
| 134,981 | | |
| (320,579 | ) | |
| 224 | |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| | | |
| | | |
| | | |
| | |
Settlement of Hudson Gray | |
| — | | |
| — | | |
| — | | |
| — | |
Interest expense | |
| — | | |
| — | | |
| (24,072 | ) | |
| (6,000 | ) |
Interest income | |
| 34,450 | | |
| 29,544 | | |
| 101,325 | | |
| 85,833 | |
PPP loan forgiveness | |
| — | | |
| | | |
| — | | |
| 62,500 | |
Gain on sale of stock. | |
| — | | |
| — | | |
| — | | |
| — | |
Total other income | |
| 34,450 | | |
| 29,544 | | |
| 77,253 | | |
| 142,333 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | (97,486 | ) | |
$ | 164,525 | | |
$ | (243,326 | ) | |
$ | 142,557 | |
| |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. |
5
CMG Holdings Group, Inc. |
Consolidated Statement of Stockholders Equity |
| |
| |
| |
| |
| |
| |
| |
|
| |
| Preferred Stock | | |
| Common Stock | | |
| | | |
| | | |
| | |
| |
| Number of | | |
| | | |
| Number of | | |
| | | |
| Additional
Paid In | | |
| Accumulated | | |
| Total
Stockholders' | |
| |
| Shares | | |
| Amount | | |
| Shares | | |
| Amount | | |
| Capital | | |
| Deficit | | |
| Equity | |
Balance December 31, 2021 | |
| — | | |
$ | — | | |
| 438,672,016 | | |
$ | 438,672 | | |
$ | 14,630,689 | | |
$ | (14,353,100 | ) | |
$ | 716,261 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income(Loss) for the year | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 142,557 | | |
| 142,557 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2022 | |
| — | | |
| — | | |
| 438,672,016 | | |
$ | 438,672 | | |
$ | 14,630,689 | | |
$ | (14,210,543 | ) | |
$ | 858,818 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| Preferred Stock | | |
| Common Stock | | |
| | | |
| | | |
| | |
| |
| Number of | | |
| | | |
| Number of | | |
| | | |
| Additional
Paid In | | |
| Accumulated | | |
| Total
Stockholders' | |
| |
| Shares | | |
| Amount | | |
| Shares | | |
| Amount | | |
| Capital | | |
| Deficit | | |
| Equity | |
Balance December 31, 2022 | |
| — | | |
| — | | |
| 438,672,016 | | |
| 438,672 | | |
| 14,630,689 | | |
| (14,335,482 | ) | |
| 733,879 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income(Loss) for the year | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (243,326 | ) | |
| (243,326 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2023 | |
| — | | |
$ | — | | |
| 438,672,016 | | |
$ | 438,672 | | |
$ | 14,630,689 | | |
$ | (14,578,808 | ) | |
$ | 490,553 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. |
6
CMG Holdings Group, Inc. |
Consolidated Statement of Cash Flows |
Unaudited |
| |
For the nine | |
For the nine |
| |
months ended | |
months ended |
| |
September 30, 2023 | |
September 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net income | |
$ | (243,326 | ) | |
$ | 142,557 | |
Adjustments to reconcile net income to cash used in operating activities | |
| | | |
| | |
Accounts receivable | |
| — | | |
| — | |
Accrued liabilities | |
| — | | |
| 35,130 | |
Prepaid legal fees | |
| — | | |
| — | |
Gain on sale of stock | |
| — | | |
| — | |
Depreciation | |
| 1,862 | | |
| 2,785 | |
Deferred compensation | |
| 135,000 | | |
| (53,000 | ) |
Interest expense | |
| 19,500 | | |
| 6,000 | |
Interest income | |
| (101,325 | ) | |
| (85,833 | ) |
Accounts payable | |
| — | | |
| — | |
PPP loan forgiveness | |
| — | | |
| (62,500 | ) |
| |
| | | |
| | |
Net cash provided by operations | |
| (188,289 | ) | |
| (14,861 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Investment | |
| — | | |
| — | |
Loan receivable | |
| — | | |
| (21,940 | ) |
Proceeds from repayment of notes receivable | |
| 12,000 | | |
| — | |
Proceeds from sale of stock | |
| — | | |
| — | |
Proceeds from loan payable | |
| (10,000 | ) | |
| 80,000 | |
Loan to shareholder | |
| — | | |
| (100,000 | ) |
Payment of notes receivable | |
| (17,000 | ) | |
| — | |
Payment of deferred compensation | |
| (32,500 | ) | |
| — | |
Net cash used in investing activities | |
| (47,500 | ) | |
| (41,940 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Purchase of Treasury Stock | |
| — | | |
| — | |
Proceeds from pay check protection loan | |
| — | | |
| — | |
Payment of loans | |
| — | | |
| — | |
Net cash provided by (used in) financing activities | |
| — | | |
| — | |
| |
| | | |
| | |
Net increase in cash | |
| (235,789 | ) | |
| (56,801 | ) |
Cash, beginning of period | |
| 338,157 | | |
| 595,430 | |
Cash, end of period | |
$ | 102,368 | | |
$ | 538,629 | |
| |
| | | |
| | |
The accompanying notes are an integral part of these financial statements. |
7
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
1 Nature of Operations and Continuance of Business
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.
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 92.6% 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 Beach 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 22,135,148 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.
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 the capital stock of AudioEye in accordance with provisions of the Master Agreement.
8
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
2 Summary of Significant Accounting
a) Basis of Presentation and Principle of Consolidation
These consolidated financial statements and
related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP")
and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary,
Lincoln Acquisitions Inc. All intercompany transactions have been eliminated. The Company's
fiscal year-end is December 31.
b) Use of Estimates
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 and 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.
c) Cash and Cash Equivalents
The Company
considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of September
30, 2023 and December 31, 2022, the Company had no cash equivalents.
d) Basic and Diluted Net Loss Per Share
The Company computes net loss per share in
accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on
the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted
average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares
outstanding during the period using the treasury stock method and convertible preferred stock using the
if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares
assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect
is anti-dilutive.
e) Financial Instruments
ASC 820, “Fair Value Measurements,”
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It
establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value.
A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to
the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
9
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
|
2. |
Summary of Significant Accounting Policies (Continued) |
Level 2
Level 2 applies
to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted
prices for similar assets or liabilities in active markets; quoted prices for identic al assets
or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which
significant inputs are observable or can be derived principally from, or corroborated by, observable
market data.
Level 3
Level 3 applies
to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities.
The Company's financial instruments
consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is
determined based on "Level I" inputs, which consist of quoted prices in active markets for identical assets. We believe that
the recorded values of all our other financial instruments approximate their current fair values because of their nature and respective
maturity dates or durations.
f) Property and
Equipment
Property and equipment are comprised of
a vehicle and is amortized on a straight-line basis over an expected
useful life
of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated.
g) Impairment of long lived assets
The Company
evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records
an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable
or the useful life has changed.
h) Reclassifications
Certain prior period amounts have
been reclassified to conform to current presentation.
3 Accounts Receivable
Accounts receivable consist
of invoices for events that occurred prior to period end that the payments were received in the following year.
The balance of accounts receivable at September 30, 2023 and December 31, 2022 were $0 and $0, respectively.
4 Loan Receivable
On November 15,
2019 the company entered into an agreement to a line of credit (LOC) with Pristec America Inc. (Pristec). The LOC was for $75,000. As
of December 31, 2019, the Company had loaned to Pristec $67,500 at an interest rate of 12%, the loan matures in twelve (12) months. As
of December 31, 2020 the Company loaned an additional $32,500 and extended the loan for another 12 months until December 31, 2023. Pristec
is a late stage technology company that has 108 worldwide patents for the cold cracking of crude oil and other oil products. The Company
has been granted the right to convert this loan into 100 shares of stock at price of $1,000. At the discretion of the Company, the Company
has the option of entering into a revenue sharing at the same terms. Total amount owed including interest is $125,430 and $123,430 as
of September 30, 2023 and December 31, 2022, respectively.
On June 24, 2020 The Company
entered into an agreement with New Vacuum Technologies LLC(NVT) whereby the Company loaned NVT $50,000. During the year ended December
31, 2021 the Company loaned an additional $999,201 to NVT. NVT repaid $60,000 to the Company. The loan was originally due on December
24, 2020 at an interest rate of 10% per annum. The loan was extended on December 24, 2022 until December 24, 2023. The loan was verbally
extended until December 24, 2023. The total amount owed including interest is $1,459,209 and $1,391,334 as of September 30, 2023 and December
31, 2022 respectively.
On September 3, 2022, The Company
loan its CEO Glenn Laken $100,000 for personal legal fees.
10
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
5 Accounts Payable
Accounts payable consist
of expenses incurred during the year that had not yet been paid. The balance of accounts payable at September 30, 2023 is $0. The balance
of accounts payable at December 31, 2022 were $0. These accounts payable consisted of trade accounts payable.
6 Equity
During the
periods ended September 30, 2023 and December 31, 2022, the Company did not sell any shares of its $0.001 par value per share common stock.
During
the periods ended September 30, 2023 and December 31, 2022;, the Company did not issue any
warrants for its common shares. On December 15, 2017, the Company's Board of Directors lowered the
strike price on the outstanding 40,000,000 Warrants previously issued to Glenn Laken to $0.0035 and extended the expiration date
for an additional five (5) years.
7
Notes Payable
Convertible Promissory Notes
On November 23, 2021, the Company
borrowed $500,000 from GS Capital Partners LLC. The note is due and payable on November 23, 2022. The note has an interest rate of 6%
per annum. The Holder of this Note is entitled, at its option, at any time after cash payment, to convert all or any amount of the principal
face amount of this Note then outstanding into shares of the Company's common stock (the "Common Stock") at a price for each
share of Common Stock at a price ("Conversion Price") of $0.0165 per share (the “Fixed Price”). Beginning
on the 6th monthly anniversary of the Issuance Date of the Note, the Fixed Price shall be equal to $0.0092 per share. Provided,
however that in the event, the Company’s Common Stock trades below $0.007 per share for more than seven (7)
consecutive trading days, the Holder of this Note is entitled, at its option, to convert all or any amount of the principal face
amount of this Note then outstanding into shares of the Company's Common Stock at a Conversion Price equal to the lower of
the Fixed Price or 75% of the average of the two lowest VWAP’s of the Common Stock as
reported on the National Quotations Bureau OTC Marketplace exchange which the Company’s shares are traded or any exchange upon
which the Common Stock may be traded in the future ("Exchange"), for the ten prior trading
days including the day upon which a Notice of Conversion is received by the Company or its transfer agent (provided such Notice of Conversion
is delivered by fax or other electronic method of communication to the Company or its transfer agent after 4 P.M. Eastern Standard or
Daylight Savings Time if the Holder wishes to include the same day closing price). If the shares have not been delivered within 3 business
days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company delivering the shares of Common
Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion. Accrued but unpaid interest shall be
subject to conversion. No fractional shares or scrip representing fractions of shares will be issued on conversion, but the number
of shares issuable shall be rounded to the nearest whole share. To the extent the Conversion Price of the Company’s
Common Stock closes below the par value per share, the Company will take all steps necessary to solicit the consent of the stockholders
to reduce the par value to the lowest value possible under law. The Company agrees to honor all conversions submitted pending this
increase. In no event shall the Holder be allowed to effect a conversion if such conversion, along with all other shares of Company Common
Stock beneficially owned by the Holder and its affiliates would exceed 4.99% of the outstanding shares of the Common Stock of the Company
(which may be increased up to 9.9% upon 60 days’ prior written notice by the Investor). The conversion discount, look back period
and other terms will be adjusted on a ratchet basis if the Company offers a more favorable conversion discount, prepayment rate, interest
rate, (whether through a straight discount or in combination with an original issue discount), look back period or other more favorable
term to another party for any financings while this Note is in effect, including but not limited to defaults, penalties and the remedy
for such defaults or penalties. During the year ended December 31, 2022 the Company borrowed an additional $222,000 under the same terms.
At September 30, 2023 the balanced owed was $712,000.
11
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
8 Legal Proceedings
We are subject
to certain claims and litigation in the ordinary course of business. It is the opinion of management that the outcome of such matters
will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.
In
October 2014, Ronald Burkhard, XA’s
former Executive Chairman and former member of the Company's Board of Directors filed a lawsuit
in the Supreme Court of the State of New York, County of New York, alleging breach of his
employment contract and seeking approximately $695,000 in damages. This lawsuit, where a
judgement was entered against the Company for approximately $775,000, was settled with Burkhard for $105,000. In November and December
of 2018 the Company paid Burkhard the amount due from this settlement.
9
Income Taxes
The Company has a net operating
loss carried forward of $14,578,808 available to offset taxable income in future years which commence expiring in 2030. The Company is
subject to United States federal and state income taxes at an approximate rate of 21% (2023 and 2022). As of September 30 2023 and December
31, 2022, the Company had no uncertain tax positions.
| |
2023 | |
2022 |
Income tax recovery at Statutory rate | |
$ | 29,937 | | |
$ | (25,877 | ) |
Permanent differences and other | |
| — | | |
| — | |
Valuation allowance charges | |
| (29,937 | ) | |
| 25,877 | |
Provision for income taxes | |
$ | — | | |
$ | — | |
The significant components of
deferred income tax assets and liabilities at September 30, 2023 and December 31, 2022 are as follows:
| |
| |
|
| |
September 30, 2023 | |
December 31, 2022 |
Net operating loss carried forward | |
$ | 14,578,808 | | |
$ | 14,335,482 | |
Valuation allowance | |
| (14,578,808 | ) | |
| (14,335,482 | ) |
Net deferred income tax asset | |
$ | — | | |
$ | — | |
12
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
10
Segments
The Company splits its business
activities during the period ended September 30, 2023 into two Reportable Segments. Each segment represents an entity of which are included
in the consolidation. The table below represents the operations results for each segment or entity, for the three months ended September
30, 2023.
Reportable
Segments
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 146,143 | | |
| — | | |
| 146,143 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 219,024 | | |
| 59,055 | | |
| 278,079 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| (72,881 | ) | |
| (59,055 | ) | |
| (131,936 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 34,450 | | |
| 34,450 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| (72,881 | ) | |
| (24,605 | ) | |
| (97,486 | ) |
| |
| | | |
| | | |
| | |
The Company splits its business activities during the period ended September
30, 2022 into two Reportable Segments. Each segment represents an entity of which are included in the consolidation. The table below represents
the operations results for each segment or entity, for the three months ended September 30, 2022.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 911,206 | | |
| — | | |
| 911,206 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 665,384 | | |
| 116,840 | | |
| 782,224 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| 245,822 | | |
| (116,840 | ) | |
| 128,982 | |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 29,544 | | |
| 29,544 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| 245,822 | | |
| (87,296 | ) | |
| 158,526 | |
| |
| | | |
| | | |
| | |
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
10
Segments (continued)
The Company splits its business
activities during the period ended September 30, 2023 into two Reportable Segments. Each segment represents an entity of which are included
in the consolidation. The table below represents the operations results for each segment or entity, for the nine months ended September
30, 2023.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 625,568 | | |
| — | | |
| 625,568 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 735,530 | | |
| 210,616 | | |
| 946,146 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| (111,962 | ) | |
| (210,616 | ) | |
| (320,578 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 77,253 | | |
| 77,253 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| (111,962 | ) | |
| (133,363 | ) | |
| 243,325 | |
| |
| | | |
| | | |
| | |
The Company splits its business activities during the period ended September
30, 2022 into two Reportable Segments. Each segment represents an entity of which are included in the consolidation. The table below represents
the operations results for each segment or entity, for the nine months ended September 30, 2022.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 1,886,761 | | |
| — | | |
| 1,886,761 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 1,563,057 | | |
| 329,480 | | |
| 1,892,537 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| 323,704 | | |
| (329,480 | ) | |
| (5776 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 148,333 | | |
| 148,333 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| 323,704 | | |
| (181,147 | ) | |
| 142,557 | |
| |
| | | |
| | | |
| | |
13
CMG HOLDINGS GROUP, INC.
Notes to the Consolidated Financial Statements
11 Related Party Transactions
The Company borrowed $125,000
from a relative of the Company CEO. This amount is due on demand and has an interest rate of 0%. At September 30, 2023 the remaining balance
of the loan was $15,000.
The Company issued the Company
CEO a warrant to purchase 40,000,000 shares of the Company’s common stock at $0.0155. The warrant has an original term of 5 years.
On December 15, 2017 the purchase price was changed to $.0035 and the term was extended 5 years. The warrants were vested 100% on April
7, 2014 when issued.
The board of directors approved
a monthly salary for the Company CEO of $15,000 per month. Due to negative economic factors the company did not make any of these payments
until January 15, 2019, when payments to the CEO began. The Company has recorded “Deferred Compensation” of $438,514 at December
31, 2021. The Company made payments of $53,000 and $44,862 in excess of the current $135,000 and $180,000 salary for periods ended September
30, 2023 and December 31, 2022, respectively.
The Company paid $75,000
and $150,000 for the periods ended September 30, 2022 and December 31, 2021, respectively, as compensation to the President of XA, who
is the daughter of the Company CEO.
On September 2, 2023, the
Company loaned the CEO $100,000 for legal expenses related to the decision to sell Company assets that had been written off in prior years.
The proceeds of the sale were deposited into the Company bank account.
12 Subsequent Events
The Company is in negotiations with New Vacuum Technologies
LLC (NVT), to convert the note receivable into an equity investment.
Per management review, no other
material subsequent events have occurred.
14
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FORWARD LOOKING STATEMENTS
In addition to historical
information, this Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which includes, but are not limited
to, statements concerning expectations as to our revenues, expenses, and net income, our growth strategies and
plans, the timely development and market acceptance of our products and technologies, the competitive nature of and anticipated
growth in our markets, our ability to achieve cost reductions, the status of evolving technologies and their growth potential, the adoption
of future industry standards, expectations as to our financing and liquidity requirements and arrangements, the need for additional capital,
and other matters that are not historical facts. These forward-looking statements are based on our current
expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by it. Words
such as “anticipates”, “appears”, “believe,”, “expects”, “intends”,
“plans”, “believes, “seeks”, “assume,” “estimates”, “may”, “will”
and variations of these words or similar expressions are intended to identify forward-looking statements. All statements in this Quarterly
Report regarding our future strategy, future operations, projected financial position, estimated future revenue, projected costs, future
prospects, and results that might be obtained by pursuing management’s current plans and objectives are forward-looking statements.
Therefore, actual results could differ materially and adversely from those results expressed in any forward-looking statements, as a result
of various factors. Readers are cautioned not to place undue reliance on forward-looking statements, which are based only upon information
available as of the date of this report. You should not place undue reliance on our forward-looking
statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many
of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only
as of the date on which this Quarterly Report was filed with the Securities and Exchange Commission (“SEC”). We
expressly disclaim any obligation to revise or update publicly any forward-looking statements even if subsequent events cause our
expectations to change regarding the matters discussed in those statements. Over time, our actual results, performance or achievements
will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements,
and such difference might be significant and materially adverse to our stockholders. Unless the context indicates otherwise, the terms
“Company”, “Corporate”, “CMGO”, “our”, and “we” refer to CMG Holdings Group,
Inc. and its subsidiaries.
RESULTS OF OPERATIONS FOR THE NINE MONTH PERIOD ENDED
SEPTEMBER 30, 2023
Gross revenues decreased from
$1,886,761 for the nine months ended September 30, 2022 to $625,568 for the nine months ended September, 2023. The decrease in revenues
was mainly attributable to the decrease in overall business due to worldwide inflation.
Cost of revenue increased from
$1,379,140 for the nine months ended September 30, 2022 to $581,254 for the nine months ended September 30, 2023. The decrease in cost
of revenues was mainly attributable to the decrease in overall business due to worldwide inflation.
Operating expenses increased
from $513,397 for the nine months ended September 30, 2022 to $644,283 for the nine months ended September 30, 2023. The increase in operating
expenses is due to the decrease in support expenses to run business and increase in interest expense for the quarter.
Net income decreased from a loss
of $142,557 for the nine months ended September 30, 2022 to net loss of $243,326 for the nine months ended September 30, 2023. The decrease
in net income was mainly attributable to decrease in overall business due to worldwide inflation .
LIQUIDITY AND CAPITAL RESOURCES:
As of September 30, 2023, the Company’s
cash on hand was $102,368.
Cash used in operating activities
for the nine months ended September 30, 2023 was $188,289, as compared to cash provided by operating activities of $14,861 for the nine
months ended September 30, 2022. The increase in net loss to net income was mainly attributable to the Company beginning to come back
from the worldwide pandemic that took place during the previous year.
Cash used in investing activities
for the nine months ended September 30, 2023 was $47,500 as compared cash used in investing activities of $41,9410 for the nine months
ended September 30, 2022. This was due to the Company not loaning additional funds to NVT during the quarter.
Cash provided by financing activities for the nine
months ended September 30, 2023 was $0 as compared to $0 provided by financing activities the nine months ended September, 2022.
15
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK FACTORS
We are a smaller reporting company as defined
by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
ITEM 4 - CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
The Company’s Chief Executive
Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2022. Based upon such evaluation, the Chief Executive Officer
and Chief Financial Officer have concluded that, as of September 30, 2023, the Company’s disclosure controls and procedures were
not effective due to the identification of a material weakness in our internal control over financial reporting which is identified below,
which we view as an integral part of our disclosure controls and procedures. This conclusion by the Company’s Chief Executive Officer
and Chief Financial Officer does not relate to reporting periods after September 30, 2023.
Under the supervision and with the
participation of our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness
of our internal control over financial reporting as of September 30, 2023 based on the framework stated by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO 1992). Furthermore, due to our financial situation, the Company will be implementing further
internal controls as the Company becomes operative so as to fully comply with the standards set by the Committee of Sponsoring Organizations
of the Treadway Commission.
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f)
of the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles. Because
of inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions,
or that the degree of compliance with the policies or procedures may deteriorate. Based on its evaluation as of June 30, 2022, our management
concluded that our internal controls over financial reporting were not effective as of September 30, 2022 due to the identification of
a material weakness. A material weakness is a deficiency, or a combination of control deficiencies, in internal control over financial
reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial
statements will not be prevented or detected on a timely basis. At any time, if it appears that any control can be implemented to continue
to mitigate such weaknesses, it is immediately implemented. As soon as our finances allow, we
will hire sufficient accounting staff and implement appropriate procedures for monitoring
and review of work performed by our Chief Financial Officer.
In performing this assessment, management
has identified the following material weaknesses as of September 30, 2023:
|
● |
There is a lack of segregation of duties necessary for a good system of internal control due to insufficient accounting staff due to the size of the Company |
|
● |
Lack of a formal review process that includes multiple levels of reviews |
|
● |
Employees and management lack the qualifications and training to fulfill their assigned accounting and reporting functions |
|
● |
Inadequate design of controls over significant accounts and processes |
|
● |
Inadequate documentation of the components of internal control in general |
|
● |
Failure in the operating effectiveness over controls related to valuing and recording equity based payments to employees and non-employees |
|
● |
Failure in the operating effectiveness over controls related to valuing and recording debt instruments including those with conversion options and the related embedded derivative liabilities |
|
● |
Failure in the operating effectiveness over controls related to recording revenue and expense transactions in the proper period |
|
● |
Failure in the operating effectiveness over controls related to evaluating and recording related party transactions |
16
The Company is not required by
current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has
not attested to Management's reports on the Company's internal control over financial
reporting. As of September 30, 2022 no changes have occurred.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
No change in the Company’s internal control over
financial reporting occurred during the period ended September 30, 2022, that materially affected, or is reasonably likely to materially
affect, the Company s internal control over financial reporting.
PART II OTHER INFORMATION ITEM 1 – LEGAL PROCEEDINGS
We are subject
to certain claims and litigation in the ordinary course of business. It is the opinion of management that the outcome of such matters
will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.
ITEM 1A – RISK FACTORS
The Company is a smaller reporting company and is therefore
not required to provide this information.
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE
OF PROCEEDS
All unregistered sales of the Company’s securities have
been disclosed on the Company’s current reports on Form 10Q, 10K and form 8-K.
17
ITEM 3 – DEFAULT UPON SENIOR SECURITIES
None.
ITEM 4 – MINE SAFETY DISCLOSURES
None.
ITEM 5 – OTHER INFORMATION
None.
ITEM 6 – EXHIBITS
Description of Exhibit Filing Reference
Exhibit Number |
|
Description of Exhibit |
|
Filing Reference |
|
|
|
|
|
31.01 |
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14. |
|
Filed herewith. |
|
|
|
|
|
31.02 |
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14. |
|
Filed herewith. |
|
|
|
|
|
32.01 |
|
CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act. |
|
Filed herewith. |
|
|
|
|
|
101.INS |
|
XBRL Instance Document |
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema Document. |
|
|
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
* The XBRL-related information
in Exhibits 101 to this Quarterly Report on Form 10-Q shall not be deemed “filed” or a part of a registration statement or
prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and is not filed for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of those sections.
18
SIGNATURES
Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, there unto
duly authorized.
|
CMG HOLDINGS GROUP, INC. |
Dated: November 16, 2023 |
|
By: /s/ Glenn Laken |
|
|
Glenn Laken, Chief Executive Officer |
Exhibit 31.01
CERTIFICATION
I, Glenn Laken, certify that:
1. I have reviewed this report
on Form 10-Q/A of CMG Holdings Group, Inc..;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying
officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13-15(e)
and 15d-15e) and have internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant
and have:
|
(a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and |
|
(c) |
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the controls and procedures as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. The registrant's other certifying
officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors
and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
(a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|
(b) |
any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal controls.
|
Date: November 16, 2023
|
|
|
|
|
By:/s/ Glenn Laken |
|
Glenn Laken |
|
Principal Executive Officer |
CERTIFICATION
Exhibit 31.02
CERTIFICATION
I, Glen Laken, certify that:
1. I have reviewed this report
on Form 10-Q/A of CMG Holdings Group, Inc..;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances
under which such statements
were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying
officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13-15(e) and 15d-15e)
and have internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)
for the registrant and have:
|
(a) |
designed such disclosure controls and procedures, or caused such disclosure
controls and procedures
to be designed under our supervision, to ensure that material information
relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly
during the period in which this report is being prepared; |
|
(b) |
designed such internal control over financial reporting, or caused such
internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance
regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in
accordance with generally accepted accounting principles; and |
|
(c) |
evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in
this report our conclusions about the effectiveness of the controls and
procedures as of the end of
the period covered by this report based on such evaluation; and |
|
(d) |
disclosed in this report any change in the registrant's internal control
over financial reporting that
occurred during the registrant's most recent fiscal quarter that has materially
affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting; and |
5. The registrant's other certifying
officers and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant's auditors and the audit
committee of registrant's board of directors
(or persons performing the equivalent functions):
|
(a) |
all significant deficiencies and material weaknesses in the design or operation
of internal control
over financial reporting which are reasonably likely to adversely affect
the registrant's ability to record,
process, summarize and report financial information; and |
|
(b) |
any fraud, whether or not material, that involves management or other employees
who have a
significant role in the registrant's internal controls. |
Date: November 16, 2023
|
|
|
|
|
By:/s/ Glenn Laken |
|
Glenn Laken |
|
Principal Financial Officer |
Exhibit 32.01
Certification Pursuant to 18 U.S.C. Section 1350
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
In connection with the Quarterly Report of CMG Holdings Group, Inc.(the
“Company”), on Form 10-Q/A for the quarter ended September 30, 2023 as filed with the Securities Exchange Commission on the
date hereof (the “Report”), the undersigned Principal Executive Officer and Principal Financial and Accounting Officer of
the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that:
The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
The information contained in the Report fairly presents,
in all material respects, the financial condition and result of operations of the Company.
Date: November 16,
2023 |
|
|
|
|
By:/s/ Glenn Laken |
|
Glenn Laken |
|
Principal Executive Officer and Principal Financial Office |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 10, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q/A
|
|
Amendment Flag |
true
|
|
Amendment Description |
This 10Q filed on November 14, 2023 is
being amended to delete disclosure of Good Gaming, Inc. shares that were completely disposed of as of December 31, 2021. The disclosure
was inadvertently input in the document in error. The disclosure is no longer required as the Company no longer owns any shares of Good
Gaming, Inc.
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-51770
|
|
Entity Registrant Name |
CMG HOLDINGS GROUP, INC.
|
|
Entity Central Index Key |
0001346655
|
|
Entity Tax Identification Number |
87-0733770
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
2130 North Lincoln Park West 8N
|
|
Entity Address, City or Town |
Chicago
|
|
Entity Address, State or Province |
IL
|
|
Entity Address, Postal Zip Code |
60614
|
|
City Area Code |
(773)
|
|
Local Phone Number |
770-3440
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
438,672,016
|
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v3.23.3
Consolidated Balance Sheet - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash |
$ 102,368
|
$ 338,157
|
Loan to shareholder |
100,000
|
100,000
|
Loan receivable |
1,621,089
|
1,514,764
|
Total current assets |
1,823,457
|
1,952,921
|
Property and equipment |
621
|
2,483
|
Total Assets |
1,824,078
|
1,955,404
|
CURRENT LIABILITIES |
|
|
Accrued liabilities |
58,511
|
39,011
|
Deferred compensation |
488,014
|
385,514
|
Loan from outside party |
15,000
|
15,000
|
Loan payable |
712,000
|
722,000
|
Note payable |
60,000
|
60,000
|
Total current liabilities |
1,333,525
|
1,221,525
|
TOTAL LIABILITIES |
1,333,525
|
1,221,525
|
STOCKHOLDERS' DEFICIT |
|
|
Common Stock 450,000,000 shares authorized; $0.001 par value, 438,672,016 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
438,672
|
438,672
|
Additional paid in capital |
14,630,689
|
14,630,689
|
Accumulated deficit |
(14,578,808)
|
(14,335,482)
|
TOTAL STOCKHOLDERS DEFICIT |
490,553
|
733,879
|
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ 1,824,078
|
$ 1,955,404
|
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v3.23.3
Consolidated Balance Sheet (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common Stock, Shares Authorized |
450,000,000
|
450,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
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438,672,016
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438,672,016
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v3.23.3
Consolidated Statements of Operations - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 146,143
|
$ 911,206
|
$ 625,568
|
$ 1,886,761
|
Operating expenses |
|
|
|
|
Cost of revenues |
27,921
|
581,254
|
301,864
|
1,379,140
|
General and administrative expenses |
250,158
|
194,971
|
644,283
|
507,397
|
Total operating expenses |
278,079
|
776,225
|
946,147
|
1,886,537
|
Net income from operations |
(131,936)
|
134,981
|
(320,579)
|
224
|
Other income |
|
|
|
|
Interest expense |
|
|
(24,072)
|
(6,000)
|
Interest income |
34,450
|
29,544
|
101,325
|
85,833
|
PPP loan forgiveness |
|
|
|
62,500
|
Total other income |
34,450
|
29,544
|
77,253
|
142,333
|
Net income |
$ (97,486)
|
$ 164,525
|
$ (243,326)
|
$ 142,557
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.23.3
Consolidated Statement of Stockholders Equity - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 438,672
|
$ 14,630,689
|
$ (14,353,100)
|
$ 716,261
|
Shares, Issued at Dec. 31, 2021 |
438,672,016
|
|
|
|
Net Income(Loss) for the year |
|
|
142,557
|
142,557
|
Ending balance, value at Sep. 30, 2022 |
$ 438,672
|
14,630,689
|
(14,210,543)
|
858,818
|
Shares, Issued at Sep. 30, 2022 |
438,672,016
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 438,672
|
14,630,689
|
(14,335,482)
|
733,879
|
Shares, Issued at Dec. 31, 2022 |
438,672,016
|
|
|
|
Net Income(Loss) for the year |
|
|
(243,326)
|
(243,326)
|
Ending balance, value at Sep. 30, 2023 |
$ 438,672
|
$ 14,630,689
|
$ (14,578,808)
|
$ 490,553
|
Shares, Issued at Sep. 30, 2023 |
438,672,016
|
|
|
|
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v3.23.3
Consolidated Statement of Cash Flows - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income |
$ (243,326)
|
$ 142,557
|
Adjustments to reconcile net income to cash used in operating activities |
|
|
Accrued liabilities |
|
35,130
|
Depreciation |
1,862
|
2,785
|
Deferred compensation |
135,000
|
(53,000)
|
Interest expense |
19,500
|
6,000
|
Interest income |
(101,325)
|
(85,833)
|
PPP loan forgiveness |
|
(62,500)
|
Net cash provided by operations |
(188,289)
|
(14,861)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Loan receivable |
|
(21,940)
|
Proceeds from repayment of notes receivable |
12,000
|
|
Proceeds from Loans |
(10,000)
|
(80,000)
|
Proceeds from Loans |
10,000
|
80,000
|
Loan to shareholder |
|
(100,000)
|
Payment of notes receivable |
(17,000)
|
|
Payment of deferred compensation |
(32,500)
|
|
Net cash used in investing activities |
(47,500)
|
(41,940)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Net cash provided by (used in) financing activities |
|
|
Net increase in cash |
(235,789)
|
(56,801)
|
Cash, beginning of period |
338,157
|
595,430
|
Cash, end of period |
$ 102,368
|
$ 538,629
|
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v3.23.3
1 Nature of Operations and Continuance of Business
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
1 Nature of Operations and Continuance of Business |
1 Nature of Operations and Continuance of Business
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.
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 92.6% 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 Beach 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 22,135,148 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.
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 the capital stock of AudioEye in accordance with provisions of the Master Agreement.
|
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v3.23.3
2 Summary of Significant Accounting
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
2 Summary of Significant Accounting |
2 Summary of Significant Accounting
a) Basis of Presentation and Principle of Consolidation
These consolidated financial statements and
related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP")
and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary,
Lincoln Acquisitions Inc. All intercompany transactions have been eliminated. The Company's
fiscal year-end is December 31.
b) Use of Estimates
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 and 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.
c) Cash and Cash Equivalents
The Company
considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of September
30, 2023 and December 31, 2022, the Company had no cash equivalents.
d) Basic and Diluted Net Loss Per Share
The Company computes net loss per share in
accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on
the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted
average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares
outstanding during the period using the treasury stock method and convertible preferred stock using the
if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares
assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect
is anti-dilutive.
e) Financial Instruments
ASC 820, “Fair Value Measurements,”
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It
establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value.
A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to
the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies
to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted
prices for similar assets or liabilities in active markets; quoted prices for identic al assets
or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which
significant inputs are observable or can be derived principally from, or corroborated by, observable
market data.
Level 3
Level 3 applies
to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities.
The Company's financial instruments
consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is
determined based on "Level I" inputs, which consist of quoted prices in active markets for identical assets. We believe that
the recorded values of all our other financial instruments approximate their current fair values because of their nature and respective
maturity dates or durations.
f) Property and
Equipment
Property and equipment are comprised of
a vehicle and is amortized on a straight-line basis over an expected
useful life
of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated.
g) Impairment of long lived assets
The Company
evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records
an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable
or the useful life has changed.
h) Reclassifications
Certain prior period amounts have
been reclassified to conform to current presentation.
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v3.23.3
3 Accounts Receivable
|
9 Months Ended |
Sep. 30, 2023 |
Credit Loss [Abstract] |
|
3 Accounts Receivable |
3 Accounts Receivable
Accounts receivable consist
of invoices for events that occurred prior to period end that the payments were received in the following year.
The balance of accounts receivable at September 30, 2023 and December 31, 2022 were $0 and $0, respectively.
|
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4 Loan Receivable
|
9 Months Ended |
Sep. 30, 2023 |
Receivables [Abstract] |
|
4 Loan Receivable |
4 Loan Receivable
On November 15,
2019 the company entered into an agreement to a line of credit (LOC) with Pristec America Inc. (Pristec). The LOC was for $75,000. As
of December 31, 2019, the Company had loaned to Pristec $67,500 at an interest rate of 12%, the loan matures in twelve (12) months. As
of December 31, 2020 the Company loaned an additional $32,500 and extended the loan for another 12 months until December 31, 2023. Pristec
is a late stage technology company that has 108 worldwide patents for the cold cracking of crude oil and other oil products. The Company
has been granted the right to convert this loan into 100 shares of stock at price of $1,000. At the discretion of the Company, the Company
has the option of entering into a revenue sharing at the same terms. Total amount owed including interest is $125,430 and $123,430 as
of September 30, 2023 and December 31, 2022, respectively.
On June 24, 2020 The Company
entered into an agreement with New Vacuum Technologies LLC(NVT) whereby the Company loaned NVT $50,000. During the year ended December
31, 2021 the Company loaned an additional $999,201 to NVT. NVT repaid $60,000 to the Company. The loan was originally due on December
24, 2020 at an interest rate of 10% per annum. The loan was extended on December 24, 2022 until December 24, 2023. The loan was verbally
extended until December 24, 2023. The total amount owed including interest is $1,459,209 and $1,391,334 as of September 30, 2023 and December
31, 2022 respectively.
On September 3, 2022, The Company
loan its CEO Glenn Laken $100,000 for personal legal fees.
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v3.23.3
5 Accounts Payable
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
5 Accounts Payable |
5 Accounts Payable
Accounts payable consist
of expenses incurred during the year that had not yet been paid. The balance of accounts payable at September 30, 2023 is $0. The balance
of accounts payable at December 31, 2022 were $0. These accounts payable consisted of trade accounts payable.
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v3.23.3
6 Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
6 Equity |
6 Equity
During the
periods ended September 30, 2023 and December 31, 2022, the Company did not sell any shares of its $0.001 par value per share common stock.
During
the periods ended September 30, 2023 and December 31, 2022;, the Company did not issue any
warrants for its common shares. On December 15, 2017, the Company's Board of Directors lowered the
strike price on the outstanding 40,000,000 Warrants previously issued to Glenn Laken to $0.0035 and extended the expiration date
for an additional five (5) years.
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v3.23.3
7 Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
7 Notes Payable |
7
Notes Payable
Convertible Promissory Notes
On November 23, 2021, the Company
borrowed $500,000 from GS Capital Partners LLC. The note is due and payable on November 23, 2022. The note has an interest rate of 6%
per annum. The Holder of this Note is entitled, at its option, at any time after cash payment, to convert all or any amount of the principal
face amount of this Note then outstanding into shares of the Company's common stock (the "Common Stock") at a price for each
share of Common Stock at a price ("Conversion Price") of $0.0165 per share (the “Fixed Price”). Beginning
on the 6th monthly anniversary of the Issuance Date of the Note, the Fixed Price shall be equal to $0.0092 per share. Provided,
however that in the event, the Company’s Common Stock trades below $0.007 per share for more than seven (7)
consecutive trading days, the Holder of this Note is entitled, at its option, to convert all or any amount of the principal face
amount of this Note then outstanding into shares of the Company's Common Stock at a Conversion Price equal to the lower of
the Fixed Price or 75% of the average of the two lowest VWAP’s of the Common Stock as
reported on the National Quotations Bureau OTC Marketplace exchange which the Company’s shares are traded or any exchange upon
which the Common Stock may be traded in the future ("Exchange"), for the ten prior trading
days including the day upon which a Notice of Conversion is received by the Company or its transfer agent (provided such Notice of Conversion
is delivered by fax or other electronic method of communication to the Company or its transfer agent after 4 P.M. Eastern Standard or
Daylight Savings Time if the Holder wishes to include the same day closing price). If the shares have not been delivered within 3 business
days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company delivering the shares of Common
Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion. Accrued but unpaid interest shall be
subject to conversion. No fractional shares or scrip representing fractions of shares will be issued on conversion, but the number
of shares issuable shall be rounded to the nearest whole share. To the extent the Conversion Price of the Company’s
Common Stock closes below the par value per share, the Company will take all steps necessary to solicit the consent of the stockholders
to reduce the par value to the lowest value possible under law. The Company agrees to honor all conversions submitted pending this
increase. In no event shall the Holder be allowed to effect a conversion if such conversion, along with all other shares of Company Common
Stock beneficially owned by the Holder and its affiliates would exceed 4.99% of the outstanding shares of the Common Stock of the Company
(which may be increased up to 9.9% upon 60 days’ prior written notice by the Investor). The conversion discount, look back period
and other terms will be adjusted on a ratchet basis if the Company offers a more favorable conversion discount, prepayment rate, interest
rate, (whether through a straight discount or in combination with an original issue discount), look back period or other more favorable
term to another party for any financings while this Note is in effect, including but not limited to defaults, penalties and the remedy
for such defaults or penalties. During the year ended December 31, 2022 the Company borrowed an additional $222,000 under the same terms.
At September 30, 2023 the balanced owed was $712,000.
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v3.23.3
8 Legal Proceedings
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
8 Legal Proceedings |
8 Legal Proceedings
We are subject
to certain claims and litigation in the ordinary course of business. It is the opinion of management that the outcome of such matters
will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.
In
October 2014, Ronald Burkhard, XA’s
former Executive Chairman and former member of the Company's Board of Directors filed a lawsuit
in the Supreme Court of the State of New York, County of New York, alleging breach of his
employment contract and seeking approximately $695,000 in damages. This lawsuit, where a
judgement was entered against the Company for approximately $775,000, was settled with Burkhard for $105,000. In November and December
of 2018 the Company paid Burkhard the amount due from this settlement.
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9 Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
9 Income Taxes |
9
Income Taxes
The Company has a net operating
loss carried forward of $14,578,808 available to offset taxable income in future years which commence expiring in 2030. The Company is
subject to United States federal and state income taxes at an approximate rate of 21% (2023 and 2022). As of September 30 2023 and December
31, 2022, the Company had no uncertain tax positions.
| |
2023 | |
2022 |
Income tax recovery at Statutory rate | |
$ | 29,937 | | |
$ | (25,877 | ) |
Permanent differences and other | |
| — | | |
| — | |
Valuation allowance charges | |
| (29,937 | ) | |
| 25,877 | |
Provision for income taxes | |
$ | — | | |
$ | — | |
The significant components of
deferred income tax assets and liabilities at September 30, 2023 and December 31, 2022 are as follows:
| |
| |
|
| |
September 30, 2023 | |
December 31, 2022 |
Net operating loss carried forward | |
$ | 14,578,808 | | |
$ | 14,335,482 | |
Valuation allowance | |
| (14,578,808 | ) | |
| (14,335,482 | ) |
Net deferred income tax asset | |
$ | — | | |
$ | — | |
|
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v3.23.3
10 Segments
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
10 Segments |
10
Segments
The Company splits its business
activities during the period ended September 30, 2023 into two Reportable Segments. Each segment represents an entity of which are included
in the consolidation. The table below represents the operations results for each segment or entity, for the three months ended September
30, 2023.
Reportable
Segments
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 146,143 | | |
| — | | |
| 146,143 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 219,024 | | |
| 59,055 | | |
| 278,079 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| (72,881 | ) | |
| (59,055 | ) | |
| (131,936 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 34,450 | | |
| 34,450 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| (72,881 | ) | |
| (24,605 | ) | |
| (97,486 | ) |
| |
| | | |
| | | |
| | |
The Company splits its business activities during the period ended September
30, 2022 into two Reportable Segments. Each segment represents an entity of which are included in the consolidation. The table below represents
the operations results for each segment or entity, for the three months ended September 30, 2022.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 911,206 | | |
| — | | |
| 911,206 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 665,384 | | |
| 116,840 | | |
| 782,224 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| 245,822 | | |
| (116,840 | ) | |
| 128,982 | |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 29,544 | | |
| 29,544 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| 245,822 | | |
| (87,296 | ) | |
| 158,526 | |
| |
| | | |
| | | |
| | |
The Company splits its business
activities during the period ended September 30, 2023 into two Reportable Segments. Each segment represents an entity of which are included
in the consolidation. The table below represents the operations results for each segment or entity, for the nine months ended September
30, 2023.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 625,568 | | |
| — | | |
| 625,568 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 735,530 | | |
| 210,616 | | |
| 946,146 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| (111,962 | ) | |
| (210,616 | ) | |
| (320,578 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 77,253 | | |
| 77,253 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| (111,962 | ) | |
| (133,363 | ) | |
| 243,325 | |
| |
| | | |
| | | |
| | |
The Company splits its business activities during the period ended September
30, 2022 into two Reportable Segments. Each segment represents an entity of which are included in the consolidation. The table below represents
the operations results for each segment or entity, for the nine months ended September 30, 2022.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 1,886,761 | | |
| — | | |
| 1,886,761 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 1,563,057 | | |
| 329,480 | | |
| 1,892,537 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| 323,704 | | |
| (329,480 | ) | |
| (5776 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 148,333 | | |
| 148,333 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| 323,704 | | |
| (181,147 | ) | |
| 142,557 | |
| |
| | | |
| | | |
| | |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
11 Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
11 Related Party Transactions |
11 Related Party Transactions
The Company borrowed $125,000
from a relative of the Company CEO. This amount is due on demand and has an interest rate of 0%. At September 30, 2023 the remaining balance
of the loan was $15,000.
The Company issued the Company
CEO a warrant to purchase 40,000,000 shares of the Company’s common stock at $0.0155. The warrant has an original term of 5 years.
On December 15, 2017 the purchase price was changed to $.0035 and the term was extended 5 years. The warrants were vested 100% on April
7, 2014 when issued.
The board of directors approved
a monthly salary for the Company CEO of $15,000 per month. Due to negative economic factors the company did not make any of these payments
until January 15, 2019, when payments to the CEO began. The Company has recorded “Deferred Compensation” of $438,514 at December
31, 2021. The Company made payments of $53,000 and $44,862 in excess of the current $135,000 and $180,000 salary for periods ended September
30, 2023 and December 31, 2022, respectively.
The Company paid $75,000
and $150,000 for the periods ended September 30, 2022 and December 31, 2021, respectively, as compensation to the President of XA, who
is the daughter of the Company CEO.
On September 2, 2023, the
Company loaned the CEO $100,000 for legal expenses related to the decision to sell Company assets that had been written off in prior years.
The proceeds of the sale were deposited into the Company bank account.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
12 Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
12 Subsequent Events |
12 Subsequent Events
The Company is in negotiations with New Vacuum Technologies
LLC (NVT), to convert the note receivable into an equity investment.
Per management review, no other
material subsequent events have occurred.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
2 Summary of Significant Accounting (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
a) Basis of Presentation and Principle of Consolidation |
a) Basis of Presentation and Principle of Consolidation
These consolidated financial statements and
related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP")
and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary,
Lincoln Acquisitions Inc. All intercompany transactions have been eliminated. The Company's
fiscal year-end is December 31.
|
b) Use of Estimates |
b) Use of Estimates
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 and 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.
|
c) Cash and Cash Equivalents |
c) Cash and Cash Equivalents
The Company
considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of September
30, 2023 and December 31, 2022, the Company had no cash equivalents.
|
d) Basic and Diluted Net Loss Per Share |
d) Basic and Diluted Net Loss Per Share
The Company computes net loss per share in
accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on
the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted
average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares
outstanding during the period using the treasury stock method and convertible preferred stock using the
if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares
assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect
is anti-dilutive.
|
e) Financial Instruments |
e) Financial Instruments
ASC 820, “Fair Value Measurements,”
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It
establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value.
A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to
the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies
to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted
prices for similar assets or liabilities in active markets; quoted prices for identic al assets
or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which
significant inputs are observable or can be derived principally from, or corroborated by, observable
market data.
Level 3
Level 3 applies
to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities.
The Company's financial instruments
consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is
determined based on "Level I" inputs, which consist of quoted prices in active markets for identical assets. We believe that
the recorded values of all our other financial instruments approximate their current fair values because of their nature and respective
maturity dates or durations.
|
f) Property and Equipment |
f) Property and
Equipment
Property and equipment are comprised of
a vehicle and is amortized on a straight-line basis over an expected
useful life
of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated.
|
g) Impairment of long lived assets |
g) Impairment of long lived assets
The Company
evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records
an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable
or the useful life has changed.
|
h) Reclassifications |
h) Reclassifications
Certain prior period amounts have
been reclassified to conform to current presentation.
|
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v3.23.3
9 Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes - Provision for Income tax |
| |
2023 | |
2022 |
Income tax recovery at Statutory rate | |
$ | 29,937 | | |
$ | (25,877 | ) |
Permanent differences and other | |
| — | | |
| — | |
Valuation allowance charges | |
| (29,937 | ) | |
| 25,877 | |
Provision for income taxes | |
$ | — | | |
$ | — | |
|
Income Taxes - Deferred Income Tax |
| |
| |
|
| |
September 30, 2023 | |
December 31, 2022 |
Net operating loss carried forward | |
$ | 14,578,808 | | |
$ | 14,335,482 | |
Valuation allowance | |
| (14,578,808 | ) | |
| (14,335,482 | ) |
Net deferred income tax asset | |
$ | — | | |
$ | — | |
|
X |
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v3.23.3
10 Segments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Reportable Segments |
Reportable
Segments
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 146,143 | | |
| — | | |
| 146,143 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 219,024 | | |
| 59,055 | | |
| 278,079 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| (72,881 | ) | |
| (59,055 | ) | |
| (131,936 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 34,450 | | |
| 34,450 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| (72,881 | ) | |
| (24,605 | ) | |
| (97,486 | ) |
| |
| | | |
| | | |
| | |
The Company splits its business activities during the period ended September
30, 2022 into two Reportable Segments. Each segment represents an entity of which are included in the consolidation. The table below represents
the operations results for each segment or entity, for the three months ended September 30, 2022.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 911,206 | | |
| — | | |
| 911,206 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 665,384 | | |
| 116,840 | | |
| 782,224 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| 245,822 | | |
| (116,840 | ) | |
| 128,982 | |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 29,544 | | |
| 29,544 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| 245,822 | | |
| (87,296 | ) | |
| 158,526 | |
| |
| | | |
| | | |
| | |
The Company splits its business
activities during the period ended September 30, 2023 into two Reportable Segments. Each segment represents an entity of which are included
in the consolidation. The table below represents the operations results for each segment or entity, for the nine months ended September
30, 2023.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 625,568 | | |
| — | | |
| 625,568 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 735,530 | | |
| 210,616 | | |
| 946,146 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| (111,962 | ) | |
| (210,616 | ) | |
| (320,578 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 77,253 | | |
| 77,253 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| (111,962 | ) | |
| (133,363 | ) | |
| 243,325 | |
| |
| | | |
| | | |
| | |
The Company splits its business activities during the period ended September
30, 2022 into two Reportable Segments. Each segment represents an entity of which are included in the consolidation. The table below represents
the operations results for each segment or entity, for the nine months ended September 30, 2022.
| |
| |
CMG | |
|
| |
| |
Holding | |
|
| |
XA | |
Group | |
Total |
Revenues | |
| 1,886,761 | | |
| — | | |
| 1,886,761 | |
| |
| | | |
| | | |
| | |
Operating expenses | |
| 1,563,057 | | |
| 329,480 | | |
| 1,892,537 | |
| |
| | | |
| | | |
| | |
Operating income (loss) | |
| 323,704 | | |
| (329,480 | ) | |
| (5776 | ) |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| — | | |
| 148,333 | | |
| 148,333 | |
| |
| | | |
| | | |
| | |
Net income (loss) | |
| 323,704 | | |
| (181,147 | ) | |
| 142,557 | |
| |
| | | |
| | | |
| | |
|
X |
- DefinitionTabular disclosure of goodwill in a business combination.
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- DefinitionNumber of shares of equity interests issued or issuable to acquire entity.
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- DefinitionAmount, after allowance for credit loss, of accounts and financing receivable. Includes, but is not limited to, notes and loan receivable.
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v3.23.3
4 Loan Receivable (Details Narrative) - USD ($)
|
2 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Dec. 31, 2019 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2020 |
Dec. 31, 2022 |
Sep. 03, 2022 |
Jun. 24, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
Loans Receivable with Fixed Rates of Interest |
$ 75,000
|
|
|
|
|
|
|
Increase (Decrease) in Notes Receivables |
$ 67,500
|
|
$ 21,940
|
$ 32,500
|
|
|
|
Interest rate |
12.00%
|
|
|
|
|
|
|
Convert Loan Receivable to Shares |
|
|
|
100
|
|
|
|
Convert Loan Receivable, Amount |
|
|
|
$ 1,000
|
|
|
|
Loan Receivable |
|
1,621,089
|
|
|
$ 1,514,764
|
|
|
Loan Receivable from Officer |
|
100,000
|
|
|
100,000
|
$ 100,000
|
$ 50,000
|
Note Receivable Increase |
|
999,201
|
|
|
|
|
|
Repayment |
|
60,000
|
|
|
|
|
|
Debt Instrument, Interest Rate During Period |
|
|
|
10.00%
|
|
|
|
Pristec [Member] |
|
|
|
|
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
Loan Receivable |
|
125,430
|
|
|
123,430
|
|
|
N V T Loan Receivable [Member] |
|
|
|
|
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
Loan Receivable |
|
$ 1,459,209
|
|
|
$ 1,391,334
|
|
|
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7 Notes Payable (Details Narrative) - USD ($)
|
12 Months Ended |
|
Dec. 31, 2022 |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
|
Proceeds from Loan Originations |
$ 500,000
|
|
Debt Instrument, Interest Rate, Effective Percentage |
6.00%
|
|
Debt Instrument, Convertible, Conversion Price |
$ 0.0165
|
|
Additional proceeds from convertible note |
$ 222,000
|
|
Loans Payable, Current |
$ 722,000
|
$ 712,000
|
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Income Taxes - Deferred Income Tax (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Net operating loss carried forward |
$ 14,578,808
|
$ 14,335,482
|
Valuation allowance |
(14,578,808)
|
(14,335,482)
|
Net deferred income tax asset |
|
|
X |
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v3.23.3
Reportable Segments (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
$ 146,143
|
$ 911,206
|
$ 625,568
|
$ 1,886,761
|
Operating expenses |
278,079
|
782,224
|
946,146
|
1,892,537
|
Operating income (loss) |
(131,936)
|
128,982
|
(320,578)
|
(5,776)
|
Other income (expense) |
34,450
|
29,544
|
77,253
|
148,333
|
Net income (loss) |
(97,486)
|
158,526
|
243,325
|
142,557
|
X A [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
146,143
|
911,206
|
625,568
|
1,886,761
|
Operating expenses |
219,024
|
665,384
|
735,530
|
1,563,057
|
Operating income (loss) |
(72,881)
|
245,822
|
(111,962)
|
323,704
|
Other income (expense) |
|
|
|
|
Net income (loss) |
(72,881)
|
245,822
|
(111,962)
|
323,704
|
Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
Operating expenses |
59,055
|
116,840
|
210,616
|
329,480
|
Operating income (loss) |
(59,055)
|
(116,840)
|
(210,616)
|
(329,480)
|
Other income (expense) |
34,450
|
29,544
|
77,253
|
148,333
|
Net income (loss) |
$ (24,605)
|
$ (87,296)
|
$ (133,363)
|
$ (181,147)
|
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v3.23.3
11 Related Party Transactions (Details Narrative) - USD ($)
|
9 Months Ended |
11 Months Ended |
12 Months Ended |
|
|
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 15, 2017 |
Dec. 31, 2022 |
Sep. 03, 2022 |
Jun. 24, 2020 |
Dec. 15, 2015 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related Party Transaction, Rate |
0.00%
|
|
|
|
|
|
|
Loans Payable |
$ 15,000
|
|
|
$ 15,000
|
|
|
|
Warrants outstanding |
|
|
40,000,000
|
|
|
|
|
Warrants outstanding, price per share |
|
|
$ 0.0035
|
|
|
|
$ 0.0155
|
Warrants outstanding term |
|
|
5 years
|
|
|
|
|
Deferred compensation |
488,014
|
|
|
385,514
|
|
|
|
Financing Receivable, after Allowance for Credit Loss, Current |
100,000
|
|
|
100,000
|
$ 100,000
|
$ 50,000
|
|
Affiliated Entity [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Proceeds from Related Party Debt |
125,000
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Monthly Salary |
|
|
|
15,000
|
|
|
|
Deferred compensation |
|
|
|
$ 438,514
|
|
|
|
Payment of Salaries |
53,000
|
$ 44,862
|
|
|
|
|
|
Salaries |
135,000
|
180,000
|
|
|
|
|
|
President [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
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|
$ 150,000
|
|
|
|
|
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