Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | May 15, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CMG Holdings Group, Inc. | |
Entity Central Index Key | 0001346655 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 440,350,000 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 544,569 | $ 781,752 |
Accounts receivable | 998 | 40,513 |
Loan receivable | 77,500 | 67,500 |
Total current assets | 623,067 | 889,765 |
Property and equipment | 12,697 | 13,625 |
Total Assets | 635,764 | 903,390 |
CURRENT LIABILITIES | ||
Accounts payable | 10,500 | 74,500 |
Deferred compensation | 564,876 | 656,526 |
Loan payable | 12,750 | 19,437 |
Loan from outside party | 90,000 | 90,000 |
Note payable | 137,500 | 150,000 |
Total current liabilities | 815,626 | 990,463 |
TOTAL LIABILITIES | 815,626 | 990,463 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Common Stock 450,000,000 shares authorized; $0.001 par value, 440,350,000 shares issued and outstanding as of March 31, 2019 and 449,506,008 as of December 31, 2019 | 440,350 | 449,506 |
Additional paid in capital | 14,639,770 | 14,687,865 |
Treasury stock | (39,000) | |
Accumulated deficit | (15,259,982) | (15,185,444) |
TOTAL STOCKHOLDERS DEFICIT | (179,862) | (87,073) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 635,764 | $ 903,390 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, shares authorized | 450,000,000 | 450,000,000 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares issued | 440,350,000 | 449,506,008 |
Common Stock, shares outstanding | 440,350,000 | 449,506,008 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 716,892 | |
Operating expenses | ||
Cost of revenues | 352,178 | |
Interest expense | 1,625 | |
General and administrative expenses | 208,413 | 159,331 |
Total operating expenses | 210,038 | 511,509 |
Net income from operations | (210,038) | 205,383 |
Other income (expense) | ||
Settlement Hudson Gray | 148,000 | |
Settlement of loan payable | (12,500) | |
Write-off of accounts payable | 360,000 | |
Total other income (expense) | 135,500 | 360,000 |
Net income | $ (74,538) | $ 565,383 |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 440,350,000 | 449,506,008 |
Income (Loss) per Common Share - Basic and Diluted | $ 0.0013 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Total |
Beginning Balance (in shares) at Dec. 31, 2018 | 449,506,008 | |||||
Beginning Balance at Dec. 31, 2018 | $ 449,506 | $ 14,687,865 | $ (16,577,626) | $ (1,440,255) | ||
Net Loss | 565,383 | 565,383 | ||||
Ending Balance (in shares) at Mar. 31, 2019 | 449,506,008 | |||||
Ending Balance at Mar. 31, 2019 | $ 449,506 | 14,687,865 | (16,012,243) | (874,872) | ||
Beginning Balance (in shares) at Dec. 31, 2018 | 449,506,008 | |||||
Beginning Balance at Dec. 31, 2018 | $ 449,506 | 14,687,865 | (16,577,626) | (1,440,255) | ||
Ending Balance (in shares) at Dec. 31, 2019 | 449,506,008 | |||||
Ending Balance at Dec. 31, 2019 | $ 449,506 | 14,687,865 | (39,000) | (15,185,444) | (87,073) | |
Purchase Treasury Stock | (18,251) | (18,251) | ||||
Retire treasury stock (in shares) | (9,156,008) | |||||
Retire treasury stock | $ (9,156) | (48,095) | 57,251 | |||
Net Loss | (74,538) | (74,538) | ||||
Ending Balance (in shares) at Mar. 31, 2020 | 440,350,000 | |||||
Ending Balance at Mar. 31, 2020 | $ 440,350 | $ 14,639,770 | $ (15,259,982) | $ (179,862) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ (74,538) | $ 626,603 |
Adjustments to reconcile net income to cash used in operating activities | ||
Depreciation | 929 | 929 |
Deferred compensation | (91,651) | (36,475) |
Accounts receivable | 39,515 | |
Accounts payable | (64,000) | (360,000) |
Net cash provided by operations | (189,745) | 231,057 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Loan to Pristec | (10,000) | |
Net cash provided by investing activities | (10,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Purchase treasury stock | (18,251) | |
Payment of loan payable | (12,500) | |
Payment of loan payable | (6,687) | |
Net cash provided by financing activities | (37,438) | |
Net increase in cash | (237,183) | 231,057 |
Cash, beginning of period | 781,752 | 162,931 |
Cash, end of period | $ 544,569 | $ 393,988 |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 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 On March 28, 2014, CMG Holdings Group, Inc. (the “Company” or “CMG”), completed its acquisition of 100% of the shares of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, shareholders of GGI. The sole owner of BMB Financial, Inc. is also the sole owner of Infinite Alpha, Inc. which provides consulting services to CMG. Pursuant to the SEA, the Company received 100% of the shares of GGI in exchange for 5,000,000 shares of the Company’s common stock, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs. On February 18, 2016, the Company sold the assets of Good Gaming, Inc. to HDS International Corp. and thereafter, HDS changed their name to Good Gaming, Inc, from CMG Holdings Group, Inc. (OTCQB: GMER) (“Good Gaming”). The Company received in exchange 100,000,000 Class B Preferred Shares in Good Gaming which are convertible into shares of common stock at a rate of 200 common shares for each Class B Preferred Shares. Good Gaming, Inc. did a 1,000 to 1 reverse split, thus the 100,000,000 Class B Preferred Shares were converted to 100,000 Class B Preferred Shares. The Company has sold a portion of these Good Gaming shares to date in the market and currently owns the equivalent of 14,076,200 common shares in the form of preferred stock and common stock. The Company’s operating subsidiary is XA - The Experiential Agency, Inc. - which is a sports, entertainment, marketing and management company providing event management implementation, sponsorships, licensing and broadcast, production and syndication. Its President is Alexis Laken, the daughter of the Company’s president. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of Presentation and Principles 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, Ship Ahoy LLC. All intercompany transactions have been eli year-end b) Use of Estimates The preparation of financial statements in conformity with generally United related compensation an incom Th Compan it estimate and c) Cash and Cash Equivalents The the d) Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, the options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. e) Financial Instruments AS ' " Fai Valu requires an entity to maximize the use inputs and . 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 observable 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. I" fair . 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) Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised services in the contract; (ii) determination of whether the promised services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. The Company generates revenues through event management implementation, sponsorships, licensing and broadcast, production and syndication. i) Cost of Services Cost of services Consist of marketing and management expenses. The marketing expenses are for the marketing of an event prior to the event taking place. j) General and Administrative Expense General and administrative expense are the overhead expense to maintain the Company. k) Reclassification Certain prior period amounts have been reclassified to conform to current presentation. l) Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations except as noted below: FASB ASU 2017-01, Clarifying the Definition of a Business (Topic 805) In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) In February 2020, the FASB issued ASU 2020-02, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Accounts Receivable | 3 Accounts Receivable Accounts receivable consist of invoices for events that occurred prior to year end that the payments were received in the following year. The Balance of accounts receivable at March 31, 2020 and December 31, 2019 were $998 and $40,513, respectively. |
Loan Receivable
Loan Receivable | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
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. In January of 2020 the LOC was increased to $100,000. As of March 31, 2020, the Company had loaned to Pristec $77,500 at an interest rate of 12%, the loan matures in twelve (12) months. 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 $1000. At the discretion of the Company, the Company has the option of entering into a revenue sharing agreement with Pristec. |
Accounts Payable
Accounts Payable | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
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 March 31, 2020 is $10,500. The balance of accounts payable at December 31, 2019 is $74,500. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity | 6 Equity a. Common Stock During the periods ended March 31, 2020 and December 31, 2019, the Company did not sell any shares of its $0.001 par value per share common stock. b. Common Stock Warrants During the periods ended Mar h 31, 2020 and December 31, 2019, the |
Treasury Stock
Treasury Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Treasury Stock | 7 Treasury Stock During the year ended December 31, 2019 the Company bought back 6,258,992 shares of its common stock for $39,000. During the period ended March 31, 2020 the Company bought back an additional 2,897,016 shares of its common stock for $18,251. This treasury stock was retired during the period end March 31, 2020. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | 8 Notes Payable During the periods ended March 31, 2020 and December 31, Notes Payable Balance Balance Kabbage $ 19,437 $ 12,750 Notes Payable Irish Pension Fund $ 150,000 $ 137,500 . In September of 2018 the Company took out a line of credit with Kabbage for $75,000. In the fourth quarter of 2018 the company took draws against the line of $72,300. During that period the Company made principal payments of $804, leaving a principal balance of $71,496 at December 31, 2018. During the year ended December 31, 2019 the company took an additional draw of $25,000. During the year ended December 31, 2019 the Company made principal payments of $77,059, leaving a balance of $19,437. During the period ended March 31, 2020 the Company made principal payments of $8,312, leaving a balance of $11,125. Interest expense was $1,625 and $15,380 for the periods ended March 31, 2020 and 2019, respectively. The interest rate on this loan is 10%. In 2015 the Company borrowed $150,000 from the two Irish individuals pension funds. $90,000 was borrows from one individual pension account and $60,000 was borrowed from the other. Repayment terms were to be negotiated after the settlement of the Hudson Gray lawsuit. The lawsuit settled in January of 2019 and negotiations began. No payment terms were settled upon and were still being negotiated as of December 31, 2019. In January of 2020 settlement was reached with the lender of the $90,000. The settlement terms were for repayment of $180,000 over a period of eighteen months quarterly, payment began in January of 2020 with the payment of $25,000. The settlement amount was split between payment of principal and settlement expense, $12,500 to reduce principal and $12,500 to expense. Settlement has not yet been reached on the repayment of the $60,000 to the other party. The balance of these loans was $137,500 at March 31, 2020. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 9 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 alleging damages On September 25, 2019 the Company filed suit against Eaton & Van Winkle (EVW), Lawrence Allen Steckman (Steckman) and Paul Lieberman (Lieberman). In December 2019 the defendants settled for a payment of $450,000. On December 13, 2019 the Company received $378,500, which was the amount of proceeds net of attorney’s fee of $71,500. In 2014 the Company filed a lawsuit against Hudson Gray et al. On January 14, 2019 the parties entered into arbitration. The parties reached agreement whereby the Company would be paid $2,750,000. The payments are scheduled as follows: Amount Attorney's Due Paid Fees Payment upon execution of the agreement $ 400,000 $ 214,548 $ 185,452 On or before February 8, 2019 $ 100,000 $ 53,650 $ 46,350 On or before June 30, 2019 $ 200,000 $ 148,000 $ 52,000 On or before September 30, 2019 $ 200,000 $ 148,000 $ 52,000 On or before December 31, 2019 $ 200,000 $ 146,496 $ 53,504 On or before March 31, 2020 $ 200,000 $ 148,000 $ 52,000 On or before June 30, 2020 $ 200,000 On or before September 30, 2020 $ 250,000 On or before December 31, 2020 $ 250,000 On or before March 31, 2020 $ 250,000 On or before June 30, 2020 $ 250,000 On or before September 30, 2020 $ 250,000 $ 2,750,000 $ 858,694 $ 441,306 , |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10 Income Taxes The Company has a net operating loss carried forward of $15,247,482 available to offset taxable income in future years which commence expiring in 2028. The Company is subject to United States federal and state income taxes at an approximate rate of 21% (2019 and 2018). As of March 31, 2020 and December 31, 2019, the Company had no uncertain tax positions. March 31, 2020 December 31, 2019 Income tax recovery at Statutory rate $ (15,653 ) $ 319,318 Permanent differences and other — — Valuation allowance change 15,653 (319,318 ) Provision for income taxes $ — $ — The significant components of deferred income tax assets and liabilities at March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 Net operating loss carried forward $ 15,259,982 $ 15,185,444 Valuation allowance $ (15,259,982 ) $ (15,185,444 ) Net deferred income tax asset $ — $ — |
Segments
Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segments | 11 Segments The Company splits its business activities during the period ended March 31, 2020 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 period ended March 31, 2020. CMG Holding XA Group Total Revenues — — — Operating expenses 92,217 117,821 210,038 Operating income (loss) (92,217 ) (117,821 ) (210,038 ) Other income (expenses) — 135,500 135,500 Net income(loss) (92,217 ) 17,679 (74,538 ) |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12 During the year ended December 31, 2015 the Company borrowed $96,100 from a Company shareholder. This amount is due on demand and has an interest rate of 0%. The Company also borrowed $125,000 from a relative of the Company CEO. This amount is due on demand and has an interest rate of 0%. During the year ended December 31, 2019 the Company paid off the $96,100 and $35,000 toward the $125,000 loans, leaving a balance of $90,000. No payments were made during the period ended March 31, 2020. 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. The Company made payments of $103,474 in excess of the current $180,000 salary for year ended December 31, 2019. The Company made payments of $71,651 in excess of the current $45,000 salary for period ended March 31, 2019. The Company paid $31,250 and $22,500 for the periods ended March 31, 2020 and 2019, respectively, as compensation to the President of XA, who is the daughter of the Company CEO. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13 On April 9, 2020 the Settlement agreement with the Irish pension holder of the $90,000 loan was officially singed. Per management review, no other material subsequent events have occurred. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | a) Basis of Presentation and Principles 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, Ship Ahoy LLC. All intercompany transactions have been eli year-end |
Use of Estimates | b) Use of Estimates The preparation of financial statements in conformity with generally United related compensation an incom Th Compan it estimate and |
Cash and Cash Equivalents | c) Cash and Cash Equivalents The the |
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, the options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Financial Instruments | e) Financial Instruments AS ' " Fai Valu requires an entity to maximize the use inputs and . |
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. |
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. |
Revenue Recognition | h) Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised services in the contract; (ii) determination of whether the promised services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. The Company generates revenues through event management implementation, sponsorships, licensing and broadcast, production and syndication. |
Cost of Services | i) Cost of Services Cost of services Consist of marketing and management expenses. The marketing expenses are for the marketing of an event prior to the event taking place. |
General and Administrative Expense | j) General and Administrative Expense General and administrative expense are the overhead expense to maintain the Company. |
Reclassification | k) Reclassification Certain prior period amounts have been reclassified to conform to current presentation. |
Recently issued accounting pronouncements | l) Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations except as noted below: FASB ASU 2017-01, Clarifying the Definition of a Business (Topic 805) In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) In February 2020, the FASB issued ASU 2020-02, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), The Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable Balance Balance Kabbage $ 19,437 $ 12,750 Notes Payable Irish Pension Fund $ 150,000 $ 137,500 |
Legal Proceedings (Tables)
Legal Proceedings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Amount Attorney's Due Paid Fees Payment upon execution of the agreement $ 400,000 $ 214,548 $ 185,452 On or before February 8, 2019 $ 100,000 $ 53,650 $ 46,350 On or before June 30, 2019 $ 200,000 $ 148,000 $ 52,000 On or before September 30, 2019 $ 200,000 $ 148,000 $ 52,000 On or before December 31, 2019 $ 200,000 $ 146,496 $ 53,504 On or before March 31, 2020 $ 200,000 $ 148,000 $ 52,000 On or before June 30, 2020 $ 200,000 On or before September 30, 2020 $ 250,000 On or before December 31, 2020 $ 250,000 On or before March 31, 2020 $ 250,000 On or before June 30, 2020 $ 250,000 On or before September 30, 2020 $ 250,000 $ 2,750,000 $ 858,694 $ 441,306 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for Income tax | March 31, 2020 December 31, 2019 Income tax recovery at Statutory rate $ (15,653 ) $ 319,318 Permanent differences and other — — Valuation allowance change 15,653 (319,318 ) Provision for income taxes $ — $ — |
Deferred Income Tax | March 31, 2020 December 31, 2019 Net operating loss carried forward $ 15,259,982 $ 15,185,444 Valuation allowance $ (15,259,982 ) $ (15,185,444 ) Net deferred income tax asset $ — $ — |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segments | CMG Holding XA Group Total Revenues — — — Operating expenses 92,217 117,821 210,038 Operating income (loss) (92,217 ) (117,821 ) (210,038 ) Other income (expenses) — 135,500 135,500 Net income(loss) (92,217 ) 17,679 (74,538 ) |
Nature of Operations and Cont_2
Nature of Operations and Continuance of Business (Details Narrative) - shares | 1 Months Ended | |
Feb. 18, 2016 | Feb. 20, 2008 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Ownership | 92.60% | |
Shares received in acquisition | 100,000,000 | 22,135,148 |
Conversion of shares | 200 common shares for each Class B Preferred Share | |
Reverse stock split | 1,000 to 1 | |
Shares received in acquisition, adjusted | 100,000 | |
Shares owned from acquition | 14,076,200 |
Accounts Receivable (Details Na
Accounts Receivable (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Credit Loss [Abstract] | ||
Accoounts Receivable | $ 998 | $ 40,513 |
Loan Receivable (Details Narrat
Loan Receivable (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Loan receivable | $ 77,500 | $ 67,500 |
Line of credit to Pristec | $ 100,000 | $ 75,000 |
Interest rate | 12.00% | |
Convert loan receivable to shares | 100 | |
Convert loan receivable to shares, amount | $ 1,000 |
Accounts Payable (Details Narra
Accounts Payable (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 10,500 | $ 74,500 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | 11 Months Ended | |||
Dec. 15, 2017 | Dec. 15, 2015 | Mar. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||||
Common Stock, par value | $ 0.001 | $ 0.001 | ||
Warrants outstanding | 40,000,000 | 40,000,000 | ||
Warrants outstanding, price per share | $ 0.0035 | $ 0.0155 | ||
Warrants outstanding term | 5 years | 5 years |
Treasury Stock (Details Narrati
Treasury Stock (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Purchase shares of treasury stock, amount | $ 18,251 | |
Treasury stock [Member] | ||
Purchase shares of treasury stock, shares | 2,897,016 | 6,258,992 |
Purchase shares of treasury stock, amount | $ 18,251 | $ 39,000 |
Notes Payable - Notes Payable (
Notes Payable - Notes Payable (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | |||
Loan payable | $ 12,750 | $ 19,437 | $ 71,496 |
Note payable | $ 137,500 | $ 150,000 |
Notes Payable- Line of credit (
Notes Payable- Line of credit (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |||||
Line of credit capacity | $ 75,000 | ||||
Proceeds from Line of credit | $ 72,300 | ||||
Payments on line of credit | $ 8,312 | 804 | $ 77,059 | ||
Line of credit | 12,750 | $ 71,496 | $ 19,437 | ||
Interest Expense | $ 1,625 | $ 15,380 | |||
Interest rate | 10.00% |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Proceeds from Pension Fund Loan | $ 150,000 | ||
Note payable | $ 137,500 | $ 150,000 | |
Pension Fund 1 [Member] | |||
Proceeds from Pension Fund Loan | 90,000 | ||
Payments on Pension Fund Loan | $ 0 | ||
Litigation settlement | 180,000 | ||
Payment on settlement | 25,000 | ||
Principal payment | 12,500 | ||
Interest payment | $ 12,500 | ||
Pension Fund 2 [Member] | |||
Proceeds from Pension Fund Loan | $ 60,000 |
Legal Proceedings (Details Narr
Legal Proceedings (Details Narrative) - USD ($) | Jan. 14, 2019 | Oct. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 |
Settlement Received | $ 858,694 | |||
Attorney Fees | $ 441,306 | |||
Burkhard [Member] | ||||
Litigation | breach of his employment contract | |||
Damages sought | $ 695,000 | $ 775,000 | ||
Settlement Amount | $ 105,000 | |||
Eaton & Van Winkle [Member] | ||||
Damages sought | $ 450,000 | |||
Settlement Received | 378,500 | |||
Attorney Fees | $ 71,500 |
Legal Proceedings - Legal Proce
Legal Proceedings - Legal Proceedings (Details) - USD ($) | Jan. 14, 2019 | Feb. 08, 2019 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 |
Settlement awarded | $ 2,750,000 | |||||||||||
Settlement Received | 858,694 | |||||||||||
Attorney Fees | 441,306 | |||||||||||
Hudson Gray [Member] | ||||||||||||
Settlement awarded | 400,000 | $ 100,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 |
Settlement Received | 214,548 | 53,650 | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | $ 200,000 | 148,000 | 146,496 | 148,000 | 148,000 |
Attorney Fees | $ 185,452 | $ 46,350 | $ 52,000 | $ 53,504 | $ 52,000 | $ 52,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income tax (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax recovery at Statutory rate | $ (15,653) | $ 319,318 |
Permanent differences and other | ||
Valuation allowance change | 15,653 | (319,318) |
Provision for income taxes |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Net loss carryforward-US | $ 15,259,982 | $ 15,185,444 |
Valuation allowance | (15,259,982) | (15,185,444) |
Deferred tax assets |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforward | $ 15,247,482 |
U.S. statutory rate | 21.00% |
Segments - Segments (Details)
Segments - Segments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 716,892 | |
Total operating expenses | 210,038 | 511,509 |
Net income from operations | (210,038) | 205,383 |
Total other income (expense) | 135,500 | 360,000 |
Net income | (74,538) | $ 565,383 |
XA [Member] | ||
Revenues | ||
Total operating expenses | 92,217 | |
Net income from operations | (92,217) | |
Total other income (expense) | ||
Net income | (92,217) | |
CMG Holding Group[Member] | ||
Revenues | ||
Total operating expenses | 117,821 | |
Net income from operations | (117,821) | |
Total other income (expense) | 135,500 | |
Net income | $ 17,679 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 15, 2017 | Dec. 15, 2015 | Dec. 31, 2019 | Dec. 31, 2015 | |
Loan from outside party | $ 90,000 | $ 90,000 | ||||
Warrants outstanding | 40,000,000 | 40,000,000 | ||||
Warrants outstanding, price per share | $ 0.0035 | $ 0.0155 | ||||
Warrants outstanding term | 5 years | 5 years | ||||
Shareholder [Member] | ||||||
Proceeds from loan | $ 96,100 | |||||
Payment of loan payable | 96,100 | |||||
Related Party [Member] | ||||||
Proceeds from loan | $ 125,000 | |||||
Payment of loan payable | 35,000 | |||||
Compensation | 31,250 | $ 22,500 | ||||
CEO [Member] | ||||||
Monthly Salary | 15,000 | |||||
Payments for Salary | 71,651 | 180,000 | ||||
Payments in excess for salary | $ 45,000 | $ 103,474 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Apr. 09, 2020USD ($) |
Subsequent Event [Member] | |
Legal settlement | $ 90,000 |