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CMG Holdings Group Inc (CMGO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $14,805 for the three months ended September 30, 2024, compared to $146,143 in the same period the previous year.
Operating expenses for the quarter were $162,646, compared to $278,079 in the same quarter of the previous year.
The company reported a net loss of $121,015 for the quarter, compared to a net loss of $97,486 in the previous year.
Cash used in operating activities was $103,817 for the nine months ended September 30, 2024, compared to $188,289 in the same period the previous year.
Cash used in investing activities was $9,843 for the nine months ended September 30, 2024.
CMG Holdings Group reported cash on hand of $146,624 as of September 30, 2024.
The filing notes a material weakness in internal control over financial reporting due to a lack of segregation of duties and inadequate design of controls.
The company is in negotiations to convert a note receivable with New Vacuum Technologies LLC into an equity investment.
CMG Holdings Group does not anticipate any changes to its internal control over financial reporting in the near term.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CMG Holdings Group Inc quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.