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IMO, Ed had no intention of having an audit done until the SEDAR folks called him on it and told him he had to. If I recall, someone spoke to IR a while back and IR told him that an audit was too expensive. But now he has no choice but to do it. I'm guessing the audit is only a few days old because SEDAR would have had to have reviewed the documents (which were posted around 7/15ish), communicated to Ed that an audit would have needed to be performed, and then Ed would have had to contact a CPA firm and work out all the terms of the engagement. But hopefully they can get it done quickly and we can get on to more exciting news.
I'm curious how the Good Gaming beta test will compare to this one. The link says they had 4.6 million people involved in their beta test. From the article, that sounds like it is more than what is typical, but imagine if GG was around there and they only charged $1 to take part? That would be a nice chunk of change simply from beta testing - I'd take that.
http://www.gamesindustry.biz/articles/2014-07-30-destiny-beta-boasts-4-6-million-players?utm_source=dlvr.it&utm_medium=twitter
It looks like they have 81 "Likes" on Facebook so there's some room for growth there. I'm more of a Twitter guy myself.
Holy crap, you're right! Last time I checked, GG didn't have near that many followers. That's a good sign. What's funny is I never see any "retweets" or "favorites" of anything GG tweets out so I figured they didn't have that many followers.
You know it's a slow news day when we delve back into the whole marijuana discussion.
I don't know about anyone else, but I can't wait until August gets here. In my own perfect little world, here is what I would like to see happen.
I'd like to see a PR sometime this week with an update on XA and GG. That might get us a little rally going for a couple weeks. Then, as the excitement from that starts to die down, we get the 2Q14 finanicals. Hopefully the numbers in there are decent (I'm not expecting great since I'm sure has been a significant cost to the GG development without any revenue to offset it). Then, a couple weeks after the excitement from the Q dies down, GG goes live. What happens after that announcement is anyone's guess!
I think the point MW is making is that the only connection CMGO has to AEYE is that CMGO holds some of their stock. Look at GE - they hold stock of just about every company out there. Does that mean we'd be allowed to talk about all those stocks on GE's board? I don't think so.
You know, I was just thinking, it's been a while since we've seen any of those ridiculously small bid whacks. Hopefully I didn't just jinx it but I think that might be another positive sign.
I think we thought they own around 1.5 million shares of AEYE. AEYE started off as the company working on the GG platform but weren't meeting expectations so now it's Caxy Interactive. I think they made the switch a couple months ago.
Boum posted the employment agreement earlier this morning. It said his shares would vest over a certain period of time, providing XA hit various benchmarks. The first of his shares (250k) would have vested at the end of this year had XA hit their targeted numbers, but since he was terminated before any of that vesting occurred, all his shares were forfeited back to the company. So there shouldn't be any impact as far as him trying to sell shares or anything like that.
I think your answer is right there. None of those shares were vested so they are forfeited back to the company.
Thanks MW - I guess I need to get used to reading information that is straight to the point now and not try to read the tea leaves, like I'm used to!
Yeah, possibly. IMO, the mention of "for cause" sounds to me like it was something a little more sinister than simply not bringing in enough business. But I could be wrong.
That's how I read it too - doesn't exactly sound like a mutual parting of ways. I also wonder if this was the update everyone was waiting for or if there was a more positive update on XA and GG to come out.
Oh wow - a new 8-K is out. Burkhardt is out at XA? Wonder what's up with that?
http://www.sec.gov/Archives/edgar/data/1346655/000121390014005012/f8k071814_cmgholdings.htm
Then I guess I'll refrain from giving you my thoughts on the do-nothing Congress that we currently have, particularly in the House, and the nuts in the Tea Party that they are beholden to....LOL!
Glenn's Form 3 was just posted today.
Based on the criteria below, I'm still not sure why they haven't reported any revenues up to this point. Of course, since they've never bothered to have an audit done, they probably don't know how they should be accounting for revenues.
"Motion Pictures: Initially this segment had its own accounting pronouncement, FASB Statement No. 53, Financial Reporting by Producers and Distributors of Motion Picture Films, which was rescinded by FASB Statement No. 139, Rescission of FASB Statement No. 53 and amendments to FASB Statements No. 63, 89 and 121. However, AICPA Statement of Position (SOP) No. 79-4, Accounting for Motion Picture Films, and AICPA SOP No. 00-2, Accounting by Producers or Distributors of Films, remain in force. The guidelines for accounting for motion pictures are therefore found in the accounting literature at SOP 79-4 and FASB Statement No. 63, Financial Reporting by Broadcasters, which addresses license agreements.
The principal source of revenue for the motion picture producer and distributor is generally the licensing fees obtained by granting the exhibitor the right to show the film. The exhibitor could be a chain of theatres or other media. Following are the revenue recognition rules for the various means of exhibiting motion pictures.
Theatres: Recognize revenue at the time of exhibition unless nonrefundable guarantees are paid by the exhibitor (which may happen with a “hot” film when the exhibitor bears little risk), in which case revenue is recognized upon execution of the license agreement, provided all of the following criteria are met.
The license fee is known and collected or the cost can be reasonably determined and collected.
The licensee has accepted the film in accordance with the license agreement.
The film is available for its first showing.
Video Cassettes, DVDs, and Other Such Media:Recognize revenue upon delivery of the cassettes, DVDs, etc.
CATV, Network TV, and Syndication: Recognize revenue upon contract execution and availability of the film for telecast (see the preceding three criteria under theatres).
Many “made for TV” movies or initial pilots of series are produced and licensed in domestic and foreign markets concurrently. Syndication, cassettes, etc., follow on the heels of a pilot if a successful series results. Revenue from the series based on a TV licensing agreement is recognized in the year that the series is first available for telecast and the contract is executed.
EXAMPLE
The initial series of “The Sopranos” was produced and licensed in domestic and foreign markets concurrently. In 2004, its fifth season, the preceding four series were in limited syndication and ancillary markets such as DVD sales. Arguably, the revenue from each series could be recognized in the year that the specific series first became available for telecast (2004 for the fifth series) and the contract was executed."
Agreed - it would have been nice if they had said how much additional revenue this was expected to bring in. Considering SEGI reported $0 in revenue in Q1, it's probably not worth much.
My take from looking at all those links, and I'd probably like some clarification as well, is that CMG has some kind of agreement with CMT Agency to where CMG can utilize CMT's resources for different corporate events. I believe they are two separate and non-related entities, although both having the same Atlanta address makes me wonder if there is a closer relationship between the two than that.
I'll be the first to admit that I have no idea what goes into getting sites like Yahoo, OTCMarkets, etc. updated. So if Glenn or one of the other head hanchos are the ones doing the updating and it requires them to be on the phone for an hour everyday, I would say at this stage, that's probably not worth it and I'd rather have them do other stuff.
But this is my whole point (and then I'll stop beating a dead horse) - if I was a new investor and someone were to tell me to go check out CMGO without giving my any information other than that, here's what I would do. I'd first go to FB or Twitter, as I mentioned earlier. Seeing no presence there, I'd then go to Google and search CMG Holdings Group. What comes up there is information on CMGO at OTCMarkets.com, Yahoo finance, Marketwatch, etc. My first instinct is to go to Yahoo simply because of name recognition. I go there and see a link to a web site: creativemanagementgroup.com. That's gotta be it, right? Cool! Only then I found out that's not the correct page. By this time, I've checked three different outlets and have had no luck getting to cmgo.co. For me, I'm frustrated and I stop searching. Sure, if I was familiar with OTCMarkets.com, I might check there too and eventually get to the site. But for the newbies who are just beginning, they may never think to do that.
Again, I'm not going to get all worked up about this at this point because I want GG to get into production and XA to really get cranking. But if one of Glenn's goals is to get awareness out there at the point when GG goes live, it's probably best to start working on cleaning up this stuff now because it obviously takes some time. And maybe it's worth calling a temp agency or something to have a temp come in for a day or two and they can sit on the phone with Yahoo for 8 hours if that's what it takes. But I think not having the this information out there and updated should not be overlooked. I'm pleased with what Glenn has done, as far as the updates that have been done - would just like to see them in more places is all.
Have a good weekend all - I'm off to stock the fridge!
I think this is a first for me but I actually agree with Mike on this one. I believe Glenn was asking around a couple weeks ago as to what PR services were not sending out the last PR that they did - wouldn't he also want to know (and correct) any outdated or inaccurate information that is out there? It seems to me like he would.
I don't want him to drop everything he's doing to just focus on that. But it seems like that is something he'd be able to delegate to someone to work on as time permits. Speaking from experience, when I'm looking at doing business (either for investing or otherwise) with a new company, the first thing I do is look them up online, usually on Facebook or Twitter because I have those apps on my phone, easily accessible. If I can't find anything, I assume they are antiquated and then I usually move on to the next company on my list.
Again, I'm not saying I want the focus to shift at all from GG or XA, but to the extent that a Facebook or Twitter page could be created (by an intern or someone lower in that organization) that just says something to the effect of "we know we need to get this page updated and we'll be working on it in the coming months and in the meantime, refer to cmgo.co or good-gaming.com....." I think that would go a long way for potential investors.
I was just taking a look around, trying to kill some time, and came across a stock that has 80 million shares currently on the ask and has 2 million in volume. Yikes! Glad there's none of that nonsense here!
The only way the two companies are connected is that CMGO still retains a little of AEYE's stock. But I don't think other investors are looking at that - I think they are more interested in what XA and GG are doing or going to do. In a perfect world, yes, the CMGO price should probably move a little bit to reflect what AEYE is doing. But as we know, this is not a perfect world - it's the pennies!
How about the stones on Vandetti? He sits idly by as the company dilutes the heck out of this stock several years ago. Then he gets the boot. And now after all the mess is cleaned up and we get back on track, he wants not only a seat on the BOD, but he wants CMGO to use his daughters' marketing company to promote CMGO and/or Good Gaming. WOW!! I'm speechless!
What merger?
New message on SEGI's Facebook page. It says they are working diligently to get the Canadian filings done and will notify everyone once that has been done. For whatever that's worth.
The quarterly report isn't due until 8/15 (deadline with an extension is 8/20). They filed on the deadline date last quarter so I would expect it on 8/15 for this quarter, unless we get lucky and get it a day or two before that.
As for what's in it, I haven't heard anything. But I'm expecting solid numbers for XA and probably a significant amount of R&D costs related to Good Gaming. That's just what I'm getting myself mentally prepared for, anyway.
I'm trying to figure out the trading today. Every time I check, the bid is sitting at 166 and the ask is at 195. The volume keeps going up but the price remains unchanged at 18. Must be hidden shares at 18 that aren't showing up? That seems strange.
It seems they saw the error of their ways.
http://www.vg247.com/2014/07/03/hearthstone-esports-tournament-iesf-men-females-rule-overturned-after-blizzard-steps-in/
I'm sure the investment community, along with pretty much everyone else on this board, neither remembers nor cares what those warrants were priced at.
Whatever - had it not been for others who posted about the whole warrant price thing first, you never would have thought about it. But I hope you enjoy the beer money you got for whacking the bid to get it down to 155 just so you could make that post - it is a long weekend after all.
MW did a nice job summarizing everything. One other thing to mention on Good Gaming is that the site is scheduled to go live early September. So hopefully we'll see activity in the CMGO stock start to pick up any time between now and then.
A lot of nice solid buys today - gotta love that! Too bad we can't see the total amount sitting at 18. Oh well, we'll push through shortly I think!
I posted on this very subject last week. IMO, it won't be until about mid-August. That's when we'll get the 2Q 10-Q and we'll be only a couple weeks away from the Good Gaming site going live (assuming everything is still on track at that point, of course). There's always the potential for a surprise PR between now and then in regards to what XA has been up to, but I'm not planning on that. Again, this is just my opinion but I'm planning on being around the $0.02 mark until mid-August - anything more would be a pleasant surprise.
Hey, nice buy right there at the death! All good things to come!