10-Q horrible... This pretty much tells you the company will dump millions of shares and probably file BANKRUPSY soon imo.
Operating Expenses and Net Loss
Operating expenses for the three months ended March 31, 2016 were $160,803 compared with $81,494 for the three months ended March 31, 2015. The increase in operating expenses was attributed to a decrease in consulting fees of $63,835, and an increase in professional fees of $1,750, an increase in general and administrative fees of $99,472 for day-to-day operating costs and stock compensation of $41,921.
During the three months ended March 31, 2016, the Company recorded a net loss of $417,221 compared with net loss of $33,275 for the three months ended March 31, 2015. In addition to the above, the Company incurred $3,360 of interest expense relating to debt balances, $311,359 for loss on the change in fair value of derivatively liabilities and $58,300 income from restructure of debentures.
Liquidity and Capital Resources LMAO
As at March 31, 2016, the Company's cash balance was $1,013 compared to cash balance of $0 as at December 31, 2015. As of March 31, 2016, the Company's total assets were $1,522,842 compared to total assets of $0 as at December 31, 2015. The increase in the cash balance and total assets was attributed to the purchase of Good Gaming assets. It was made up of cash $1,013, monies due from affiliates of $351,829 and gaming software of $1,170,000. The Company expects to convert the monies due from affiliate to cash as needed for operation. These funds were raised by the Company to relaunch its 2.0 platform and are currently held in bank accounts of our majority shareholder, CMG Holdings Group, Inc.
As of March 31, 2016, the Company had total liabilities of $1,094,601 compared with total liabilities of $689,859 as at December 31, 2015. The increase in total liabilities is attributed to an increase of account payable and accrued liabilities of $8,360, which pertained to trade accounts payable as well as convertible debentures of $101,700 and an increase in derivative liabilities of $311,359.
As of March 31, 2016, the Company has a working capital deficit of $591,759 compared with working capital deficit of $639,852 at December 31, 2014 with the increase in the working capital deficit attributed to the increases in accounts payable and accrued liabilities, convertible debentures and derivative liabilities during the period as discussed above also an increase due from affiliate.
Cashflow from Operating Activities This is hilarious
During the three months ended March 31, 2016 the Company used $710 of cash for operating activities compared to the use of $73 of cash for operating activities during the three months ended March 31, 2015. The increase in cash used in operations was a result of accretion of debt discount, stock compensation, Debt reduction, due from affiliate and accounts payable accrued liabilities.
Convertible Debentures
(a)
On April 15, 2015, the Company entered into a $100,000 convertible debenture with a non-related party. During the quarter ended June 30, 2015 The Company received the first $50,000 payment. The remaining $50,000 payment will be made at the request of the borrower. No additional payments have been made as of March 31, 2016. Under the terms of the debenture, the amount is unsecured, bears interest at 10% per annum, and is due on October 16, 2016. The note is convertible into shares of common stock any time after the maturity date at a conversion rate of 50% of the average of the five lowest closing bid prices of the Company's common stock for the thirty trading days ending one trading day prior to the date the conversion notice is sent by the holder to the Company. As of March 31, 2016, the Company recorded accrued interest of $1,260 (December, 31, 2015 $3,894), which has been included in accounts payable and accrued liabilities. The lender has agreed to sell this investment to the Company or to an investor of the Company’s choosing at face value plus interest.
lol Insiders are loading up to dump millions soon.
Share Sales – Series B Preferred Stock
On or around February 18, 2016, as part of the closing of the Good Gaming asset sale by CMG Holdings Group to HDS International Corp., CMG Holdings is due an additional 85,600,000 Series B Preferred Shares. These shares due are currently in the form of a subscription payable by HDS International to CMG Holdings Group.
On or around February 18, 2016, our CEO Vikram Grover was issued 859,073 Series B Preferred shares in lieu of compensation due for services rendered to SirenGPS in 2015.
On or around February 23, 2016, Andrew Albrecht was issued 2,000,000 Series B Preferred shares as consideration for an investment in the Company.
On or around February 26, 2016, William Schultz funded monies to the Company and had a subscription receivable for 2,500,000 Series B Preferred shares as consideration for an investment in the Company.
On or around April 5, 2016, Pecan Bluff Investments LLC, funded monies to the Company and had a subscription receivable for 2,500,000 Series B Preferred shares as consideration for an investment in the Company.
On or around April 5, 2016, Fly Faster LLC, funded monies to the Company and had a subscription receivable for 2,500,000 Series B Preferred shares as consideration for an investment in the Company.
On or around April 5, 2016, Independent Drug Distributors LLC, funded monies to the Company and had a subscription receivable for 5,000,000 Series B Preferred shares as consideration for an investment in the Company.
On or around April 7, 2016, Silver Linings Management, LLC funded the Company $13,439.50 in the form of convertible debentures secured by certain high-powered gaming machines purchased from XIDAX. The notes bear interest at a rate of 10% per annum payable in cash or kind at the option of the Company, mature April 1, 2018, and are convertible into Series B Preferred shares at the option of the holder at any time.
On or around April 14, 2016, the Company formed and advisory Board and engaged Syndicate Studios, LLC for consulting services and issuing the Syndicate Studios 100,000,000 warrants with a two-year expiration and a strike price of $0.0002. The warrants do not vest for one year and are subject to mutually agreed to performance criteria. Sean Stalzer, owner of The Syndicate, has already been instrumental in introducing the Company to games publishers, members of the media, and gamers who have been vetting the Good Gaming 2.0 platform for the past few months.
On or around April 8, 2016, David Dorwart, our Director, funded monies to the Company and has a subscription receivable for 5,000,000 Series B Preferred shares as consideration for an investment in the Company.
On or around April 22, 2016, William Crusoe was issued 1,000,000 Series B Preferred shares as consideration for an investment in the Company. The investor has since agreed to lockup his shares for a period of one year.
On or around April 22, 2016, Francesca Dorwart was issued 1,000,000 Series B Preferred shares as consideration for an investment in the Company.
The vast majority of the Series B Preferred stock investors have agreed to lock-up their investments for a period of one year as of May 2016.
I had to stop posting, i couldn't take it anymore.. GLTA you will need a miracle..
AI
