CMG Holdings Group Inc (CMGO)

[ORCA]

OKAY THE NEGATIVE FIRST.:THE COMPANY BORROWED ANOTHER $222,000.00,and now owes $712,000.00.Also the company loan Glen $100,000.00 for personal legal fees.The revenues are Down and net loss of $145,840 for the six months ended June 30, 2023.NEXT POST THERE IS HOPE.THE POSITIVES.

On November 23, 2021, the Company borrowed $500,000 from GS Capital Partners LLC.
During the year ended December 31, 2022 the Company borrowed an additional $222,000 under the same terms. At June 30, 2023 the balanced owed was $712,000.
On September 3, 2022, The Company loan its CEO Glenn Laken $100,000 for personal legal fees.
RESULTS OF OPERATIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2023
Gross revenues decreased from $975,555 for the six months ended June 30, 2022 to $479,425 for the six months ended June, 2023. The decrease in revenues was mainly attributable to decrease in available business in the current year.Cost of revenue decreased from $769,502 for the six months ended June 30, 2022 to $273,943 for the six months ended Jun3 30, 2023. The decrease in cost of revenues was mainly attributable to decrease in available business in the current year.
Operating expenses increased from $305,681 for the six months ended June 30, 2022 to $394,124 for the six months ended June 30, 2023. The increase in operating expenses is due to the increase in support expenses to run business.
Net income decreased from a loss of $15,968 for the six months ended June 30, 2022 to net loss of $145,840 for the six months ended June 30, 2023. The increase in net loss was mainly attributable to decrease in available business in the current year and increase in interest income and interest expense.