CMG HOLDINGS GROUP,

CMGO
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CMG : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

08/14/2020 | 04:18pm

FORWARD LOOKING STATEMENTS



In addition to historical information, this Form 10-Q (this "Quarterly Report")
contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, which includes, but are not limited to, statements concerning
expectations as to our revenues, expenses, and net income, our growth strategies
and plans, the timely development and market acceptance of our products and
technologies, the competitive nature of and anticipated growth in our markets,
our ability to achieve cost reductions, the status of evolving technologies and
their growth potential, the adoption of future industry standards, expectations
as to our financing and liquidity requirements and arrangements, the need for
additional capital, and other matters that are not historical facts. These
forward-looking statements are based on our current expectations, estimates, and
projections about our industry, management's beliefs, and certain assumptions
made by it. Words such as "anticipates", "appears", "believe,", "expects",
"intends", "plans", "believes, "seeks", "assume," "estimates", "may", "will" and
variations of these words or similar expressions are intended to identify
forward-looking statements. All statements in this Quarterly Report regarding
our future strategy, future operations, projected financial position, estimated
future revenue, projected costs, future prospects, and results that might be
obtained by pursuing management's current plans and objectives are
forward-looking statements. Therefore, actual results could differ materially
and adversely from those results expressed in any forward-looking statements, as
a result of various factors. Readers are cautioned not to place undue reliance
on forward-looking statements, which are based only upon information available
as of the date of this report. You should not place undue reliance on our
forward-looking statements because the matters they describe are subject to
known and unknown risks, uncertainties and other unpredictable factors, many of
which are beyond our control. Our forward-looking statements are based on the
information currently available to us and speak only as of the date on which
this Quarterly Report was filed with the Securities and Exchange Commission
("SEC"). We expressly disclaim any obligation to revise or update publicly any
forward-looking statements even if subsequent events cause our expectations to
change regarding the matters discussed in those statements. Over time, our
actual results, performance or achievements will likely differ from the
anticipated results, performance or achievements that are expressed or implied
by our forward-looking statements, and such difference might be significant and
materially adverse to our stockholders. Unless the context indicates otherwise,
the terms "Company", "Corporate", "CMGO", "our", and "we" refer to CMG Holdings
Group, Inc.
and its subsidiaries.



RESULTS OF OPERATIONS FOR THE SIX MONTH PERIOD ENDED June 30, 2020



Gross revenues decreased from $1,841,011 for the six months ended June 30, 2019
to $9,609 for the six months ended June 30, 2020. The decrease in revenues was
mainly attributable to the worldwide pandemic that took place during the
quarter. At least two major jobs that were scheduled for the first quarter were
canceled due to the pandemic.



Cost of revenue decreased from $968,163 for the six months ended June 30, 2019
to $8,644 for the six months ended June 30, 2020. The decrease in revenues was
mainly attributable to the worldwide pandemic that took place during the
quarter. At least two major jobs that were scheduled for the first quarter were
canceled due to the pandemic.



Operating expenses decreased from $308,089 for the six months ended June 30,
2019
to $368,359 for the six months ended June 30, 20205. The increase in
operating expenses is due to the increase in salaries for its full-time
employees.



Net income decreased from $1,105,726 for the six months ended June 30, 2019 to
net loss of $91,792 for the six months ended June 30, 2020. The decrease in net
income to net loss was mainly attributable to the worldwide pandemic that took
place during the quarter. At least two major jobs that were scheduled for the
first quarter were canceled due to the pandemic.



LIQUIDITY AND CAPITAL RESOURCES:



As of June 30, 2020, the Company's cash on hand was $453,979.



Cash used in operating activities for the six months ended June 30, 2020 was
$114,420, as compared to cash provided by operating activities of $293,233 for
the six months ended June 30, 2019. The decrease in revenues was mainly
attributable to the worldwide pandemic that took place during the quarter. The
large job that was scheduled was canceled.



Cash used in investing activities for the six months ended June 30, 2020 was
$183,149 as compared cash used in investing activities of $38,500 for the six
months ended June, 2019. This was due to the Company loaning Pristec America an
additional $10,000 during the quarter.



Cash used in financing activities for the six months ended June 30, 2020 was
$30,204, as compared to $8,075 used for the six months ended June 30, 2019.



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