0001213900-15-004327.txt : 20150608 0001213900-15-004327.hdr.sgml : 20150608 20150608131825 ACCESSION NUMBER: 0001213900-15-004327 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 26 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150608 DATE AS OF CHANGE: 20150608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CMG HOLDINGS GROUP, INC. CENTRAL INDEX KEY: 0001346655 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING [7310] IRS NUMBER: 870733770 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51770 FILM NUMBER: 15918021 BUSINESS ADDRESS: STREET 1: 875 NORTH MICHIGAN AVENUE CITY: CHICAGO STATE: IL ZIP: 33137 BUSINESS PHONE: (646) 688-6381 MAIL ADDRESS: STREET 1: 875 NORTH MICHIGAN AVENUE CITY: CHICAGO STATE: IL ZIP: 33137 FORMER COMPANY: FORMER CONFORMED NAME: CMG HOLDINGS, INC. DATE OF NAME CHANGE: 20080220 FORMER COMPANY: FORMER CONFORMED NAME: Pebble Beach Enterprises DATE OF NAME CHANGE: 20051212 10-K 1 f10k2014_cmgholdingsgroup.htm ANNUAL REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2014

 

 

CMG HOLDINGS GROUP, INC.

 (Exact name of registrant as specified in its charter)

 

Nevada   87-0733770
State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     
2130 North Lincoln Park West 8N    
Chicago, IL   60614
(Address of principal executive offices)   (Zip Code)

 

Registrant's telephone number including area code (773) 698-6047

 

(Former Name or Former Address, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

None

 

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $0.001 par value

Indicate by check mark if the registrant is a well known seasonal issuer, as defined in Rule 405 of the Securities Act. Yes ☐     No ☒ 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐     No ☒ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐     No ☒   *

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐     No ☒

Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non accelerated filer, or small reporting company. See the definition of "large accelerated filer," "accelerated filer" and "small reporting company" in Rule 12b 2 of the Exchange Act. 

Large accelerated filer  ☐ Accelerated filer ☐ Non accelerated filer ☐ Smaller reporting company ☒

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐   No ☒

As of April 30, 2015 the aggregate market value of the Registrant’s voting and non voting common stock held by non affiliates of the registrant as of the end of the second quarter of the last fiscal year was approximately: $2,895,000 at $0.01 price per share, based on the closing price on the OTCQB. As of April 30, 2015, there were 289,500,000 shares of common stock of the registrant issued and outstanding.

Documents Incorporated by Reference: None 

 

 
 

 

CMG HOLDINGS GROUP, INC.

FORM 10-K

 

TABLE OF CONTENTS

 

Part I
       
ITEM 1. Business   3
ITEM 1A. Risk Factors   8
ITEM 1B. Unresolved Staff Comments   8
ITEM 2. Properties   8
ITEM 3. Legal Proceedings   8
ITEM 4. Mine Safety Disclosures   9
       
Part II    
       
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   9
ITEM 6. Selected Financial Data   11
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations   11
ITEM 8. Financial Statements and Supplementary Data   14
ITEM 9. Change in and Disagreements with Accountants on Accounting and Financial Disclosure   14
ITEM 9A. Controls and Procedures   14
ITEM 9B. Other Information   15
       
Part III    
       
ITEM 10. Directors, Executive Officers, and Corporate Governance   16
ITEM 11. Executive Compensation   18
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   19
ITEM 13. Certain Relationships and Related Transactions, and Director Independence   20
ITEM 14. Principal Accountant Fees and Services   20
       
Part IV    
       
ITEM 15. Exhibits and Financial Statement Schedules   20
  Signature   22

 

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FORWARD LOOKING STATEMENTS

 

This annual report on Form 10-K contains forward looking statements which include, 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”, “expects”, “intends”, “plans”, “believes, “seeks”, “estimates”, “may”, “will” and variations of these words or similar expressions are intended to identify forward looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances, including any underlying assumptions, are forward looking statements. These statements, which are included in accordance with the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. 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. We undertake no obligation to revise or update publicly any forward looking statements for any reason. Unless the context indicates otherwise, the terms “Company”, “Corporate”, “CMGO”, “our”, and “we” refer to CMG Holdings Group, Inc. and its subsidiaries.

 

ITEM 1: DESCRIPTION OF BUSINESS

 

Our History

 

CMG Holdings Group, Inc. (the “Company” or “CMG”) was incorporated in the State of Nevada on July 30, 2004 under the name of “Pebble Beach Enterprises, Inc.” From the date of incorporation until August 2004, it was a wholly owned subsidiary of Fresh Veg Broker.com, Inc. (“Fresh Veg”), a Nevada corporation. In August 2004, the Company was spun off from Fresh Veg. Until May 27, 2008, the Company was a real estate investment company with three areas of operation: a) real estate acquisition and resale; b) real estate development and resale; and c) real estate consulting and joint ventures. On February 20, 2008, a majority of the shares of the Company were sold by the shareholders who were actively involved in the Company’s prior real estate business (the “Change in Control”). Also on February 20, 2008, the Company changed its name to “CMG Holdings, Inc.” Since the Change in Control, the Company started to engage in the business of providing marketing, entertainment and management services.

 

In October 2011, the Company changed its name from “CMG Holdings, Inc.” to its current name “CMG Holdings Group, Inc.” to better reflect the business of the Company.

 

Business Overview

 

The Company is a marketing communications company focused on the operation of organizations in the alternative advertising, digital media, experiential and interactive marketing, and entertainment. Our Company was formed by a core group of executives who have held senior level positions with several of the largest companies in the entertainment and marketing management industry. Our Company delivers customized marketing solutions at optimize profitability by concentrating our resources in those segments of the marketing communications and entertainment industry. Our Company operates in the sectors of experiential marketing, event marketing, commercial rights, and talent management.

 

Experiential marketing includes production and promotion, event designs, sponsorship evaluation, negotiation and activation, talent buying, show production, stage and set designs, data analysis and management. We also offer branding and design services, including graphic, industrial and package designs across traditional and new media, public relations, social media, media development and relations and interactive marketing platforms to provide our clients with a customary private digital media networks to design and develop individual broadcasting digital media channels for our clients to sell, promote and enhance their digital media video contents through mobile, online and social mediums.

 

Below is the business description of XA, The Experiential Agency, Inc., our wholly owned subsidiary.

 

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XA, The Experiential Agency, Inc. (“XA”)

 

Overview

 

XA, The Experiential Agency, Inc. (“XA”) is the Company’s wholly owned subsidiary engaged in event marketing and management. XA was acquired by the Company on April 1, 2009. It engages in a diverse range of marketing services, including interactive event strategy and planning, creative development, public relations, and nontraditional marketing. XA has staged movie and show premiers, cross country tours, hosted VIP events, staged press stunts, and other types of media events and services for leading shows, production houses, non profit agencies and local communities across the United States. In addition to the physical event planning, logistics and event implementation, XA also engages in the interactive side of the events to increase branding awareness over the Internet.=

 

XA’s strong competitive advantage are (i) its long term presence and it is in its 25th year as a successful top tier event marketing agency, (ii) its outstanding long term vendor relationships that help deliver exceptional programs to its clients, and (iii) the vertical integration that gives its clients a single source for all their event marketing needs, which we believe will require less outsourcing and increased profitability and delivering superior customer service and creates one of a kind events and programs.

 

Business Model

 

Rooted in brand creativity and client partnerships, XA maintains unique client relationships by anticipating client challenges and providing innovative solutions. The XA business model is taking strategic marketing programs to new levels of audience experience through alternative advertising and experiential marketing and interactive media solutions. The XA marketing capabilities enable their clients and audience to “experience” events compared to just hearing or seeing their client’s messages through holistic experiences to boost sales and increase brand awareness and customer affinity.

 

While XA continues to seek opportunities and win projects from Fortune 100 clients in the larger enterprise segment, we believe that rapid revenue growth opportunities and margin improvements are available in the comprehensive advisory services of the small to medium enterprise (SME) segment. The SME market has many smaller firms that specialize in only a few aspects of the event marketing and business communications segments, yet SME’s face equally important challenges in terms of brand building and content management. By acting as a comprehensive integrated single source for the total marketing needs of the SMEs, XA has created a niche for itself on a national scale and will replicate the same success strategy internationally under the Company’s holding company model. Given the fact that brand marketers are demanding a full service agency for developing and executing integrated marketing campaigns, we believes that XA will take advantage of the accelerating secular trend of shifts in corporate emphasis toward online event/promotional marketing versus traditional media driven selling efforts. XA is specifically focused on strategically target key segments within the event marketing space in order to capture market share in its existing geographic locations as well as enhance its national and international presence. XA is positioning itself as the one of the few source marketing partners in the market with its unique selling point being the ability to act as a source for the client’s total marketing needs. This would encompass the entire spectrum of services associated with marketing, from strategizing and defining an event portfolio, conceptualization of the event theme and content creation to the final implementation/management of events. XA will also provide an ultimate client return on investment assessment following each implementation.

 

Market Strategy

 

We have taken strategic steps to position the Company as a marketing communications company servicing clients in domestic and international markets. We operate in a marketing landscape that has vastly changed over the last few years and continues to fragment as clients are presented with different complex strategies to improve brand awareness and increase market share. To achieve our objectives of providing strategic solutions for our clients, we have recruited talents and have concentrated in high-growth areas to align our capabilities to meet the market demands. In order to grow with our clients, we have accelerated our investment in technologies, professional talent, and provided training throughout our Company. Our market strategy and offerings can improve our organic revenue growth and operating income margin, with our ultimate objective to be fully competitive with our industry peer groups. To increase our revenues and improve our operating margins, we will concentrate on controlling our staff expenses in non revenue producing capacities, controlling real estate expenses such as office rent, reducing the complexity of our organization and divesting of underperforming business sectors.

 

Through our wholly owned subsidiary, XA, an integrated experiential marketing services company, we develop, manage and execute sales promotion programs at both national and local levels, utilizing both online and offline marketing programs. Our programs assist our clients effectively and promote their platforms and services directly to retailers and consumers, and are intended to assist our clients to achieve maximum impact and return on their marketing investment. Our activities reinforce brand awareness, provide incentives to retailers to motivate consumers to purchase their products, and are designed to meet the needs of our clients by focusing on the communities who want to engage brands as part of their lifestyles.

 

Sources of Revenue

 

Our revenues are generated through the execution of marketing and communications programs derived primarily across the sectors of event management, talent management and commercial rights as well as various media, planning and other management programs. The majority of our contracts with our clients are negotiated individually and the terms of engagement with our clients and basis in which we earn fees and commissions will vary significantly. Contracts with our client are multifaceted arrangements that may include incentive compensation provisions and may include vendor credits. Our largest clients are corporations where they may arrange for our services to be provided locally or nationally. Similar to larger marketing communications companies operating in our sector, our revenues are primarily derived from planning and executing marketing and communications programs in various operating sectors. Most of our client contracts are individually negotiated where terms of engagements and consideration in which we earn revenues vary among planning, creation, implementation and executions of marketing and communications programs specific to the sectors of talent management, event management, and commercial rights. Several of our clients have complex contract arrangements; therefore, we provide services to our clients from our own offices as well as onsite where the events are held. In arranging for such services, we may enter into national or local agreements and estimates are involved in determining both amount and timing of revenue recognition under these arrangements.

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Our fees are calculated to reflect our expertise based on monthly rates as well as mark up percentages and the relative overhead expenses to execute services provided to our clients. Clients may seek to include incentive compensation components for successful execution as part of the total compensation. Commissions earned are based on services provided and are usually calculated on a percentage over the total revenues generated for our clients. Our revenues can also be generated when clients pay gross rates before we pay reduced rates—the difference is commissions earned which is either retained in total or shared with the client depending on the nature of the services agreement. Our generated revenues are dependent upon the marketing and communications requirements of our corporate clients and dependent on the terms of the client contract. The revenues for services performed can be recognized as proportional performance, monthly basis or execution of the completed contracts. For revenues recognized on a completed contract basis, the contract terms are customary in the industry. Our client contracts generally provide terms for termination by either party on 90 day notice.

 

Competition

 

In the highly competitive and fragmented marketing and communications industry, our Company competes for business with mid size marketing firms such as Mktg, Inc. as well as large global holding companies such as International Management Group, Interpublic Group of Companies, Inc., MDC Partners, Inc. and Omnicom. These global companies generally have greater resources than those available to us, and such resources may enable them to aggressively compete with our Company’s marketing communications businesses. We also face competition from numerous independent agencies that operate in multiple markets. Our competitive advantage is to provide clients with marketing strategies that are focused on increasing clients’ revenues and profits.

 

Industry Trend

 

Historically, event management and talent management have been primary service provided by global companies in the marketing communications industry. However, as clients aim to establish individual and enhanced relationships with their customers to more accurately measure the effectiveness of their marketing expenditures, specialized and digital communications services are consuming a growing portion of marketing dollars. This increases the demand for a broader range of marketing communications services. The mass market audience is giving way to life style segments, social events/networks, and online/mobile communities, with each segment requiring a different message and/or different, often non traditional, channels of communication. Global marketers now seek innovative strategies, concepts and programs for new opportunities for small to mid sized communications companies.

 

Clients

 

The Company serves clients across the marketing communication industry. Marketing agreements and talent representation for our clients means that the Company handles marketing communications and multiple brands, product lines of the client in every geographical location. We have contracts with many of our clients and the terms of the contracts are customary in the industry. These contracts provide for termination by either party on relatively short notice. “Management’s Discussion and Analysis — Executive Overview” for a further discussion of our arrangements with our clients.

 

Employees

 

As of December 31, 2014, the Company and its subsidiary had 5 employees. The personal service character of the marketing communications sector, the quality of personnel and executive management are crucially important to the Company’s continuing success.

 

Environmental Laws

 

The company believes it complies with all regulations concerning the discharge of materials into the environment, and such regulations have not had a material effect on the capital expenditures or operations of the company.

 

Recent Acquisition of Good Gaming

 

On March 28, 2014, the Company completed its acquisition of 100% of the equity interests of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, GGI’s shareholders. The owner of BMB Financial, Inc. is also the owner of Infinite Alpha, Inc. which provides consulting services to CMG. Pursuant to the SEA, for 100% of the shares of GGI, CMG paid: 5,000,000 shares of its common stock, par value $0.001 per share, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs, of which $50,000 had been advanced by CMG. In addition, the SEA calls for CMG to adopt an incentive plan for GGI pursuant to which the GGI’s officers, directors and employees will receive up to 30% of the net profits of GGI and up to 30% of the proceeds of any sale of GGI or its assets.

 

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The SEA contains representations and warranties from the former GGI shareholders customary for this type of transaction.

 

GGI is an online gaming portal with a business objective of assisting eSports gamers to hone and elevate their skills so as to enable them to compete at a higher level in amateur thru professional gaming tournaments. GGI plans to provide its targeted market with access to its proprietary membership based eSports web platform. GGI intends to provide a service with a monthly membership fee to its target market comprised of 16-25 year old, single, high school/college level adults with disposable income and more than 10 hours of invested game play weekly.

 

GGI plans to offer a multiple array of incentive driven tournaments to meet the needs of a varied gaming community. GGI plans to hold signature level season tournament play on a quarterly basis. GGI intends to offer many regularly scheduled tournaments on a weekly and monthly basis which will offer cash and other incentive based prizes. GGI also intends to offer organizational level tournaments for groups of gamers who organize themselves in guilds/teams/clans/parties etc. As GGI grows, it intends to offer community driven tournaments that are structured by gamers and organized groups in which they will determine the prizes, style and nature of the incentives.

 

GGI intends to produce gaming content that is regularly updated by experienced gamers. This content will cover hundreds of areas, some of which are: gaming skills, macros, play style, nomenclature, terminology, tricks and tips, items, equipment, survival, balance of power and etiquette. This content will be focused on improving the gaming experience while improving the overall skill level of casual and serious gamers. In addition, the content will provide a teaching base to assist gamers achieve higher levels of competitive play with the intent to develop the right candidates for professional level play.

 

GGI plans to introduce a proprietary matchmaking system code named “Mercenary” that GGI believes can greatly improve upon the linear “ranking” style currently in place in most eSports and competitive games. Mercenary can enable gamers to locate players that not only play at or near their skill level but also their play style and “comp”. Mercenary can also harness the power of community based knowledge to offer a continuing improved gaming experience. Mercenary, as it grows, will teach players so that their strengths and weaknesses do not need to rely solely upon a dubious quantitative value that is left for the gamer to decipher. GGI is planning to make Mercenary applicable across multiple games and platforms to quickly allow matchmaking to occur in the adoption of new games and new content.

 

GGI plans to actively pursue game designers, publishers, and content providers seeking partnerships and agreements that can produce a win win scenario for gamers and providers. These agreements will focus on securing exclusive game content for the purpose of improving the GGI community and offering unique content and experiences. GGI plans to offer providers access to a unique demographic of gamers at their disposal for alpha testing, beta testing, feedback, non traditional gaming exposure, and test content. GGI plans to attempt to foster a cross platform/game concept to consolidate merchandising, pay to play, aesthetic, and advertising content in a cohesive collective. This collective can create unique and new ways for gamers and providers to achieve goals that currently do not exist or are not robust enough to meet the larger needs of the gaming and advertising community.

 

GGI’s overall goals are to be the one stop internet presence for serious gamers who wish to move beyond the casual gaming moniker and compete in eSports. GGI plans to improve the overall gamers experience through improving their game etiquette, skill set, and mastery techniques suited to higher professional play. GGI while serving the gaming community has the overall desire to close the gap between gamers, providers, advertisers to foster a gaming community that results in a fun, satisfying experience while serving an economic purpose.

 

GGI currently has five employees, each of whom is involved in the development of its eSports web portal.

 

CMG believes that GGI currently does not have any direct competition. However, GGI has a number of indirect competitors which offer eSports content and information related to competitive gaming focused around specific game titles or consoles. These indirect competitors include: Skill Capped, Major League Gaming, Curse, MMO Champion, LOL King and MOBAfire.

 

AudioEye Separation and Spin off

 

On March 23, 2010 the Company entered into a share exchange agreement with the former stockholders of AudioEye, Inc. (hereinafter “AE”) whereby AE became a wholly owned subsidiary of the Company and the former stockholders of AE retained rights (the “Rights”) to receive cash from the exploitation of AE’s technology. These Rights consisted of 50% of any cash received from income earned, settlements or judgments directly resulting from AE’s patent strategy, net of any direct costs or tax implications incurred in payment of the patent strategy. Additionally, the holders of the Rights were entitled to a share of AE’s net income for 2010, 2011, 2012 and 2013 based on a specified formula. The holders of the Rights have contributed the Rights to AEAC in exchange for shares of AEAC. The Company also had issued Senior Secured Notes (the “AE Notes”) in an aggregate principal amount of $1,075,000 to such former shareholders of AE, which were secured by all of the assets of the Company, including AE. There was a significant risk that unless the AE Notes were kept current and serviced, the holders of the AE Notes would foreclose and take possession of AE or its assets.

 

On June 22, 2011, the Company entered into a Master Agreement (the “Master Agreement”) with AudioEye Acquisition Corporation (“AEAC”) pursuant to which: (i) the stockholders of AEAC would acquire from the Company 80% of the capital stock of AE (the “Separation”) and (ii) the Company distributed to its stockholders, in the form of a dividend, 5% of the capital stock of AE (the “Spin off”). Pursuant to the Master Agreement, as amended, AEAC also released the Company from its obligations under the AE Notes. In connection with the release of the Company under the AE Notes, effective August 15, 2012, the Company completed the Separation. On February 22, 2013, the Company completed the Spin off by distributing a total of 1,500,259 shares of AE common stock to its shareholders on the record date of October 26, 2012 on a pro rata basis after the SEC declared the registration statement on Form S-1 filed by AE effective on January 19, 2013. As a result of the foregoing transactions, the Company retained a total of 4,500,874 shares of AE common stock.

 

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Also in connection with the Separation, the Company entered into a Royalty Agreement with AE, pursuant to which for a period of five years, AE would pay to the Company 10% of cash received from income earned or settlements on judgments directly resulting from AE’s patent enforcement and licensing strategy, whether received by AE or any of AE’s affiliates, net in either case of any direct costs or tax implications incurred in pursuit of such strategy as they relate to the patents described in the Master Agreement. Additionally, the Company entered into a Services Agreement with AE whereby, without duplication to the amounts payable under the Royalty Agreement, for a period of 5 years, the Company shall receive a commission of 7.5% of all revenues received by AE after the Separation from all business, clients or other sources of revenue procured by the Company or its employees, officers or subsidiaries and directed to AE and 10% of net revenues obtained from a specified customer.

 

On August 1, 2013, the Company and AE entered into a Call Option Agreement (“AE Call Option”), where the Company granted AE the rights to purchase from AE up to 4,500,874 shares of AE common stock that the Company held. The AE Call Option was amended later on August 30, 2013, September 14, 2013, November 7, 2013 and November 25, 2013 and December 16, 2013, where the option granted under the AE Call Option was amended to reflect the new exercise price and the extended expiration date of March 31, 2014.

 

In addition, pursuant to the AE Call Option, on November 12, 2013, the Company agreed to terminate the Royalty Agreement in consideration for cash payment of $85,000 from AE.

 

On December 30, 2013, AE repurchased from the Company a total of 2,184,583 shares of AE common stock owned by the Company for the following consideration: (i) cash payment of $573,022 and (ii) release of Good Gaming, Inc.’s obligation to AE in connection with a $50,000 accounts payable.

 

Recent Developments

 

Good Gaming Acquisition

 

On March 28, 2014, the Company completed its acquisition of 100% of the equity interests of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, GGI’s shareholders. The owner of BMB Financial, Inc. is also the owner of Infinite Alpha, Inc. which provides consulting services to CMG. Pursuant to the SEA, for 100% of the shares of GGI, CMG paid: 5,000,000 shares of its common stock, par value $0.001 per share, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs, of which $50,000 had been advanced by CMG. In addition, the SEA calls for CMG to adopt an incentive plan for GGI pursuant to which the GGI’s officers, directors and employees will receive up to 30% of the net profits of GGI and up to 30% of the proceeds of any sale of GGI or its assets.

 

GGI’s field team has acquired new independently confirmable research showing eSports and competitive gaming is growing at a much faster pace than anticipated. According to Newwzoo BV games market research, eSports viewership is more than doubling on a year over year basis and we have seen that prize pools are increasing even faster in many cases. With the announcement that Wargaming’s signature title "World of Tanks" will invest $10 million into eSports, GGI believes that other companies aside from industry leaders Riot games, Valve, and Ubisoft, are likely to enter the million dollar investment pool as the stakes for eSports grows. As a result, large advertisers are starting to focus on the eSports industry as it offers a platform for reaching increasing numbers of consumers.

 

Some key statistics that drive our growing optimistic outlook are as follows:

 

- Over 20% of eSports gamers are big spender’s vs 8% for all gamers.

 

- Over 90% of eSports gamers spend money on games vs 65% for all gamers.

 

- The global games market is a $74 billion market and eSports is one of the fastest growing segments

 

- For the first time, in 2013 Chinese giant Tencent surpassed Activision blizzard in gaming revenues solidifying the diminishing need for large box game development and loosening dependence on Christmas holiday sales patterns.

 

Newzoo BV, Q4 PC Gaming Trend Report 2013 Report and Q2 Sizing Profiling eSports 2014 Report.

 

GGI is in the process of researching what it is that gamers want - what their goals, aspirations, and ideas of euphoria tend to be. As of the beginning of 2014, according to Newzoo BV, 163.9 million people in the world, 15.38% of them in the United States, are playing video games often enough for it to be a full time job. We believe that eSports is not just a growing segment within the gaming industry, but within the much larger entertainment industry. It is not restricted by nationality, political affiliation, or socioeconomic status. eSports principal barrier is a simple one – internet access.

 

Behind the development of GGI’s web platform, GGI is seeking to access the gaming community. GGI has been seeking and has already signed veteran talent in the gaming community and is broadening its network of veteran and pro players.

 

GGI recently established a partnership with a leading 3rd party provider of an eSports tournament management system. This partnership will provide a crucial backbone infrastructure for GGI’s proprietary tournament design and has done so at less than 1/10th the cost originally expected due to diligent work by GGI’s IT development team and the innovation of its partner.

 

GGI anticipates that it will be able to announce key publisher partnerships and agreements in the coming months that can place it near the top of eSports entertainment and solidify its projected membership base.

 

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Other Developments

 

In April of 2015 CMG was approached by a group interested in spinning off Good Gaming from CMG. The LOI indicated that CMG would maintain a majority interest in the Company. Good Gaming would be listed on the Canadian Stock Exchange. In addition there would be a minimum of a $500,000 infusion of capital to the Company. Discussions are ongoing but there is no certainty that a deal will be consummated. Parties are involved in doing due diligence currently. 

 

During the quarters ended June 30, 2014 and September 30, 2014, each of the employees in XA’s New York office, as well as its COO in Chicago resigned. The Company later learned that each of these employees had, along with XA’s former CEO, formed a new company, called Hudson Gray, LLC (“HG”) which was soliciting XA’s clients using confidential and proprietary information gained from their employment with XA.

 

On September 23, 2014, XA filed a lawsuit in the Supreme Court of the State of New York, County of New York against HG and its principals alleging wrongdoing by the defendants in connection with soliciting XA’s clients and seeking against further contact with XA clients. The Company conducted an internal investigation of actions taken by XA’s former employees during the quarter ended September 30, 2014. The Company and XA plan to complete the investigation, including recovering e-mails deleted by the former employees, and to vigorously pursue any and all amounts wrongfully taken from XA.

 

The investigation has been completed, an amended complaint will be filed on June 15, 2015. New counsel has been retained to pursue the prosecution of the case and the new counsels name is Laurence Steckman of the firm Eaton and Van Winkle. There will be new defendants added and the damages sought will be substantially increased

 

On February 24, 2015, CMG Holdings Group, Inc.’s (the “Company”) subsidiary, XA, The Experiential Agency, Inc. (“XA”) having determined that it could no longer operate its business, as it was then constituted, decided to execute an assignment for the benefit of creditors to Tailwind Services LLC (“Tailwind”). An Assignment for the Benefit of Creditors is a method of liquidating a business. To that end a Trust Agreement and Assignment of Assets for the Benefit of Creditors was executed on February 24, 2015, transferring all of the assets of XA to Tailwind. Subsequently Tailwind advertised a sale of XA's assets to the Company for the approximate sum of $60,000 (the "Sale"). An Asset Purchase Agreement was executed between XA and the Company on March 4, 2015. The Sale of XA's assets to CMG was consummated on March 25, 2015. Only assets were purchased by CMG liabilities were not assumed. The assets consisted of, among other things, all personal property of XA including accounts receivable, the XA name and other general intangibles of XA, as well as a cause of action involving stolen services.

 

Connied Termination and Releases Agreement

 

On August 3, 2013, the Company entered into a Termination Agreement and Releases with Connied, Inc., a successor in interest to Continental Investment Group, Inc. (collectively referred to as “Connied”), pursuant to which (i) the Sale and Purchase Agreement, dated March 31, 2011, where the Company agreed to issue 50,000 shares of its Series B Preferred Stock in exchange for 20,000 cartoon animated Cels sold by Connied (the “Connied SPA”) was terminated, (ii) a note of the Company in the principal amount of $85,000 issued to Connied was canceled, (iii) Connied agreed to disclaim any right or title to a purportedly owned 2.5 million shares of the Company’s Common Stock. The Company and Connied also agreed to mutually release each other and not to sue or prosecute any disagreements that have arisen between the Company and Connied.

 

Repayment of Notes

 

Repayment of Asher Notes

 

The Company issued and sold to Asher Enterprises, Inc. (“Asher”) a convertible promissory note of principal amount of $32,500 on October 16, 2012 and another convertible promissory note of the principal amount of $53,000 in May 2013. On April 25, 2013, Asher converted $15,000 of the note that was issued in October 2012 into an aggregate of 4,285,714 shares of Common Stock. On November 26, 2013, the Company repaid the above mentioned two notes in the total amount of $71,002.66 as principal and accrued interest. This note was paid in 2013. Different from current notes

 

ITEM 1A: RISK FACTORS

 

Disclosure in response to this item is not required of a smaller reporting company.

 

ITEM 1B: UNRESOLVED STAFF COMMENTS

 

Disclosure in response to this item is not required of a smaller reporting company.

 

ITEM 2: DESCRIPTION OF PROPERTY

 

None

 

ITEM 3. LEGAL PROCEEDINGS

 

We are subject to certain claims and litigation in the ordinary course of business. It is the opinion of management that the outcome of such matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

 

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ITEM 4: MINE SAFETY DISCLOSURES

 

Not applicable.

 

PART II

 

ITEM 5: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED TO STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

 

Our common stock has been quoted on the Over the Counter Markets (OTC) since October 2007 and currently lists at OTCQB which is the middle tier of the OTC Market. OTCQB companies report to the SEC or a U.S. banking regulator, making it easier for investors to identify companies that are current in their reporting obligations. There are no financial qualities standards to be in this middle tier and OTCQB securities such as ours may also be quoted on the FINRA BB. The OTCQB allows investors to easily identify reporting companies traded in the OTC market regardless of where they are quoted. For additional information regarding the Over the Counter Markets (OTC), please refer to the following http://www.otcmarkets.com/home.

 

Our symbol is “CMGO.” For the periods indicated, the following table sets forth the high and low bid prices per share of common stock. These prices represent inter dealer quotations without retail markup, markdown, or commission and may not necessarily represent actual transactions.

 

   HIGH   LOW 
         
FISCAL YEAR ENDED DECEMBER 31, 2014        
         
First Quarter   0.01    0.01 
Second Quarter   0.01    0.01 
Third Quarter   0.02    0.01 
Fourth Quarter   0.03    0.01 
           
FISCAL YEAR ENDED DECEMBER 31, 2013          
First Quarter   0.01    0.01 
Second Quarter   0.01    0.01 
Third Quarter   0.02    0.01 
Fourth Quarter   0.03    0.01 

 

Holders of Shares of Common Stock

 

The Company has authorized 450,000,000 shares of common stock with a par value of $.001 per share. As of December 31, 2014, the Company had 289,329,190 shares of common stock of the registrant issued and outstanding. As of December 31, 2014, there were approximately 197 stockholders of record of our common stock. This stockholder of record total number does not reflect full amount of shares held beneficially or those shares held in “street” name. It is anticipated that the number of stockholders may increase if the total amount of stockholders that own shares held beneficially or those held in “street” name.

 

Dividend Policy

 

We did not pay cash dividends in the past, nor do we expect to pay cash dividends for the foreseeable future. We anticipate that earnings, if any, will be retained for the development of our business.

 

On February 22, 2013, the Company completed the distribution a total of 1,500,259 shares of AudioEye’s common stock as dividend to the Company shareholders on the record date of October 26, 2012 on a pro rata basis after the SEC declared the registration statement on Form S-1 filed by AudioEye effective on January 19, 2013. For more details of the referenced distribution, please refer to Item 1, the section under “AudioEye Separation and Spin off” thereof.

 

Preferred Stock

 

The Company has 10,000,000 shares of preferred stock authorized with a par value of $.001. As of December 31, 2014, there were no shares of preferred stock issued or outstanding.

 

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Transfer Agent

 

The Company’s transfer agent and registrar of the common stock is Corporate Stock Transfer, Inc. 3200 Cherry Creek Dr. South Suite 430 Denver, CO 80209. (303) 282-4800.

 

Notes and Loans

 

Iconic Holdings, LLC

 

The Company issued Iconic Holdings, LLC. a convertible promissory note of principal amount of $50,000 on November 21, 2014.

 

Typenex Co-Investment LLC

 

The Company issued Typenex Co-Investment LLC a convertible promissory note of the principle amount of $114,000 on October 1, 2014. The principle amount includes an Original Issued Discount in the amount of $10,000 and investor fees of $4,000. The outstanding balance at December 31, 2014 is $100,000.

 

KBM Investments LLC

 

The Company issued KBM Investments LLC a convertible promissory note in the principle amount of $115,000. The principle amount includes an Original Issued Discount in the amount of $11,000 and investor fees of $4,000. The outstanding balance at December 31, 2014 is $100,000.

 

KBM Worldwide, Inc.

 

The Company issued KBM Worldwide, Inc., a convertible promissory note of the principal amount of $40,000 on December 24, 2014.

 

Warrants

 

As of the date of this Report, the Company had warrants to purchase a total of 40,000,000 shares of the Company’s Common Stock. Among such outstanding warrants the terms of which are set forth as the following:

 

There were Warrants to purchase a total of 40,000,000 shares of the Company’s Common Stock. Warrants are exercisable within 5 years from issuance at the exercise price of $0.0155.

 

Penny Stock Considerations

 

Because our shares trade at less than $5.00 per share, they are “penny stocks” as that term is generally defined in the Securities Exchange Act of 1934 to mean equity securities with a price of less than $5.00. Our shares thus will be subject to rules that impose sales practice and disclosure requirements on broker dealers who engage in certain transactions involving a penny stock. Under the penny stock regulations, a broker dealer selling a penny stock to anyone other than an established customer or accredited investor must make a special suitability determination regarding the purchaser and must receive the purchaser’s written consent to the transaction prior to the sale, unless the broker dealer is otherwise exempt. Generally, an individual with a net worth in excess of $1,000,000 or annual income exceeding $100,000 individually or $300,000 together with his or her spouse is considered an accredited investor. In addition, under the penny stock regulations the broker dealer is required to deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the Securities and Exchange Commission relating to the penny stock market, unless the broker dealer or the transaction is otherwise exempt; disclose commissions payable to the broker dealer and our registered representatives and current bid and offer quotations for the securities; Send monthly statements disclosing recent price information pertaining to the penny stock held in a customer’s account, the account’s value and information regarding the limited market in penny stocks; and make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction, prior to conducting any penny stock transaction in the customer’s account. Because of these regulations, broker-dealers may encounter difficulties in their attempt to sell shares of our common stock, which may affect the ability of selling shareholders or other holders to sell their shares in the secondary market and have the effect of reducing the level of trading activity in the secondary market. These additional sales practice and disclosure requirements could impede the sale of our securities, if our securities become publicly traded. In addition, the liquidity for our securities may be decreased, with a corresponding decrease in the price of our securities. Our shares in all probability will be subject to such penny stock rules and our shareholders will, in all likelihood, find it difficult to sell their securities.

 

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Unregistered Sales Of Equity Securities and Issuance of Equity Securities And Use Of Proceeds

 

On September 26, 2014, the Company sold a 10% Convertible Promissory Note in the principle amount of $50,000 to Iconic Holdings LLC with a maturity date of September 29, 2015. The Note is convertible into the Company’s common stock at a conversion price that is equal to 70%of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date on which note holder elects to convert all or part of the Note.

 

On October 1, 2014 the Company sold a Convertible Debenture in the principal amount of $114,000 to Typenex Co-Investment, LLC. The principal amount includes an Original Issue Discount in the amount of $10,000 and investor fees in the amount of $4,000.Total net proceeds to the Company were $100,000. The Debenture bears interest at an annum rate of 10% and is payable in 5 equal installments that can be paid in cash or share of the Company’s common stock. The number of shares to be issued for installment payments made in the form of shares of the Company’s common stock, shall be calculated at 70% of the average of the three closing prices in the 20 trading days prior to the date of conversion, of the Company’s common stock. The Note’s maturity date is August 1, 2015.

 

On October 10, 2014 the Company sold a Convertible Debenture in the principal amount of $115,000 to KBM Investments LLC. The principal amount includes an Original Issue Discount in the amount of $11,000 and investor fees in the amount of $4,000. Total net proceeds to the Company were $100,000. The Debenture bears interest at an annum rate of 8% and can be repaid at any time prior to the date of maturity. The prepayment penalty for such prepayment ranges from 8% to 25% of the principal amount paid. On the 181st day from the date of the Note, the Note is convertible into shares of the Company’s common stock. The rate of such conversion is 75% of the lowest 3 trading prices of the Company’s common stock during the ten trading days prior to the conversion date. The Note’s maturity date is October 8, 2015.

 

On December 18, 2014, the Company entered into the Securities Purchase Agreement pursuant to which it sold an 8% convertible note of the Corporation, in the aggregate principle amount of $40,000, convertible into shares of the Company’s common stock to KBM Worldwide Inc. The Note is convertible into the Company’s common stock at a conversion price that is equal to 70%of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date on which note holder elects to convert all or part of the Note.

 

The above issuances of the Company’s securities were not registered under the Securities Act of 1933, as amended (the “1933 Act”), and the Company relied on an exemption from registration provided by Rule 506(b) of Regulation D promulgated under the 1933 Act for such issuance.

 

Except as disclosed above, all unregistered sales of the Company’s securities have been disclosed on the Company’s current reports on Form 8-K and the Company’s quarterly reports on Form 10-Q.

 

ITEM 6: SELECTED FINANCIAL DATA

 

As a smaller reporting company, as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we are not required to provide the information required by this item.

 

ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

The following discussion should be read in conjunction with the financial statements for the year ended December 31, 2014 included with this Form 10-K. The following discussion and analysis provides certain information, which the Company’s management believes is relevant to an assessment and understanding of the Company’s results of operations and financial condition for the year ended December 31, 2014. The statements contained in this section that are not historical facts are forward looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Such forward looking statements may be identified by, among other things, the use of forward looking terminology such as “believes,” “expects,” “may,” “will,” should” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. From time to time, we or our representatives have made or may make forward looking statements, orally or in writing. Such forward looking statements may be included in our various filings with the SEC, or press releases or oral statements made by or with the approval of our authorized executive officers.

 

These forward looking statements, such as statements regarding anticipated future revenues, capital expenditures and other statements regarding matters that are not historical facts, involve predictions. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward looking statements. We do not undertake any obligation to publicly release any revisions to these forward looking statements or to reflect the occurrence of unanticipated events. Many important factors affect our ability to achieve our objectives, including, among other things, technological and other developments within a given field, intense and evolving competition, the lack of an “established trading market” for our shares, and our ability to obtain additional financing, as well as other risks detailed from time to time in our public disclosure filings with the SEC.

 

Executive Summary

 

References in this Current Report on Form 10-K to “CMG Holdings Group”, “CMG”, the “Company,” “we,” “us” and “our” for periods prior to the closing of the Reorganization refer to the Registrant, and for periods subsequent to the closing of the Reorganization refer to the Registrant and its subsidiaries. The Company reports its financial results in accordance with generally accepted accounting principles (“GAAP”) of the United States of America (“US GAAP”). The Company’s objective is to create shareholder value by building market leading strategies that deliver innovative, value added marketing communications and strategic consulting to our clients. The company manages the business by monitoring several financial and non financial performance indicators. The key indicators that we review focus on the areas of revenues and operating expenses. Revenue growth is analyzed by reviewing the components and mix of the growth, including: growth by major geographic location and growth from acquisitions.

 

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Financial analysis

 

Year ended December 31, 2014 compared to the year ended December 31, 2013

 

Liquidity and capital resources

 

As at December 31, 2014, the Company had a cash balance of $27,886 and working capital deficit of $1,285,378 compared with a cash balance of $476,588 and a working capital deficit of $205,544 at December 31, 2013. The decrease in working capital was mainly due to the decrease in business for XA during the second half of 2014.

 

Cash Flows from Operating Activities

 

During the year ended December 31, 2014, cash flows used in operating activities was $2,043,692 compared with use of $317,057 of cash flow during the year ended December 31, 2013. The decrease in cash flow from operating activities is mainly due the decrease in accounts payable and accrued liabilities during the year ended December 31, 2014.

 

Cash Flows from Investing Activity

 

During the year ended December 31, 2014, the Company recognized cash proceeds from the sale of securities of $1,260,990, compared to $658,021 for the year ended December 31, 2013.

 

Cash Flows from Financing Activities

 

During the year ended December 31, 2014, the Company received proceeds of $319,000 from the issuance of convertible promissory notes payable, compared to $104,500 from the issuance of convertible promissory notes payable and convertible promissory notes payable, related parties, in fiscal 2013. During the year ended December 31, 2014 the Company received proceeds from the sale of common stock of $15,000 as compared to $0 for the year ended December 31, 2013. During the year ended December 31, 2014, the Company made payments of $0 on convertible promissory notes payable, compared to $207,000 in payments on notes payable, related parties, in fiscal 2013.

 

Revenues

 

The Company had revenues of $7,811,423 in our fiscal year ended December 31, 2014, as compared to $7,413,796 in fiscal year ended December 31, 2013. The increase in revenues is mainly due to increase of business revenues generated in event marketing operations of XA, The Experiential Agency, Inc.

 

Cost of Sales

 

The Company had cost of sales of revenues of $6,493,002 in the year ended December 31, 2014, as compared to $5,296,280 in the year ended December 31, 2013. The increase in cost of sales is mainly associated to the increase in event marketing operations of XA, The Experiential Agency, Inc.

 

Expenses

 

The Company had total operating expenses of $2,908,815 in the year ended December 31, 2014, as compared to $2,875,363 in the year ended December 31, 2013. The decrease in operating expense is mainly due to a decrease in General and Administrative Expenses of $377,068 during the year ended December 31, 2014 compared to the year ending December 31, 2013.

 

Income

 

The Company had a net loss of $1,268,183 in the year ended December 31, 2014 as compared to net income of $1,194,051 in the year ended December 31, 2013 The decrease in net income is mainly due to the Company recognizing gain on extinguishment and forgiveness of liability and debt decreased from $793,732 for the year ended December 31, 2013 to $0 for the year ended December 31, 2014. Decreases were partially offset by gains on derivative liabilities of $(74,679) for the year ended December 31, 2014 compared to gains of $210,180 for the year ended December 31, 2013. Realized gains on marketable securities were $86,382 for the year ended December 31, 2014 compared to $524,668 for the year ended December 31, 2013 and unrealized gains on marketable securities were $0 for the year ended December 31, 2014 compared to $622,769 for the year ended December 31, 2013.

 

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Capital Resources

 

At December 31, 2014, we had assets totaling $122,978, compared to $1,596,248 at December 31, 2013. Assets at December 31, 2014 consisted primarily of cash of $27,886, property and equipment, net of $32,192, goodwill of $54,500 and other current assets of $8,400.

 

Liabilities

 

Our liabilities at December 31, 2014 totaled $1,321,664, compare to $1,742,714 at December 31, 2013. Liabilities at December 31, 2014 consisted primarily of $129,422 in accrued liabilities, $676,670 in accounts payable, $40,000 in deferred compensation and $475,571 in other short term liabilities including convertible notes and derivative liabilities.

 

Going Concern

 

Our independent registered accounting firm has expressed doubt about our ability to continue as a going concern. Because we have a working capital deficit and recurring net losses, our independent registered accounting firm has included in their report for the years ended December 31, 2014 and 2013, an uncertainty with respect to the Company's ability to continue as a going concern.

 

Critical Accounting Policies and Estimates

 

For all periods following closing under the Reorganization Agreement, the Company intends to prepare consolidated financial statements of the Company and its subsidiaries, which will be prepared in accordance with the generally accepted accounting principles in the United States. During the preparation of the financial statements the Company will be required to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company will evaluate its estimates and judgments, including those related to sales, returns, pricing concessions, bad debts, inventories, investments, fixed assets, intangible assets, income taxes and other contingencies. The Company intends to base its estimates on historical experience and on various other assumptions that it believes are reasonable under current conditions. Actual results may differ from these estimates under different assumptions or conditions. In response to the SEC’s Release No. 33-8040, “Cautionary Advice Regarding Disclosure About Critical Accounting Policy,” the Registrant identified the most critical accounting principles upon which its financial status depends. The Registrant determined that those critical accounting principles are related to the use of estimates, revenue recognition, income tax and impairment of intangibles and other long lived assets. The Company presents these accounting policies in the relevant sections in this management’s discussion and analysis, including the Recently Issued Accounting Pronouncements discussed below.

 

Revenue Recognition

 

The Company recognizes revenues generated from clients are subject to contracts requiring the Company to provide services within specified time periods generally ranging up to twelve months. As a result, we have projects in process at various stages of completion on any given date and stages may extend from one quarter to the next quarter and from one year to the next year. Revenue for our services is recognized when the following criteria are satisfied: evidence of an arrangement exists; price is agreed upon at a fixed or determinable agreement level; services have been performed and collection is assured. Depending on terms of a client contract, fees for services performed can be recognized in three principal ways: individual project performances as is such in our event marketing division, monthly base retainers in our public relations, consulting or talent management division, and completed contracts were the Company work is based on success fee of the engagement and paid a percentage of the revenue generated by our clients. Depending on the terms of the client contract, revenue is derived from arrangements involving fees for services performed, commissions, performance or a combinations of each or all three. The revenues and commissions are generally earned on the date of the signing of the contract and then an invoice is distributed to the client with approvals. Our revenue is recorded as gross revenues less cost of goods sold or less pass through expenses charged to a client because there may be various pass through expenses, such as external production and marketing costs.

 

If the Company does not accurately manage our projects properly within the planned periods of time to satisfy our obligations under the contracts, then future profit margins may be significantly and negatively affected or losses on existing contracts may need to be recognized. Outside production costs consist primarily of costs to purchase media and program merchandise; costs of production; merchandise warehousing and distribution; third party contract fulfillment costs; and other costs directly related to marketing programs. Revenue recognition will not result in related billings throughout the duration of a contract due to timing differences between the contracted billing schedule and the time such revenue is recognized. In such instances, when revenue is recognized in an amount in excess of the contracted billing amount, we record such excess on our balance sheet as un billed contracts in progress. Alternatively, on a scheduled billing date, should the billing amount exceed the amount of revenue recognized, we record such excess on our balance sheet as deferred revenue. In addition, on contracts where reimbursable costs are incurred prior to the time revenue is recognized on such contracts, we record such costs as deferred contract costs on our balance sheet. Notwithstanding this, labor costs for permanent employees are expensed as incurred.

 

We use estimates of fair value to value derivative instruments. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads (including for our liabilities), relying first on observable data from active markets. Additional adjustments may be made for factors including liquidity, credit, bid/offer spreads, etc., depending on current market conditions. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions.

 

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The Company's consolidated financial statements, together with the report of the independent registered public accounting firm thereon and the notes thereto, are presented beginning at page F-1. The Company’s balance sheets as of December 31, 2014 and the related statements of operations, changes in stockholders’ deficit and cash flows for the years then ended have been audited by John Scrudato, CPA. John Scrudato, CPA is an independent registered public accounting firm. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and pursuant to Regulation S-K as promulgated by the Securities and Exchange Commission and are included herein pursuant to Part II, Item 8 of this Form 10-K. The financial statements have been prepared assuming the Company will continue as a going concern.

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

Previous Independent Accountants

 

On April 10, 2014, the Board of Directors of the Company ratified and approved the appointment of Anderson Bradshaw PLLC (“Anderson Bradshaw”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2013 and its engagement agreement dated February 17, 2014. Anderson Bradshaw is located at 5296 S. Commerce Drive Suite 300, Salt Lake City, UT 84107.

 

During the Company's previous fiscal years ended December 31, 2004 through 2013 and through April 10, 20143, neither the Company nor anyone on the Company's behalf consulted with Anderson Bradshaw regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements or (ii) any matter that was either the subject of a disagreement or a reportable event as defined in Item 304(a)(1)(v) of Regulation S-K.

 

On April 15, 2015 the board of directors of the Company approved the termination of Anderson Bradshaw (“Anderson”) as the Company’s independent registered public accounting firm. We are not relying on their December 31, 2013 audit in this form 10K.

 

New Independent Registered Public Accounting Firm

 

On April 15, 2015, the Board of Directors of the Company ratified and approved the appointment of Terry L. Johnson, CPA, CPA as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2014 and its engagement agreement dated March 6, 2015. Terry L. Johnson, CPA is located at 406 Greyford Lane Casselberry, FL 32707.

 

During the Company's previous fiscal years ended December 31, 2004 through 2014 and through April 9, 2015, neither the Company nor anyone on the Company's behalf consulted with Terry L Johnson, CPA regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements or (ii) any matter that was either the subject of a disagreement or a reportable event as defined in Item 304(a)(1)(v) of Regulation S-K.

 

On April 9, 2015, Terry L. Johnson, CPA notified the Company that he would be unable to complete the audit for the year ended December 31, 2014. Terry L Johnson, CPA resigned at this time.

 

On April 27, 2015, the Board of Directors of the Company ratified and approved the appointment of John Scrudato, CPA as the Company’s independent registered public accounting firm for the fiscal years ending December 31, 2014 and 2013 and its engagement agreement dated April 21, 2015 Scrudato & Co., PA is located at 7 Valley View Drive Califon, NJ 07830.

 

During the Company's previous fiscal years ended December 31, 2004 through 2014 and through May 15, 2015, neither the Company nor anyone on the Company's behalf consulted with Scrudato & Co., PA regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements or (ii) any matter that was either the subject of a disagreement or a reportable event as defined in Item 304(a)(1)(v) of Regulation S-K.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2014. Based upon such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2014, the Company’s disclosure controls and procedures were not effective due to the identification of a material weakness in our internal control over financial reporting which is identified below, which we view as an integral part of our disclosure controls and procedures. This conclusion by the Company’s Chief Executive Officer and Chief Financial Officer does not relate to reporting periods after December 31, 2014.

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Management’s Report on Internal Control Over Financial Reporting

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2014 based on the framework stated by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 1992). Furthermore, due to our financial situation, the Company will be implementing further internal controls as the Company becomes operative so as to fully comply with the standards set by the Committee of Sponsoring Organizations of the Treadway Commission.

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles. Because of inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based on its evaluation as of December 31, 2014, our management concluded that our internal controls over financial reporting were not effective as of December 31, 2014 due to the identification of a material weakness. A material weakness is a deficiency, or a combination of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. At any time, if it appears that any control can be implemented to continue to mitigate such weaknesses, it is immediately implemented. As soon as our finances allow, we will hire sufficient accounting staff and implement appropriate procedures for monitoring and review of work performed by our Chief Financial Officer.

 

In performing this assessment, management has identified the following material weaknesses as of December 31, 2014:

 

●There is a lack of segregation of duties necessary for a good system of internal control due to insufficient accounting staff due to the size of the Company

 

●Lack of a formal review process that includes multiple levels of reviews

 

●Employees and management lack the qualifications and training to fulfill their assigned accounting and reporting functions

 

●Inadequate design of controls over significant accounts and processes

 

●Inadequate documentation of the components of internal control in general

 

●Failure in the operating effectiveness over controls related to valuing and recording equity based payments to employees and non employees

 

●Failure in the operating effectiveness over controls related to valuing and recording debt instruments including those with conversion options and the related embedded derivative liabilities

 

●Failure in the operating effectiveness over controls related to evaluating and recording related party transactions

 

The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.

 

Changes in Internal Control Over Financial Reporting

 

No change in the Company’s internal control over financial reporting occurred during the year ended December 31, 2014, that materially affected, or is reasonably likely to materially affect, the Company s internal control over financial reporting.

 

ITEM 9B. OTHER INFORMATION

 

None.

 

15
 

 

PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

The following table sets forth the name and position of each of our current executive officers and directors. All directors hold office until the next annual meeting of stockholders or until their respective successors are elected, except in the case of death, resignation or removal:

 

Name   Age   With Company Since   Director/Position
             
Glenn Laken   60   April 7, 2014   CEO and Chairman of the Board of Directors
             
David J. Kovacs   30   January 14, 2014   CFO and Director

 

Glenn Laken. Over the past 30 years, Mr. Laken has held multiple senior executive positions and created successful growth strategies in the financial services sector. His expansive professional experience includes working as an advisor to the 22 billion dollar Ameritech Pension fund, partnership in a Wall Street specialist firm, ownership of a Chicago clearing house with offices nationwide, and the purchase and restructuring of the Cigarette Racing Team Company. He has also enjoyed success in the area of mergers and acquisitions as an accomplished business leader.

 

A Company shareholder since 2010, Mr. Laken organized a shareholder group that forced changes in Company management in 2012, after careful analysis revealed that the Company was failing to reach its potential due to mismanagement by the original management team. Since orchestrating this change, Mr. Laken has worked as Company consultant, introducing Jeffrey Devlin and David Kovacs to the Board, and bringing Ron Burkhardt on as a board member and executive chairman of XA, The Experiential Agency, Inc. (“XA”). He also introduced a new subsidiary partially owned by his wife, Good Gaming Inc., to the Companies portfolio and arranged the sale of Audio Eye, Inc. stock to fund the elimination of the Company’s toxic debt.

 

David J. Kovacs. A veteran of the investment banking and private equity sectors for over 10 years, Mr. Kovacs is currently the head of Investment Banking and Private Equity for Fitch Learning. Mr. Kovacs is also the Managing Director of Private Equity for Strategic Acquisitions, a $2 billion real estate investment firm. Prior to his current roles, Mr. Kovacs focused on private equity as a Managing Director at The Hinduju Group, one of the largest diversified groups in the world with over $50 billion under management. Mr. Kovacs also worked in various capacities at Citigroup and Blackstone Group in their investment banking and private equity divisions.

 

With the addition of Mr. Kovacs to the Board, CMG has acquired one of the most respected and brilliant minds in the world of investment and private equity. As a student at Columbia University and City University (NY), Mr. Kovacs completed his undergraduate degree at age 18, finishing the required coursework in two years and earning a triple major in Finance, Economics and Biochemistry.

 

With his experience in mature and emerging markets as a training specialist in venture capital, investment banking, and private equity, Mr. Kovacs is also a highly coveted speaker. Mr. Kovacs has lectured at over 100 universities, including the majority of Ivy League schools. He was a lead instructor for the Securities & Exchange Commission and has given talks to industry leaders such as Barclays, JP Morgan, RBC, Morgan Stanley, Deutsche Bank and the Abu Dhabi Investment Authority.

 

The wealth of experience and breadth of knowledge that Mr. Kovacs brings to the Board will be invaluable as the Board seeks to enhance current strategies as well as devise new ones to help the company move forward with its current and future initiatives.

 

16
 

 

Board Committees

 

We do not have a standing nominating, compensation or audit committee. Rather, our full board of directors performs the functions of these committees. Also, we do not have an “audit committee financial expert” on our board of directors as that term is defined by Item 401(d)(5)(ii) of Regulation S-K. We do not believe it is necessary for our board of directors to appoint such committees because the volume of matters that come before our board of directors for consideration permits the directors to give sufficient time and attention to such matters to be involved in all decision making. Additionally, because our Common Stock is not listed for trading or quotation on a national securities exchange, we are not required to have such committees.

 

Director Independence

 

Our securities are not listed on a national securities exchange or in an inter dealer quotation system which has requirements that directors be independent. We believe that two of our three directors, Jeffrey Devlin and Ronald Burkhardt, would not be considered to be independent, as that term is defined in the listing standards of NASDAQ.

 

Meetings of the Board of Directors

 

During its fiscal year ended December 31, 2014, the Board of Directors met three times through teleconferencing. In addition, the Board of Directors had otherwise transacted business by unanimous written consents during the year 2013.

 

Board Leadership Structure and Role in Risk Oversight

 

Our Board recognizes that the leadership structure and combination or separation of the Chief Executive Officer and Chairman roles is driven by the needs of the Company at any point in time. Currently, Mr. Glenn Laken serves as Chairman of our Board as well as the CEO of the Company. We have no policy requiring the combination or separation of leadership roles and our governing documents do not mandate a particular structure. This has allowed, and will continue to allow, our Board the flexibility to establish the most appropriate structure for our company at any given time.

 

Code of Ethics

 

Our Board of Directors adopted a code of ethics, which was filed as Exhibit 14.1 to the annual report on Form 10K-SB filed on February 20, 2008, and which is incorporated by reference herein. The Code of Ethics applies to all of our directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer.

 

The code of ethics address, among other things, honesty and ethical conduct, conflicts of interest, compliance with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on inside information, and reporting of violations of the code.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires the Company’s directors, executive officers and persons who own more than 10% of the Company’s Common Stock to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the Securities and Exchange Commission. Directors, executive officers and greater than 10% stockholders are required by SEC rules to furnish the Company with copies of Section 16(a) forms they file.

 

17
 

 

ITEM 11. EXECUTIVE COMPENSATION

 

The following table sets forth information concerning cash and non-cash compensation paid by the Company to its CEO and CFO and the CEO of XA during the fiscal years ended December 31, 2014 and 2012. 

 

Name and Position(s)  Year   Salary
($)		   Stock
Awards
($)		   All other Compensation

($)		   Total Compensation
($)		 
                     
Glenn Laken (1)   2014   $95,000   $-   $-   $95,000 
CEO and Chairman   2013   $-   $-   $-   $- 
                          
Joseph Wagoner (2)   2014   $-            $- 
    2013   $225,000             $225,000 
                          
David Kovacs (2)   2014   $-   $-   $-   $- 
CFO and director   2013   $-   $-   $-   $- 

 

 

(1) Mr. Laken was appointed as our CEO and Chairman of the Board of Directors on April 30, 2014.

 

Employment Agreements

 

The Company has not entered into any employment contract with Glenn Laken, the CEO and Chairman of Board of Directors or David Kovacs, acting CFO and Vice Chairman of the Board of Directors. Mr. Laken was granted options to purchase forty million (40,000,000) shares of Common Stock at an exercise price of $0.0155 with a term of five years. The Company anticipates entering into an employment agreement with Mr. Laken by April 30, 2014.

 

Outstanding Equity Awards at Fiscal Year End

 

There were no un exercised options, stock that has not vested or equity incentive plan awards for any named executive officer outstanding as of December 31, 2014.

 

18
 

 

Securities Authorized for Issuance Under Equity Compensation Plan

 

There were no un exercised options, stock that has not vested or equity incentive plan awards for any named executive officer outstanding as of December 31, 2014.

 

Equity Compensation Plan Information

 

Currently, there is no equity compensation plan in place.

 

Director Compensation

 

Members of our Board of Directors do not normally receive cash compensation for their services as Directors, although some Directors are reimbursed for reasonable expenses incurred in attending Board or committee meetings. No directors received any compensation for their services during the fiscal year ended December 31, 2013.

 

On February 6, 2014, Ian Thompson, Declan Keegan and Barry Kernan resigned as directors from our board of directors. As compensation for their services, the Company issued to each resigning director 2,000,000 shares of its Common Stock pursuant to the Resignation and Compensation Agreement, dated February 5, 2014. The Company also entered into an Indemnification Agreement with each of Ian Thompson, Declan Keegan and Barry Kernan upon their resignation.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

The following table provides the names and addresses of each person known to us to own more than 5% of our outstanding shares of common stock as of April 15, 2014, and by the officers and directors, individually and as a group. Except as otherwise indicated, all shares are owned directly and the shareholders listed possesses sole voting and investment power with respect to the shares shown.

 

Name and Address of Beneficial Owner(1)  Title of class  Amount   Percent of Class(2) 
            
Directors and named Executive Officers           
            
Glenn Laken  Common Stock   40,000,000(4)   12.10%
              
David J. Kovacs  Common Stock   0    0%
              
All Directors and executive officers as a group (3 persons)  Common Stock   0    0%
              
5% Security Holders             
              
None.             

 

(1)Except as otherwise indicated, the persons named in this table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them, subject to community property laws where applicable and to the information contained in the footnotes to this table. Unless otherwise indicated, the address of the beneficial owner is c/o CMG Holdings Group, Inc. at 2130 Lincoln Park West 8N, Chicago, IL 60614.
(2)Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Beneficial ownership also includes shares of stock subject to options and warrants currently exercisable or exercisable within 60 days of the date of this table. In determining the percent of common stock owned by a person or entity as of the date of this Report, (a) the numerator is the number of shares of the class beneficially owned by such person or entity, including shares which may be acquired within 60 days on exercise of warrants or options and conversion of convertible securities, and (b) the denominator is the sum of (i) the total shares of common stock outstanding on as of the date of this Annual Report (290,716,364), and (ii) the total number of shares that the beneficial owner may acquire upon exercise of the derivative securities. Unless otherwise stated, each beneficial owner has sole power to vote and dispose of its shares.
(3)Based on 290,716,364 shares of the Company’s common stock outstanding on May 15, 2015.

 

19
 

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

The Company had outstanding accounts payable to related parties of $19,625 as of  December 31, 2012. These payables represent legal and administrative fees paid on behalf of the Company by  James Ennis, the former officer of the Company. The Company settled and made the payment of the owed payable to James Ennis pursuant to the Settlement Agreement, dated August 3, 2013, among the Company, James Ennis, Scott Baily, Martin Boyle, Hudson Capital Advisors and Michael Vandetty.

 

XA has business trade payable due to LSC Capital Advisor, a consulting firm which is controlled by Joseph Wagner, its former CEO. The payable for $47,912 is included in account payable as of December 31, 2013, respectively. Total amount billed to XA from LSC Capital Advisor is $142,060 for the year ended 2013, respectively.

 

The Company issued to three former directors 2,000,000 shares of the Company’s common stock. The Company issued the Company CEO a warrant to purchase 40,000,000 shares of the Company’s common stock at $0.0155. The warrant has a term of 5 years. The board of directors approved a monthly salary for the Company CEO of $15,000 per month. Due to negative economic factors the company has not made all of these payments and has recorded “Accrued Compensation” of $40,000 at December 31, 2014. Due to these same economic effects the Company is currently using office space provided by the Company CEO’s daughter on a rent free basis and she is also employed as an outside consultant on a part time basis.

 

The Company was not a party to any transaction (where the amount involved exceeded the lesser of $120,000 or 1% of the average of our assets for the last two fiscal years) in which a director, executive officer, holder of more than five percent of our common stock, or any member of the immediate family of any such person have or will have a direct or indirect material interest and no such transactions are currently proposed.

 

The Company’s Board conducts an appropriate review of and oversees all related party transactions on a continuing basis and reviews potential conflict of interest situations where appropriate. The Board has not adopted formal standards to apply when it reviews, approves or ratifies any related party transaction. However, the Board believes that the related party transactions are fair and reasonable to the Company and on terms comparable to those reasonably expected to be agreed to with independent third parties for the same goods and/or services at the time they are authorized by the Board.

 

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

The following table sets forth fees billed to us by our auditors during the fiscal years ended December 31, 2014 and December 31, 2013 for: (i) services rendered for the audit of our annual financial statements and the review of our quarterly financial statements, (ii) services by our auditor that are reasonably related to the performance of the audit or review of our financial statements and that are not reported as Audit Fees, (iii) services rendered in connection with tax compliance, tax advice and tax planning, and (iv) all other fees for services rendered.

 

Name of Firm  Fiscal Year 2014   Fiscal Year 2013 
Audit and audit related  $20,000   $33,000 

 

PART IV

 

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 

(a)Financial Statements

 

The following are filed as part of this report:

 

Financial Statements

 

The financial statements of CMG Holdings Group, Inc. and Report of Independent Registered Public Accounting Firm are presented in the “F” pages of this Report.

 

20
 

 

(b)Exhibits

 

The following exhibits are filed or “furnished” herewith:

  

        Incorporated by
Reference
       
            Filing Date/
Exhibit           Period End
Number   Exhibit Description   Form   Date
             
2.1   Agreement and Plan of Reorganization dated May 27, 2008 between CMG Holding, Inc. and Creative Management Group, Inc.   8-K   May 5, 2008
3.1   Certificate of Incorporation of Pebble Beach Enterprises, Inc. dated July 26, 2004   10-SB   February 1, 2006
3.2   Amendment to Certificate of Incorporation of CMG Holding, Inc., dated February 20, 2008   8-K   February 20, 2008
3.3   Bylaws of CMG Holdings, Inc.   8-K   February 20, 2008
3.4   Certificate of the Designations, Powers Preferences and Rights of the Series A Convertible Preferred Stock dated March 31, 2011   8-K   April 6, 2011
3.6   Certificate of the Designations, Powers Preferences and Rights of the Series B Convertible Preferred Stock dated March 31, 2011   8-K   April 12, 2011
4.1   Form of Convertible Promissory Notes issued to Continental Equities, LLC on September 7, 2012 *        
4.2   Form of Convertible Promissory Notes issued to Asher Enterprises, Inc. on May 20, 2013 *        
10.1   Stock Purchase Agreement AudioEye date March 31, 2010.   10-K   April 15, 2010
10.2   AudioEye Spinoff Master Agreement dated June 22, 2011   8-K   June 24, 2011
10.3   Revised AudioEye Spinoff Master Agreement dated April 5, 2012   8-K   April 27, 2012
10.4   Royalty Agreement, dated June 22, 2011, by and between the Company and AudioEye *        
10.5   Services Agreement, dated June 22, 2011, by and between the Company and AudioEye *        
10.6   Call Option Agreement, dated August 1, 2013, between the Company and AudioEye *        
10.7   Call Option Agreement Second Extension, dated September 14, 2013, between the Company and AudioEye *        
10.8   Call Option Agreement Third Extension, dated November 7, 2013, between the Company and AudioEye *        
10.9   Call Option Agreement Second Extension, dated December 16, 2013, between the Company and AudioEye *        
10.10   Modification to Separation Agreement and Release, dated June 26, 2013, between the Company and Alan Morell *        
10.11   Settlement Agreement, dated August 3, 2013, among the Company, James Ennis, Scott Baily, Martin Boyle, Hudson Capital Advisors and Michael Vandetty *        
10.12   Termination Agreement and Release, dated August 3, 2013, among the Company, Continental Investments Group, Inc. and Connied, Inc. *        
10.13   Form Resignation and Compensation Agreement, dated February 5, 2014, between the Company and Barry Kernan, Ian Thompson and Declan Keegan*        
10.14   Form Indemnification Agreement, dated February 5, 2014, between the Company and Barry Kernan, Ian Thompson and Declan Keegan *        
14.1   Code of Ethics   10K-SB   February 20, 2008
21.1   Subsidiaries of Registrant *
31.1   CMG Holdings Group, Inc. Certification of Chief Executive Officer pursuant to Section 302 *
31.2   CMG Holdings Group, Inc. Certification of Chief Financial Officer pursuant to Section 302 *
32.1   CMG Holdings Group, Inc. Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 *
32.2   CMG Holdings Group, Inc. Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 *
101**   Interactive Data Files for CMG Holdings Group, Inc. 10K for the Year Ended December 31, 2013
101 INS**   XBRL Instance Document
101 SCH**   XBRL Taxonomy Extension Schema Document
101 CAL**   XBRL Taxonomy Extension Calculation Linkbase Document
101 DEF**   XBRL Taxonomy Extension Definition Linkbase Document 101LAB** XBRL Taxonomy Extension Label Linkbase Document
101 PRE**   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith

 

** Users of this data are advised pursuant to Rule 406T of Regulation S-X that this interactive data file is deemed not filed or part of a registration statement or prospectus for the purpose of section 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections

 

21
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  CMG HOLDINGS GROUP, INC.
     
Dated: June 8, 2015 By: /s/ Glenn Laken
    Glenn Laken
    Chief Executive Officer
     
Dated: June 8, 2015 By: /s/ David Kovacs
    David Kovacs
    Chief Financial Officer

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

Dated: June 8, 2015 By: /s/ Glenn Laken
    Glenn Laken
Chairman
     
Dated: June 8, 2015 By: /s/ David J. Kovacs
    David J. Kovacs
Director

 

22
 

 

CMG HOLDINGS GROUP, INC.

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013

 

CONTENTS  
   
Report of Independent Registered Public Accounting Firm F-2
   
Consolidated  Balance Sheets F-3
   
Consolidated  Statements of Operations F-4
   
Consolidated  Statements of Stockholders’ Deficit F-5
   
Consolidated Statements of Cash Flows F-6
   
Notes to the Consolidated Financial  Statements F-7

 

F-1
 

  

Scrudato & Co., PA

CERTIFIED PUBLIC ACCOUNTING FIRM

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Stockholders of
CMG Holdings Group, Inc.

 

We have audited the accompanying balance sheet of CMG Holdings Group, Inc. as of December 31, 2014 and 2013 and the related consolidated statements of operations, changes in stockholders’ deficit and cash flows for the years then ended. These financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CMG Holdings Group, Inc. at December 31, 2014 and 2013, and the results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming that CMG Holdings Group, Inc. will continue as a going concern. As more fully described in Note 12, the Company had an accumulated deficit at December 31, 2013 and 2014, a net loss and net cash used in operating activities for the fiscal year then ended. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. Management’s plans in regards to these matters are also described in Note 12. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

 

/s/ Scrudato & Co., PA

 

Scrudato & Co., PA

Califon, New Jersey
June 6, 2015

 

7 Valley View Drive Califon, New Jersey 07830 (908)534-0008

Registered Public Company Accounting Oversight Board Firm

 

F-2
 

 

CMG Holdings Group, Inc.

Consolidated Balance Sheets

 

   December 31,   December 31, 
   2014   2013 
         
ASSETS        
         
CURRENT ASSETS:        
Cash  $27,886   $476,588 
Marketable securities   -    764,088 
Accounts receivable, net of allowance of $0 and $0, respectively   -    287,094 
Prepaid expenses and other current assets   8,400    8,400 
Total Current Assets   36,286    1,536,170 
           
Property and equipment, net   32,192    - 
           
Goodwill   54,500    - 
           
Other noncurrent assets, net   -    60,078 
TOTAL ASSETS  $122,978   $1,596,248 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable  $676,671   $627,695 
Deferred compensation   40,000    486,875 
Accrued liabilities   129,422    593,710 
Deferred income   -    13,370 

Convertible notes - (Net of discount $284,329 and $0)

   74,679    - 
Derivative liabilities   400,892    11,121 

Short term debt, (net of unamortized discount of $0 and $0)

   -    9,943 
Total Current Liabilities   1,321,664    1,742,714 
           
TOTAL LIABILITIES   1,321,664    1,742,714 
           
Commitments and contingencies          
           
STOCKHOLDERS' DEFICIT          
Preferred stock:          
Series A Convertible Preferred Stock; 5,000,000 shares authorized; par value $0.001 per share; no shares issued and outstanding as of December 31, 2014 and December 31, 2013   -    - 
Series B Convertible Preferred Stock; 5,000,000 shares authorized; par value $0.001 per share; 0 and 0 shares issued and outstanding as of  December 31, 2014 and December 31, 2013   -    - 
Common Stock:          
450,000,000 shares authorized, par value $.001 per share; 289,329,190 and 283,657,190 shares issued and outstanding as of December 31,  2014 and December 31, 2013   289,329    283,657 
Additional paid in capital   14,740,042    14,529,751 
Treasury Stock, 37,174 and 37,174 shares held, respectively, at cost of -0-, as of December 31, 2014 and December 31, 2013.   -    - 
Accumulated deficit   (16,228,057)   (14,959,874)
           
TOTAL STOCKHOLDERS' DEFICIT   (1,198,686)   (146,466)
           
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT  $122,978   $1,596,248 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-3
 

 

CMG HOLDINGS GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   For the Year Ended
December 31,		 
   2014   2013 
Revenues  $7,811,423   $7,413,796 
           
Operating Expenses:          
Cost of revenues   6,493,002    5,296,280 
General and administrative expenses   2,908,815    2,875,363 
Total Operating Expenses   9,401,817    8,171,643 
Operating Loss   (1,590,394)   (757,847)
           
Other Income (Expense):          
Gain on extinguishment and forgiveness of liability   -    793,732 
Gain (loss) on derivative liability   (41,884)   210,180 
Realized gain on marketable securities   496,902    524,668 
Unrealized gain on marketable securities   -    622,769 
Other income   8,513    56,394 
Derivative interest   (103,566)     
Interest expense   (26,727)     
Other expense   (11,027)   (255,845)
Total Other Income (Expense)   322,211    1,951,898 
Income (loss) from continuing operations   (1,268,183)   1,194,051 
           
Net Income  $(1,268,183)  $1,194,051 
           
Basic income (loss) per common share for continuing operations  $-   $- 
Basic income per common share for discontinued operations  $-   $- 
Total basic income per common share  $-   $- 
Diluted loss per share for continued operations  $-   $- 
Diluted income (loss) per common share for discontinued operations  $-   $- 
Total diluted income per common share  $-   $- 
           
Basic weighted average common shares outstanding   289,329,190    289,674,514 
Diluted weighted average common shares outstanding   289,329,190    290,668,814 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-4
 

 

CMG HOLDINGS GROUP, INC.

CONSOLIDATED STATEMENT OF CHANGE IN STOCKHOLDERS’ DEFICIT

 

   Preferred Stock   Treasury Stock   Common Stock   Additional Paid   Accumulated   Total Shareholders' 
   Shares   Par   Shares   Cost   Shares   Par   in Capital   Deficit   Deficit 
                                     
Balance, December 31, 2012   50,000   $50    37,174   $37    294,650,743   $294,614   $14,469,341   $(16,153,925)  $(1,389,883)
                                              
Cancellation of preferred and common stock from settlement agreement with Continental   (50,000)   (50)   -    -    (18,079,267)   (18,079)   18,129    -    - 
Shares issued for debt   -    -    -    -    2,800,000    2,800    23,800    -    26,600 
Shares issued for debt conversion   -    -    -    -    4,285,714    4,285    18,481    -    22,766 
Reclassification   -    -    -    (37)   -    37         -    - 
Net income   -    -    -    -    -    -    -    1,194,051    1,194,051 
Balance, December 31, 2013   -    -    37,174    -    283,657,190    283,657    14,529,751    (14,959,874)   (146,466)
Shares issued for cash                       1,500,000    1,500    13,500         15,000 
Shares issued pursuant to acquisition of subsidiary                       5,000,000    5,000    82,500         87,500 
Shares issued pursuant to a consulting agreement                       522,000    522    8,091         8,613 
Shares issued to former directors                       6,000,000    6,000    106,200         112,200 
Shares canceled pursuant to settlement agreement                       (7,350,000)   (7,350)             (7,350)
Net income                                      (1,268,183)   (1,268,183)
Balance, December 31, 2014   -    -    37,174    -    289,329,190    289,329    14,740,042   $(16,228,057)  $(1,198,686)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-5
 

 

CMG HOLDINGS GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   For the Year Ended 
   December 31, 
   2014   2013 
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income from continuing operations  $(1,268,183)  $1,194,051 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Amortization of debt discount   74,679    152,848 
Depreciation   4,950      
Shares issued for services   8,613    - 
Shares for previous directors   112,500    - 
Shares cancelled   7,152    - 
(Gain) loss on derivatives   41,884    (210,180)
(Gain) loss on extinguishment of debt   -    (793,732)
Realized gain on trading securities   (496,902)   (524,668)
Unrealized gain on trading securities   -    (622,769)
Changes in:   -      
Accounts receivable   287,094    (34,527)
Prepaid expense and other current assets   -    4,334 
Deferred income   (13,370)   - 
Accrued liabilities   (464,288)   456,368 
Accounts payable   48,976    80,043 
Deferred compensation   (446,875)   - 
Other noncurrent  assets   60,078      
Accounts payable, related party   -    (19,625)
Net cash provided by (used in) operating activities   (2,403,692)   (317,057)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Proceeds from sale of trading securities   1,260,990    658,021 
Net cash provided by (used in) investing activities   1,260,990    658,021 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of debt   319,000    104,500 
Proceeds from sale of common stock   15,000    - 
Payments on debt        (207,000)
Net cash (used in) provided by financing activities   334,000    (102,500)
Net increase in cash   (448,702)   238,124 
Cash, beginning of period   476,588    168,624 
Cash, end of period  $27,886   $476,588 
           
Supplemental cash flow information:          
Interest paid  $-   $87,273 
Non-cash investing and financing activity:          
Discount on shares issued with notes payable  $-   $98,097 
Reclassification of accrued liabilities into debt  $-   $- 
Reclassification of accounts payable to short term debt  $-   $- 
Reclassification of short term debt to accounts payable  $-   $- 
Discount on notes payable from derivative liability  $-   $- 
Reclassification of derivative liabilities to additional paid-in capital  $-   $- 
Conversion of debt to equity  $-   $- 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-6
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

NOTE 1 – DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Business Activity

 

Creative Management Group, Inc. was formed in Delaware on August 13, 2002 as a limited liability company named Creative Management Group, LLC. On August 7, 2007, this entity converted to a corporation and changed its legal name to Creative Management Group Inc.  The Company is a sports, entertainment, marketing and management company providing event management implementation, sponsorships, licensing and broadcast, production and syndication.

 

On February 20, 2008, Creative Management Group, Inc. formed CMG Acquisitions, Inc., a Delaware company, for the purpose of acquiring companies and expansion strategies. On February 20, 2008, Creative Management Group, Inc. acquired 92.6% of Pebble Beach Enterprises, Inc. (a publicly traded company) and changed the name to CMG Holdings Group, Inc. (“the Company”). The purpose of the acquisition was to effect a reverse merger with Pebble Beach Enterprises, Inc. at a later date. On May 27, 2008, Pebble Beach entered into an Agreement and Plan of Reorganization with its controlling shareholder, Creative Management Group, Inc., a privately held Delaware corporation. Upon closing the eighty shareholders of Creative Management Group delivered all of their equity interests in Creative Management Group to Pebble Beach in exchange for shares of common stock in Pebble Beach owned by Creative Management Group, as a result of which Creative Management Group became a wholly-owned subsidiary of Pebble Beach. The shareholders of Creative Management Group received one share of Pebble Beach’s common stock previously owned by Creative Management Group for each issued and outstanding common share owned of Creative Management Group. As a result, the 22,135,148 shares of Pebble Beach that were issued and previously owned by Creative Management Group, are now owned directly by its shareholders. The 22,135,148 shares of Creative Management Group previously owned by its shareholders are now owned by Pebble Beach, thereby making Creative Management Group a wholly-owned subsidiary of Pebble Beach. Pebble Beach did not issue any new shares as part of the Reorganization. The transaction was accounted for as a reverse merger and recapitalization whereby Creative Management Group is the accounting acquirer. Pebble Beach was renamed CMG Holdings Group, Inc.

 

On April 1, 2009, the Company, through a newly formed wholly owned subsidiary CMGO Capital, Inc., a Nevada corporation, completed the acquisition of XA, The Experiential Agency, Inc. On March 31, 2010, the Company and AudioEye, Inc. (“AudioEye”) completed the final Stock Purchase Agreement under which the Company acquired all of the outstanding capital stock of AudioEye. On June 22, 2011 the Company entered into a Master Agreement subject to shareholder approval as may be required under applicable law and subject to closing conditions with AudioEye Acquisition Corp., a Nevada corporation where the shareholders of AudioEye Acquisition Corp. exchanged 100% of the stock in AudioEye Acquisition Corp for 80% of the capital stock of AudioEye. The Company retained 15% of AudioEye subject to transfer restrictions in accordance with the Master Agreement; on October 2012, the Company distributed to its shareholders, in the form of a dividend, 5% of the capital stock of AudioEye in accordance with provisions of the Master Agreement.

 

On March 28, 2014, CMG Holdings Group, Inc. (the “Company” or “CMG”), completed its acquisition of 100% of the shares of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, the then shareholders of GGI. The sole owner of BMB Financial, Inc. is also the sole owner of Infinite Alpha, Inc. which provides consulting services to CMG. Pursuant to the SEA, the Company received 100% of the shares of GGI in exchange for 5,000,000 shares of the Company’s common stock, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs. As of September 30, 2014, the Company has paid $58,600 of equipment and consultant compensation and $190,550 in development costs, of which $50,000 of the development costs had been advanced by the Company, prior to entering the agreement. In addition, pursuant to the SEA, CMG shall adopt an incentive plan for GGI which shall entitle the GGI officers, directors and employees to receive up to 30% of the net profits of GGI and up to 30% of the proceeds, in the event of a sale of GGI or its assets.

 

F-7
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of CMG Holdings Group, Inc., XA, The Experiential Agency, Inc. ("XA") and GGI after elimination of all significant inter-company accounts and transactions.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Estimates are used when accounting for allowance for doubtful accounts, depreciation, and contingencies. Actual results could differ from those estimates.

 

Concentrations of Risk

 

Financial Institutions - The Company maintains its cash balances at two financial institutions where they are insured by the Federal Deposit Insurance Corporation up to $250,000 each. At September 30, 2014 and December 31, 2013, neither of these accounts was in excess of the limit. The Company also maintains a money market investment account at one securities firm where the account is insured by the Securities Investor Protection Corporation up to $500,000 for the bankruptcy, etc., of the securities firm. At December 31and 2013, the account did not have a balance in excess of the limit.

 

Sales and Accounts Receivable - For year ended December 31, 2014 and 2013, one customer accounts for 93% and 72% of the Company’s total revenues, respectively.

 

Revenue and Cost Recognition

 

The Company earns revenues by providing event management services under individually negotiated contracts with varying terms, recognizing revenue in accordance with ASC 605, Revenue Recognition, only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the services have been provided and collectability is assured.   In arrangements where key indicators suggest the Company acts as principal, the Company records the gross amount billed to the client as revenue and the related costs incurred as cost of revenues as the services are provided.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are amounts due from event management services, are unsecured and are carried at their estimated collectible amounts. Credit is generally extended on a short-term basis and do not bear interest, although a finance charge may be applied to amounts outstanding more than thirty days. Accounts receivable are periodically evaluated for collectability based on past credit history with clients. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions. There were no allowances for doubtful accounts as of December 31, 2014 and 2013.

 

Share-Based Compensation

 

The Company accounts for share-based compensation to employees in accordance with Accounting Standards Codification subtopic 718-10, Stock Compensation (“ASC 718-10”) and share-based compensation to non-employees in accordance with ASC 505-50 Accounting for Equity Instruments Issued to Non-Employees for Acquiring, or in Conjunction with Selling, Goods or Services. ASC 718-10 and 505-50 require the measurement and recognition of compensation expense for all share-based payment awards, including stock options based on the estimated fair values.

  

F-8
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

Derivative Instruments

 

We generally do not use derivative financial instruments to hedge exposures to cash-flow risks or market-risks. However, certain financial instruments, such as warrants and the embedded conversion features of our convertible promissory notes and debentures, which are indexed to our common stock, are classified as liabilities when either (a) the holder possesses rights to net-cash settlement or (b) physical or net-share settlement is not within our control. In such instances, net-cash settlement is assumed for financial accounting and reporting purposes, even when the terms of the underlying contracts do not provide for net-cash settlement. Derivative financial instruments are initially recorded, and continuously carried, at fair value.

 

Determining the fair value of these complex derivative financial instruments involves judgment and the use of certain relevant assumptions including, but not limited to, interest rates, volatility and conversion and redemption privileges. The use of different assumptions could have a material effect on the estimated fair value amounts.

 

The Company accounts for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging, and all derivative instruments are reflected as either assets or liabilities at fair value in the balance sheet.

 

The Company uses estimates of fair value to value its derivative instruments. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Company’s policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads (including for the Company’s liabilities), relying first on observable data from active markets. Additional adjustments may be made for factors including liquidity, credit, bid/offer spreads, etc., depending on current market conditions. Transaction costs are not included in the determination of fair value. When possible, The Company seeks to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. The Company categorizes its fair value estimates in accordance with ASC 820, Fair Value Measurements (ASC 820), based on the hierarchical framework associated with the three levels of price transparency utilized in measuring financial instruments.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents.

 

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets, which is generally between three and five years. Depreciation expense was $0, $0 and $0 for the three months ended and nine months ended September 30, 2014 and December 31, 2013, respectively.

 

Intangible Assets

 

Intangible assets are stated at cost, net of accumulated amortization.

 

F-9
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

Income Taxes

 

The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Basic and Diluted Net Loss per Share

 

The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

 

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

Fair Value Measurements

 

ASC 820 and ASC 825, Financial Instruments (ASC 825), requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

 

Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.

 

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

  

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on September 30, 2014 and December 31, 2013:

  

December 31, 2014  Level 1   Level 2   Level 3   Total 
Marketable trading securities  $-   $-   $-   $- 
              400,892   $400,892 

 

December 31, 2013  Level 1   Level 2   Level 3   Total 
Marketable trading securities  $764,088   $-   $-   $764,088 
Derivative Liabilities  $-   $-   $11,121   $11,121 

 

F-10
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

Investments in Debt and Equity Securities

 

The Company applies the provisions of Accounting Standards Codification 320, Investments – Debt and Equity Securities, regarding marketable securities. The Company invests in securities that are intended to be bought and held principally for the purpose of selling them in the near term, and as a result, classifies such investments as trading securities. Trading securities are recorded at fair value on the balance sheet with changes in fair value being reflected as unrealized gains or losses in the current period. In addition, the Company classifies the cash flows from purchases, sales, and maturities of trading securities as cash flows from operating activities.

 

Details of the Company's marketable trading securities as of December 31, 2014 and 2013 are as follows:

 

   December 31,
2014		   December 31,
2013		 
Aggregate fair value  $-   $764,088 
Gross unrealized holding gains (losses)   -    622,769 
           
Proceeds from sales  $1,260,990   $658,021 
Gross realized gains   496,902    524,668 
Gross realized losses   -    - 
Other than temporary impairment   -    - 

 

F-11
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

NOTE 2 – EQUITY

 

Preferred Stock

 

Series B Preferred Stock and Inventory Purchase

 

During August 2013, the Company entered into a Termination Agreement and Release (the “Agreement”) with Continental Investments Group (Continental), the holder of a $85,000 convertible note payable of the Company and the holder of 2,500,000 shares of restricted common stock.  The Agreement calls for the termination and cancellation of a Sale and Purchase agreement, whereby the Company agreed to issue 50,000 shares of Series B Convertible Preferred Stock in exchange for 20,000 cartoon animated Cels. The Agreement also calls for the cancellation of the $85,000 convertible note and related interest and for Continental to return the 2,500,000 shares of restricted common stock.

  

Common Stock

 

On January 29, 2014, the Company sold 1,500,000 shares of its common stock for $0.01 per share and net proceeds of $15,000. 

 

On March 28, 2014, the Company issued 5,000,000 shares of its common stock pursuant to the acquisition of its subsidiary.  The shares were valued at a total of $87,500 or $0.0175 per share, the closing price of the company’s common stock on the OTCQB.

 

On April 7, 2014, the Company issued 522,000 shares of its common stock pursuant to a consulting agreement. The shares were valued at a total of $8,613 or $0.0165 per share, the closing price of the company’s common stock on the OTCQB.

 

On May 9, 2014, the Company issued to a total of 6,000,000 shares of Common Stock to its three former directors of the Company, with each former director receiving 2,000,000 shares, pursuant to the agreements between the Company and each of the former directors dated February 5, 2014.

 

On June 30, 2014, the Company canceled 7,350,000 shares of common stock pursuant to a settlement agreement with CMGO Investors LLC and Craig Boden.

 

Common Stock Warrants

 

On April 7, 2014, we issued to our newly appointed CEO and Chairman of the Board of Directors, as compensation, a warrant to purchase a total of 40,000,000 shares of Common Stock at the exercise price of $0.0155 with a term of 5 years.

 

F-12
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

A summary of warrant activity for the years ended December 31, 2014 and 2013 is as follows: 

  

   Outstanding
and Exercisable		   Weighted average
Exercise Price		 
           
December 31, 2012   1,798,000   $0.28 
Granted   —    — 
Exercised   —    — 
December 31, 2013   1,798,000   $0.28 
Granted   40,000,000   $0.016 
Exercised   —    — 
Expired   (1,798,000)     
December 31, 2014   40,0000,000   $0.02 

 

As of December 31, 2014, the warrants have a weighted average remaining life of 4.43 years with $0 aggregate intrinsic value.

 

NOTE 3 – PROPERTY AND EQUIPMENT

 

   2014   2013 
Equipment  $33,000   $- 
Leasehold Improvements   4,142    4,142 
    37,142    4,142 
Less accumulated depreciation   4,950    - 
   $32,192   $4,142 

 

Depreciation expense was $4,950 and $0 for the years ended December 31, 2014 and 2013, respectively

 

NOTE 4 – GOODWILL

 

The Company recorded goodwill of $54,500 on the purchase of Good Gaming Inc. The Company issued 5,000,000 shares of Company common stock at a value of $0.0175 per share for a value of $87,500. The Company also recorded $33,000 of equipment.

 

NOTE 5 – NOTES PAYABLE

 

The Company issued Iconic Holdings, LLC. a convertible promissory note of principal amount of $50,000 on September 26, 2014. The note has an interest rate of 10% and is due September 29, 2015. The note is convertible into the Company’s common stock at a conversion price equal to 70% of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date on which note holder elects to convert all or part of the note. The unamortized discount is $36,849. The net value of the note is $31,168. The outstanding balance at December 31, 2014 is $50,000.

 

On October 1, 2014 the Company sold a Convertible Debenture in the principle amount of $114,000 to Typenex Co-Investment, LLC. The principal amount includes an Original Issue Discount in the amount of $10,000. The Debenture bears interest at an annum rate of 10% and is payable in 5 equal installments that can be paid in cash or share of the Company’s common stock. The number of shares to be issued for installment payments made in the form of shares of the Company’s common stock, shall be calculated at70% of the average of the three closing prices in the 20 trading days prior to the date of conversion, of the Company’s common stock. The Note’s maturity date is August 1, 2015. The unamortized discount is $79,875. The net value of the note is $94,394. The outstanding balance at December 31, 2014 is $114,000.

 

On October 10, 2014 the Company sold a Convertible Debenture in the principal amount of $115,000 to KBM Investments LLC. The Principle amount includes an Original Issue Discount in the amount of $11,000 and investor fees in the amount of $4,000. Total net proceeds to the Company were $100,000. The Debenture bears interest at an annum rate of 8% and can be repaid at any time prior to the date of maturity. The prepayment penalty for such prepayment ranges from 8%-25% of the principal amount paid. On the 181st day from the date of the Note. The Note is convertible into shares of the Company’s common stock. The Rate of such conversion is 75% of the lowest 3 trading prices of the Company’s common stock during the ten trading days prior to the conversion date. The Note’s maturity date is October 8, 2015. The unamortized discount is $89,022. The net value of the note is $104,923. The outstanding balance at December 31, 2014 is $115,000.

 

On December 18, 2014 the Company entered into the Securities Purchase Agreement pursuant to which it sold an 8% convertible note of the Corporation, in the aggregate principle amount of $40,000 convertible into shares of the Company’s common stock to KBM Worldwide Inc. The Note is convertible into shares of the Company’s common stock. The Rate of such conversion is 75% of the lowest 3 trading prices of the Company’s common stock during the ten trading days prior to the conversion date. The note has a maturity date of December 18, 2015. The unamortized discount is $38,575. The net value of the note is $44,106. The outstanding balance at December 31, 2014 is $40,000.

 

F-13
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

NOTE 6 – DERIVATIVE LIABILITIES

 

The Company has a convertible instruments outstanding more fully described in Note 3.   In accordance with ASC 815-15 “Derivatives and Hedging”, the convertible share-settleable instruments are classified as liabilities.

 

Embedded Derivative Liabilities in Convertible Notes

 

During the years ended December 31, 2014 and 2013, the Company recognized new derivative liabilities of $400,892 and $0, respectively, as a result of new convertible debt issuances.  The fair value of these derivative liabilities exceeded the principal balance of the related notes payable by $81,892 and $0 for the years ended December 31, 2014 and 2013, respectively.  As a result of conversions of notes payable, the Company reclassified $0 and $9,240,920 from equity and $0 and $0 of derivative liabilities to equity during the years ended December 31 2014 and 2013, respectively.  The Company recognized a loss of $41,884 and $0 on derivatives due to change in fair value of the liability during the years ended December 31, 2014 and 2013, respectively. The fair value of the Company’s embedded derivative liabilities was $400,892 and $0 at December 31, 2014 and 2013, respectively.

  

Warrants 

 

Under ASC 815-15, the liabilities were subsequently measured at fair value at the end of each reporting period with the change in fair value recorded to earnings. The fair value of all outstanding warrants as of December 31, 2014 and December 31, 2013 was $51,622 and $11,121, respectively.  The Company recognized an expense of $40,501 and a gain $10,196 related to the warrants for the year ended December 31, 2014 and 2013, respectively.

 

The following table summarizes the derivative liabilities included in the consolidated balance sheet:

 

Derivative Liabilities    
Balance at December 31, 2012   145,970 
ASC 815-15 additions   98,097 
Change in fair value   (210,180)
ASC 815-15 deletions   (22,766)
Balance at December 31, 2013   11,121 
ASC 815-15 additions   402,710 
Change in fair value   (1,818)
ASC 815-15 deletions   (11,121)
Balance at December 31, 2014  $400,892 

 

F-14
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

The embedded conversion options in the Notes, which is accounted for separately as a derivative instrument is valued using a binomial lattice model because that model embodies all of the significant relevant assumptions that address the features underlying these instruments. Significant assumptions used in the model as of the date the Note was issued and as of December 31, 2014 included an expected life equal to the remaining term of the Note, an expected dividend yield of zero, estimated volatility ranging of 116%, and a risk-free rate of return of 0.13%. For the risk-free rates of return, we use the published yields on zero-coupon Treasury Securities with maturities consistent with the remaining term of the Note. Volatility is based upon our expected common stock price volatility over the remaining term of the Note. The volatility used for the Note is based on the Company’s 100-day volatility, which is considered a reasonable surrogate for the volatility to be expected over the life of the Note. That volatility has generally ranged from 116% to 146%.

 

NOTE 7 – RELATED PARTY

 

The Company had outstanding accounts payable to a former officer and director who was a related party at December 31, 2012 of $19,625. The payables represent legal and administrative fees paid on behalf of the Company.  These payables were settled during the year ended December 31, 2013.

 

XA has business trade payable due to LSC Capital Advisor, a consulting firm which is controlled by Joseph Wagner, its former CEO. The payable for $47,912 is included in account payable as of December 31, 2013, respectively. Total amount billed to XA from LSC Capital Advisor is $142,060 for the year ended 2013, respectively.

 

The Company issued to three former directors 2,000,000 shares of the Company’s common stock. The Company issued the Company CEO a warrant to purchase 40,000,000 shares of the Company’s common stock at $0.0155. The warrant has a term of 5 years. The board of directors approved a monthly salary for the Company CEO of $15,000 per month. Due to negative economic factors the company has not made all of these payments and has recorded “Accrued Compensation” of $40,000 at December 31, 2014. Due to these same economic effects the Company is currently using office space provided by the Company CEO’s daughter, Alexis Laken, on a rent free basis and she is also employed as President of XA.

 

NOTE 8 – LEGAL PROCEEDINGS

 

We are subject to certain claims and litigation in the ordinary course of business. It is the opinion of management that the outcome of such matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

 

On September 23, 2014, XA filed a lawsuit in the Supreme Court of the State of New York, County of New York against HG and its principals alleging wrongdoing by the defendants in connection with soliciting XA’s clients and seeking against further contact with XA clients. The Company conducted an internal investigation of actions taken by XA’s former employees during the quarter ended September 30, 2014. The Company and XA plan to complete the investigation, including recovering e-mails deleted by the former employees, and to vigorously pursue any and all amounts wrongfully taken from XA.

 

The investigation has been completed, an amended complaint will be filed on June 15, 2015. New counsel has been retained to pursue the prosecution of the case and the new counsels name is Laurence Steckman of the firm Eaton and Van Winkle. There will be new defendants added and the damages sought will be substantially increased

 

In October, 2014, Ronald Burkhardt, XA,s former Executive Chairman filed a lawsuit in the Supreme Court of the State of New York, County of New York, alleging breach of his employment contract and seeking approximately $695,000 in damages. The Company believes that Mr. Burkhardt’s claim is without merit and plans to vigorously defend the lawsuit.

 

NOTE 9 – ACQUISITION OF GOOD GAMING, INC.

 

On March 28, 2014, CMG Holdings, Inc. (the “Company” or “CMG”), completed its acquisition of 100% of the shares of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, the then shareholders of GGI. The sole owner of BMB Financial, Inc. is also the sole owner of Infinite Alpha, Inc. which provides consulting services to CMG. The transaction was completed under the purchase method of accounting.  Pursuant to the SEA, the Company received 100% of the shares of GGI in exchange for 5,000,000 shares of the Company’s common stock, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs, of which $50,000 of the development costs had been advanced by the Company.  In addition, pursuant to the SEA, CMG shall adopt an incentive plan for GGI which shall entitle the GGI officers, directors and employees to receive up to 30% of the net profits of GGI and up to 30% of the proceeds, in the event of a sale of GGI or its assets.  The Company recorded goodwill of $54,500 as a result of this acquisition and intends to test this asset for impairment every twelve months. 

 

F-15
 

 

CMG HOLDINGS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2014

 

NOTE 10 – SEGMENTS 

 

The Company splits its business activities during the December 31,, 2014 into three reportable segments. Each segment represents an entity of which are included in the consolidation. The table below represents the operations results for each segment or entity, for the year ended December 31, 2014.

 

   XA   Good
Gaming		   CMG Holdings Group   Totals 
                 
Revenue  $7,811,423   $—   $—   $7,811,423 
                     
Operating expenses   9,259,055    142,762    0    9,401,817 
                     
Operating Income (Loss)   (1,447,632)   (142,762)   0)   (1,590,394)
                     
Other Income (Expense)   (11,027)   —    333,238    322,211 
                     
Net Income (Loss)  $(1,458,659)  $(142,762)  $333,283   $(1,268,183)

   

NOTE 11 – RESIGNATION OF OFFICERS AND MEMBERS OF THE BOARD.

 

On May 9, 2014, the Company issued to a total of 6,000,000 shares of Common Stock to its three former directors of the Company, with each former director receiving 2,000,000 shares, pursuant to the agreements between the Company and each of the former directors dated February 5, 2014.

 

On September 17, 2014, Jeffrey Devlin resigned as Chief Financial Officer and Director of the Company.

 

NOTE 12 – GOING CONCERN

 

As reported in the consolidated financial statements, the Company has an accumulated deficit as of December 31, 2014 and its current liabilities exceeded its current assets. There were recurring losses from operations and cash flows. There is a potential for this negative trend to continue.

 

These factors  create  uncertainty  about  the  Company's  ability  to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable and to create operations that contribute capital from normal operations. If the Company cannot obtain  adequate  capital  or revenue streams it  could  be  forced  to  cease operations.

 

NOTE 13 – SUBSEQUENT EVENTS

 

As of Jan. 2015 XA no longer has a Chicago office, and the NY office space has been terminated as well. XA in NY is currently being run out of the loft of Alexis Laken to preserve capital. We are hoping to find rental space at a greatly reduced rent in the next few months. We thank Ms. Laken for her generosity in letting us use her loft for XA's office.

 

On February 24, 2015, CMG Holdings Group, Inc.’s (the “Company”) subsidiary, XA, The Experiential Agency, Inc. (“XA”) having determined that it could no longer operate its business, as it was then constituted, decided to execute an assignment for the benefit of creditors to Tailwind Services LLC (“Tailwind”). An Assignment for the Benefit of Creditors is a method of liquidating a business. To that end a Trust Agreement and Assignment of Assets for the Benefit of Creditors was executed on February 24, 2015, transferring all of the assets of XA to Tailwind. Subsequently Tailwind advertised a sale of XA's assets to the Company for the approximate sum of $60,000 (the "Sale"). An Asset Purchase Agreement was executed between XA and the Company on March 4, 2015. The Sale of XA's assets to CMG was consummated on March 25, 2015. Only assets were purchased by CMG liabilities were not assumed. The assets consisted of, among other things, all personal property of XA including accounts receivable, the XA name and other general intangibles of XA, as well as a cause of action involving stolen services.

 

 

 

F-16

 

 EX-10.4 2 f10k2014ex10iv_cmgholdings.htm ROYALTY AGREEMENT

Exhibit 10.4

 

ROYALTY AGREEMENT

 

This Royalty Agreement (the “Agreement”) is made and entered into as of _______, 2011 by and between CMG Holdings Group, Inc., a Nevada corporation (“CMGO”) and Audio Eye, Inc., a Delaware corporation (“AE”) with reference to the following:

 

A. Pursuant to a Master Agreement dated as of June 22, 2011 (the “Master Agreement”) between CMGO and Audio Eye Acquisition Corp. (“AEAC”), a newly formed corporation which owns certain rights to the exploitation of AE’s patents, CMGO and AEAC agreed, among other things, that the shareholders of AEAC will exchange all of their shares of the capital stock of AEAC for 80% of the capital stock of AE and CMGO will distribute to its shareholders in the form of a dividend 5% of the capital stock of AE (collectively, the “Separation”). Pursuant to the Master Agreement, CMGO will retain approximately 15% of the outstanding capital stock of AE as of the closing.

 

B. As a condition to the closing of the Separation (the “Closing”), AE and CMGO are required to enter into an agreement pursuant to which AE will pay to CMGO a royalty based on cash received by AE or its affiliates from the exploitation of AE’s technology as described below.

 

NOW, THEREFORE, in consideration of the mutual covenants and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, CMGO and AE agree as follows:

 

ARTICLE ONE
PAYMENT OF ROYALTIES

 

Effective as of the Closing, AE shall pay to CMGO 10% of cash or other forms of payment or compensation received as income earned or settlements on claims, suits or judgments directly resulting from AE’s patent enforcement and licensing strategy, whether received by AE or any of its affiliates, net in either case of any direct costs incurred in pursuit of such strategy as they relate to the following: AudioEye Family of patents including but not limited to (1) United States Patent Number #7,653,544 and all continuations and continuations in-part, (2) Patent Number 7966184 and all continuations and continuations in part, and (3) Patent Number 7653544 and all continuations and continuations in-part. Without limiting the generality of the foregoing, direct costs shall include attorneys’ fees and costs incurred by AE in obtaining or attempting to obtain settlement or judgments as a result of patent enforcement regardless of whether the results therefrom are successful. Said direct costs shall be calculated as to each settlement or judgment obtained and shall be deducted from the gross proceeds obtained from the specific claim, suit or judgment in which they were incurred. Amounts due hereunder shall be payable on a quarterly basis commencing with the calendar quarter in which the Closing occurs with respect to amounts collected, costs incurred or taxes accrued in such quarter. Payment shall be made within fifteen business days from the end of a calendar quarter and shall be accompanied by a statement from AE stating in reasonable detail the calculation of amounts payable.

 

ARTICLE TWO

REPORTS, BOOKS AND RECORDS; AUDIT; LATE PAYMENTS AND TAXES

 

2.1 Reports. Within thirty (30) days after the last day of each quarter subsequent to the Closing Date, AE shall submit to CMGO written statement (the “Quarterly Reporting Statement”) detailing with respect to the preceding quarterly period: (a) all Gross Revenue; and (b) the amount to be paid to CMGO under this Agreement based on such Gross Revenue.

 

2.2 Adjustments. If AE has to reverse previously recognized Gross Revenue reported under a previous Quarterly Reporting Statement, AE can claim credit on a subsequent Quarterly Reporting Statement for the same quarter it reverses the previously recognized Gross Revenue in AE’s income statement. Such credit will not exceed the amount to be paid in the then-current quarter, but the unused credit may be carried over to succeeding quarters within the same contract year.

 

1
 

 

2.3 Payment Timing. AE shall pay CMGO, on a quarterly basis, the amounts reported in the Quarterly Reporting Statement for such quarter not later than thirty (30) days after the end of such quarter.

 

2.4 Books and Records. AE shall maintain appropriate books of account and records with respect to Gross Revenue in accordance with generally accepted accounting principles and shall make complete and accurate entries concerning all transactions relevant to this Agreement. All such books of account and records shall be kept available by AE for no less than three (3) years after the end of each calendar year, or, in the event of a dispute between the parties involving in any way those books of accounts and records, until such time as the dispute will have been resolve, whichever is later.

 

2.5 Audit. CMGO shall have the right during the Term and for a period of three (3) years after the end of the calendar year, or, in the event of a dispute concerning the accuracy and/or correctness of a Quarterly Reporting Statement or any other payment made under this Agreement, until the dispute is resolved, whichever is later, through an independent public accountant or other qualified expert selected by CMGO and reasonably acceptable to AE, in inspect and examine AE’s relevant books of accounts and records, server log files and other documents (including, without limitation, vouchers, records, purchase orders, sales orders, re-orders, agreements and technical information) relating to the subject matter of this Agreement. Such inspection and examination shall be done to confirm that appropriate payments have been under this Agreement. Any such audit shall take place upon reasonable prior written notice to AE and during AE’s regular business hours. Except as set forth in Section 2.6, the cost of such audit shall be borne by CMGO.

 

2.6 Late Payments. CMGO shall be entitled to charge, and AE shall pay, interest on any overdue amounts under this Agreement at the rate of one percent (1%) per month (or part thereof), or at such lower rate as may be the maximum rate allowed under applicable law. In the event that an audit reveals any undisputed underpayment, AE shall, within thirty (30) days after written notice from CMGO, make up for such underpayment by paying the difference between amounts the audits reveals and the amounts AE actually paid, together with such interest on such difference. If the underpayment is more than five percent (5%), AE shall pay the reasonable cost of the audit. If any amount is overdue by more than ninety (90) days, in addition to any other remedies CMGO may have under this Agreement, CMGO may turn over the right to collect such overdue amounts to a collection agency. AE shall be responsible for any reasonable costs incurred by CMGO or such collection agency in collecting any amount that is overdue by more than ninety (90) days including, but not limited to, reasonable attorney’s fees.

 

2.7 Taxes. AE shall pay all taxes, duties and levies imposed by all national, state, province and local authorities (including, without limitation, export, sales, use and excise) based on the transactions or payments under this Agreement. Amounts payable by AE hereunder shall be paid without deduction or withholding for or on account of any present or future tax, levy, impost, fee, assessment, deduction or charge by any taxing authority except the withholding tax deductible on any tax based CMGO income.

 

ARTICLE THREE
DURATION

 

This Agreement shall be effective as of the date of this Agreement and remain in force and effect until the fifth anniversary of the Closing. At the end of such five (5) year period, AE shall have no further obligation to CMGO. For purposes of this section, all income or other compensation from license agreements, claims, suits or actions entered into or initiated during the above described five (5) year period shall be subject to the terms of this agreement notwithstanding the fact that said income or compensation is received by AE after the expiration of the initial five year term hereof.

 

2
 

 

ARTICLE FOUR
GOVERNING LAW

 

This Agreement shall be governed by, and construed and interpreted in all respects in accordance with, the laws of the state of Delaware applicable to agreements made and to be performed entirely within such State, including all matters of construction, validity and performance.

 

ARTICLE FIVE
NOTICES

 

All notices pursuant to this Agreement shall be in writing and shall be deemed to have been given ten (10) days after the mailing thereof if sent by overnight courier, or on the day following the day on which it was so sent if sent by facsimile, addressed in the case of AE to its principal office at 9070 S. Rita Road, Suite 1450, Tucson, Arizona 85747 and in the case of CMGO to its principal office at 5601 Biscayne Boulevard, Miami, Florida 33137, or at such subsequent address as either party may designate to the other in writing for such purposes.

 

ARTICLE SIX
GENERAL

 

1. This Agreement shall be binding upon the parties hereto, and their respective successors and assigns.

 

2. This Agreement may be modified at any time or from time to time only by the written agreement of both parties.

 

3. The failure of either party to require performance by the other party of any provision hereof, or to enforce any remedies it may have against the other party, shall in no way affect the right thereafter to enforce this Agreement and require full performance by the other party. The waiver by either party of any breach of any provision of this Agreement shall not constitute a waiver of any succeeding breach of that provision or of any other provision.

 

4. The parties agree that this is an independent contractor arrangement. Under no circumstances shall either party be considered to be an agent, employee, partner or representative of the other party or otherwise have the authority or power to bind the other party.

 

5. Except as otherwise expressly, provided herein, if any provisions of this Agreement shall be adjudicated to be invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such part shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remaining of the Agreement and any provision thereof both valid and enforceable. Any such deletion or amendment shall apply only where the court rendering the same has jurisdiction.

 

6. This Agreement cancels and supersedes all previous agreements, written or oral, between the parties hereto relating to the subject matter hereof and constitutes the entire agreement between the parties hereto, and there are no understandings, representations or warranties expressed or implied not specifically set forth herein.

 

7. This Agreement may be executed in any number of counterparts each of which shall be an original and taken together shall constitute one and the same instrument.

 

[Signature page follows]

 

3
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Royalty Agreement to be executed by their duly authorized officers.

 

  AUDIO EYE, INC.
       
  By:    
    Name:  
    Title:  
       
  CMG HOLDINGS GROUP, INC.
       
  By:    
    Name:  
    Title:  

  

(Signature Page of Royalty Agreement)

 

4

 

 

 EX-10.5 3 f10k2014ex10v_cmgholdings.htm SERVICES AGREEMENT

Exhibit 10.5

 

SERVICES AGREEMENT

 

This Services Agreement (the “Agreement”) is made and entered into as of _______, 2011 by and between CMG Holdings Group, Inc., a Nevada corporation (“CMGO”) and Audio Eye, Inc., a Delaware corporation (“AE”) with reference to the following:

 

A.         Pursuant to a Master Agreement dated as of June 22, 2011 (the “Master Agreement”) between CMGO and Audio Eye Acquisition Corp. (“AEAC”), a newly formed corporation which owns certain rights to the exploitation of AE’s patents, CMGO and AEAC agreed, among other things, that the shareholders of AEAC will exchange all of their shares of the capital stock of AEAC for 80% of the capital stock of AE and CMGO will distribute to its shareholders in the form of a dividend 5% of the capital stock of AE (collectively, the “Separation”). Pursuant to the Master Agreement, CMGO will retain approximately 15% of the outstanding capital stock of AE as of the closing.

 

B.         As a condition to the closing of the Separation (the “Closing”), AE and CMGO are required to enter into an agreement pursuant to which AE will pay to CMGO a services fee based on revenues received by AE from CMGO referrals as set forth below.

 

C.         Concurrently herewith, AE and CMGO are entering into a Royalty Agreement (the “Royalty Agreement”).

 

NOW, THEREFORE, in consideration of the mutual covenants and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, CMGO and AE agree as follows:

 

ARTICLE 1

PAYMENT OF SERVICE FEES

 

Effective as of the Closing, AE shall pay to CMGO 7.5% of revenues received by AE from all business, clients or other sources of net revenue procured by CMGO, its employees, officers or subsidiaries and directed to AE as the principal referral source except that the percentage shall be 10% in the case of revenues received from a company designated by the parties in a separate document. Net revenue shall mean gross revenue less cost of revenue. Amounts due hereunder shall be payable on a quarterly basis commencing with the calendar quarter in which the Closing occurs with respect to revenues for such quarter. Payment shall be made within fifteen business days from the end of a calendar quarter and shall be accompanied by a statement from AE stating in reasonable detail the calculation of amounts payable. As an additional service fee, within ninety days from the Closing, AE shall deliver to CMGO restricted shares of its common stock representing 0.05% of AE’s issued and outstanding shares of its capital stock as of the Closing.

 

All amounts payable hereunder shall be without duplication of amounts payable under the Royalty Agreement.

 

ARTICLE 2

REPORTS, BOOKS AND RECORDS; AUDIT; LATE PAYMENTS AND TAXES

 

2.1         Reports. Within thirty (30) days after the last day of each quarter subsequent to the Closing Date, AE shall submit to CMGO written statement (the “Quarterly Reporting Statement”) detailing with respect to the preceding quarterly period: (a) all Gross Revenue; and (b) the amount to be paid to CMGO under this Agreement based on such Gross Revenue.

 

2.2         Adjustments. If AE has to reverse previously recognized Gross Revenue reported under a previous Quarterly Reporting Statement, AE can claim credit on a subsequent Quarterly Reporting Statement for the same quarter it reverses the previously recognized Gross Revenue in AE’s income statement. Such credit will not exceed the amount to be paid in the then current quarter, but the unused credit may be carried over to succeeding quarters within the same contract year.

 

 
 

 

2.3         Payment Timing. AE shall pay CMGO, on a quarterly basis, the amounts reported in the Quarterly Reporting Statement for such quarter not later than thirty (30) days after the end of such quarter.

 

2.4         Books and Records. AE shall maintain appropriate books of account and records with respect to Gross Revenue in accordance with generally accepted accounting principles and shall make complete and accurate entries concerning all transactions relevant to this Agreement. All such books of account and records shall be kept available by AE for no less than three (3) years after the end of each calendar year, or, in the event of a dispute between the parties involving in any way those books of accounts and records, until such time as the dispute will have been resolve, whichever is later.

 

2.5         Audit. CMGO shall have the right during the Term and for a period of three (3) years after the end of the calendar year, or, in the event of a dispute concerning the accuracy and/or correctness of a Quarterly Reporting Statement or any other payment made under this Agreement, until the dispute is resolved, whichever is later, through an independent public accountant or other qualified expert selected by CMGO and reasonably acceptable to AE, in inspect and examine AE’s relevant books of accounts and records, server log files and other documents (including, without limitation, vouchers, records, purchase orders, sales orders, re-orders, agreements and technical information) relating to the subject matter of this Agreement. Such inspection and examination shall be done to confirm that appropriate payments have been under this Agreement. Any such audit shall take place upon reasonable prior written notice to AE and during AE’s regular business hours. Except as set forth in Section 2.6, the cost of such audit shall be borne by CMGO.

 

2.6         Late Payments. CMGO shall be entitled to charge, and AE shall pay, interest on any overdue amounts under this Agreement at the rate of one percent (1%) per month (or part thereof), or at such lower rate as may be the maximum rate allowed under applicable law. In the event that an audit reveals any undisputed underpayment, AE shall, within thirty (30) days after written notice from CMGO, make up for such underpayment by paying the difference between amounts the audits reveals and the amounts AE actually paid, together with such interest on such difference. If the underpayment is more than five percent (5%), AE shall pay the reasonable cost of the audit. If any amount is overdue by more than ninety (90) days, in addition to any other remedies CMGO may have under this Agreement, CMGO may turn over the right to collect such overdue amounts to a collection agency. AE shall be responsible for any reasonable costs incurred by CMGO or such collection agency in collecting any amount that is overdue by more than ninety (90) days including, but not limited to, reasonable attorney’s fees.

 

2.7         Taxes. AE shall pay all taxes, duties and levies imposed by all national, state, province and local authorities (including, without limitation, export, sales, use and excise) based on the transactions or payments under this Agreement. Amounts payable by AE hereunder shall be paid without deduction or withholding for or on account of any present or future tax, levy, impost, fee, assessment, deduction or charge by any taxing authority except the withholding tax deductible on any tax based CMGO income.

 

ARTICLE 3

DURATION

 

This Agreement shall be effective as of the date of this Agreement and remain in force and effect until the fifth anniversary of the Closing. At the end of such five (5) year period, AE shall have no further obligation to CMGO. . For purposes of this section, all income, revenues or other compensation from agreements, contracts, claims, suits or actions entered into or initiated during the above described five (5) year period shall be subject to the terms of this agreement notwithstanding the fact that said income or compensation is received by AE after the expiration of the initial five year term hereof.

 

2
 

 

ARTICLE 4

GOVERNING LAW

 

This Agreement shall be governed by, and construed and interpreted in all respects in accordance with, the laws of the state of Delaware applicable to agreements made and to be performed entirely within such State, including all matters of construction, validity and performance.

 

ARTICLE 5

NOTICES

 

All notices pursuant to this Agreement shall be in writing and shall be deemed to have been given ten (10) days after the mailing thereof if sent by overnight courier, or on the day following the day on which it was so sent if sent by facsimile, addressed in the case of AE to its principal office at 9070 S. Rita Road, Suite 1450, Tucson, Arizona 85747 and in the case of CMGO to its principal office at 5601 Biscayne Boulevard, Miami, Florida 33137, or at such subsequent address as either party may designate to the other in writing for such purposes.

 

ARTICLE 6

GENERAL

 

1.         This Agreement shall be binding upon the parties hereto, and their respective successors and assigns.

 

2.         This Agreement may be modified at any time or from time to time only by the written agreement of both parties.

 

3.         The failure of either party to require performance by the other party of any provision hereof, or to enforce any remedies it may have against the other party, shall in no way affect the right thereafter to enforce this Agreement and require full performance by the other party. The waiver by either party of any breach of any provision of this Agreement shall not constitute a waiver of any succeeding breach of that provision or of any other provision.

 

4.         The parties agree that this is an independent contractor arrangement. Under no circumstances shall either party be considered to be an agent, employee, partner or representative of the other party or otherwise have the authority or power to bind the other party.

 

5.         Except as otherwise expressly, provided herein, if any provisions of this Agreement shall be adjudicated to be invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such part shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remaining of the Agreement and any provision thereof both valid and enforceable. Any such deletion or amendment shall apply only where the court rendering the same has jurisdiction.

 

6.         This Agreement cancels and supersedes all previous agreements, written or oral, between the parties hereto relating to the subject matter hereof and constitutes the entire agreement between the parties hereto, and there are no understandings, representations or warranties expressed or implied not specifically set forth herein.

 

7.         This Agreement may be executed in any number of counterparts each of which shall be an original and taken together shall constitute one and the same instrument.

 

[Signature page follows]

 

3
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Services Agreement to be executed by their duly authorized officers.

 

  AUDIO EYE, INC.
       
  By:    
    Name:  
    Title:  
       
  CMG HOLDINGS GROUP, INC.
       
  By:    
    Name:  
    Title:  

 

(Signature Page of Services Agreement)

 

 

4

 

  

 EX-10.6 4 f10k2014ex10vi_cmgholdings.htm CALL OPTION AGREEMENT

 Exhibit 10.6

 

CALL OPTION AGREEMENT

 

THIS CALL OPTION AGREEMENT (this Agreement”) is made and entered into as of August 1, 2013 (the “Effective Date”) by and between AudioEye, Inc., a Delaware corporation (“AudioEye”), and CMG Holdings Group Inc., a Nevada corporation (“Seller”).

 

W I T N E S S E T H:

 

WHEREAS, Seller is, as of the date hereof, the holder of record of 4,500,874 shares of AudioEye common stock, par value $.00001 per share (the “Option Shares”); and

 

WHEREAS, Seller hereby irrevocably grants to AudioEye and/or one or more designees of AudioEye (the designees and AudioEye are collectively, “Purchaser”) an option to purchase up to all of the Optioned Shares during the term of this Agreement under the terms and conditions set forth thereafter; and

 

WHEREAS, Seller and AudioEye are the parties to that certain Royalty Agreement, dated as of August 15, 2012 (the “Royalty Agreement); and

 

WHEREAS, in exchange for a payment of $85,000 made by AudioEye to Seller during the term of this Agreement, Seller is willing to terminate the Royalty Agreement.

 

NOW, THEREFORE, in consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.Termination of Royalty Agreement

 

1.1           Seller hereby agrees, irrevocably and without any additional requirement, to grant AudioEye an exclusive option whereby, while this Agreement is in effect and upon the fulfillment of all the conditions stipulated in Section 1.2, AudioEye shall be entitled, at its sole discretion, to terminate the Royalty Agreement, automatically and with no further action required of the parties, upon the payment of $85,000 (the “Termination Payment”) by AudioEye to Seller.

 

1.2           The parties acknowledge that while this Agreement is in effect, AudioEye shall be entitled but not obligated to make the Termination Payment, and that upon such Termination Payment being made while this Agreement is in effect, the parties agree that Royalty Agreement shall be terminated mutually, automatically and with no further action of the parties required. If AudioEye decides to make the Termination Payment, then, in accordance with the notice provisions of this Agreement, AudioEye shall issue to Seller a notice to that effect accompanied by payment of the Termination Payment. The parties agree that the Termination Payment can only be made in conjunction with the exercise of the option granted pursuant to Section 2.

 

Call Option Agreement AudioEye, Inc./CMG Holdings Group, Inc.

 

 
 

 

1.3          Upon such Termination Payment being made while this Agreement is in effect, the parties agree that except for obligations assumed or acknowledged under this Agreement, each of Seller and AudioEye, for itself and its affiliates, subsidiaries, successors and assigns, hereby completely releases and forever discharges the other party, and its representatives, past and present shareholders, officers, directors, agents, employees, attorneys, insurers, successors and assigns, from all claims, rights, demands, actions, obligations, liabilities, and causes of action of any and every kind, nature or character, known or unknown, that they may now have or have ever had arising from, or in any way related to, the Royalty Agreement.

 

2.Granting the Call Option

 

2.1          Seller hereby agrees, irrevocably and without any additional requirement, to grant Purchaser an exclusive call option whereby, while this Agreement is in effect and upon the fulfillment of all the conditions stipulated in Section 2.2, Purchaser shall be entitled to purchase, at its sole discretion, in the manner and at the price prescribed in this Agreement, through a single or multiple transactions, all, but not less than all, of the Option Shares held by Seller; and upon exercise of such call option, Seller shall then transfer the purchased Option Shares to Purchaser in accordance with this Agreement.

 

2.2          The parties acknowledge that while this Agreement is in effect, Purchaser shall be entitled but not obligated to exercise, at any time (the timing is entirely at the discretion of Purchaser), the call option with Seller. If Purchaser decides to purchase from Seller all of the Option Shares, then, in accordance with the notice provisions of this Agreement, Purchaser shall issue to Seller an exercise notice (“exercise notice”). The exercise notice will include: (a) the number of Option Shares to be acquired by each Purchaser, (b) the option exercise price to be paid for the Option Shares to be acquired by each Purchaser, and (c) the full name (and jurisdiction of organization if other than a natural person), address and tax identification number of each Purchaser.

 

3.Exercising the Call Option

 

3.1           In the event Purchaser chooses to exercise the call option as prescribed in Section 2, Purchaser may, at its sole discretion, exercise the call option in multiple transactions during the term of this Agreement so that all the Option Shares have been obtained.

 

3.2           When exercising the call option as prescribed in Section 3.1, Purchaser may, at its sole discretion, choose the number of Option Shares that the exercise of the call option shall require of Seller to transfer to each Purchaser; and Seller shall transfer to each Purchaser the number of Option Shares as specified for each Purchaser. In return for the Option Shares transferred upon each exercise of the call option, Purchaser shall pay to Seller the option exercise price as stipulated in Section 4.1 of this Agreement.

 

Call Option Agreement AudioEye, Inc./CMG HoldingsGroup, Inc.

 

2
 

 

3.3           Each time it decides to exercise the call option, Purchaser shall issue an exercise notice to Seller; and upon receiving the exercise notice and the attendant option exercise price as prescribed in Section 4.1, and in compliance with the provisions of this Agreement, Seller shall proceed immediately to transfer to Purchaser, all at once and as soon as practically possible, the number of Option Shares specified in the exercise notice.

 

3.4           Upon Purchaser issuing an exercise notice, Seller hereby undertakes to: (1) take any and all necessary corporate measures to ensure that Seller approves the transfer to Purchaser of the Option Shares specified in the exercise notice; (2) ensure that Seller’s board of directors takes any necessary actions to approve the transfer by Seller to Purchaser of the Option Shares specified in the exercise notice; (3) proceed to promptly instruct AudioEye’s transfer agent to transfer to Purchaser the Option Shares specified in the exercise notice and execute all other relevant legal documents so that the Option Shares specified in the exercise notice are legally and validly transferred to Purchaser.

 

4.Share Transfer Price and Payment

 

4.1           In accordance with this Agreement, to purchase the Option Shares held by Seller, Purchaser shall pay the option exercise price as follows: (a) If Purchaser decides to purchase the Option Shares, then the total option exercise price for purchasing the Option Shares shall be $1,415,000; and (b) the Termination Payment of $85,000 in Section 1.1 above must accompany the option exercise price. The parties agree that this is an all or none transaction and that the Seller must receive $1,500,000 in aggregate, consisting of the option exercise price and the Termination Payment, from Purchaser in order to terminate the Royalty Agreement and purchase the Option Shares.

 

5.Representations and Warranties

 

5.1           Seller hereby provides the following representations and warranties to Purchaser:

 

(a)           Seller is a duly established corporation registered and subsisting under the laws of the State of Nevada with full capacity to enter into and execute this Agreement as well as all other documents to be executed in connection with the transactions contemplated in this Agreement, full legal rights and capacity to undertake the legal obligations and responsibilities as set forth in this Agreement, and full capacity to enter legal proceedings as an independent subject.

 

(b)           Seller has legally and duly executed and delivered this Agreement, which constitutes a legal, valid and binding agreement of Seller, enforceable in accordance with the terms hereof.

 

(c)           The Option Shares have been fully, timely and legally paid for by Seller.

 

Call Option Agreement AudioEye, Inc./CMG Holdings Group, Inc.

 

3
 

 

(d)           Seller is the only person that has the ultimate legal title to the Option Shares free and clear of any trusts, custodies, liens, pledges, claims or other guarantees and third party encumbrances, except for this Agreement and the pledge of Option Shares hereunder; and as set forth in this Agreement, upon exercise of the call option, Purchaser shall have valid and complete title to the Option Shares free and clear of any trusts, custodies, liens, pledges, claims or other guarantees and third party encumbrances.

 

(e)           The execution and delivery of this Agreement by Seller and the performance by Seller of the provisions in this Agreement do not violate or contravene any applicable law, any contracts that Seller is party to and that are legally binding on its assets, any court orders, any judgments of arbitration tribunals, or any decisions by administrative authorities.

 

(f)           To the best knowledge of Seller, the Option Shares are not a subject of any pending or threatened suit, legal proceeding or claim by any court or arbitration tribunal, or of any administrative proceeding, measure or claim by any government agency; and there is no suit, arbitration, judicial action, administrative measures or other situations that have a material adverse effect on Seller’s capacity to undertake the obligations hereunder such that Seller will be unable to maintain its legal holding of the Option Shares.

 

5.2           Seller hereby assures Purchaser that the above representations and warranties of Seller are and shall remain all true, complete and accurate, without any omissions, misleading information or errors, as of the date of this Agreement and during the term of this Agreement.

 

5.3AudioEye hereby provides the following representations and warranties to Seller:

 

(a)           AudioEye is a duly established corporation registered and subsisting under the laws of the State of Delaware with full capacity to enter into and execute this Agreement as well as all other documents to be executed in connection with the transactions contemplated in this Agreement, full legal rights and capacity to undertake the legal obligations and responsibilities as set forth in this Agreement, and full capacity to enter legal proceedings as an independent subject.

 

(b)           AudioEye has legally and duly executed and delivered this Agreement, which constitutes a legal, valid and binding agreement of AudioEye, enforceable in accordance with the terms hereof.

 

5.4           AudioEye hereby assures Seller that the above representations and warranties of AudioEye are and shall remain all true, complete and accurate, without any omissions, misleading information or errors, as of the date of this Agreement and during the term of this Agreement.

 

Call Option Agreement AudioEye, Inc./CMG Holdings Group, Inc.

 

4
 

 

6.Covenants

 

6.1           While this Agreement is in effect, without obtaining in advance the written consent of AudioEye, Seller shall not proceed to dispose in any manner of all or a portion of the Option Shares or to involve any of the Option Shares in any trust, custody, pledge or third party encumbrance.

 

7.Confidentiality

 

7.1           Each party shall keep this Agreement and its terms confidential and shall not disclose to any third party the content herein or make any press release or public disclosure in any form regarding the transactions contemplated herein; provided, however, that the foregoing shall not prohibit any disclosure: (i) required by law or regulations; (ii) of any information that has entered the public domain not as a result of a breach of contract by the party making the disclosure; (iii) to attorneys, accountants, investment consultants or other agents of the parties assisting the parties in connection with the transactions contemplated herein; or (iv) for which a written consent by the other party has been obtained in advance.

 

7.2           Notwithstanding other provisions herein, the validity of this section shall survive the cessation or termination of this Agreement.

 

8.Liability for Breach

 

8.1           Other than the breach of contract by Seller in the event of default on the covenants, representations, warranties or undertakings as set forth in this Agreement, Seller shall also be deemed in violation of this Agreement if the following occurs:

 

(a)           a material adverse change has occurred in the business or assets of Seller such that AudioEye has reason to believe that it constitutes a material adverse effect or a threat thereof on the capacity of Seller to fulfill its obligations under this Agreement; or

 

(b)           bankruptcy, dissolution, split-up, reorganization, liquidation, suspension of business license for Seller have been imposed from outside or initiated from within, or there is a material threat thereof.

 

8.2           Should any party (“the breaching party”) fail to fulfill its obligations under this Agreement, on the condition that the other party’s (“non-defaulting party”) other rights under this Agreement are not affected, the breaching party shall assume the responsibilities for breach of contract in accordance with the provisions of this Agreement and applicable laws, including but not limited to actual performance, providing remedies and compensating the non-defaulting party for damages.

 

8.3           The termination or dissolution of this Agreement does not absolve any party from the liabilities that were assumed under this Agreement prior to or at the time of the termination or dissolution, nor does it affect the rights of any party to seek compensation from the other party for breach of contract prior thereto.

 

Call Option Agreement AudioEye, Inc./CMG Holdings Group, Inc.

 

5
 

 

9.Effectiveness, Term and Termination

 

9.1           Upon execution by all the parties or their authorized agent, this Agreement shall come into force on the Effective Date.

 

9.2           Unless otherwise provided herein, this Agreement shall automatically terminate at 5:00 P.M. Tucson time on that date which is thirty (30) calendar days from the Effective Date.

 

10.Taxes and Expenses

 

10.1           The parties hereto shall each bear their respective expenses and costs in connection with the consultation, drafting and finalization of this Agreement as well as all the transactions contemplated herein or any related legal, financial, business or other affairs.

 

11.Notification

 

11.1           Any notice herein required or permitted to be given shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party notified, (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) three days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. Notices shall be addressed to the parties as follows:

 

If to Seller:

 

CMG Holdings Group, Inc.

333 Hudson Street, Suite 303

New York, NY 10013

Attn: Jeffrey Devlin, CEO

Fax: (___) ____-___

 

If to AudioEye:

 

AudioEye, Inc.

9070 S Rita Rd.

Suite 1450

Tucson, AZ 85747

Attn: Nathan Bradley, CEO

Fax: (520) 844-2989

 

Call Option Agreement AudioEye, Inc./CMG Holdings Group, Inc.

 

6
 

 

12.Transfer

 

12.1           Seller hereby acknowledges that AudioEye has the right to transfer, at its sole discretion, all or part of its rights and/or obligations under this Agreement to one or more designees without having to obtain the written consent of Seller.

 

12.2           Without the written consent in advance from Purchaser, Seller shall not transfer its rights and/or obligations under this Agreement.

 

13.Governing Law and Jurisdiction

 

13.1           This Agreement shall be governed by and interpreted according to the laws of the State of Delaware, without giving effect to the choice of law provisions of such State. Any actions for enforcement of this Agreement or interpretation of any of the provision of this Agreement or otherwise arising out of or relating to this Agreement shall be brought only in the state courts of or in the federal courts located in Pima County, State of Arizona. The parties agree to submit to the jurisdiction of such courts. The Parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in Pima County, State of Arizona. In the event that litigation results from or arises out of this Agreement or the performance thereof, the parties agree to reimburse the prevailing party’s reasonable attorney’s fees, court costs and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be entitled.

 

14.General Provisions

 

14.1          Purchaser and Seller agree to further complete, execute, deliver and perform what is reasonably requested by any party and to ensure that related persons act likewise with regard to additional measures such as taking actions, executing documents or delivering documents, in order that the transactions contemplated in this Agreement may be consummated smoothly.

 

14.2          The waiver or failure of either party to exercise in any respect any right provided in this Agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.

 

14.3          The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.

 

Call Option Agreement AudioEye, Inc./CMG HoldingsGroup, Inc.

 

7
 

  

14.4         This Agreement shall be binding upon and inure to the benefit of the parties hereto, their successors and assigns. This Agreement shall also inure to the benefit of the Purchasers, their successors and assigns

 

14.5         If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.

 

14.6         All section references refer to the sections of this Agreement.

 

14.7         In this Agreement, unless expressly defined otherwise, reference to words importing a gender or neutral words include every gender and references to “person”, “third party”, “third person” include natural person, societies corporate or non-corporate (other organizations), including government agencies.

 

14.8         Headings are for convenience only and shall not affect the interpretation of this Agreement.

 

14.9         This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

[Remainder of page intentionally left blank; signature page follows.]

 

Call Option Agreement AudioEye, Inc./CMG Holdings Group, Inc.

 

8
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

AUDIOEYE, INC.   CMG HOLDINGS GROUP, INC.
         
By:     By:  

 

         
Print Name:     Print Name:  

 

         
Title:     Title:  

 

Call Option Agreement AudioEye, Inc./CMG Holdings Group, Inc.

 

 

9

 

 

 

 EX-10.7 5 f10k2014ex10vii_cmgholdings.htm CALL OPTION AGREEMENT SECOND EXTENSION

Exhibit 10.7

 

 

As of September 14, 2013

 

CMG Holdings Group, Inc

333 Hudson Street, Suite 303

New York, NY 10013

 

Attn: Jeffrey Devlin, CEO

 

Dear Mr. Devlin:

 

AudioEye, Inc. (“AudioEye”) and CMG Holdings Group, Inc. (“CMG Holdings”) are party to that certain Call Option Agreement (the “Call Option Agreement”), dated as of August 1, 2013, as amended as of August 30, 2013.

 

In consideration of the mutual promises herein contained, and other good and valuable consideration, and intending to be legally bound, AudioEye and CMG Holdings hereby agree that Section 9.2 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“9.2      Unless otherwise provided herein, this Agreement shall automatically terminate at 5:00 P.M. Tucson time on that date which is ninety-nine (99) calendar days from the Effective Date.”

 

This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement shall be governed by and interpreted according to the laws of the State of Delaware, without giving effect to the choice of law provisions of such State. Any actions for enforcement of this Agreement or interpretation of any of the provision of this Agreement or otherwise arising out of or relating to this Agreement shall be brought only in the state courts of or in the federal courts located in Pima County, State of Arizona. The parties agree to submit to the jurisdiction of such courts. The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in Pima County, State of Arizona. Each party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry out the provisions and purposes of this Agreement.

 

[Remainder of page intentionally left blank; signature page follows.]

 

University of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 • Fax 520.844.2989

 

 
 

 

 

If you are in agreement with the foregoing, please sign and return one copy of this Agreement to us.

 

Very truly yours,

 

AudioEye, Inc.  
     

By:
  Name:  
  Title:  

 

Agreed to as of this 14th day of September, 2013:

 

CMG Holdings Group, Inc.  
     

By:

    
  Name:  
  Title:  

 

University of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 • Fax 520.844.2989

 

 

2

 

 

 EX-10.8 6 f10k2014ex10viii_cmgholdings.htm CALL OPTION AGREEMENT THIRD EXTENSION

Exhibit 10.8

 

As of November 7, 2013

 

CMG Holdings Group, Inc
333 Hudson Street, Suite 303
 New York, NY 10013

 

Attn: Jeffrey Devlin, CEO

Dear Mr. Devlin:

 

AudioEye, Inc. (“AudioEye”) and CMG Holdings Group, Inc. (“CMG Holdings”) are party to that certain Call Option Agreement (the “Call Option Agreement”), dated as of August 1, 2013, as amended as of August 30, 2013 and as of September 14, 2013.

 

In consideration of the mutual promises herein contained, and other good and valuable consideration, and intending to be legally bound, AudioEye and CMG Holdings hereby agree that:

 

(i)Section 1.2 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“1.2        The parties acknowledge that while this Agreement is in effect, AudioEye shall be entitled but not obligated to make the Termination Payment, and that upon such Termination Payment being made while this Agreement is in effect, the parties agree that Royalty Agreement shall be terminated mutually, automatically and with no further action of the parties required. If AudioEye decides to make the Termination Payment, then, in accordance with the notice provisions of this Agreement, AudioEye shall issue to Seller a notice to that effect accompanied by payment of the Termination Payment.”

 

(ii)Section 4.1 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“4.1        In accordance with this Agreement, to purchase the Option Shares held by Seller, Purchaser shall pay the option exercise price as follows: If Purchaser decides to purchase the Option Shares, then the total option exercise price for purchasing the Option Shares shall be $1,415,000 and AudioEye must elect to make the Termination Payment of $85,000 in Section 1.1 above, which must accompany the option exercise price; provided, however, that the parties agree that AudioEye may elect to make the Termination Payment of $85,000 in Section 1.1 above in advance of an election by Purchaser to purchase the Option Shares. The parties agree that this is an all or none transaction to purchase the Option Shares and that the Seller must receive $1,500,000 in aggregate, consisting of the option exercise price and the Termination Payment, in order for Purchaser to purchase the Option Shares.”

 

University of Arizona Science and Technology Park
9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 • Fax 520.844.2989

 

 
 

 

 

 

(iii)Section 9.2 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“9.2        Unless otherwise provided herein, this Agreement shall automatically terminate at 5:00 P.M. Tucson time on that date which is one hundred seventeen (117) calendar days from the Effective Date.”

 

This Agreement also serves as the requisite notice by AudioEye that it is electing, concurrently with execution of this Agreement, to terminate the Royalty Agreement in accordance with Section 1.1 of the Call Option Agreement, thus serving to terminate the Royalty Agreement upon payment of the Termination Payment.

 

This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement shall be governed by and interpreted according to the laws of the State of Delaware, without giving effect to the choice of law provisions of such State. Any actions for enforcement of this Agreement or interpretation of any of the provision of this Agreement or otherwise arising out of or relating to this Agreement shall be brought only in the state courts of or in the federal courts located in Pima County, State of Arizona. The parties agree to submit to the jurisdiction of such courts. The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in Pima County, State of Arizona. Each party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry out the provisions and purposes of this Agreement.

 

[Remainder of page intentionally left blank; signature page follows.]


University of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 • Fax 520.844.2989

 

2
 

 

 

 

If you are in agreement with the foregoing, please sign and return one copy of this Agreement to us.

 

Very truly yours,

 

AudioEye, Inc.

 

By:  
  Name:  
  Title:  

 

Agreed to as of this 7th day of November, 2013:

 

CMG Holdings Group, Inc.

 

By:  
Name:  
Title:  

 

University of Arizona Science and Technology Park
9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 • Fax 520.844.2989

 

 

 3

 

 EX-10.9 7 f10k2014ex10ix_cmgholdings.htm CALL OPTION AGREEMENT SECOND EXTENSION

 Exhibit 10.9

  

 

As of December 16, 2013

 

CMG Holdings Group, Inc

333 Hudson Street, Suite 303

New York, NY 10013

 

Attn: Jeffrey Devlin, CEO

 

Dear Mr. Devlin:

 

AudioEye, Inc. (“AudioEye”) and CMG Holdings Group, Inc. (“CMG Holdings”) are party to that certain Call Option Agreement (the “Call Option Agreement”), dated as of August 1, 2013, as amended as of August 30, 2013, September 14, 2013, November 7, 2013 and November 25, 2013.

 

In consideration of the mutual promises herein contained, and other good and valuable consideration, and intending to be legally bound, AudioEye and CMG Holdings hereby agree that:

 

(i)Section 2.1 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“2.1 Seller hereby agrees, irrevocably and without any additional requirement, to grant Purchaser an exclusive call option whereby, while this Agreement is in effect and upon the fulfillment of all the conditions stipulated in Section 2.2, Purchaser shall be entitled to purchase, at its sole discretion, in the manner and at the price prescribed in this Agreement, through a single or multiple transactions, any or all of the Option Shares held by Seller; and upon exercise of such call option, Seller shall then transfer the purchased Option Shares to Purchaser in accordance with this Agreement.”

 

(ii)Section 2.2 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“2.2 The parties acknowledge that while this Agreement is in effect, Purchaser shall be entitled but not obligated to exercise, at any time (the timing is entirely at the discretion of Purchaser), the call option with Seller. If Purchaser decides to purchase from Seller all or a portion of the Option Shares, then, in accordance with the notice provisions of this Agreement, Purchaser shall issue to Seller an exercise notice (“exercise notice”). The exercise notice will include: (a) the number of Option Shares to be acquired by Purchaser, (b) the option exercise price to be paid for the Option Shares to be acquired by Purchaser, and (c) the full name (and jurisdiction of organization if other than a natural person), address and tax identification number of Purchaser.”

 

University of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 ● Fax 520.844.2989

 

 
 

 

 

 

(iii)Section 3.1 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“3.1 In the event Purchaser chooses to exercise the call option as prescribed in Section 2, Purchaser may, at its sole discretion, exercise the call option once or in multiple times during the term of this Agreement until all the Option Shares have been obtained.”

 

(iv)Section 4.1 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“4.1 In accordance with this Agreement, to purchase the Option Shares held by Seller, Purchaser shall pay the option exercise price as follows: (a) if Purchaser decides to purchase all or only a portion of the Option Shares on or before November 25, 2013, then the option exercise price for purchasing the Option Shares each time shall be determined using the following formula: Price for each option exercise = $0.31438 x (the proposed number of Option Shares to be purchased), (b) if Purchaser decides to purchase all or only a portion of the Option Shares after November 25, 2013 and on or before December 31, 2013, then the option exercise price for purchasing the Option Shares each time shall be determined using the following formula: Price for each option exercise = $0.28 x (the proposed number of Option Shares to be purchased), and (c) if Purchaser decides to purchase all or only a portion of the Option Shares after December 31, 2013 and prior to the termination of this Agreement, then the option exercise price for purchasing the Option Shares each time shall be determined using the following formula: Price for each option exercise = (90% of the volume-weighted average price (VWAP) per share of AudioEye common stock for the 10 trading days immediately preceding the date of the exercise notice) x (the proposed number of Option Shares to be purchased); provided, further, that (a) AudioEye shall have the right to purchase 166,667 of the Option Shares in exchange for extinguishing $50,000 of the existing accounts payable owed to AudioEye by Seller subsidiary Good Gaming Inc., an Illinois corporation (“Good Gaming”) and (b) Seller shall have the right until February 28, 2014, by providing written notice to AudioEye in advance, to cause AudioEye to purchase 500,000 of the Option Shares in exchange for extinguishing an additional $150,000 of the existing accounts payable owed to AudioEye by Seller subsidiary Good Gaming.

 

University of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 ● Fax 520.844.2989

 

2
 

 

 

 

(v)Section 9.2 of the Call Option Agreement is amended and restated in its entirety as follows:

 

“9.2 Unless otherwise provided herein, this Agreement shall automatically terminate at 5:00 P.M. Tucson time on March 31, 2014.”

 

CMG Holdings and AudioEye hereby agree that consistent with Section 2.1 of the Call Option Agreement, as amended hereby, AudioEye is electing effective December 31, 2013, (a) to exercise the call option for 1,785,715 Option Shares (as such term is defined in the Call Option Agreement) for a total option exercise price of $500,000.20, and (b) to purchase an additional 166,667 Option Shares in exchange for extinguishing $50,000 of the existing accounts payable owed to AudioEye by Seller subsidiary Good Gaming Inc., an Illinois corporation. During the remaining term of the Call Option Agreement, AudioEye retains a call option with respect to the remaining 2,316,291 Option Shares. AudioEye, Inc. (tax identification number 20- 2939845) is a Delaware corporation with an address at 9070 S Rita Rd., Suite 1450, Tucson, AZ 85747. This Agreement also serves as the requisite exercise notice under Section 2.2 of the Call Option Agreement with respect to the 1,952,382 Option Shares noted above.

 

This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement shall be governed by and interpreted according to the laws of the State of Delaware, without giving effect to the choice of law provisions of such State. Any actions for enforcement of this Agreement or interpretation of any of the provision of this Agreement or otherwise arising out of or relating to this Agreement shall be brought only in the state courts of or in the federal courts located in Pima County, State of Arizona. The parties agree to submit to the jurisdiction of such courts. The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in Pima County, State of Arizona. Each party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry out the provisions and purposes of this Agreement.

 

[Remainder of page intentionally left blank; signature page follows.]

 

University of Arizona Science and Technology Park

9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 ● Fax 520.844.2989

 

3
 

  

 

If you are in agreement with the foregoing, please sign and return one copy of this Agreement to us.

 

Very truly yours,

 

AudioEye, Inc.  
       
By:      
  Name:    
  Title:    

 

Agreed to as of this 16th day of December, 2013:

 

CMG Holdings Group, Inc.  
       
By:      
  Name:    
  Title:    

 

University of Arizona Science and Technology Park

 9070 S Rita Road, Suite 1450

Tucson, AZ 85747

866.331.5324 ● Fax 520.844.2989

 

 

4

 

 

 EX-10.10 8 f10k2014ex10x_cmgholdings.htm MODIFICATION OF SEPARATION AGREEMENT AND RELEASE

Exhibit 10.10

 

Modification of Separation Agreement and Release

 

This Modification Separation Agreement and Release (the “Agreement”), dated June 26, 2013, is between CMG Holdings Group, Inc., a Nevada Corporation (the “Company”) at 333 Hudson Street, Suite 303, New York, New York, and Alan Morell, an individual. (the “Morell”).

 

WITNESSETH:

 

WHEREAS, Morell has signed a Separation Agreement on September 27, 2012 with the Company the “Separation Agreement”); and

 

WHEREAS, the parties acknowledge that there are certain payments due Morell pursuant to the Separation Agreement, a portion of which remain outstanding or unpaid; and

 

WHEREAS, the parties mutually wish to amend the Separation Agreement and cancel any ongoing or future obligations each to the other as may have been created pursuant to the terms of the Separation Agreement:

 

NOW THEREFORE, in consideration of the premises and mutual covenants, conditions and agreements contained herein and for such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally bound hereby, agree as follows:

 

1.             Compensation. Item 2 of the Separation Agreement titled Compensation is hereby removed and is replaced with the following: The salary due Morell in the total amount of $525,000.00 as evidenced by a convertible promissory note in the principle amount of $525,000.00 and the Smith Barney Credit Line in the amount of $112,000 as evidenced by a convertible promissory note in the principle amount of $112,000.00 is hereby converted and settled for 2,800,000 newly issued unrestricted shares to be paid immediately. Morell hereby holds the Company harmless from any and all future obligations or demands of any kind.

 

2.             Release of Shares. The Company hereby grants Morell the right subject to a 5% leak out per month of his total shares, to remove the restrictive legend on the following shares in the Company consisting of Share number 3836-4 for 8,455,944 shares in the name of Alan Morell, Share number CS1-2311 for 3,500,000 shares in the name of Alan Morell, Share number 3545-1 for 600,000 shares in the name of Alan and Janet Morell and shares in the name of Commercial Rights international Corp. for 6,607,000 shares.

 

3.             Mutual Releases.

 

(a)             The Parties hereto acknowledge a full resolution and satisfaction of, and hereby IRREVOCABLY AND UNCONDITIONALLY RELEASE, REMISE AND FOREVER DISCHARGE each other from any and all liabilities, actions, causes of action, contracts, agreements, promises, claims and demands of any kind whatsoever, in law or equity, whether known or unknown, suspected or unsuspected, fixed or contingent, apparent or concealed, which they, their heirs, executors, administrators, successors or assigns ever had, now have or hereafter can, shall or may have for, upon, or by reason of any matter, cause or thing whatsoever, from the beginning of Employee’s employment with the Company to the day of the date of this Agreement, arising out of or relating to Employee’s employment, compensation and benefits with the Company and/or the termination thereof including, without limitation, contract claims, benefit claims, tort claims, harassment, defamation and other personal injury claims, fraud claims, whistleblower claims, unjust, wrongful or constructive dismissal claims and any claims under any municipal, state or federal wage payment, discrimination or fair employment practices law, statute or regulation, and claims for costs, expenses and attorneys' fees with respect thereto.

 

 
 

 

(b)             By signing this Agreement, the Parties hereby WAIVE, RELEASE AND COVENANT NOT TO SUE each other with respect to any matter relating to or arising out of Employee’s employment, compensation and benefits with the Company and/or the termination thereof, and agree that neither they nor any person, organization or entity acting on their behalf will (i) file or participate or join in, encourage, assist, facilitate or permit the bringing or maintenance of any claim or cause of action against the other, whether in the form of a federal, state or municipal court lawsuit or administrative agency action or otherwise, on the basis of any claim arising out of or relating to Employee’s employment, compensation, and benefits with the Company and/or the termination thereof or (ii) seek reinstatement, reemployment or any other relief from the Company, however that relief might be called, whether back pay, compensatory damages, punitive damages, claims for pain and suffering, claims for attorneys' fees, reimbursement of expenses or otherwise, on the basis of any such claim, except for claims for a breach of this Agreement and Release. Nothing contained herein shall be deemed to constitute an admission or evidence of any wrongdoing or liability on the part of either Party hereto. It is expressly understood and agreed that this Agreement and Release shall act as a complete bar to any claim, demand or action of any kind whatsoever brought by either Party against the other relating to Employees employment, compensation and benefits with the Company and/or the termination thereof, except for claims for breach of this Agreement and Release.

 

4.             Confidential Information. Morell acknowledges that, by reason of his position with the Company, he has been given access to confidential or proprietary materials or information respecting the Company's business affairs. Morell represents that he has held all such information confidential and will continue to do so, and that, unless he first secures the Company's written consent, he shall not directly or indirectly publish, market or otherwise disclose, advise, counsel or otherwise procure any other person or entity, directly or indirectly, to publish, disclose, market or use, any such secret, confidential or proprietary information or relationships of the Company ("Trade Secrets"), of which Morell became aware or informed during his employment with the Company, unless the Company shall have first given its express written consent to such publication, disclosure, marketing or use, except to the extent that such Trade Secrets a) were known to Morell at the time of their receipt, b) were in or have become part of the public domain (otherwise than through Employee), c) were known to the recipient prior to the disclosure, or d) are required to be disclosed by a court or governmental agency. Such Trade Secrets are and shall continue to be the exclusive proprietary property of the Company whether or not they were disclosed to or developed in whole or in part by Morell. Such "Trade Secrets" include, without limitation, subscriber lists, marketing plans and programs, studies, and strategies of or about the Company or its business, customers or suppliers, which derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure.

 

2
 

 

5.             Modifications. This Agreement may not be changed orally, and no modification, amendment or waiver of any of the provisions contained in this Agreement nor any future representation, promise or condition in connection with the subject matter of this Agreement, shall be binding upon any party hereto unless made in writing and signed by such party.

 

6.             Governing Law. This Agreement and Release shall be subject to, governed by and interpreted in accordance with the laws of the State of New York. The Parties agree that venue for any proceeding to enforce or interpret the provisions of this agreement shall be the District Court for the Southern District of New York.

 

7.             Confidentiality. This Agreement and the terms hereof shall be kept confidential other than as may be required disclosures under applicable securities reporting laws.

 

8.             Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes and terminates any and all previous agreements of any kind whatsoever between the parties, whether written or oral, relating to Employee’s employment, compensation and benefits with the Company and/or the termination thereof. This is an integrated document.

 

9.             Enforcement. The parties agree that this Agreement may be specifically enforced in court and may be used as evidence in a subsequent proceeding in which any of the parties allege a breach of this Agreement. In the event of litigation in connection with or concerning the subject matter of this Agreement, the prevailing party shall recover all the Party’s costs, expenses and attorneys' fees incurred in each and every such action, suit or other proceeding, including any and all appeals or petitions therefrom.

 

10.             Severability. The provisions of this Agreement shall be considered severable in the event that any of such provisions are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable. Such invalid, void or otherwise unenforceable provisions shall be automatically replaced by other provisions which are valid and enforceable and which are as similar as possible in term and intent to those provisions deemed to be invalid, void or otherwise unenforceable. Notwithstanding the foregoing, the remaining provisions hereof shall remain enforceable to the fullest extent permitted by law.

 

11.             Assignability. This Agreement shall not be assignable by Morell, but shall be binding upon and shall inure to the benefit of his heirs, executors, administrators and legal representatives. This Agreement shall be assignable by the Company to any affiliate, subsidiary or division thereof and to any successor in interest.

 

12.             Waiver and Further Agreement. Any waiver of any breach of any terms or conditions of this Agreement shall not operate as a waiver of any other breach of such terms or conditions or any other term or condition hereof nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action as the other party may reasonably require in order to effectuate the terms and purposes of this Agreement.

  

13.             Headings of No Effect. The headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

 

3
 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

  CMG HOLDINGS GROUP, INC.
   
  By:
  Jeffrey Devlin, Director
   
  By:
  Alan Morell

 

 

4

 

 

 EX-10.11 9 f10k2014ex10xi_cmgholdings.htm SETTLEMENT AGREEMENT

Exhibit 10.11

 

SETTLEMENT AGREEMENT AND RELEASES

 

THIS SETTLEMENT, TOGETHER WITH RELEASES (the "Agreement"), is made between and among James Ennis (“Ennis”), Scott Baily (“Baily”), Martin Boyle (“Boyle”), Hudson Capital Advisors (“Hudson”), Michael Vandetty (“Vandetty”) and CMG Holdings Group, Inc. (the “Company” and, together with Ennis, Baily, Boyle, Hudson, and Vandetty, the “Parties”).

 

RECITALS

 

WHEREAS, disagreements have arisen regarding actions taken or not taken on the part of Ennis, Baily, Boyle, Hudson, and/or Vandetty with regard to the Company, on the one hand, and actions taken or not taken by the Company with regard to Ennis, Baily, Boyle, Hudson, and/or Vandetty, on the other hand; and

 

WHEREAS, Ennis, Baily, Boyle, Hudson and Vandetty deny having any liability to the Company with respect to any such disagreements; and

 

WHEREAS, the Company denies having any liability to Ennis, Baily, Boyle, Hudson and/or Vandetty with respect to any such disagreements; and

 

WHEREAS, the Parties wish to resolve fully and finally any and all issues pertaining to such disagreements in accordance with this Agreement,

 

NOW, THEREFORE, the Parties hereby agree as follows:

 

TERMS AND CONDITIONS

 

1. On or before August 30, 2013, Ennis, Baily, Boyle, Hudson, and Vandetty shall, collectively, deliver to the Company (without any monetary payment by the Company) Thirty Three Million Eight Hundred Forty Six Thousand (33,846,000) shares of common stock of the Company, and Included in the common stock to be delivered hereunder shall be Two Million Five Hundred Thousand (2,500,000) shares that had been issued to or held by Connied, Inc. and all shares currently owned or controlled by Ennis.

 

 
 

 

2. Vandetty represents that 2,500,000 shares that had been issued to or held by Connied, Inc. have been assigned to him, and that, together with the deliveries to be made under paragraph 1 hereof, Vandetty will deliver to the Company copies of the assignments of such shares.

 

3. Upon the deliveries and tenders referred to in paragraphs 1 and 2, the General Releases and Promises Not to Sue by the Company provided for in paragraphs 8 and 9 hereof shall become effective.

 

4. Upon the deliveries and tenders referred to in paragraphs 1 and 2, the Glenn B. Laken, on the one hand, and Ennis, Baily, Boyle, Hudson and Vandetty, on the other hand, shall execute a Mutual General Release in the form annexed hereto as Exhibit A.

 

5. Upon the execution of this Agreement, the General Releases and Promises Not to Sue by Ennis, Baily, Boyle, Hudson and Vandetty provided for in paragraphs 10 and 11 hereof shall become effective.

 

6. Upon the deliveries and tenders referred to in paragraphs 1 and 2, (a) all obligations on the part of Ennis and Vandetty, as provided for in the Mutual Separation and Release Agreements executed by Ennis, Vandetty and the Company, dated December 1, 2013, shall have been satisfied, (b) the Lockup Agreements, referenced in and separately executed and attached to the Mutual Separation and Release Agreements, shall be terminated and shall thereafter have no further force or effect as to any shares in the Company owned by Vandetty or any shares in Audioeye, Inc. owned by either Ennis or Vandetty subsequent thereto, and (c) the Company shall direct that its transfer agent, Corporate Stock Transfer, take such action as it may take to remove all restrictive legends on any shares in the Company retained by Vandetty or to reissue said shares without restrictions, and shall cooperate with Vandetty in providing any documentation or consents required by the transfer agent for such purpose.

 

2
 

 

7. Notwithstanding the above, the General Releases and Covenants Not to Sue contained in the abovereferenced Mutual Separation and Release Agreements, other than as specifically modified herein, shall remain in full force and effect.

 

COMPANY GENERAL RELEASES

 

8. In consideration for the deliveries and tenders referred to in paragraphs 1 and 2 and other valuable consideration, and effective upon such deliveries and tenders, the Company unconditionally, irrevocably and absolutely releases and forever discharges Ennis, Baily, Boyle and Vandetty, together with their present and former employees, agents, attorneys, successors and assigns (in their capacities as such), and Hudson, together with its present and former parents, subsidiaries and related entities, as well as any officers, directors, shareholders, employees, agents, attorneys, successors and assigns (in their capacities as such), from any and all claims from the beginning of the world to the date of this Agreement, and all losses, liabilities, claims, charges, demands and causes of action, known or unknown, accrued or unaccrued which the Company has or may have had against any of them. These releases are intended to have the broadest possible application and include, but are not limited to, any and all tort, contract, personal injury, defamation, fraud, intentional or otherwise, common law, constitutional or other statutory claims, arising under any state and/or federal laws, and any and all claims for attorneys' fees, costs, and expenses.

 

3
 

 

The Company executes these releases with the full knowledge that the releases cover all possible claims that it may have or may have had against the parties covered thereby to the fullest extent permitted by law.

 

COMPANY PROMISES NOT TO PROSECUTE

 

9. In consideration for the deliveries and tenders referred to in paragraphs 1 and 2, and other valuable consideration, and effective upon such deliveries and tenders, the Company agrees that it will not prosecute or allow to be prosecuted on its behalf, in any administrative agency or court, whether state or federal, or in any arbitration proceeding, any claim or demand of any type related to the Parties’ disagreements.

 

OTHER PARTIES’ GENERAL RELEASES

 

10. In consideration for the Company’s Agreements herein, and other good and valuable consideration, and effective upon the execution of this Agreement, Ennis, Baily, Boyle, Vandetty and Hudson unconditionally, irrevocably and absolutely release and forever discharge the Company, together with its present and former parents, subsidiaries and related entities, as well as any officers, directors, shareholders, employees, agents, attorneys, successors and assigns (in their capacities as such), from any and all claims from the beginning of the world to the date of this Agreement, and all losses, liabilities, claims, charges, demands and causes of action, known or unknown, accrued or unaccrued which Ennis, Baily, Boyle, Vandetty or Hudson has or may have had against any of them. These releases are intended to have the broadest possible application and include, but are not limited to, any and all tort, contract, personal injury, defamation, fraud, intentional or otherwise, common law, constitutional or other statutory claims, arising under any state and/or federal laws, and any and all claims for attorneys' fees, costs, and expenses.

 

4
 

 

Ennis, Baily, Boyle, Vandetty and Hudson execute these releases with the full knowledge that the releases cover all possible claims that they may have or may have had against the parties covered thereby to the fullest extent permitted by law.

 

OTHER PARTIES’ PROMISES NOT TO PROSECUTE

 

11. In consideration for the Company’s Agreements herein, and other good and valuable consideration, and effective upon the execution of this Agreement, Ennis, Baily, Boyle, Vandetty and Hudson agree that they will not prosecute or allow to be prosecuted on their behalf, in any administrative agency or court, whether state or federal, or in any arbitration proceeding, any claim or demand of any type related to the Parties’ disagreements.

 

NO ADMISSIONS

 

12. By entering into this Agreement, the Parties make no admission of any wrongdoing or that they have engaged, or are now engaging, in any unlawful conduct, and dispute any wrongdoing and/or that any unlawful conduct occurred. It is understood that this settlement is not an admission of liability, but is in compromise of a dispute; that there has been no trial, arbitration or adjudication of any issue of law or fact herein, and that the parties deny liability and intend merely to avoid further expense of litigation or arbitration by entering into this Agreement.

 

NONDISCLOSURE

 

13. The Parties covenant and agree not to disclose the subject matter of the disagreements resulting in this Agreement unless required to do so by court order, subpoena or the directive of any governmental agency or authority, and that any party receiving such an order, an application for such an order, such a subpoena or such a directive shall promptly notify the other Parties to which the application, order, directive or subpoena relates. No party will respond to, participate in or contribute to any public discussion or other publicity concerning the subject matter of the disagreements resulting in this Argeement.

 

5
 

 

Any violation of this provision shall be remediable by injunctive relief or specific performance in addition to any other remedies that are available to a party claiming such a violation.

 

14. Each Party covenants and represents, to the best of their knowledge, that they presently are not plaintiffs, participants or parties to any suit, action, investigation or proceeding in which any of the Parties or related entities is a party or a target.

 

ENTIRE AGREEMENT

 

15. This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof. It is agreed that there are no collateral agreements or representations, written or oral that are not contained in this Agreement.

 

SEVERABILITY

 

16. Should it be determined by a court of competent jurisdiction that any term of this Agreement is unenforceable, then that term shall be deemed to be deleted. The validity and enforceability of the remaining terms, however, shall not be affected by the deletion of the unenforceable term or terms.

 

APPLICABLE LAW

 

17. The validity, interpretation and performance of this Agreement shall be construed and interpreted according to the laws of the State of New York, and each Party waives trial by jury of any issue triable hereunder.

 

ATTORNEYS' FEES

 

18. All parties to this Agreement agree that they will bear their own costs and attorneys' fees, if any.

 

6
 

 

MODIFICATIONS

 

19. This Agreement may be amended only by a written instrument signed by all parties to this Agreement.

 

BINDING ON SUCCESSORS

 

20. The Parties agree that this Agreement shall be binding on, and inure to the benefit of, their successors, heirs and/or assigns.

 

NO ASSIGNMENT

 

21. The Parties warrant and represent that they have not assigned or transferred to any person not a party to this Agreement any released matter or any right to any payment or other consideration provided pursuant to this Agreement.

 

COUNTERPARTS

 

22. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and will become effective and binding upon the parties at such time as all the signatories hereto have signed a counterpart of this Agreement. All counterparts so executed shall constitute one Agreement binding on the parties hereto, and the parties hereto shall sign a sufficient number of counterparts so that each party will receive a fully executed original of this Agreement.

 

7
 

 

SURVIVAL

 

23. The parties understand that the terms of this Agreement are contractual, shall survive the execution of the Releases contained herein, and shall continue in full force and effect thereafter.

 

The Parties to this Agreement, with the opportunity to obtain representation and advice of counsel, have read the foregoing Agreement and fully understand each and every provision contained herein.

 

James Ennis

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

8
 

 

Scott Baily

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

9
 

 

Martin Boyle

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

10
 

 

Hudson Capital Advisors

 

By:___________________________

Name:_________________________

Its:___________________________

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

11
 

 

Michael Vandetty

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

12
 

 

CMG Holdings Group, Inc.

 

By:___________________________

Name:_________________________

Its:___________________________

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

13
 

 

EXHIBIT A

 

MUTUAL GENERAL RELEASES

 

In consideration for the releases of each party hereunder and other valuable consideration, Glenn B. Laken (as one party) and James Ennis, Scott Baily, Martin Boyle, Hudson Capital Advisors and Michael Vandetty (collectively as another party) hereby unconditionally, irrevocably and absolutely release and discharge the other party, any and all parents, subsidiaries and related entities of the other party, as well as any present and former employees, officers, members, directors, partners, shareholders, agents, successors and assigns of the other party (in their capacities as such), from any and all claims, from the beginning of the world to the date of this Agreement, and all losses, liabilities, claims, charges, demands and causes of action, known or unknown, accrued or unaccrued which any party has or may have had against the other. This release is intended to have the broadest possible application and includes, but is not limited to, any and all tort, contract, personal injury, defamation, fraud, intentional or otherwise, common law, constitutional or other statutory claims, arising under any state and/or federal laws, and any and all claims for attorneys' fees, costs, and expenses.

 

The parties execute these releases with the full knowledge that the releases cover all possible claims that one party may have or may have had against the other, to the fullest extent permitted by law.

 

Glenn B. Laken

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

14
 

 

James Ennis

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

Scott Baily

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

15
 

 

Martin Boyle

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

16
 

 

 

Hudson Capital Advisors

 

By:___________________________

Name:_________________________

Its:___________________________

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

17
 

 

Michael Vandetty

 

 

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

18
 

 

CMG Holdings Group, Inc.

 

By:___________________________

Name:_________________________

Its:___________________________

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of  
     
  Print Name:___________________________  
  Commission No.:______________________  
  Commission  Expires:___________________  

 

 

19

 

 

 

 EX-10.12 10 f10k2014ex10xii_cmgholdings.htm TERMINATION AGREEMENT AND RELEASE

Exhibit 10.12

 

TERMINATION AGREEMENT AND RELEASES

 

THIS TERMINATION AGREEMENT, TOGETHER WITH RELEASES (the "Agreement"), is made between Connied, Inc. ("Connied"), as successor in interest to Continental Investments Group, Inc. ("Continental"), and CMG Holdings Group, Inc. (the "Company") (the "Company, on the one hand, and "Continental" and "Connied'', on the other hand, hereinafter the "Parties").

 

RECITALS

 

WHEREAS, on March 31 , 2011 the Parties entered into a Sale and Purchase Agreement wherein the Company agreed to issue 50,000 shares of its Series B Convertible Preferred Stock to Continental Investments Group, Inc. in exchange for 20,000 cartoon animated Cels (the "Cel Art) and Continental agreed to deliver the Cel Art to the Company; and

 

WHEREAS, Connied is the successor in interest to Continental; and

 

WHEREAS, neither of the transactions contemplated by the Sale and Purchase Agreement took place, in that no Ce! Art was delivered to the Company and no Preferred Stock in the Company was issued or delivered to Continental; and

 

WHEREAS, Connied or Continental hold a note from the Company which purports to have a cash value of $85,000 (the "Note"), and received 2.5 million shares of restricted stock of the Company; and

 

WHEREAS, the Parties wish to terminate the Sale and Purchase agreement, release any claims either may for performance of the Agreement, resolve fully and finally any and all issues or claims pertaining to the Sale and Purchase Agreement, cancel the Note and effect a disclaimer by Connied and Continental of any right, title or interest in 2.5 million shares of restricted stock of the Company, all in accordance with this Agreement,

 

 
 

 

NOW, THEREFORE, the Parties hereby agree as follows:

 

TERMS AND CONDITIONS

 

1.        The Sale and Purchase Agreement entered into on March 3 1, 201 1 between the Company and Continental is hereby terminated and shall have no further force or effect.

 

2.        Connied and Continental hereby disclaim any right, title or interest in 2.5 million shares of restricted stock of the Company, and affirmatively represent that they are not holders of said 2.5 million shares of restricted stock of the Company or of any claims in respect of such stock.

 

3.        The Parties agree that the Note is hereby cancelled in consideration for releases contained herein and Connied or Continental shall tender to the Note to the Company, as satisfied (without any monetary payment by the Company).

 

4.        The Parties agree that, as of the date of this Agreement, each Party releases any and all claims it may have or have had, respectively, for or in connection with the delivery of Cel Art to the Company, for or in connection with the issuance or delivery of Preferred Stock of the Company to Connied or Continental, for or in connection with the Note, and for or in connection with 2.5 million shares of restricted stock of the Company that was issued to Connied or Continental.

 

COMPANY GENERAL RELEASES

 

5.        In consideration for the promises and releases of Connied and Continental in this Agreement and other valuable consideration, and effective upon the execution of this Agreement, the Company unconditionally, irrevocably and absolutely releases and forever discharges Connied and Continental, together with their present and former parents, subsidiaries and related entities, as well as any officers, directors, shareholders, employees, agents, attorneys, successors and assigns, from any and all claims from the beginning of the world to the date of this Agreement, and all losses, liabilities, claims, charges, demands and causes of action, known or unknown, accrued or unaccrued which the Company has or may have had against any of them. These releases are intended to have the broadest possible application and include, but are not limited to, any and all tort, contract, personal injury, defamation, fraud, intentional or otherwise, common law, constitutional or other statutory claims, arising under any state and/or federal laws, and any and all claims for attorneys' fees, costs, and expenses.

 

2
 

 

The Company executes these releases with the full knowledge that the releases cover all possible claims that it may have or may have had against the parties covered thereby to the fullest extent permitted by law.

 

COMPANY PROMISES NOT TO PROSECUTE

 

6.        In consideration for the promises and releases of Connied and Continental in this agreement, the Company agrees that it will not prosecute or allow to be prosecuted on its behalf, in any administrative agency or court, whether state or federal, or in any arbitration proceeding, any claim or demand of any type related to the released matters.

 

OTHER PARTIES' GENERAL RELEASES

 

7.        In consideration for the promises and releases of the Company in this Agreement and other valuable consideration, and effective upon the execution of this Agreement, Connied and Continental unconditionally, irrevocably and absolutely release and forever discharge the Company, together with its present and former parents, subsidiaries and related entities, as well as any officers, directors, shareholders, employees, agents, attorneys, successors and assigns of the Company, from any and all claims from the beginning of the world to the date of this Agreement, and all losses, liabilities, claims, charges, demands and causes of action, known or unknown, accrued or unaccrued which Connied or Continental has or may have had against any of them. These releases are intended to have the broadest possible application and include, but are not limited to, any and all tort, contract, personal injury, defamation, fraud, intentional or otherwise, common law, constitutional or other statutory claims, arising under any state and/or federal laws, and any and all claims for attorneys' fees, costs, and expenses.

 

3
 

 

Connied and Continental execute these releases with the full knowledge that the releases cover all possible claims that they may have or may have had against the parties covered thereby to the fullest extent permitted by law.

 

OTHER PARTIES' PROMISES NOT TO PROSECUTE

 

8.        In consideration for the Company's Agreements herein, and other good and valuable consideration, and effective upon the execution of this Agreement, Connied and Continental agree that they will not prosecute or allow to be prosecuted on their behalf, in any administrative agency or court, whether state or federal, or in any arbitration proceeding, any claim or demand of any type related to the release matters contained herein.

 

9.        Each Party covenants and represents, to the best of their knowledge, that they presently are not plaintiffs, participants or parties to any suit, action, investigation or proceeding in which any of the Parties or related entities is a party or a target.

 

ENTIRE AGREEMENT

 

10.     This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof. It is agreed that there are no collateral agreements or representations, written or oral that are not contained in this Agreement.

 

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SEVERABILITY

 

11.      Should it be determined by a court of competent jurisdiction that any term of this Agreement is unenforceable, then that term shall be deemed to be deleted. The validity and enforceability of the remaining terms, however, shall not be affected by the deletion of the unenforceable term or terms.

 

APPLICABLE LAW

 

12.      The validity , interpretation and performance of this Agreement shall be construed and interpreted according to the laws of the State of New York, and each Party waives trial by jury of any issue triable hereunder.

 

ATTORNEYS' FEES

 

13.      All parties to this Agreement agree that they will bear their own costs and attorneys' fees, if any.

 

MODIFICATIONS

 

14.      This Agreement may be amended only by a written instrument signed by all parties to this Agreement.

 

BINDING ON SUCCESSORS

 

15.      The Parties agree that this Agreement shall be binding on, and inure to the benefit of, their successors, heirs and/or assigns.

 

NO ASSIGNMENT

 

16.      The Parties warrant and represent that they have not assigned or transferred to any person not a party lo this Agreement any released matter or any right to any payment or other consideration provided pursuant to this Agreement (except that 2.5 million shares of stock of the Company once held by Connied or Continental have been transferred to one Michael Vandetty).

 

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COUNTERPARTS

 

17.      This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and will become effective and binding upon the parties at such time as all the signatories hereto have signed a counterpart of this Agreement. All counterparts so executed shall constitute one Agreement binding on the parties hereto, and the parties hereto shall sign a sufficient number of counterparts so that each party will receive a fully executed original of this Agreement.

 

SURVIVAL

 

18.      The parties understand that the terms of this Agreement are contractual, shall survive the execution of the Releases contained herein, and shall continue in full force and effect thereafter.

 

The Parties to this Agreement, with the opportunity to obtain representation and advice of counsel, have read the foregoing Agreement and fully understand each and every provision contained herein.

 

Continental Investments Group, Inc.  
     
By:  
Name:  
Its:  

 

STATE OF )

 

COUNTY OF )

 

The foregoing instrument was acknowledged before me this ____ day of March, 2013, by ________________. He or she is (check one) [   ] personally known to me or [   ] has produced __________________________ as identification.

 

WITNESS my hand and official seal in the county and state named above this ___ day of ____________________, A.D., 2013.

 

  NOTARY PUBLIC, State of
     
  Print Name:
  Commission No.:  
  Commission Expires:  

 

 

6

 

 EX-10.13 11 f10k2014ex10xiii_cmgholdings.htm FORM RESIGNATION AND COMPENSATION AGREEMENT

Exhibit 10.13

 

AGREEMENT

 

This AGREEMENT (the “Agreement”) is made and entered into as of the 5th day of February, 2014 (the “Effective Date”), by and between CMG Holdings, Inc., a Nevada corporation (the “Company”), having its offices at principal place of business at 333 Hudson Street, Suite 303, New York, New York 10013, and _________________ (“Director”), having an address at ______________ (Director and the Company are collectively referred to as the “Parties”).

 

WITNESSETH:

 

WHEREAS, Director has advised he is resigning from the Board of Directors of the Company (the “Board”); and WHEREAS, the Company wishes to compensate Director for his services to the Company and the Board; and

 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements herein contained, and other good and valuable consideration, the Parties agree as follows:

 

1.            RESIGNATION. As of the calendar day following the Effective Date, the undersigned hereby resigns as a member of the Board and from each and every other position he holds with the Company, its subsidiaries and affiliates. Director hereby represents and warrants that the foregoing resignation is not the result of any disagreement or dispute with the Company, its Board or management.

 

2.            COMPENSATION. As consideration for the services provided by Director since his appointment to the Board, the Company hereby agrees to issue to Director 2,000,000 shares of the Company’s common stock (the “Stock”). The stock shall be free and clear of all liens and encumbrances, with the exception of a restrictive legend required under the Securities Act of 1933, as amended (the “Act”).

 

2.1            In connection with the issuance of the Stock, the undersigned hereby represents and warrants that he is a non-U.S. Person as defined under Regulation S under the Act.

 

2.2            In connection with the issuance of the Stock, the Company hereby represents, warrants and covenants that:

 

  2.2.1 neither it, nor any of its officers, directors or affiliates will take any action, or omit to take any action that will interfere in the issuance of the Stock;

 

  2.2.2 within one business day of the receipt of Board approval for the issuance of the Stock, the Company shall submit the Board’s resolutions approving the issuance of the Stock and an instruction letter directing the issuance of the Stock to Director;

 

 
 

 

2.2.3in the event that the Company shall fail to issue the stock and a legal action by Director is necessary, the Company shall pay all of Director’s legal fees necessary to recover the Stock.

 

3.            INDEMNIFICATION/REPRESENTATION. In consideration of Director’s services to the Board, the Company hereby agrees to execute the Indemnification Agreement annexed hereto as Exhibit A. The Company hereby represents and warrants that to the best of its knowledge, there are no pending or threatened claims against it or its directors.

 

4.            MISCELLANEOUS.

 

4.1            Applicable Law. Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws of the State of New York, applied without reference to principles of conflict of laws.

 

4.2            Amendments. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors or legal representatives.

 

4.3            Notices. All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to Director: at the address set forth in the first paragraph of this Agreement.

 

If to the Company:

 

CMG Holdings, Inc.

333 Hudson Street, Suite 303

New York, New York 10013

 

With a copy to (which shall not constitute notice):

 

Ofsink, PLLC

900 Third Avenue, 5th Floor

New York, New York 10022

Attn: Darren Ofsink

Facsimile: 646-224-9844

 

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notices and communications shall be effective when actually received by the addressee.

 

4.4            Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and any such provision which is not valid or enforceable in whole shall be enforced to the maximum extent permitted by law.

 

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4.5            Captions. The captions of this Agreement are not part of the provisions and shall have no force or effect.

 

4.6            Entire Agreement. This Agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto.

 

4.7            Survivorship. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement hereunder to the extent necessary to the intended preservation of such rights and obligations.

 

4.8            Waiver. Either Party's failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

4.9            Joint Efforts/Counterparts. Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto and shall not be construed more severely against any party. This Agreement may be signed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

4.10          Representation by Counsel. Each Party hereby represents that it has had the opportunity to be represented by legal counsel of its choice in connection with the negotiation and execution of this Agreement.

 

-- Signature page follows --

 

3
 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

 

    CMG Holdings, Inc.
       
    By:  
Name:   Name:  
  Title:  

 

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EXHIBIT A

 

INDEMNIFICATION AGREEMENT

 

AGREEMENT, dated as of February , 2014, by and between CMG Holdings, Inc.., a Nevada corporation (the “Company”), and [            ] (the “Indemnitee”).

 

WHEREAS, the Indemnitee was a director and/or officer of the Company;

 

WHEREAS, the Indemnitee served as a director and/or officer of the Company, in part, in reliance on indemnity from the Company;

 

WHEREAS, it is the Company’s intention to provide Indemnitee with not less than the maximum indemnity permissible under Nevada law;

 

WHEREAS, in consideration of the Indemnitee’s service to the Company, the Company should assure Indemnitee that indemnification will be available in the future; and

 

NOW, THEREFORE, in consideration of the premises and of the Indemnitee continuing to serve the Company directly or, on its behalf or at its request, as an officer, director, manager, member, partner, tax matters partner, fiduciary or trustee of, or in any other capacity with, another Person (as defined below) or any employee benefit plan, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.            Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement:

 

(a)Agreement: shall mean this Indemnification Agreement, as amended from time to time hereafter.

 

(b)Board of Directors: shall mean the Board of Directors of the Company.

 

(c)Claim: means any threatened, asserted, pending or completed civil, criminal, administrative, investigative or other action, suit or proceeding of any kind whatsoever, including any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation, whether instituted by the Company, any governmental agency or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism.

 

(d)Indemnifiable Expenses: means (i) all expenses and liabilities, including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company, and counsel fees and disbursements (including, without limitation, experts’ fees, court costs, retainers, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier charges) paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in, any Claim by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in any such capacity, whether occurring before, on or after the date of this Agreement (any such event, an “Indemnifiable Event”), (ii) any liability pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any indebtedness which the Company or any subsidiary of the Company has assumed or taken subject to, and (iii) any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise).

 

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(e)Indemnitee-Related Entities: means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation (other than as a result of obligations under an insurance policy).

 

(f)Jointly Indemnifiable Claim: means any Claim for which the Indemnitee shall be entitled to indemnification from both an Indemnitee-Related Entity and the Company pursuant to applicable law, any indemnification agreement or the certificate of incorporation, by-laws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company and an Indemnitee Related Entity.

 

(g)Person: means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity.

 

2.            Basic Indemnification Arrangement; Advancement of Expenses.

 

(a)            In the event that the Indemnitee was, is or becomes subject to, a party to or witness or other participant in, or is threatened to be made subject to, a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify the Indemnitee, or cause such Indemnitee to be indemnified, to the fullest extent permitted by Nevada law in effect on the date hereof and as amended from time to time; provided, however, that no change in Nevada law shall have the effect of reducing the benefits available to the Indemnitee.

 

(b)            If so requested by the Indemnitee, the Company shall advance, or cause to be advanced (within ten business days of such request), any and all Indemnifiable Expenses incurred by the Indemnitee (an “Expense Advance”). The Company shall, in accordance with such request (but without duplication), either (i) pay, or cause to be paid, such Indemnifiable Expenses on behalf of the Indemnitee, or (ii) reimburse, or cause the reimbursement of, the Indemnitee for such Indemnifiable Expenses. The Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any condition that the Board of Directors shall not have determined that the Indemnitee is not entitled to be indemnified under applicable law. However, the obligation of the Company to make an Expense Advance pursuant to this Section 2(b) shall be subject to the condition that, if, when and to the extent that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid (it being understood and agreed that the foregoing agreement by the Indemnitee shall be deemed to satisfy any requirement that the Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately determined that the Indemnitee is not entitled to indemnification under applicable law). The Indemnitee’s undertaking to repay such Expense Advances shall be unsecured and interest-free.

 

(c)            Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification or advancement of Indemnifiable Expenses pursuant to this Agreement in connection with any Claim initiated by the Indemnitee unless (i) the Company has joined in or the Board of Directors of the Company has authorized or consented to the initiation of such Claim or (ii) the Claim is one to enforce the Indemnitee’s rights under this Agreement (including an action pursued by the Indemnitee to secure a determination that the Indemnitee should be indemnified under applicable law).

 

6
 

 

(d)            The indemnification obligations of the Company under Section 2(a) shall be subject to the condition that the Board of Directors shall not have determined (by majority vote of directors who are not parties to the applicable Claim) that the indemnification of the Indemnitee is not proper in the circumstances because the Indemnitee is not entitled to be indemnified under applicable law. If the Board of Directors determines that the Indemnitee is not entitled to be indemnified in whole or in part under applicable law, the Indemnitee shall have the right to commence litigation in any court in the States of New York or Nevada having subject matter jurisdiction thereof and in which venue is proper, seeking an initial determination by the court or challenging any such determination by the Board of Directors or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. If the Indemnitee commences legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Board of Directors that the Indemnitee is not entitled to be indemnified under applicable law shall not be binding, the Indemnitee shall continue to be entitled to receive Expense Advances, and the Indemnitee shall not be required to reimburse the Company for any Expense Advance, until a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law. Any determination by the Board of Directors otherwise shall be conclusive and binding on the Company and the Indemnitee.

 

(e)            To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Indemnifiable Expenses actually and reasonably incurred in connection therewith, notwithstanding an earlier determination by the Board of Directors that the Indemnitee is not entitled to indemnification under applicable law.

 

3.            Indemnification for Additional Expenses. The Company shall indemnify, or cause the indemnification of, the Indemnitee against any and all Indemnifiable Expenses and, if requested by the Indemnitee, shall advance such Indemnifiable Expenses to the Indemnitee subject to and in accordance with Section 2(b) and (d), which are incurred by the Indemnitee in connection with any action brought by the Indemnitee, the Company or any other Person with respect to the Indemnitee’s right to: (i) indemnification or an Expense Advance by the Company under this Agreement or any provision of the Company’s Certificate of Incorporation and/or By-Laws and/or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the case may be; provided that the Indemnitee shall be required to reimburse such Indemnifiable Expenses in the event that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that such action brought by the Indemnitee, or the defense by the Indemnitee of an action brought by the Company or any other Person, as applicable, was frivolous or in bad faith.

 

4.            Partial Indemnity, Etc. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Indemnifiable Expenses in respect of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.

 

5.            Burden of Proof. In connection with any determination by the Board of Directors, any court or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the Board of Directors or court shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be on the Company or its representative to establish, by clear and convincing evidence, that the Indemnitee is not so entitled.

 

6.            Reliance as Safe Harbor. The Indemnitee shall be entitled to indemnification for any action or omission to act undertaken (a) in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person as to matters the Indemnitee reasonably believes are within such other Person’s professional or expert competence, or (b) on behalf of the Company in furtherance of the interests of the Company in good faith in reliance upon, and in accordance with, the advice of legal counsel or accountants, provided such legal counsel or accountants were selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnity hereunder.

 

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7.            No Other Presumptions. For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Board of Directors to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Board of Directors that the Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that the Indemnitee should be indemnified under applicable law shall be a defense to the Indemnitee’s claim or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief.

 

8.            Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under the Company’s Certificate of Incorporation and By-Laws, the laws of the State of Nevada, or otherwise. To the extent that a change in Nevada law or the interpretation thereof (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company’s Certificate of Incorporation and By-Laws, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Company’s Certificate of Incorporation or By-Laws, it is the intent of the parties hereto that the Indemnitee shall enjoy the greater benefits regardless of whether contained herein, in the Company’s Certificate of Incorporation or By-Laws. No amendment or alteration of the Company’s Certificate of Incorporation or By-Laws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement.

 

9.            Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

10.            Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. In the event the Company or any of its subsidiaries enters into an indemnification agreement with another director, officer, agent, fiduciary or manager of the Company or any of its subsidiaries containing a term or terms more favorable to the indemnitee than the terms contained herein (as determined by the Indemnitee), the Indemnitee shall be afforded the benefit of such more favorable term or terms and such more favorable term or terms shall be deemed incorporated by reference herein as if set forth in full herein. As promptly as practicable following the execution by the Company or the relevant subsidiary of each indemnity agreement with any such other director, officer or manager (i) the Company shall send a copy of the indemnity agreement to the Indemnitee, and (ii) if requested by the Indemnitee, the Company shall prepare, execute and deliver to the Indemnitee an amendment to this Agreement containing such more favorable term or terms.

 

11.            Subrogation. Subject to Section 12, in the event of payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee with respect to any insurance policy. Indemnitee shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. The Company shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

 

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12.            Jointly Indemnifiable Claims. Given that certain Jointly Indemnifiable Claims may arise due to the relationship between the Indemnitee-Related Entities and the Company and the service of the Indemnitee as a director and/or officer of the Company at the request of the Indemnitee-Related Entities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification and advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related Entities. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification or advancement of expenses with respect to any Jointly Indemnifiable Claim, the Indemnitee-Related Entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Company, and the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. Each of the Indemnitee Related Entities shall be third-party beneficiaries with respect to this Paragraph 13, entitled to enforce this Paragraph 13 against the Company as though each such Indemnitee-Related Entity were a party to this Agreement.

 

13.            No Duplication of Payments. Subject to Paragraph 12 hereof, the Company shall not be liable under this Agreement to make any payment in connection with any Claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, any provision of the Company’s Certificate of Incorporation and By-Laws, or otherwise) of the amounts otherwise indemnifiable hereunder.

 

14.            Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee; provided that if the Indemnitee believes, after consultation with counsel selected by the Indemnitee, that (i) the use of counsel chosen by the Company to represent the Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named parties in any such Claim (including any impleaded parties) include the Company or any subsidiary of the Company and the Indemnitee and the Indemnitee concludes that there may be one or more legal defenses available to him that are different from or in addition to those available to the Company or any subsidiary of the Company or (iii) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then the Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense. The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent. The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which the Indemnitee is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the subject matter of such Claim. Neither the Company nor the Indemnitee shall unreasonably withhold its or his consent to any proposed settlement; provided that the Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of the Indemnitee. To the fullest extent permitted by Nevada law, the Company’s assumption of the defense of a Claim pursuant to this Section 15 will constitute an irrevocable acknowledgement by the Company that any Indemnifiable Expenses incurred by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under Section 2 of this Agreement.

 

15.            Binding Effect, Etc. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. The Company shall require and cause any successor(s) (whether directly or indirectly, whether in one or a series of transactions, and whether by purchase, merger, consolidation, or otherwise) to all or a significant portion of the business and/or assets of the Company and/or its subsidiaries (on a consolidated basis), by written agreement in form and substance satisfactory to the Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place; provided that no such assumption shall relieve the Company from its obligations hereunder and any obligations shall thereafter be joint and several. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company and/or on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise. Neither this Agreement nor any duties or responsibilities pursuant hereto may be assigned by the Company to any other person or entity without the prior written consent of the Indemnitee.

 

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16.            Security. To the extent requested by the Indemnitee, the Company shall at any time and from time to time provide security to the Indemnitee for the obligations of the Company hereunder through an irrevocable bank line of credit, funded trust or other collateral or by other means. Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of such Indemnitee.

 

17.            Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to the terms of this Agreement.

 

18.            Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the parties hereto, the Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, the Indemnitee shall be entitled, if the Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as the Indemnitee may elect to pursue.

 

19.            Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by telecopy, nationally recognized overnight courier or personal delivery, addressed to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties:

 

(a) If to the Company, to:

 

      with a copy (which shall not constitute notice) to:

 

(b) If to the Indemnitee, to the address set forth on Annex A hereto.

 

All such notices, requests, consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses or sent by electronic transmission, with confirmation received, to the telecopy numbers specified above (or at such other address or telecopy number for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.

 

20.            Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

21.            Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

 

22.            Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

  CMG HOLDINGS, INC..
     
  By:  
  Name:  
  Title:  
     
   
  [Indemnitee]

 

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Annex A

 

Name and Business Address.

 

   
   
   
   
   
   
   
     
Attn:    
     
Tel:    
     
Fax:    

 

 

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 EX-10.14 12 f10k2014ex10xiv_cmgholdings.htm FORM INDEMNIFICATION AGREEMENT

Exhibit 10.14

 

INDEMNIFICATION AGREEMENT

 

AGREEMENT, dated as of February 5, 2014, by and between CMG Holdings, Inc., a Nevada corporation (the “Company”), and ______ (the “Indemnitee”).

 

WHEREAS, the Indemnitee was a director and/or officer of the Company;

 

WHEREAS, the Indemnitee served as a director and/or officer of the Company, in part, in reliance on indemnity from the Company;

 

WHEREAS, it is the Company’s intention to provide Indemnitee with not less than the maximum indemnity permissible under Nevada law;

 

WHEREAS, in consideration of the Indemnitee’s service to the Company, the Company should assure Indemnitee that indemnification will be available in the future; and

 

NOW, THEREFORE, in consideration of the premises and of the Indemnitee continuing to serve the Company directly or, on its behalf or at its request, as an officer, director, manager, member, partner, tax matters partner, fiduciary or trustee of, or in any other capacity with, another Person (as defined below) or any employee benefit plan, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement:

 

(a)Agreement: shall mean this Indemnification Agreement, as amended from time to time hereafter.

 

(b)Board of Directors: shall mean the Board of Directors of the Company.

 

(c)Claim: means any threatened, asserted, pending or completed civil, criminal, administrative, investigative or other action, suit or proceeding of any kind whatsoever, including any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation, whether instituted by the Company, any governmental agency or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism.
   
 (d)

Indemnifiable Expenses: means (i) all expenses and liabilities, including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company, and counsel fees and disbursements (including, without limitation, experts’ fees, court costs, retainers, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier charges) paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in, any Claim by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in any such capacity, whether occurring before, on or after the date of this Agreement (any such event, an “Indemnifiable Event”), (ii) any liability pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any indebtedness which the Company or any subsidiary of the Company has assumed or taken subject to, and (iii) any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise).

 

 

  

(e)Indemnitee-Related Entities: means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation (other than as a result of obligations under an insurance policy).

 

(f)Jointly Indemnifiable Claim: means any Claim for which the Indemnitee shall be entitled to indemnification from both an Indemnitee-Related Entity and the Company pursuant to applicable law, any indemnification agreement or the certificate of incorporation, by-laws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company and an Indemnitee-Related Entity.

 

(g)Person: means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity.

 

2. Basic Indemnification Arrangement; Advancement of Expenses.

 

  (a) In the event that the Indemnitee was, is or becomes subject to, a party to or witness or other participant in, or is threatened to be made subject to, a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify the Indemnitee, or cause such Indemnitee to be indemnified, to the fullest extent permitted by Nevada law in effect on the date hereof and as amended from time to time; provided, however, that no change in Nevada law shall have the effect of reducing the benefits available to the Indemnitee.
     
  (b) If so requested by the Indemnitee, the Company shall advance, or cause to be advanced (within ten business days of such request), any and all Indemnifiable Expenses incurred by the Indemnitee (an “Expense Advance”). The Company shall, in accordance with such request (but without duplication), either (i) pay, or cause to be paid, such Indemnifiable Expenses on behalf of the Indemnitee, or (ii) reimburse, or cause the reimbursement of, the Indemnitee for such Indemnifiable Expenses. The Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any condition that the Board of Directors shall not have determined that the Indemnitee is not entitled to be indemnified under applicable law. However, the obligation of the Company to make an Expense Advance pursuant to this Section 2(b) shall be subject to the condition that, if, when and to the extent that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid (it being understood and agreed that the foregoing agreement by the Indemnitee shall be deemed to satisfy any requirement that the Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately determined that the Indemnitee is not entitled to indemnification under applicable law). The Indemnitee’s undertaking to repay such Expense Advances shall be unsecured and interest-free.
     
  (c) Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification or advancement of Indemnifiable Expenses pursuant to this Agreement in connection with any Claim initiated by the Indemnitee unless (i) the Company has joined in or the Board of Directors of the Company has authorized or consented to the initiation of such Claim or (ii) the Claim is one to enforce the Indemnitee’s rights under this Agreement (including an action pursued by the Indemnitee to secure a determination that the Indemnitee should be indemnified under applicable law).
     
  (d) The indemnification obligations of the Company under Section 2(a) shall be subject to the condition that the Board of Directors shall not have determined (by majority vote of directors who are not parties to the applicable Claim) that the indemnification of the Indemnitee is not proper in the circumstances because the Indemnitee is not entitled to be indemnified under applicable law. If the Board of Directors determines that the Indemnitee is not entitled to be indemnified in whole or in part under applicable law, the Indemnitee shall have the right to commence litigation in any court in the States of New York or Nevada having subject matter jurisdiction thereof and in which venue is proper, seeking an initial determination by the court or challenging any such determination by the Board of Directors or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. If the Indemnitee commences legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Board of Directors that the Indemnitee is not entitled to be indemnified under applicable law shall not be binding, the Indemnitee shall continue to be entitled to receive Expense Advances, and the Indemnitee shall not be required to reimburse the Company for any Expense Advance, until a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law. Any determination by the Board of Directors otherwise shall be conclusive and binding on the Company and the Indemnitee.

 

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  (e) To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Indemnifiable Expenses actually and reasonably incurred in connection therewith, notwithstanding an earlier determination by the Board of Directors that the Indemnitee is not entitled to indemnification under applicable law.

 

3. Indemnification for Additional Expenses. The Company shall indemnify, or cause the indemnification of, the Indemnitee against any and all Indemnifiable Expenses and, if requested by the Indemnitee, shall advance such Indemnifiable Expenses to the Indemnitee subject to and in accordance with Section 2(b) and (d), which are incurred by the Indemnitee in connection with any action brought by the Indemnitee, the Company or any other Person with respect to the Indemnitee’s right to: (i) indemnification or an Expense Advance by the Company under this Agreement or any provision of the Company’s Certificate of Incorporation and/or By-Laws and/or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the case may be; provided that the Indemnitee shall be required to reimburse such Indemnifiable Expenses in the event that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that such action brought by the Indemnitee, or the defense by the Indemnitee of an action brought by the Company or any other Person, as applicable, was frivolous or in bad faith.

 

4. Partial Indemnity, Etc. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Indemnifiable Expenses in respect of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.

 

5. Burden of Proof. In connection with any determination by the Board of Directors, any court or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the Board of Directors or court shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be on the Company or its representative to establish, by clear and convincing evidence, that the Indemnitee is not so entitled.

 

6. Reliance as Safe Harbor. The Indemnitee shall be entitled to indemnification for any action or omission to act undertaken (a) in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person as to matters the Indemnitee reasonably believes are within such other Person’s professional or expert competence, or (b) on behalf of the Company in furtherance of the interests of the Company in good faith in reliance upon, and in accordance with, the advice of legal counsel or accountants, provided such legal counsel or accountants were selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnity hereunder.

 

7. No Other Presumptions. For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Board of Directors to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Board of Directors that the Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that the Indemnitee should be indemnified under applicable law shall be a defense to the Indemnitee’s claim or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief.

 

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8. Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under the Company’s Certificate of Incorporation and By-Laws, the laws of the State of Nevada, or otherwise. To the extent that a change in Nevada law or the interpretation thereof (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company’s Certificate of Incorporation and By-Laws, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Company’s Certificate of Incorporation or By-Laws, it is the intent of the parties hereto that the Indemnitee shall enjoy the greater benefits regardless of whether contained herein, in the Company’s Certificate of Incorporation or By-Laws. No amendment or alteration of the Company’s Certificate of Incorporation or By-Laws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement.

 

9. Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

10. Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. In the event the Company or any of its subsidiaries enters into an indemnification agreement with another director, officer, agent, fiduciary or manager of the Company or any of its subsidiaries containing a term or terms more favorable to the indemnitee than the terms contained herein (as determined by the Indemnitee), the Indemnitee shall be afforded the benefit of such more favorable term or terms and such more favorable term or terms shall be deemed incorporated by reference herein as if set forth in full herein. As promptly as practicable following the execution by the Company or the relevant subsidiary of each indemnity agreement with any such other director, officer or manager (i) the Company shall send a copy of the indemnity agreement to the Indemnitee, and (ii) if requested by the Indemnitee, the Company shall prepare, execute and deliver to the Indemnitee an amendment to this Agreement containing such more favorable term or terms.

 

11. Subrogation. Subject to Section 12, in the event of payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee with respect to any insurance policy. Indemnitee shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. The Company shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

 

12. Jointly Indemnifiable Claims. Given that certain Jointly Indemnifiable Claims may arise due to the relationship between the Indemnitee-Related Entities and the Company and the service of the Indemnitee as a director and/or officer of the Company at the request of the Indemnitee-Related Entities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification and advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related Entities. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification or advancement of expenses with respect to any Jointly Indemnifiable Claim, the Indemnitee-Related Entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Company, and the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. Each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Paragraph 13, entitled to enforce this Paragraph 13 against the Company as though each such Indemnitee-Related Entity were a party to this Agreement.

 

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13. No Duplication of Payments. Subject to Paragraph 12 hereof, the Company shall not be liable under this Agreement to make any payment in connection with any Claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, any provision of the Company’s Certificate of Incorporation and By-Laws, or otherwise) of the amounts otherwise indemnifiable hereunder.

 

14. Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee; provided that if the Indemnitee believes, after consultation with counsel selected by the Indemnitee, that (i) the use of counsel chosen by the Company to represent the Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named parties in any such Claim (including any impleaded parties) include the Company or any subsidiary of the Company and the Indemnitee and the Indemnitee concludes that there may be one or more legal defenses available to him that are different from or in addition to those available to the Company or any subsidiary of the Company or (iii) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then the Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense. The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent. The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which the Indemnitee is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the subject matter of such Claim. Neither the Company nor the Indemnitee shall unreasonably withhold its or his consent to any proposed settlement; provided that the Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of the Indemnitee. To the fullest extent permitted by Nevada law, the Company’s assumption of the defense of a Claim pursuant to this Section 15 will constitute an irrevocable acknowledgement by the Company that any Indemnifiable Expenses incurred by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under Section 2 of this Agreement.

 

15. Binding Effect, Etc. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. The Company shall require and cause any successor(s) (whether directly or indirectly, whether in one or a series of transactions, and whether by purchase, merger, consolidation, or otherwise) to all or a significant portion of the business and/or assets of the Company and/or its subsidiaries (on a consolidated basis), by written agreement in form and substance satisfactory to the Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place; provided that no such assumption shall relieve the Company from its obligations hereunder and any obligations shall thereafter be joint and several. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company and/or on behalf of or at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise. Neither this Agreement nor any duties or responsibilities pursuant hereto may be assigned by the Company to any other person or entity without the prior written consent of the Indemnitee.

 

5
 

 

16. Security. To the extent requested by the Indemnitee, the Company shall at any time and from time to time provide security to the Indemnitee for the obligations of the Company hereunder through an irrevocable bank line of credit, funded trust or other collateral or by other means. Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of such Indemnitee.

 

17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to the terms of this Agreement.

 

18. Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the parties hereto, the Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, the Indemnitee shall be entitled, if the Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as the Indemnitee may elect to pursue.

 

19. Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by telecopy, nationally recognized overnight courier or personal delivery, addressed to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties:

 

  (a) If to the Company, to:
     
  CMG Holdings, Inc.
  333 Hudson Street, Suite 303
  New York, New York 10013
     
  With a copy to (which shall not constitute notice):
Ofsink, PLLC
  900 Third Avenue, 5th Floor
New York, New York 10022
Attn: Darren Ofsink
Facsimile: 646-224-9844

 

(b)If to the Indemnitee, to the address set forth on Annex A hereto.

 

All such notices, requests, consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses or sent by electronic transmission, with confirmation received, to the telecopy numbers specified above (or at such other address or telecopy number for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.

 

20. Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

21. Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

 

22. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws.

 

6
 

  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

  CMG HOLDINGS, INC
   
  By:  
  Name:  
  Title:  
     
   
  Name  

 

7
 

 

Annex A

 

Name and Business Address.

 

     
     
     
     
     
     
     

  

Attn:    
     
Tel:    
     
Fax:    

 

 

 

 8

 

 

 EX-21.1 13 f10k2014ex21i_cmgholdings.htm SUBSIDIARIES OF REGISTRANT

Exhibit 21.1

 

As of December 31, 2014, CMG Holdings Group, Inc. (the “Company”) had the following subsidiary:

 

Name   Jurisdiction   Equity Owners and Percentage
of Equity Securities Held
         
The Experiential Agency, Inc.   Illinois   100% owned by the Company
Good Gaming, Inc.   Illinois   100% owned by the Company

 

 EX-31.1 14 f10k2014ex31i_cmgholdings.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION

 

I, Glenn Laken, Chief Executive Officer of CMG Holdings Group, Inc. (the “registrant”), certify that:

 

1.I have reviewed this annual report on Form 10-K of the registrant for the period ended December 31, 2014;

  

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

  

Date:  June 8, 2015  
   
/s/ Glenn Laken   
Glenn Laken  
Chief Executive Officer  
(principal executive officer)  

 

 

 EX-31.2 15 f10k2014ex31ii_cmgholdings.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION

 

I, David J Kovacs, Chief Financial Officer of CMG Holdings Group, Inc. (the “registrant”), certify that:

 

1.I have reviewed this annual report on Form 10-K of the registrant for the period ended December 31, 2014;

  

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

  

Date:  June 8, 2015  
   
/s/ David J Kovacs  

David J Kovacs

  
Chief Financial Officer  
(principal financial officer and accounting officer)  

 

 

 EX-32.1 16 f10k2014ex32i_cmgholdings.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Each of the undersigned hereby certifies, in his capacity as an officer of CMG Holdings Group, Inc. (the “Company”), for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

 

(1)         The Company’s Annual Report on Form 10-K for the period ended December 31, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)         The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: June 8, 2015

 

/s/ Glenn Laken   
Glenn Laken  
Chief Executive Officer  
(principal executive officer)  

 

/s/ David J Kovacs  

David J Kovacs

  
Chief Financial Officer  
(principal financial officer and accounting officer)  

  

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

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XA in NY is currently being run out of the loft of Alexis Laken to preserve capital. We are hoping to find rental space at a greatly reduced rent in the next few months. 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The shareholders of Creative Management Group received one share of Pebble Beach&#8217;s common stock previously owned by Creative Management Group for each issued and outstanding common share owned of Creative Management Group. As a result, the 22,135,148 shares of Pebble Beach that were issued and previously owned by Creative Management Group, are now owned directly by its shareholders. The 22,135,148 shares of Creative Management Group previously owned by its shareholders are now owned by Pebble Beach, thereby making Creative Management Group a wholly-owned subsidiary of Pebble Beach. Pebble Beach did not issue any new shares as part of the Reorganization. The transaction was accounted for as a reverse merger and recapitalization whereby Creative Management Group is the accounting acquirer. 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Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. 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Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets, which is generally between three and five years. 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Acquisition of Good Gaming, Inc (Details) (USD $)
 1 Months Ended 12 Months Ended
Mar. 28, 2014
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition [Line Items]      
Common stock, shares, issued   289,329,190us-gaap_CommonStockSharesIssued 283,657,190us-gaap_CommonStockSharesIssued
Development costs $ 200,000us-gaap_DevelopmentCosts $ 190,550us-gaap_DevelopmentCosts  
Equipment and consultant compensation cost   58,600cmgo_EquipmentAndConsultantCompensationCost  
GGI [Member]      
Business Acquisition [Line Items]      
Percentage of equity interest acquired 100.00%us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage
/ us-gaap_BusinessAcquisitionAxis
= cmgo_GoodGamingIncMember		    
Business acquisition liability to pay 200,000us-gaap_BusinessCombinationContingentConsiderationLiability
/ us-gaap_BusinessAcquisitionAxis
= cmgo_GoodGamingIncMember		    
Business acquisition goodwill acquired 54,500us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
/ us-gaap_BusinessAcquisitionAxis
= cmgo_GoodGamingIncMember		    
Business acquisition, description of GGI
The Company received 100% of the shares of GGI in exchange for 5,000,000 shares of the Company's common stock, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs, of which $50,000 of the development costs had been advanced by the Company.
    
Common stock, shares, issued 5,000,000us-gaap_CommonStockSharesIssued
/ us-gaap_BusinessAcquisitionAxis
= cmgo_GoodGamingIncMember		    
Development costs 50,000us-gaap_DevelopmentCosts
/ us-gaap_BusinessAcquisitionAxis
= cmgo_GoodGamingIncMember		    
Business acquisition purchase method description
In addition, pursuant to the SEA, CMG shall adopt an incentive plan for GGI which shall entitle the GGI officers, directors and employees to receive up to 30% of the net profits of GGI and up to 30% of the proceeds, in the event of a sale of GGI or its assets.
    
Equipment and consultant compensation cost $ 33,000cmgo_EquipmentAndConsultantCompensationCost
/ us-gaap_BusinessAcquisitionAxis
= cmgo_GoodGamingIncMember		    
Period of goodwill impairment 12 months    
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Goodwill (Details) (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Goodwill (Textual)    
Goodwill $ 54,500us-gaap_Goodwill   
Shares issued pursuant to acquisition of subsidiary 87,500us-gaap_StockIssuedDuringPeriodValueAcquisitions  
Shares issued, price per share $ 0.0175us-gaap_SharesIssuedPricePerShare  
Equipment 33,000us-gaap_MachineryAndEquipmentGross  
Common Stock [Member]    
Goodwill (Textual)    
Shares issued pursuant to acquisition of subsidiary $ 5,000us-gaap_StockIssuedDuringPeriodValueAcquisitions
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		  
Shares issued pursuant to acquisition of subsidiary, shares 5,000,000us-gaap_StockIssuedDuringPeriodSharesAcquisitions
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		  

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Segments (Tables)
 12 Months Ended
Dec. 31, 2014
Segments [Abstract]  
Schedule of segment reporting information, by segment

  XA  Good 
Gaming		  CMG Holdings Group  Totals 
             
Revenue $7,811,423  $—  $—  $7,811,423 
                 
Operating expenses  9,259,055   142,762   0   9,401,817 
                 
Operating Income (Loss)  (1,447,632)  (142,762)  0)  (1,590,394)
                 
Other Income (Expense)  (11,027)  —   333,238   322,211 
                 
Net Income (Loss) $(1,458,659) $(142,762) $333,283  $(1,268,183)
XML 32 R42.htm IDEA: XBRL DOCUMENT v2.4.1.9
Resignation of Officers and Members of The Board (Details)
 0 Months Ended
May 09, 2014
Common Stock [Member]  
Resignation of officer and Members of the Board (Textual)  
Shares issued for services, shares 6,000,000us-gaap_StockIssuedDuringPeriodSharesIssuedForServices
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember
Three Officers [Member]  
Resignation of officer and Members of the Board (Textual)  
Shares issued for services, shares 2,000,000us-gaap_StockIssuedDuringPeriodSharesIssuedForServices
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= us-gaap_OfficerMember
XML 33 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Related Party (Details) (USD $)
 0 Months Ended 12 Months Ended
Apr. 07, 2014
Dec. 31, 2014
Directors
Dec. 31, 2012
Dec. 31, 2013
Related Party (Textual)        
Common stock issued to directors 522,000us-gaap_StockIssuedDuringPeriodSharesNewIssues      
Director [Member]        
Related Party (Textual)        
Number of former directors   3cmgo_NumberOfFormerDirectors
/ us-gaap_TitleOfIndividualAxis
= us-gaap_DirectorMember		    
Common stock issued to directors   2,000,000us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_TitleOfIndividualAxis
= us-gaap_DirectorMember		    
CEO [Member]        
Related Party (Textual)        
Warrant to purchase common stock   40,000,000cmgo_WarrantToPurchaseCommonStock
/ us-gaap_TitleOfIndividualAxis
= us-gaap_ChiefExecutiveOfficerMember		    
Exercise price of warrants   0.0155us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
/ us-gaap_TitleOfIndividualAxis
= us-gaap_ChiefExecutiveOfficerMember		    
Term of warrant   5 years    
Monthly salary to CEO   15,000us-gaap_OfficersCompensation
/ us-gaap_TitleOfIndividualAxis
= us-gaap_ChiefExecutiveOfficerMember		    
Accrued compensation   40,000us-gaap_AccruedEmployeeBenefitsCurrent
/ us-gaap_TitleOfIndividualAxis
= us-gaap_ChiefExecutiveOfficerMember		    
Former Officer And Director [Member]        
Related Party (Textual)        
Outstanding accounts payable to related parties     19,625us-gaap_AccountsPayableRelatedPartiesCurrentAndNoncurrent
/ us-gaap_TitleOfIndividualAxis
= cmgo_FormerOfficerAndDirectorMember		  
Former CEO [Member]        
Related Party (Textual)        
Due to related party       142,060us-gaap_DueToRelatedPartiesCurrentAndNoncurrent
/ us-gaap_TitleOfIndividualAxis
= cmgo_FormerCeoMember
Former CEO [Member] | Subsidiary [Member]        
Related Party (Textual)        
Due to related party       $ 47,912us-gaap_DueToRelatedPartiesCurrentAndNoncurrent
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= us-gaap_SubsidiaryOfCommonParentMember
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Property and Equipment
 12 Months Ended
Dec. 31, 2014
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

 

  2014  2013 
Equipment $33,000  $- 
Leasehold Improvements  4,142   4,142 
   37,142   4,142 
Less accumulated depreciation  4,950   - 
  $32,192  $4,142 

 

Depreciation expense was $4,950 and $0 for the years ended December 31, 2014 and 2013, respectively
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Subsequent Events (Details) (Subsequent Event [Member], Tailwind, USD $)
 1 Months Ended
Feb. 24, 2015
Subsequent Event [Member] | Tailwind
  
Subsequent Event [Line Items]  
Sale of XA's assets $ 60,000us-gaap_ProceedsFromSaleOfForeclosedAssets
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XML 37 R29.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity (Details) (Warrant [Member], USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Warrant [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding and Exercisable Beginning balance 1,798,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
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Granted 40,000,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
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Exercised      
Expired (1,798,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
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Outstanding and Exercisable Ending balance 400,000,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
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Weighted average Exercise Price Beginning balance $ 0.28cmgo_ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantsOutstandingWeightedAverageExercisePrice
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= us-gaap_WarrantMember		 $ 0.28cmgo_ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantsOutstandingWeightedAverageExercisePrice
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Weighted average Exercise Price Granted $ 0.016cmgo_ShareBasedCompensationArrangementsByShareBasedPaymentAwardWarrantsGrantsInPeriodWeightedAverageExercisePrice
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Weighted average Exercise Price Exercised      
Weighted average Exercise Price Ending balance $ 0.02cmgo_ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantsOutstandingWeightedAverageExercisePrice
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XML 38 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
Description of Business and Summary of Significant Accounting Policies (Details Textual) (USD $)
 0 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended
Jun. 22, 2011
Mar. 28, 2014
Dec. 31, 2014
Dec. 31, 2013
May 27, 2008
Feb. 20, 2008
Description of Business and Summary of Significant Accounting Policies (Textual)            
Common Stock, Shares, Issued     289,329,190us-gaap_CommonStockSharesIssued 283,657,190us-gaap_CommonStockSharesIssued    
Development costs   $ 200,000us-gaap_DevelopmentCosts $ 190,550us-gaap_DevelopmentCosts      
Allowance for doubtful accounts receivable     0us-gaap_AllowanceForDoubtfulAccountsReceivable 0us-gaap_AllowanceForDoubtfulAccountsReceivable    
Depreciation expense     4,950us-gaap_Depreciation       
Insured amount in each financial institution, Federal Deposit Insurance Corporation     250,000us-gaap_FederalDepositInsuranceCorporationPremiumExpense      
Retained percentage of transfer restrictions 15.00%cmgo_RetainedPercentageOfTransferRestrictions          
Property, plant and equipment, estimated useful lives     Three and five years      
Percentage of dividends distributed 5.00%cmgo_PercentageOfDividendsDistributed          
Equipment and consultant compensation cost     58,600cmgo_EquipmentAndConsultantCompensationCost      
Insured amount, Securities Investor Protection Corporation     500,000cmgo_InsuranceOfSecuritiesInvestorProtectionCorporation      
Sales Revenue, Net [Member]            
Description of Business and Summary of Significant Accounting Policies (Textual)            
Concentration risk, percentage     93.00%us-gaap_ConcentrationRiskPercentage1
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= us-gaap_SalesRevenueNetMember		 72.00%us-gaap_ConcentrationRiskPercentage1
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Number of customer     1cmgo_NumberOfCustomer
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= us-gaap_SalesRevenueNetMember		    
Pebble Beach Enterprises, Inc [Member]            
Description of Business and Summary of Significant Accounting Policies (Textual)            
Percentage of equity interest acquired           92.60%us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage
/ dei_LegalEntityAxis
= us-gaap_SubsidiariesMember
Number of shares issued to acquire         22,135,148us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
/ dei_LegalEntityAxis
= us-gaap_SubsidiariesMember		  
Audio Eye Inc [Member]            
Description of Business and Summary of Significant Accounting Policies (Textual)            
Percentage of stock issued for exchange of stock 80.00%cmgo_PercentageOfStockIssuedForExchange
/ dei_LegalEntityAxis
= cmgo_AudioEyeIncMember		          
Audio Eye Acquisition Corp [Member]            
Description of Business and Summary of Significant Accounting Policies (Textual)            
Percentage of stock issued for exchange of stock 100.00%cmgo_PercentageOfStockIssuedForExchange
/ dei_LegalEntityAxis
= cmgo_AudioEyeAcquisitionCorpMember		          
GGI [Member]            
Description of Business and Summary of Significant Accounting Policies (Textual)            
Common Stock, Shares, Issued   5,000,000us-gaap_CommonStockSharesIssued
/ dei_LegalEntityAxis
= cmgo_GoodGamingIncMember		        
Development costs   50,000us-gaap_DevelopmentCosts
/ dei_LegalEntityAxis
= cmgo_GoodGamingIncMember		        
Percentage of stock issued for exchange of stock   100.00%cmgo_PercentageOfStockIssuedForExchange
/ dei_LegalEntityAxis
= cmgo_GoodGamingIncMember		        
Share exchange agreement description   CMG shall adopt an incentive plan for GGI which shall entitle the GGI officers, directors and employees to receive up to 30% of the net profits of GGI and up to 30% of the proceeds, in the event of a sale of GGI or its assets.        
Equipment and consultant compensation cost   $ 33,000cmgo_EquipmentAndConsultantCompensationCost
/ dei_LegalEntityAxis
= cmgo_GoodGamingIncMember		        
XML 39 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity (Details Textual) (USD $)
 0 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended
Apr. 07, 2014
Dec. 31, 2014
Dec. 31, 2013
May 09, 2014
Aug. 31, 2013
AnimatedCels
Jan. 29, 2014
Jun. 30, 2014
Equity (Textual)              
Stock issued during period of acquisition   $ 87,500us-gaap_StockIssuedDuringPeriodValueAcquisitions          
Convertible notes payable                
New stock issued during the period, Shares 522,000us-gaap_StockIssuedDuringPeriodSharesNewIssues            
New stock issued during the period,Value 8,613us-gaap_StockIssuedDuringPeriodValueNewIssues   26,600us-gaap_StockIssuedDuringPeriodValueNewIssues        
Share price $ 0.0165us-gaap_SharePrice $ 0.0175us-gaap_SharePrice          
Remaining contractual term of warrants 5 years            
Warrant to purchase of common stock 40,000,000cmgo_WarrantToPurchaseOfCommonStock            
Common stock exercise price $ 0.0155invest_InvestmentWarrantsExercisePrice            
Three Officers [Member]              
Equity (Textual)              
Shares issued for services, shares       2,000,000us-gaap_StockIssuedDuringPeriodSharesIssuedForServices
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= us-gaap_OfficerMember		      
Continental Investments Group, Inc [Member]              
Equity (Textual)              
Number of acquired cartoon animated cels         20,000us-gaap_NumberOfBusinessesAcquired
/ us-gaap_BusinessAcquisitionAxis
= cmgo_ContinentalInvestmentsGroupIncMember		    
Restricted common stock         2,500,000us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross
/ us-gaap_BusinessAcquisitionAxis
= cmgo_ContinentalInvestmentsGroupIncMember		    
Convertible notes payable         85,000us-gaap_ConvertibleNotesPayable
/ us-gaap_BusinessAcquisitionAxis
= cmgo_ContinentalInvestmentsGroupIncMember		    
Restricted stock cancelled         2,500,000us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
/ us-gaap_BusinessAcquisitionAxis
= cmgo_ContinentalInvestmentsGroupIncMember		    
Convertible note cancellation         85,000us-gaap_DebtInstrumentRepurchaseAmount
/ us-gaap_BusinessAcquisitionAxis
= cmgo_ContinentalInvestmentsGroupIncMember		    
Series B Convertible Preferred Stock [Member]              
Equity (Textual)              
Preferred stock, shares issued   0us-gaap_PreferredStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesBPreferredStockMember		 0us-gaap_PreferredStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesBPreferredStockMember		   50,000us-gaap_PreferredStockSharesIssued
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesBPreferredStockMember		    
Common Stock [Member]              
Equity (Textual)              
Stock issued during period of acquisition, shares   5,000,000us-gaap_StockIssuedDuringPeriodSharesAcquisitions
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		          
Stock issued during period of acquisition   5,000us-gaap_StockIssuedDuringPeriodValueAcquisitions
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		          
Shares issued for services, shares       6,000,000us-gaap_StockIssuedDuringPeriodSharesIssuedForServices
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		      
New stock issued during the period, Shares     2,800,000us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		     1,500,000us-gaap_StockIssuedDuringPeriodSharesNewIssues
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		  
New stock issued during the period,Value     2,800us-gaap_StockIssuedDuringPeriodValueNewIssues
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		        
Proceeds from sale of shares           15,000us-gaap_ProceedsFromIssuanceOrSaleOfEquity
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		  
Sale of Stock, price per share           $ 0.01us-gaap_SaleOfStockPricePerShare
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember		  
Cancellation of common stock             7,350,000us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember
Warrant [Member]              
Equity (Textual)              
Weighted average remaining contractual term   4 years 5 months 5 days          
Warrants aggregate intrinsic value   $ 0us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_WarrantMember		          
XML 40 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
Property and Equipment (Details) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]    
Property and equipment, Gross $ 37,142us-gaap_PropertyPlantAndEquipmentGross $ 4,142us-gaap_PropertyPlantAndEquipmentGross
Less accumulated depreciation 4,950us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment   
Property and equipment, net 32,192us-gaap_PropertyPlantAndEquipmentNet   
Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, Gross 33,000us-gaap_PropertyPlantAndEquipmentGross
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= us-gaap_EquipmentMember		   
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, Gross $ 4,142us-gaap_PropertyPlantAndEquipmentGross
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= us-gaap_LeaseholdImprovementsMember		 $ 4,142us-gaap_PropertyPlantAndEquipmentGross
/ us-gaap_PropertyPlantAndEquipmentByTypeAxis
= us-gaap_LeaseholdImprovementsMember
XML 41 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
EQUITY

NOTE 2 - EQUITY

 

Preferred Stock

 

Series B Preferred Stock and Inventory Purchase

 

During August 2013, the Company entered into a Termination Agreement and Release (the “Agreement”) with Continental Investments Group (Continental), the holder of a $85,000 convertible note payable of the Company and the holder of 2,500,000 shares of restricted common stock.  The Agreement calls for the termination and cancellation of a Sale and Purchase agreement, whereby the Company agreed to issue 50,000 shares of Series B Convertible Preferred Stock in exchange for 20,000 cartoon animated Cels. The Agreement also calls for the cancellation of the $85,000 convertible note and related interest and for Continental to return the 2,500,000 shares of restricted common stock.

  

Common Stock

 

On January 29, 2014, the Company sold 1,500,000 shares of its common stock for $0.01 per share and net proceeds of $15,000. 

 

On March 28, 2014, the Company issued 5,000,000 shares of its common stock pursuant to the acquisition of its subsidiary.  The shares were valued at a total of $87,500 or $0.0175 per share, the closing price of the company’s common stock on the OTCQB.

 

On April 7, 2014, the Company issued 522,000 shares of its common stock pursuant to a consulting agreement. The shares were valued at a total of $8,613 or $0.0165 per share, the closing price of the company’s common stock on the OTCQB.

 

On May 9, 2014, the Company issued to a total of 6,000,000 shares of Common Stock to its three former directors of the Company, with each former director receiving 2,000,000 shares, pursuant to the agreements between the Company and each of the former directors dated February 5, 2014.

 

On June 30, 2014, the Company canceled 7,350,000 shares of common stock pursuant to a settlement agreement with CMGO Investors LLC and Craig Boden.

 

Common Stock Warrants

 

On April 7, 2014, we issued to our newly appointed CEO and Chairman of the Board of Directors, as compensation, a warrant to purchase a total of 40,000,000 shares of Common Stock at the exercise price of $0.0155 with a term of 5 years.

 

A summary of warrant activity for the years ended December 31, 2014 and 2013 is as follows: 

  

  Outstanding 
and Exercisable		  Weighted average 
Exercise Price		 
         
December 31, 2012  1,798,000  $0.28 
Granted  —   — 
Exercised  —   — 
December 31, 2013  1,798,000  $0.28 
Granted  40,000,000  $0.016 
Exercised  —   — 
Expired  (1,798,000)    
December 31, 2014  40,0000,000  $0.02 

 

As of December 31, 2014, the warrants have a weighted average remaining life of 4.43 years with $0 aggregate intrinsic value.
XML 42 R32.htm IDEA: XBRL DOCUMENT v2.4.1.9
Property and Equipment (Details Textual) (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Property and Equipment (Textual)    
Depreciation expense $ 4,950us-gaap_Depreciation   
XML 43 R40.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segments (Details) (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]    
Revenues $ 7,811,423us-gaap_SalesRevenueGoodsNet $ 7,413,796us-gaap_SalesRevenueGoodsNet
Operating expenses 9,401,817us-gaap_OperatingExpenses 8,171,643us-gaap_OperatingExpenses
Operating Income (Loss) (1,590,394)us-gaap_OperatingIncomeLoss (757,847)us-gaap_OperatingIncomeLoss
Other Income (Expense) 322,211us-gaap_NonoperatingIncomeExpense 1,951,898us-gaap_NonoperatingIncomeExpense
Net Income (Loss) (1,268,183)us-gaap_NetIncomeLoss 1,194,051us-gaap_NetIncomeLoss
CMG Holdings Group [Member]    
Segment Reporting Information [Line Items]    
Revenues     
Operating expenses 0us-gaap_OperatingExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_ParentCompanyMember		  
Operating Income (Loss) 0us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_ParentCompanyMember		  
Other Income (Expense) 333,238us-gaap_NonoperatingIncomeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_ParentCompanyMember		  
Net Income (Loss) 333,238us-gaap_NetIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= us-gaap_ParentCompanyMember		  
XA [Member]    
Segment Reporting Information [Line Items]    
Revenues 7,811,423us-gaap_SalesRevenueGoodsNet
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_XaMember		  
Operating expenses 9,259,055us-gaap_OperatingExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_XaMember		  
Operating Income (Loss) (1,447,632)us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_XaMember		  
Other Income (Expense) (11,027)us-gaap_NonoperatingIncomeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_XaMember		  
Net Income (Loss) (1,458,659)us-gaap_NetIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_XaMember		  
Good Gaming [Member]    
Segment Reporting Information [Line Items]    
Revenues     
Operating expenses 142,762us-gaap_OperatingExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_GoodGamingMember		  
Operating Income (Loss) (142,762)us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_GoodGamingMember		  
Other Income (Expense)     
Net Income (Loss) $ (142,762)us-gaap_NetIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= cmgo_GoodGamingMember		  
XML 44 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Balance Sheets (USD $)
Dec. 31, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash $ 27,886us-gaap_CashAndCashEquivalentsAtCarryingValue $ 476,588us-gaap_CashAndCashEquivalentsAtCarryingValue
Marketable securities    764,088us-gaap_MarketableSecuritiesCurrent
Accounts receivable, net of allowance of $0 and $0, respectively    287,094us-gaap_AccountsReceivableNetCurrent
Prepaid expenses and other current assets 8,400us-gaap_PrepaidExpenseAndOtherAssetsCurrent 8,400us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total Current Assets 36,286us-gaap_AssetsCurrent 1,536,170us-gaap_AssetsCurrent
Property and equipment, net 32,192us-gaap_PropertyPlantAndEquipmentNet   
Goodwill 54,500us-gaap_Goodwill   
Other noncurrent assets, net    60,078us-gaap_OtherAssetsNoncurrent
TOTAL ASSETS 122,978us-gaap_Assets 1,596,248us-gaap_Assets
CURRENT LIABILITIES:    
Accounts payable 676,671us-gaap_AccountsPayableCurrent 627,695us-gaap_AccountsPayableCurrent
Deferred compensation 40,000us-gaap_DeferredCompensationLiabilityCurrent 486,875us-gaap_DeferredCompensationLiabilityCurrent
Accrued liabilities 129,422us-gaap_AccruedLiabilitiesCurrent 593,710us-gaap_AccruedLiabilitiesCurrent
Deferred income    13,370us-gaap_DeferredRevenueCurrent
Convertible notes - (Net of discount $284,329 and $0) 74,679us-gaap_ConvertibleNotesPayableCurrent   
Derivative liabilities 400,892us-gaap_DerivativeInstrumentsAndHedgesLiabilities 11,121us-gaap_DerivativeInstrumentsAndHedgesLiabilities
Short term debt, (net of unamortized discount of $0 and $0, respectively)    9,943us-gaap_ShortTermBankLoansAndNotesPayable
Total Current Liabilities 1,321,664us-gaap_LiabilitiesCurrent 1,742,714us-gaap_LiabilitiesCurrent
TOTAL LIABILITIES 1,321,664us-gaap_Liabilities 1,742,714us-gaap_Liabilities
Commitments and contingencies     
STOCKHOLDERS' DEFICIT    
Common Stock: 450,000,000 shares authorized, par value $.001 per share; 289,329,190 and 283,657,190 shares issued and outstanding as of December 31, 2014 and December 31, 2013 289,329us-gaap_CommonStockValue 283,657us-gaap_CommonStockValue
Additional paid in capital 14,740,042us-gaap_AdditionalPaidInCapitalCommonStock 14,529,751us-gaap_AdditionalPaidInCapitalCommonStock
Treasury Stock, 37,174 and 37,174 shares held, respectively, at cost of -0-, as of December 31, 2014 and December 31, 2013.      
Accumulated deficit (16,228,057)us-gaap_RetainedEarningsAccumulatedDeficit (14,959,874)us-gaap_RetainedEarningsAccumulatedDeficit
TOTAL STOCKHOLDERS' DEFICIT (1,198,686)us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest (146,466)us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 122,978us-gaap_LiabilitiesAndStockholdersEquity 1,596,248us-gaap_LiabilitiesAndStockholdersEquity
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Preferred stock:      
Series B Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Preferred stock:      
XML 45 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income from continuing operations $ (1,268,183)us-gaap_NetIncomeLoss $ 1,194,051us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of debt discount 74,679us-gaap_AmortizationOfDebtDiscountPremium 152,848us-gaap_AmortizationOfDebtDiscountPremium
Depreciation 4,950us-gaap_Depreciation   
Shares issued for services 8,613us-gaap_StockIssuedDuringPeriodValueIssuedForServices   
Shares for previous directors 112,500cmgo_SharesForPreviousDirectors   
Shares cancelled 7,152cmgo_SharesCancelled   
(Gain) loss on derivatives 41,884us-gaap_UnrealizedGainLossOnDerivatives (210,180)us-gaap_UnrealizedGainLossOnDerivatives
(Gain) loss on extinguishment of debt    (793,732)us-gaap_GainsLossesOnExtinguishmentOfDebt
Realized gain on trading securities (496,902)us-gaap_TradingSecuritiesRealizedGain (524,668)us-gaap_TradingSecuritiesRealizedGain
Unrealized gain on trading securities    (622,769)us-gaap_TradingSecuritiesUnrealizedHoldingGain
Changes in:    
Accounts receivable 287,094us-gaap_IncreaseDecreaseInAccountsReceivable (34,527)us-gaap_IncreaseDecreaseInAccountsReceivable
Prepaid expense and other current assets    4,334us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Deferred income (13,370)us-gaap_IncreaseDecreaseInDeferredRevenue   
Accrued liabilities (464,288)us-gaap_IncreaseDecreaseInAccruedLiabilities 456,368us-gaap_IncreaseDecreaseInAccruedLiabilities
Accounts payable 48,976us-gaap_IncreaseDecreaseInAccountsPayable 80,043us-gaap_IncreaseDecreaseInAccountsPayable
Deferred compensation (446,875)us-gaap_IncreaseDecreaseInDeferredCompensation   
Other noncurrent assets 60,078us-gaap_IncreaseDecreaseInOtherNoncurrentAssets   
Accounts payable, related party    (19,625)us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties
Net cash provided by (used in) operating activities (2,403,692)us-gaap_NetCashProvidedByUsedInOperatingActivities (317,057)us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of trading securities 1,260,990us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment 658,021us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
Net cash provided by (used in) investing activities 1,260,990us-gaap_NetCashProvidedByUsedInInvestingActivities 658,021us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of debt 319,000us-gaap_ProceedsFromIssuanceOfDebt 104,500us-gaap_ProceedsFromIssuanceOfDebt
Proceeds from sale of common stock 15,000us-gaap_ProceedsFromIssuanceOfCommonStock   
Payments on debt    (207,000)us-gaap_ProceedsFromShortTermDebt
Net cash (used in) provided by financing activities 334,000us-gaap_NetCashProvidedByUsedInFinancingActivities (102,500)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase in cash (448,702)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 238,124us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash, beginning of period 476,588us-gaap_CashAndCashEquivalentsAtCarryingValue 168,624us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash, end of period 27,886us-gaap_CashAndCashEquivalentsAtCarryingValue 476,588us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental cash flow information:    
Interest paid    87,273us-gaap_InterestPaid
Non-cash investing and financing activity:    
Discount on shares issued with notes payable    98,097cmgo_DiscountOnSharesIssuedWithNotesPayable
Reclassification of accrued liabilities into debt      
Reclassification of accounts payable to short term debt      
Reclassification of short term debt to accounts payable      
Discount on notes payable from derivative liability      
Reclassification of derivative liabilities to additional paid-in capital      
Conversion of debt to equity      
XML 46 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivative Liabilities (Details) (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Derivative Liabilities [Abstract]    
Derivative Liabilities, Beginning balance $ 11,121us-gaap_DerivativeInstrumentsAndHedgesLiabilities $ 145,970us-gaap_DerivativeInstrumentsAndHedgesLiabilities
ASC 815-15 additions 402,710cmgo_DerivativeLiabilitiesAdditions 98,097cmgo_DerivativeLiabilitiesAdditions
Change in fair value (1,818)us-gaap_IncreaseDecreaseInDerivativeLiabilities (210,180)us-gaap_IncreaseDecreaseInDerivativeLiabilities
ASC 815-15 deletions (11,121)cmgo_DerivativeLiabilitiesDeletions (22,766)cmgo_DerivativeLiabilitiesDeletions
Derivative Liabilities, Ending balance $ 400,892us-gaap_DerivativeInstrumentsAndHedgesLiabilities $ 11,121us-gaap_DerivativeInstrumentsAndHedgesLiabilities
XML 47 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity (Tables)
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Summary of warrant activity

  Outstanding 
and Exercisable		  Weighted average 
Exercise Price		 
         
December 31, 2012  1,798,000  $0.28 
Granted  —   — 
Exercised  —   — 
December 31, 2013  1,798,000  $0.28 
Granted  40,000,000  $0.016 
Exercised  —   — 
Expired  (1,798,000)    
December 31, 2014  40,0000,000  $0.02 
XML 48 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivative Liabilities (Details Textual) (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Derivative Liabilities (Textual)    
Derivative Liabilities $ 400,892us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue $ 0us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
Notes Payable 81,892us-gaap_NotesPayableFairValueDisclosure 0us-gaap_NotesPayableFairValueDisclosure
Notes payable convertible reclassified from equity 0cmgo_ConvertibleNotesPayableReclassifiedFromEquity 9,240,920cmgo_ConvertibleNotesPayableReclassifiedFromEquity
Reclassified derivative liabilities to equity 0us-gaap_DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent 0us-gaap_DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
(Gain) loss on derivatives 41,884us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet 0us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
Fair value of embedded derivative liabilities 400,892us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability 0us-gaap_EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
Fair value all warrants outstanding 51,622cmgo_FairValueOfWarrantsOutstanding 11,121cmgo_FairValueOfWarrantsOutstanding
Gain (loss) related to warrant $ 40,501cmgo_WarrantsGainLossNet $ 10,196cmgo_WarrantsGainLossNet
Expected dividend 0.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate  
Expected volatility rate 116.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate  
Risk free interest rate 0.13%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate  
Expected volatility rate, minimum 116.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum  
Expected volatility rate, maximum 146.00%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum  
XML 49 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivative Liabilities (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Liabilities [Abstract]  
Summary of derivative liabilities included in the consolidated balance sheet

Derivative Liabilities   
Balance at December 31, 2012  145,970 
ASC 815-15 additions  98,097 
Change in fair value  (210,180)
ASC 815-15 deletions  (22,766)
Balance at December 31, 2013  11,121 
ASC 815-15 additions  402,710 
Change in fair value  (1,818)
ASC 815-15 deletions  (11,121)
Balance at December 31, 2014 $400,892 
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Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2014
Description of Business and Summary of Significant Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 – DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Business Activity

 

Creative Management Group, Inc. was formed in Delaware on August 13, 2002 as a limited liability company named Creative Management Group, LLC. On August 7, 2007, this entity converted to a corporation and changed its legal name to Creative Management Group Inc.  The Company is a sports, entertainment, marketing and management company providing event management implementation, sponsorships, licensing and broadcast, production and syndication.

 

On February 20, 2008, Creative Management Group, Inc. formed CMG Acquisitions, Inc., a Delaware company, for the purpose of acquiring companies and expansion strategies. On February 20, 2008, Creative Management Group, Inc. acquired 92.6% of Pebble Beach Enterprises, Inc. (a publicly traded company) and changed the name to CMG Holdings Group, Inc. (“the Company”). The purpose of the acquisition was to effect a reverse merger with Pebble Beach Enterprises, Inc. at a later date. On May 27, 2008, Pebble Beach entered into an Agreement and Plan of Reorganization with its controlling shareholder, Creative Management Group, Inc., a privately held Delaware corporation. Upon closing the eighty shareholders of Creative Management Group delivered all of their equity interests in Creative Management Group to Pebble Beach in exchange for shares of common stock in Pebble Beach owned by Creative Management Group, as a result of which Creative Management Group became a wholly-owned subsidiary of Pebble Beach. The shareholders of Creative Management Group received one share of Pebble Beach’s common stock previously owned by Creative Management Group for each issued and outstanding common share owned of Creative Management Group. As a result, the 22,135,148 shares of Pebble Beach that were issued and previously owned by Creative Management Group, are now owned directly by its shareholders. The 22,135,148 shares of Creative Management Group previously owned by its shareholders are now owned by Pebble Beach, thereby making Creative Management Group a wholly-owned subsidiary of Pebble Beach. Pebble Beach did not issue any new shares as part of the Reorganization. The transaction was accounted for as a reverse merger and recapitalization whereby Creative Management Group is the accounting acquirer. Pebble Beach was renamed CMG Holdings Group, Inc.

 

On April 1, 2009, the Company, through a newly formed wholly owned subsidiary CMGO Capital, Inc., a Nevada corporation, completed the acquisition of XA, The Experiential Agency, Inc. On March 31, 2010, the Company and AudioEye, Inc. (“AudioEye”) completed the final Stock Purchase Agreement under which the Company acquired all of the outstanding capital stock of AudioEye. On June 22, 2011 the Company entered into a Master Agreement subject to shareholder approval as may be required under applicable law and subject to closing conditions with AudioEye Acquisition Corp., a Nevada corporation where the shareholders of AudioEye Acquisition Corp. exchanged 100% of the stock in AudioEye Acquisition Corp for 80% of the capital stock of AudioEye. The Company retained 15% of AudioEye subject to transfer restrictions in accordance with the Master Agreement; on October 2012, the Company distributed to its shareholders, in the form of a dividend, 5% of the capital stock of AudioEye in accordance with provisions of the Master Agreement.

 

On March 28, 2014, CMG Holdings Group, Inc. (the “Company” or “CMG”), completed its acquisition of 100% of the shares of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, the then shareholders of GGI. The sole owner of BMB Financial, Inc. is also the sole owner of Infinite Alpha, Inc. which provides consulting services to CMG. Pursuant to the SEA, the Company received 100% of the shares of GGI in exchange for 5,000,000 shares of the Company’s common stock, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs. As of September 30, 2014, the Company has paid $58,600 of equipment and consultant compensation and $190,550 in development costs, of which $50,000 of the development costs had been advanced by the Company, prior to entering the agreement. In addition, pursuant to the SEA, CMG shall adopt an incentive plan for GGI which shall entitle the GGI officers, directors and employees to receive up to 30% of the net profits of GGI and up to 30% of the proceeds, in the event of a sale of GGI or its assets.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of CMG Holdings Group, Inc., XA, The Experiential Agency, Inc. ("XA") and GGI after elimination of all significant inter-company accounts and transactions.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Estimates are used when accounting for allowance for doubtful accounts, depreciation, and contingencies. Actual results could differ from those estimates.

 

Concentrations of Risk

 

Financial Institutions - The Company maintains its cash balances at two financial institutions where they are insured by the Federal Deposit Insurance Corporation up to $250,000 each. At September 30, 2014 and December 31, 2013, neither of these accounts was in excess of the limit. The Company also maintains a money market investment account at one securities firm where the account is insured by the Securities Investor Protection Corporation up to $500,000 for the bankruptcy, etc., of the securities firm. At December 31and 2013, the account did not have a balance in excess of the limit.

 

Sales and Accounts Receivable - For year ended December 31, 2014 and 2013, one customer accounts for 93% and 72% of the Company’s total revenues, respectively.

 

Revenue and Cost Recognition

 

The Company earns revenues by providing event management services under individually negotiated contracts with varying terms, recognizing revenue in accordance with ASC 605, Revenue Recognition, only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the services have been provided and collectability is assured.   In arrangements where key indicators suggest the Company acts as principal, the Company records the gross amount billed to the client as revenue and the related costs incurred as cost of revenues as the services are provided.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are amounts due from event management services, are unsecured and are carried at their estimated collectible amounts. Credit is generally extended on a short-term basis and do not bear interest, although a finance charge may be applied to amounts outstanding more than thirty days. Accounts receivable are periodically evaluated for collectability based on past credit history with clients. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions. There were no allowances for doubtful accounts as of December 31, 2014 and 2013.

 

Share-Based Compensation

 

The Company accounts for share-based compensation to employees in accordance with Accounting Standards Codification subtopic 718-10, Stock Compensation (“ASC 718-10”) and share-based compensation to non-employees in accordance with ASC 505-50 Accounting for Equity Instruments Issued to Non-Employees for Acquiring, or in Conjunction with Selling, Goods or Services. ASC 718-10 and 505-50 require the measurement and recognition of compensation expense for all share-based payment awards, including stock options based on the estimated fair values.

 

Derivative Instruments

 

We generally do not use derivative financial instruments to hedge exposures to cash-flow risks or market-risks. However, certain financial instruments, such as warrants and the embedded conversion features of our convertible promissory notes and debentures, which are indexed to our common stock, are classified as liabilities when either (a) the holder possesses rights to net-cash settlement or (b) physical or net-share settlement is not within our control. In such instances, net-cash settlement is assumed for financial accounting and reporting purposes, even when the terms of the underlying contracts do not provide for net-cash settlement. Derivative financial instruments are initially recorded, and continuously carried, at fair value.

 

Determining the fair value of these complex derivative financial instruments involves judgment and the use of certain relevant assumptions including, but not limited to, interest rates, volatility and conversion and redemption privileges. The use of different assumptions could have a material effect on the estimated fair value amounts.

 

The Company accounts for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging, and all derivative instruments are reflected as either assets or liabilities at fair value in the balance sheet.

 

The Company uses estimates of fair value to value its derivative instruments. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Company’s policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads (including for the Company’s liabilities), relying first on observable data from active markets. Additional adjustments may be made for factors including liquidity, credit, bid/offer spreads, etc., depending on current market conditions. Transaction costs are not included in the determination of fair value. When possible, The Company seeks to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. The Company categorizes its fair value estimates in accordance with ASC 820, Fair Value Measurements (ASC 820), based on the hierarchical framework associated with the three levels of price transparency utilized in measuring financial instruments.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents.

 

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets, which is generally between three and five years. Depreciation expense was $0, $0 and $0 for the three months ended and nine months ended September 30, 2014 and December 31, 2013, respectively.

 

Intangible Assets

 

Intangible assets are stated at cost, net of accumulated amortization.

  

Income Taxes

 

The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Basic and Diluted Net Loss per Share

 

The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

 

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

Fair Value Measurements

 

ASC 820 and ASC 825, Financial Instruments (ASC 825), requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

 

Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.

 

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

  

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on September 30, 2014 and December 31, 2013:

  

December 31, 2014   Level 1     Level 2     Level 3     Total  
Marketable trading securities   $ -     $ -     $ -     $ -  
                      400,892     $ 400,892  

 

December 31, 2013   Level 1     Level 2     Level 3     Total  
Marketable trading securities   $ 764,088     $ -     $ -     $ 764,088  
Derivative Liabilities   $ -     $ -     $ 11,121     $ 11,121  

 

Investments in Debt and Equity Securities

 

The Company applies the provisions of Accounting Standards Codification 320, Investments – Debt and Equity Securities, regarding marketable securities. The Company invests in securities that are intended to be bought and held principally for the purpose of selling them in the near term, and as a result, classifies such investments as trading securities. Trading securities are recorded at fair value on the balance sheet with changes in fair value being reflected as unrealized gains or losses in the current period. In addition, the Company classifies the cash flows from purchases, sales, and maturities of trading securities as cash flows from operating activities.

 

Details of the Company's marketable trading securities as of December 31, 2014 and 2013 are as follows:

 

    December 31,
2014		     December 31, 
2013		  
Aggregate fair value   $ -     $ 764,088  
Gross unrealized holding gains (losses)     -       622,769  
                 
Proceeds from sales   $ 1,260,990     $ 658,021  
Gross realized gains     496,902       524,668  
Gross realized losses     -       -  
Other than temporary impairment     -       -  
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Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Allowance for Doubtful Accounts Receivable $ 0us-gaap_AllowanceForDoubtfulAccountsReceivable $ 0us-gaap_AllowanceForDoubtfulAccountsReceivable
Debt Instrument, Net of Unamortized Discount 0us-gaap_DebtInstrumentUnamortizedDiscount 0us-gaap_DebtInstrumentUnamortizedDiscount
Common Stock, Shares Authorized 450,000,000us-gaap_CommonStockSharesAuthorized 450,000,000us-gaap_CommonStockSharesAuthorized
Common Stock, Par Value $ 0.001us-gaap_CommonStockParOrStatedValuePerShare $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
Common Stock, Shares, Issued 289,329,190us-gaap_CommonStockSharesIssued 283,657,190us-gaap_CommonStockSharesIssued
Common Stock, Shares, Outstanding 289,329,190us-gaap_CommonStockSharesOutstanding 283,657,190us-gaap_CommonStockSharesOutstanding
Treasury Stock, Number of Shares Held 37,174us-gaap_TreasuryStockNumberOfSharesHeld 37,174us-gaap_TreasuryStockNumberOfSharesHeld
Treasury Stock, Cost 0cmgo_TreasuryStockAtCost 0cmgo_TreasuryStockAtCost
Net of discount of convertible notes $ 284,329us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet $ 0us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet
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Resignation of Officers and Members of The Board
 12 Months Ended
Dec. 31, 2014
Resignation of Officers and Members of The Board [Abstract]  
RESIGNATION OF CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF THE BOARD

NOTE 11 – RESIGNATION OF OFFICERS AND MEMBERS OF THE BOARD.

 

On May 9, 2014, the Company issued to a total of 6,000,000 shares of Common Stock to its three former directors of the Company, with each former director receiving 2,000,000 shares, pursuant to the agreements between the Company and each of the former directors dated February 5, 2014.

 

On September 17, 2014, Jeffrey Devlin resigned as Chief Financial Officer and Director of the Company.
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Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2014
Apr. 30, 2015
Jun. 30, 2014
Document and Entity Information:      
Entity Registrant Name CMG Holdings Group, Inc.    
Entity Central Index Key 0001346655    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Type 10-K    
Document Period End Date Dec. 31, 2014    
Document Fiscal Year Focus 2014    
Document Fiscal Period Focus FY    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 2,895,000dei_EntityPublicFloat
Entity Common Stock, Shares Outstanding   289,500,000dei_EntityCommonStockSharesOutstanding  
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Going Concern
 12 Months Ended
Dec. 31, 2014
Going Concern [Abstract]  
GOING CONCERN

NOTE 12 – GOING CONCERN

 

As reported in the consolidated financial statements, the Company has an accumulated deficit as of December 31, 2014 and its current liabilities exceeded its current assets. There were recurring losses from operations and cash flows. There is a potential for this negative trend to continue.

 

These factors  create  uncertainty  about  the  Company's  ability  to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable and to create operations that contribute capital from normal operations. If the Company cannot obtain  adequate  capital  or revenue streams it  could  be  forced  to  cease operations.
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Consolidated Statements of Operations (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Consolidated Statement of Operations    
Revenues $ 7,811,423us-gaap_SalesRevenueGoodsNet $ 7,413,796us-gaap_SalesRevenueGoodsNet
Operating Expenses:    
Cost of revenues 6,493,002us-gaap_CostOfGoodsSold 5,296,280us-gaap_CostOfGoodsSold
General and administrative expenses 2,908,815us-gaap_GeneralAndAdministrativeExpense 2,875,363us-gaap_GeneralAndAdministrativeExpense
Total Operating Expenses 9,401,817us-gaap_OperatingExpenses 8,171,643us-gaap_OperatingExpenses
Operating Loss (1,590,394)us-gaap_OperatingIncomeLoss (757,847)us-gaap_OperatingIncomeLoss
Other Income (Expense):    
Gain on extinguishment and forgiveness of liability    793,732us-gaap_GainsLossesOnExtinguishmentOfDebt
Gain (loss) on derivative liability (41,884)cmgo_GainOnDerivativeLiability 210,180cmgo_GainOnDerivativeLiability
Realized gain on marketable securities 496,902us-gaap_MarketableSecuritiesRealizedGainLoss 524,668us-gaap_MarketableSecuritiesRealizedGainLoss
Unrealized gain on marketable securities    622,769us-gaap_MarketableSecuritiesUnrealizedGainLoss
Other income 8,513us-gaap_OtherNonoperatingIncome 56,394us-gaap_OtherNonoperatingIncome
Derivative interest (103,566)us-gaap_InterestAndDebtExpense   
Interest expense (26,727)us-gaap_InterestExpense   
Other expense (11,027)us-gaap_OtherNonoperatingExpense (255,845)us-gaap_OtherNonoperatingExpense
Total Other Income (Expense) 322,211us-gaap_NonoperatingIncomeExpense 1,951,898us-gaap_NonoperatingIncomeExpense
Income (loss) from continuing operations (1,268,183)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 1,194,051us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Net Income $ (1,268,183)us-gaap_NetIncomeLoss $ 1,194,051us-gaap_NetIncomeLoss
Basic income (loss) per common share for continuing operations      
Basic income per common share for discontinued operations      
Total basic income per common share      
Diluted loss per share for continued operations      
Diluted income (loss) per common share for discontinued operations      
Total diluted income per common share      
Basic weighted average common shares outstanding 289,329,190us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 289,674,514us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted weighted average common shares outstanding 289,329,190us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 290,668,814us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
XML 58 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivative Liabilities
 12 Months Ended
Dec. 31, 2014
Derivative Liabilities [Abstract]  
DERIVATIVE LIABILITIES

NOTE 6 - DERIVATIVE LIABILITIES

 

The Company has a convertible instruments outstanding more fully described in Note 3.   In accordance with ASC 815-15 “Derivatives and Hedging”, the convertible share-settleable instruments are classified as liabilities.

 

Embedded Derivative Liabilities in Convertible Notes

 

During the years ended December 31, 2014 and 2013, the Company recognized new derivative liabilities of $400,892 and $0, respectively, as a result of new convertible debt issuances.  The fair value of these derivative liabilities exceeded the principal balance of the related notes payable by $81,892 and $0 for the years ended December 31, 2014 and 2013, respectively.  As a result of conversions of notes payable, the Company reclassified $0 and $9,240,920 from equity and $0 and $0 of derivative liabilities to equity during the years ended December 31 2014 and 2013, respectively.  The Company recognized a loss of $41,884 and $0 on derivatives due to change in fair value of the liability during the years ended December 31, 2014 and 2013, respectively. The fair value of the Company’s embedded derivative liabilities was $400,892 and $0 at December 31, 2014 and 2013, respectively.

  

Warrants 

 

Under ASC 815-15, the liabilities were subsequently measured at fair value at the end of each reporting period with the change in fair value recorded to earnings. The fair value of all outstanding warrants as of December 31, 2014 and December 31, 2013 was $51,622 and $11,121, respectively.  The Company recognized an expense of $40,501 and a gain $10,196 related to the warrants for the year ended December 31, 2014 and 2013, respectively.

 

The following table summarizes the derivative liabilities included in the consolidated balance sheet:

 

Derivative Liabilities   
Balance at December 31, 2012  145,970 
ASC 815-15 additions  98,097 
Change in fair value  (210,180)
ASC 815-15 deletions  (22,766)
Balance at December 31, 2013  11,121 
ASC 815-15 additions  402,710 
Change in fair value  (1,818)
ASC 815-15 deletions  (11,121)
Balance at December 31, 2014 $400,892 

 

The embedded conversion options in the Notes, which is accounted for separately as a derivative instrument is valued using a binomial lattice model because that model embodies all of the significant relevant assumptions that address the features underlying these instruments. Significant assumptions used in the model as of the date the Note was issued and as of December 31, 2014 included an expected life equal to the remaining term of the Note, an expected dividend yield of zero, estimated volatility ranging of 116%, and a risk-free rate of return of 0.13%. For the risk-free rates of return, we use the published yields on zero-coupon Treasury Securities with maturities consistent with the remaining term of the Note. Volatility is based upon our expected common stock price volatility over the remaining term of the Note. The volatility used for the Note is based on the Company’s 100-day volatility, which is considered a reasonable surrogate for the volatility to be expected over the life of the Note. That volatility has generally ranged from 116% to 146%.
XML 59 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Notes Payable
 12 Months Ended
Dec. 31, 2014
Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 5 - NOTES PAYABLE

 

The Company issued Iconic Holdings, LLC. a convertible promissory note of principal amount of $50,000 on September 26, 2014. The note has an interest rate of 10% and is due September 29, 2015. The note is convertible into the Company’s common stock at a conversion price equal to 70% of the lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the date on which note holder elects to convert all or part of the note. The unamortized discount is $36,849. The net value of the note is $31,168. The outstanding balance at December 31, 2014 is $50,000.

 

On October 1, 2014 the Company sold a Convertible Debenture in the principle amount of $114,000 to Typenex Co-Investment, LLC. The principal amount includes an Original Issue Discount in the amount of $10,000. The Debenture bears interest at an annum rate of 10% and is payable in 5 equal installments that can be paid in cash or share of the Company’s common stock. The number of shares to be issued for installment payments made in the form of shares of the Company’s common stock, shall be calculated at70% of the average of the three closing prices in the 20 trading days prior to the date of conversion, of the Company’s common stock. The Note’s maturity date is August 1, 2015. The unamortized discount is $79,875. The net value of the note is $94,394. The outstanding balance at December 31, 2014 is $114,000.

 

On October 10, 2014 the Company sold a Convertible Debenture in the principal amount of $115,000 to KBM Investments LLC. The Principle amount includes an Original Issue Discount in the amount of $11,000 and investor fees in the amount of $4,000. Total net proceeds to the Company were $100,000. The Debenture bears interest at an annum rate of 8% and can be repaid at any time prior to the date of maturity. The prepayment penalty for such prepayment ranges from 8%-25% of the principal amount paid. On the 181st day from the date of the Note. The Note is convertible into shares of the Company’s common stock. The Rate of such conversion is 75% of the lowest 3 trading prices of the Company’s common stock during the ten trading days prior to the conversion date. The Note’s maturity date is October 8, 2015. The unamortized discount is $89,022. The net value of the note is $104,923. The outstanding balance at December 31, 2014 is $115,000.

 

On December 18, 2014 the Company entered into the Securities Purchase Agreement pursuant to which it sold an 8% convertible note of the Corporation, in the aggregate principle amount of $40,000 convertible into shares of the Company’s common stock to KBM Worldwide Inc. The Note is convertible into shares of the Company’s common stock. The Rate of such conversion is 75% of the lowest 3 trading prices of the Company’s common stock during the ten trading days prior to the conversion date. The note has a maturity date of December 18, 2015. The unamortized discount is $38,575. The net value of the note is $44,106. The outstanding balance at December 31, 2014 is $40,000.
XML 60 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2014
Property and Equipment [Abstract]  
Summary of property and equipment

  2014  2013 
Equipment $33,000  $- 
Leasehold Improvements  4,142   4,142 
   37,142   4,142 
Less accumulated depreciation  4,950   - 
  $32,192  $4,142 
XML 61 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events
 12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

 

As of Jan. 2015 XA no longer has a Chicago office, and the NY office space has been terminated as well. XA in NY is currently being run out of the loft of Alexis Laken to preserve capital. We are hoping to find rental space at a greatly reduced rent in the next few months. We thank Ms. Laken for her generosity in letting us use her loft for XA's office.

 

On February 24, 2015, CMG Holdings Group, Inc.’s (the “Company”) subsidiary, XA, The Experiential Agency, Inc. (“XA”) having determined that it could no longer operate its business, as it was then constituted, decided to execute an assignment for the benefit of creditors to Tailwind Services LLC (“Tailwind”). An Assignment for the Benefit of Creditors is a method of liquidating a business. To that end a Trust Agreement and Assignment of Assets for the Benefit of Creditors was executed on February 24, 2015, transferring all of the assets of XA to Tailwind. Subsequently Tailwind advertised a sale of XA's assets to the Company for the approximate sum of $60,000 (the "Sale"). An Asset Purchase Agreement was executed between XA and the Company on March 4, 2015. The Sale of XA's assets to CMG was consummated on March 25, 2015. Only assets were purchased by CMG liabilities were not assumed. The assets consisted of, among other things, all personal property of XA including accounts receivable, the XA name and other general intangibles of XA, as well as a cause of action involving stolen services.
XML 62 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
Acquisition of Good Gaming, Inc
 12 Months Ended
Dec. 31, 2014
Acquisition of Good Gaming, Inc [Abstract]  
ACQUISITION OF GOOD GAMING, INC.

NOTE 9 - ACQUISITION OF GOOD GAMING, INC.

 

On March 28, 2014, CMG Holdings, Inc. (the “Company” or “CMG”), completed its acquisition of 100% of the shares of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, the then shareholders of GGI. The sole owner of BMB Financial, Inc. is also the sole owner of Infinite Alpha, Inc. which provides consulting services to CMG. The transaction was completed under the purchase method of accounting.  Pursuant to the SEA, the Company received 100% of the shares of GGI in exchange for 5,000,000 shares of the Company’s common stock, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs, of which $50,000 of the development costs had been advanced by the Company.  In addition, pursuant to the SEA, CMG shall adopt an incentive plan for GGI which shall entitle the GGI officers, directors and employees to receive up to 30% of the net profits of GGI and up to 30% of the proceeds, in the event of a sale of GGI or its assets.  The Company recorded goodwill of $54,500 as a result of this acquisition and intends to test this asset for impairment every twelve months. 
XML 63 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
Related Party
 12 Months Ended
Dec. 31, 2014
Related Party [Abstract]  
RELATED PARTY

NOTE 7 – RELATED PARTY

 

The Company had outstanding accounts payable to a former officer and director who was a related party at December 31, 2012 of $19,625. The payables represent legal and administrative fees paid on behalf of the Company.  These payables were settled during the year ended December 31, 2013.

 

XA has business trade payable due to LSC Capital Advisor, a consulting firm which is controlled by Joseph Wagner, its former CEO. The payable for $47,912 is included in account payable as of December 31, 2013, respectively. Total amount billed to XA from LSC Capital Advisor is $142,060 for the year ended 2013, respectively.

 

The Company issued to three former directors 2,000,000 shares of the Company’s common stock. The Company issued the Company CEO a warrant to purchase 40,000,000 shares of the Company’s common stock at $0.0155. The warrant has a term of 5 years. The board of directors approved a monthly salary for the Company CEO of $15,000 per month. Due to negative economic factors the company has not made all of these payments and has recorded “Accrued Compensation” of $40,000 at December 31, 2014. Due to these same economic effects the Company is currently using office space provided by the Company CEO’s daughter, Alexis Laken, on a rent free basis and she is also employed as President of XA.
XML 64 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
Legal Proceedings
 12 Months Ended
Dec. 31, 2014
Legal Proceedings [Abstract]  
LEGAL PROCEEDINGS

NOTE 8 – LEGAL PROCEEDINGS

 

We are subject to certain claims and litigation in the ordinary course of business. It is the opinion of management that the outcome of such matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

 

On September 23, 2014, XA filed a lawsuit in the Supreme Court of the State of New York, County of New York against HG and its principals alleging wrongdoing by the defendants in connection with soliciting XA’s clients and seeking against further contact with XA clients. The Company conducted an internal investigation of actions taken by XA’s former employees during the quarter ended September 30, 2014. The Company and XA plan to complete the investigation, including recovering e-mails deleted by the former employees, and to vigorously pursue any and all amounts wrongfully taken from XA.

 

The investigation has been completed, an amended complaint will be filed on June 15, 2015. New counsel has been retained to pursue the prosecution of the case and the new counsels name is Laurence Steckman of the firm Eaton and Van Winkle. There will be new defendants added and the damages sought will be substantially increased

 

In October, 2014, Ronald Burkhardt, XA,s former Executive Chairman filed a lawsuit in the Supreme Court of the State of New York, County of New York, alleging breach of his employment contract and seeking approximately $695,000 in damages. The Company believes that Mr. Burkhardt’s claim is without merit and plans to vigorously defend the lawsuit.
XML 65 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segments
 12 Months Ended
Dec. 31, 2014
Segments [Abstract]  
SEGMENTS

NOTE 10 – SEGMENTS 

 

The Company splits its business activities during the December 31,, 2014 into three reportable segments. Each segment represents an entity of which are included in the consolidation. The table below represents the operations results for each segment or entity, for the year ended December 31, 2014.

 

  XA  Good 
Gaming		  CMG Holdings Group  Totals 
             
Revenue $7,811,423  $—  $—  $7,811,423 
                 
Operating expenses  9,259,055   142,762   0   9,401,817 
                 
Operating Income (Loss)  (1,447,632)  (142,762)  0)  (1,590,394)
                 
Other Income (Expense)  (11,027)  —   333,238   322,211 
                 
Net Income (Loss) $(1,458,659) $(142,762) $333,283  $(1,268,183)
XML 66 R34.htm IDEA: XBRL DOCUMENT v2.4.1.9
Notes Payable (Details) (USD $)
 0 Months Ended 1 Months Ended 0 Months Ended
Oct. 10, 2014
Sep. 26, 2014
Dec. 18, 2014
Oct. 01, 2014
Installment
Dec. 31, 2014
Dec. 31, 2013
Notes Payable (Textual)            
Convertible promissory note   $ 50,000us-gaap_ConvertibleDebt        
Convertible debt, Interest rate   10.00%us-gaap_DebtInstrumentInterestRateEffectivePercentage        
Debt instrument, Maturity date   Sep. 29, 2015        
Debt conversion, Description   The note is convertible into the Company's common stock at a conversion price equal to 70% of the lowest trading price of the Company's common stock during the 20 consecutive trading days prior to the date on which note holder elects to convert all or part of the note.        
Unamortized discount   36,849us-gaap_DebtInstrumentUnamortizedDiscount     0us-gaap_DebtInstrumentUnamortizedDiscount 0us-gaap_DebtInstrumentUnamortizedDiscount
Principal amount of the note   31,168us-gaap_DebtInstrumentFaceAmount        
Sale of convertible debenture 100,000us-gaap_ProceedsFromConvertibleDebt          
Outstanding balance         50,000us-gaap_DebtInstrumentCarryingAmount  
Original issue discount         284,329us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet 0us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet
Securities Purchase Agreement [Member]            
Notes Payable (Textual)            
Convertible promissory note     40,000us-gaap_ConvertibleDebt
/ cmgo_AgreementAxis
= cmgo_SecuritiesPurchaseAgreementMember		      
Convertible debt, Interest rate     8.00%us-gaap_DebtInstrumentInterestRateEffectivePercentage
/ cmgo_AgreementAxis
= cmgo_SecuritiesPurchaseAgreementMember		      
Debt instrument, Maturity date     Dec. 18, 2015      
Debt conversion, Description     The Rate of such conversion is 75% of the lowest 3 trading prices of the Company's common stock during the ten trading days prior to the conversion date.      
Unamortized discount     38,575us-gaap_DebtInstrumentUnamortizedDiscount
/ cmgo_AgreementAxis
= cmgo_SecuritiesPurchaseAgreementMember		      
Principal amount of the note     44,106us-gaap_DebtInstrumentFaceAmount
/ cmgo_AgreementAxis
= cmgo_SecuritiesPurchaseAgreementMember		      
Outstanding balance         40,000us-gaap_DebtInstrumentCarryingAmount
/ cmgo_AgreementAxis
= cmgo_SecuritiesPurchaseAgreementMember		  
Typenex Co-Investment LLC [Member]            
Notes Payable (Textual)            
Convertible debt, Interest rate       10.00%us-gaap_DebtInstrumentInterestRateEffectivePercentage
/ dei_LegalEntityAxis
= cmgo_TypenexCoInvestmentLlcMember		    
Debt instrument, Maturity date       Aug. 01, 2015    
Debt conversion, Description       70% of the average of the three closing prices in the 20 trading days prior to the date of conversion, of the Company's common stock.    
Unamortized discount       79,875us-gaap_DebtInstrumentUnamortizedDiscount
/ dei_LegalEntityAxis
= cmgo_TypenexCoInvestmentLlcMember		    
Principal amount of the note       94,394us-gaap_DebtInstrumentFaceAmount
/ dei_LegalEntityAxis
= cmgo_TypenexCoInvestmentLlcMember		    
Sale of convertible debenture       114,000us-gaap_ProceedsFromConvertibleDebt
/ dei_LegalEntityAxis
= cmgo_TypenexCoInvestmentLlcMember		    
Outstanding balance         114,000us-gaap_DebtInstrumentCarryingAmount
/ dei_LegalEntityAxis
= cmgo_TypenexCoInvestmentLlcMember		  
Original issue discount       10,000us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet
/ dei_LegalEntityAxis
= cmgo_TypenexCoInvestmentLlcMember		    
Number of installments       5cmgo_NumberOfInstallments
/ dei_LegalEntityAxis
= cmgo_TypenexCoInvestmentLlcMember		    
KBM Investments LLC [Member]            
Notes Payable (Textual)            
Convertible debt, Interest rate 8.00%us-gaap_DebtInstrumentInterestRateEffectivePercentage
/ dei_LegalEntityAxis
= cmgo_KbmInvestmentsLlcMember		          
Debt instrument, Maturity date Oct. 08, 2015          
Debt conversion, Description On the 181st day from the date of the Note. The Note is convertible into shares of the Company's common stock. The Rate of such conversion is 75% of the lowest 3 trading prices of the Company's common stock during the ten trading days prior to the conversion date.          
Unamortized discount 89,022us-gaap_DebtInstrumentUnamortizedDiscount
/ dei_LegalEntityAxis
= cmgo_KbmInvestmentsLlcMember		          
Principal amount of the note 104,923us-gaap_DebtInstrumentFaceAmount
/ dei_LegalEntityAxis
= cmgo_KbmInvestmentsLlcMember		          
Sale of convertible debenture 115,000us-gaap_ProceedsFromConvertibleDebt
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Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2014
Description of Business and Summary of Significant Accounting Policies [Abstract]  
Schedule of fair value hierarchy of financial assets and liabilities
December 31, 2014 Level 1  Level 2  Level 3  Total 
Marketable trading securities $-  $-  $-  $- 
           400,892  $400,892 

 

December 31, 2013 Level 1  Level 2  Level 3  Total 
Marketable trading securities $764,088  $-  $-  $764,088 
Derivative Liabilities $-  $-  $11,121  $11,121 
Schedule of marketable trading securities
 
  December 31,
2014		  December 31, 
2013		 
Aggregate fair value $-  $764,088 
Gross unrealized holding gains (losses)  -   622,769 
         
Proceeds from sales $1,260,990  $658,021 
Gross realized gains  496,902   524,668 
Gross realized losses  -   - 
Other than temporary impairment  -   - 

 

 
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Segments (Details Textual)
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Dec. 31, 2014
Segment
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Consolidated Statements of Change in Stockholders' Deficit (USD $)
Total
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Goodwill
 12 Months Ended
Dec. 31, 2014
Goodwill [Abstract]  
GOODWILL

NOTE 4 – GOODWILL

 

The Company recorded goodwill of $54,500 on the purchase of Good Gaming Inc. The Company issued 5,000,000 shares of Company common stock at a value of $0.0175 per share for a value of $87,500. The Company also recorded $33,000 of equipment.
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 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
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 12 Months Ended
Dec. 31, 2014
Legal Proceedings (Textual)  
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Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2014
Description of Business and Summary of Significant Accounting Policies [Abstract]  
Business Activity

Business Activity

 

Creative Management Group, Inc. was formed in Delaware on August 13, 2002 as a limited liability company named Creative Management Group, LLC. On August 7, 2007, this entity converted to a corporation and changed its legal name to Creative Management Group Inc.  The Company is a sports, entertainment, marketing and management company providing event management implementation, sponsorships, licensing and broadcast, production and syndication.

 

On February 20, 2008, Creative Management Group, Inc. formed CMG Acquisitions, Inc., a Delaware company, for the purpose of acquiring companies and expansion strategies. On February 20, 2008, Creative Management Group, Inc. acquired 92.6% of Pebble Beach Enterprises, Inc. (a publicly traded company) and changed the name to CMG Holdings Group, Inc. (“the Company”). The purpose of the acquisition was to effect a reverse merger with Pebble Beach Enterprises, Inc. at a later date. On May 27, 2008, Pebble Beach entered into an Agreement and Plan of Reorganization with its controlling shareholder, Creative Management Group, Inc., a privately held Delaware corporation. Upon closing the eighty shareholders of Creative Management Group delivered all of their equity interests in Creative Management Group to Pebble Beach in exchange for shares of common stock in Pebble Beach owned by Creative Management Group, as a result of which Creative Management Group became a wholly-owned subsidiary of Pebble Beach. The shareholders of Creative Management Group received one share of Pebble Beach’s common stock previously owned by Creative Management Group for each issued and outstanding common share owned of Creative Management Group. As a result, the 22,135,148 shares of Pebble Beach that were issued and previously owned by Creative Management Group, are now owned directly by its shareholders. The 22,135,148 shares of Creative Management Group previously owned by its shareholders are now owned by Pebble Beach, thereby making Creative Management Group a wholly-owned subsidiary of Pebble Beach. Pebble Beach did not issue any new shares as part of the Reorganization. The transaction was accounted for as a reverse merger and recapitalization whereby Creative Management Group is the accounting acquirer. Pebble Beach was renamed CMG Holdings Group, Inc.

 

On April 1, 2009, the Company, through a newly formed wholly owned subsidiary CMGO Capital, Inc., a Nevada corporation, completed the acquisition of XA, The Experiential Agency, Inc. On March 31, 2010, the Company and AudioEye, Inc. (“AudioEye”) completed the final Stock Purchase Agreement under which the Company acquired all of the outstanding capital stock of AudioEye. On June 22, 2011 the Company entered into a Master Agreement subject to shareholder approval as may be required under applicable law and subject to closing conditions with AudioEye Acquisition Corp., a Nevada corporation where the shareholders of AudioEye Acquisition Corp. exchanged 100% of the stock in AudioEye Acquisition Corp for 80% of the capital stock of AudioEye. The Company retained 15% of AudioEye subject to transfer restrictions in accordance with the Master Agreement; on October 2012, the Company distributed to its shareholders, in the form of a dividend, 5% of the capital stock of AudioEye in accordance with provisions of the Master Agreement.

 

On March 28, 2014, CMG Holdings Group, Inc. (the “Company” or “CMG”), completed its acquisition of 100% of the shares of Good Gaming, Inc. (“GGI”) by entering into a Share Exchange Agreement (the “SEA”) with BMB Financial, Inc. and Jackie Beckford, the then shareholders of GGI. The sole owner of BMB Financial, Inc. is also the sole owner of Infinite Alpha, Inc. which provides consulting services to CMG. Pursuant to the SEA, the Company received 100% of the shares of GGI in exchange for 5,000,000 shares of the Company’s common stock, $33,000 in equipment and consultant compensation and a commitment to pay $200,000 in development costs. As of September 30, 2014, the Company has paid $58,600 of equipment and consultant compensation and $190,550 in development costs, of which $50,000 of the development costs had been advanced by the Company, prior to entering the agreement. In addition, pursuant to the SEA, CMG shall adopt an incentive plan for GGI which shall entitle the GGI officers, directors and employees to receive up to 30% of the net profits of GGI and up to 30% of the proceeds, in the event of a sale of GGI or its assets.
Principles of Consolidation

Principles of Consolidation

 

The consolidated financial statements include the accounts of CMG Holdings Group, Inc., XA, The Experiential Agency, Inc. ("XA") and GGI after elimination of all significant inter-company accounts and transactions.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Estimates are used when accounting for allowance for doubtful accounts, depreciation, and contingencies. Actual results could differ from those estimates.
Concentrations of Risk

Concentrations of Risk

 

Financial Institutions - The Company maintains its cash balances at two financial institutions where they are insured by the Federal Deposit Insurance Corporation up to $250,000 each. At September 30, 2014 and December 31, 2013, neither of these accounts was in excess of the limit. The Company also maintains a money market investment account at one securities firm where the account is insured by the Securities Investor Protection Corporation up to $500,000 for the bankruptcy, etc., of the securities firm. At December 31and 2013, the account did not have a balance in excess of the limit.
Sales and Accounts Receivable

Sales and Accounts Receivable - For year ended December 31, 2014 and 2013, one customer accounts for 93% and 72% of the Company’s total revenues, respectively.
Revenue and Cost Recognition

Revenue and Cost Recognition

 

The Company earns revenues by providing event management services under individually negotiated contracts with varying terms, recognizing revenue in accordance with ASC 605, Revenue Recognition, only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the services have been provided and collectability is assured.   In arrangements where key indicators suggest the Company acts as principal, the Company records the gross amount billed to the client as revenue and the related costs incurred as cost of revenues as the services are provided.
Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are amounts due from event management services, are unsecured and are carried at their estimated collectible amounts. Credit is generally extended on a short-term basis and do not bear interest, although a finance charge may be applied to amounts outstanding more than thirty days. Accounts receivable are periodically evaluated for collectability based on past credit history with clients. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions. There were no allowances for doubtful accounts as of December 31, 2014 and 2013.
Share-Based Compensation

Share-Based Compensation

 

The Company accounts for share-based compensation to employees in accordance with Accounting Standards Codification subtopic 718-10, Stock Compensation (“ASC 718-10”) and share-based compensation to non-employees in accordance with ASC 505-50 Accounting for Equity Instruments Issued to Non-Employees for Acquiring, or in Conjunction with Selling, Goods or Services. ASC 718-10 and 505-50 require the measurement and recognition of compensation expense for all share-based payment awards, including stock options based on the estimated fair values.
Derivative Instruments

Derivative Instruments

 

We generally do not use derivative financial instruments to hedge exposures to cash-flow risks or market-risks. However, certain financial instruments, such as warrants and the embedded conversion features of our convertible promissory notes and debentures, which are indexed to our common stock, are classified as liabilities when either (a) the holder possesses rights to net-cash settlement or (b) physical or net-share settlement is not within our control. In such instances, net-cash settlement is assumed for financial accounting and reporting purposes, even when the terms of the underlying contracts do not provide for net-cash settlement. Derivative financial instruments are initially recorded, and continuously carried, at fair value.

 

Determining the fair value of these complex derivative financial instruments involves judgment and the use of certain relevant assumptions including, but not limited to, interest rates, volatility and conversion and redemption privileges. The use of different assumptions could have a material effect on the estimated fair value amounts.

 

The Company accounts for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging, and all derivative instruments are reflected as either assets or liabilities at fair value in the balance sheet.

 

The Company uses estimates of fair value to value its derivative instruments. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Company’s policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads (including for the Company’s liabilities), relying first on observable data from active markets. Additional adjustments may be made for factors including liquidity, credit, bid/offer spreads, etc., depending on current market conditions. Transaction costs are not included in the determination of fair value. When possible, The Company seeks to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. The Company categorizes its fair value estimates in accordance with ASC 820, Fair Value Measurements (ASC 820), based on the hierarchical framework associated with the three levels of price transparency utilized in measuring financial instruments.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents.
Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the respective assets, which is generally between three and five years. Depreciation expense was $0, $0 and $0 for the three months ended and nine months ended September 30, 2014 and December 31, 2013, respectively.
Intangible Assets

Intangible Assets

 

Intangible assets are stated at cost, net of accumulated amortization.
Income Taxes

Income Taxes

 

The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Basic and Diluted Net Loss per Share

Basic and Diluted Net Loss per Share

 

The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
Fair Value Measurements

Fair Value Measurements

 

ASC 820 and ASC 825, Financial Instruments (ASC 825), requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

 

Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.

 

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

  

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on September 30, 2014 and December 31, 2013:

  

December 31, 2014 Level 1  Level 2  Level 3  Total 
Marketable trading securities $-  $-  $-  $- 
           400,892  $400,892 

 

December 31, 2013 Level 1  Level 2  Level 3  Total 
Marketable trading securities $764,088  $-  $-  $764,088 
Derivative Liabilities $-  $-  $11,121  $11,121 
Investments in Debt and Equity Securities

Investments in Debt and Equity Securities

 

The Company applies the provisions of Accounting Standards Codification 320, Investments – Debt and Equity Securities, regarding marketable securities. The Company invests in securities that are intended to be bought and held principally for the purpose of selling them in the near term, and as a result, classifies such investments as trading securities. Trading securities are recorded at fair value on the balance sheet with changes in fair value being reflected as unrealized gains or losses in the current period. In addition, the Company classifies the cash flows from purchases, sales, and maturities of trading securities as cash flows from operating activities.

 

Details of the Company's marketable trading securities as of December 31, 2014 and 2013 are as follows:

 

  December 31,
2014		  December 31, 
2013		 
Aggregate fair value $-  $764,088 
Gross unrealized holding gains (losses)  -   622,769 
         
Proceeds from sales $1,260,990  $658,021 
Gross realized gains  496,902   524,668 
Gross realized losses  -   - 
Other than temporary impairment  -   -