CMG Holdings Group, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant changes in revenue and profitability compared to the previous fiscal period.
For the third quarter of 2024, the company generated revenues of $14,805, a substantial decline from $146,143 reported in the same quarter of 2023. This decrease highlights challenges in revenue generation during the quarter. Operating expenses also decreased to $162,646 from $278,079 in Q3 2023, indicating a reduction in costs, although the decrease in revenue was more pronounced.
The net loss for Q3 2024 was $(121,015), which represents a deeper loss compared to the $(97,486) loss recorded in Q3 2023. This indicates that despite lower operating expenses, the significant drop in revenue has adversely affected the company's profitability.
In contrast, for the nine months ended September 30, 2024, CMG Holdings reported total revenues of $1,179,894, an increase from $625,568 for the same period in 2023. This growth in revenue over the nine-month period suggests a recovery or improvement in business operations compared to the previous year. The net loss for the nine months was $(163,372), which shows an improvement from the $(243,326) loss reported in the same period of 2023, indicating a positive trend in overall financial performance despite ongoing losses.
As of September 30, 2024, the company had total current assets of $1,886,804 and total current liabilities of $1,438,815, resulting in a stockholders' deficit of $447,989. The cash position at the end of the period was $146,624, with cash used in operating activities amounting to $(103,817) for the nine months ended September 30, 2024.
Overall, while CMG Holdings Group, Inc. faced challenges in the third quarter, the nine-month results reflect a more favorable trajectory in revenue and a reduction in net loss compared to the previous year.
About CMG HOLDINGS GROUP, INC.
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