Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CMG Holdings Group, Inc. | |
Entity Central Index Key | 0001346655 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 438,672,016 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 500,874 | $ 411,136 |
Accounts receivable | 15,005 | 24,941 |
Gym inventory | 16,000 | |
Loan receivable | 169,173 | 164,321 |
Total current assets | 701,052 | 600,398 |
Property and equipment | 8,982 | 9,911 |
Total Assets | 710,034 | 610,309 |
CURRENT LIABILITIES | ||
Accounts payable | 10,500 | |
Deferred compensation | 440,376 | 483,376 |
Loan from outside party | 15,000 | 35,000 |
Paycheck protection loan | 108,293 | 45,792 |
Note payable | 96,250 | 108,750 |
Total current liabilities | 659,919 | 683,418 |
TOTAL LIABILITIES | 659,919 | 683,418 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Common Stock 450,000,000 shares authorized; $0.001 par value, 438,672,016 shares issued and outstanding as of March 31, 2021 and 438,672,016 as of December 31, 2020 | 438,672 | 438,672 |
Additional paid in capital | 14,630,689 | 14,630,689 |
Treasury Stock | ||
Accumulated deficit | (15,019,246) | (15,142,470) |
TOTAL STOCKHOLDERS DEFICIT | 50,115 | (73,109) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 710,034 | $ 610,309 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, shares authorized | 450,000,000 | 450,000,000 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares issued | 438,672,016 | 438,672,016 |
Common Stock, shares outstanding | 438,672,016 | 438,672,016 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 92,999 | |
Operating expenses | ||
Cost of revenues | 43,399 | |
Interest expense | 1,625 | |
General and administrative expenses | 159,163 | 208,413 |
Total operating expenses | 202,562 | 210,038 |
Net income from operations | (109,563) | (210,038) |
Other income | ||
Interest Income | 4,852 | |
Gain on sale of Good Gaming stock | 56,260 | |
Settlement of Lawsuit Hudson Gray | 184,175 | 148,000 |
Settlement of loan payable | (12,500) | (12,500) |
Total other income | 232,787 | 135,500 |
Net income | $ 123,224 | $ (74,538) |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 438,672,016 | 440,350,000 |
Income (Loss) per Common Share - Basic and Diluted |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Total |
Beginning Balance (in shares) at Dec. 31, 2019 | 449,506,008 | |||||
Beginning Balance at Dec. 31, 2019 | $ 449,506 | $ 14,687,865 | $ (39,000) | $ (15,185,444) | $ (87,073) | |
Purchase Treasury Stock | (18,251) | (18,251) | ||||
Retire treasury stock (in shares) | (9,156,008) | |||||
Retire treasury stock | $ (9,156) | (48,095) | 57,251 | |||
Net Loss | (74,538) | (74,538) | ||||
Ending Balance (in shares) at Mar. 31, 2020 | 440,350,000 | |||||
Ending Balance at Mar. 31, 2020 | $ 440,350 | 14,639,770 | (15,259,982) | (179,862) | ||
Beginning Balance (in shares) at Dec. 31, 2020 | 438,672,016 | |||||
Beginning Balance at Dec. 31, 2020 | $ 438,672 | 14,630,689 | (15,142,470) | (73,109) | ||
Net Loss | 123,224 | 123,224 | ||||
Ending Balance (in shares) at Mar. 31, 2021 | 438,672,016 | |||||
Ending Balance at Mar. 31, 2021 | $ 438,672 | $ 14,630,689 | $ (15,019,246) | $ 50,115 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 123,224 | $ (74,538) |
Adjustments to reconcile net income to cash used in operating activities | ||
Depreciation | 929 | 929 |
Interest income | (4,851) | |
Deferred compensation | (43,000) | (91,651) |
Accounts receivable | 9,936 | 39,515 |
Gym equipment inventory | (16,000) | |
Accounts payable | (10,500) | (64,000) |
Net cash provided by operations | 59,738 | (189,745) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Loan to Pristec | (10,000) | |
Net cash provided by investing activities | (10,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Purchase treasury stock | (18,251) | |
Proceeds from Paycheck Protection Loan | 62,500 | |
Payment of loan payable | (12,500) | (12,500) |
Payment of loan payable | (20,000) | (6,687) |
Net cash provided by financing activities | 30,000 | (37,438) |
Net increase in cash | 89,738 | (237,183) |
Cash, beginning of period | 411,136 | 781,752 |
Cash, end of period | $ 500,874 | $ 544,569 |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business 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. 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 On April 1, 2009, the Company, through a newly formed 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 a Stock Purchase Agreement under which the Company acquired all the capital stock of AudioEye. On June 22, 2011 the Company entered into a Master Agreement subject to shareholder approval and 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; in October 2012, the Company distributed to its shareholders, in a dividend, 5% of the 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, 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. On February 18, 2016, the Company sold the assets of Good Gaming, Inc. to HDS International Corp. and thereafter, HDS changed their name to Good Gaming, Inc, from CMG Holdings Group, Inc. (OTCQB: GMER) (“Good Gaming”). The Company received in exchange 100,000,000 Class B Preferred Shares in Good Gaming which are convertible into shares of common stock at a rate of 200 common shares for each Class B Preferred Shares. Good Gaming, Inc. did a 1,000 to 1 reverse split, thus the 100,000,000 Class B Preferred Shares were converted to 100,000 Class B Preferred Shares. The Company has sold a portion of these Good Gaming shares to date in the market and currently owns the equivalent of 14,076,200 common shares in the form of preferred stock and common stock. The Company’s operating subsidiaries are XA - The Experiential Agency, Inc. - which is a sports, entertainment, marketing and management company providing event management implementation, sponsorships, licensing and broadcast, production and syndication. Its President is Alexis Laken, the daughter of the Company’s president. The other subsidiary is Lincoln Acquisition Corp. which was formed for the purpose of liquidating shares in Good Gaming, Inc. and any other investment shares which might be held by CMG at any given time. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 Summary of Significant Accounting Policies a) Basis of Presentation and Principles of Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Lincoln Acquisitions Inc. All intercompany transactions have been eli year-end b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and li abilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and c) Cash and Cash Equivalents The the d) Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, the e) Financial Instruments ASC 820, “Fair Value Measurements,” 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 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar observable data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on "Level I" inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all our other financial instruments approximate their current fair f) Property and Equipment Property and equipment are comprised of a vehicle and is amortized on a straight-line basis over an expected useful life of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated. g) Impairment of Long-lived Assets The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. h) Reclassification Certain prior period amounts have been reclassified to conform to current presentation. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Credit Loss [Abstract] | |
Accounts Receivable | 3 Accounts Receivable Accounts receivable consist of invoices for events that occurred prior to periodend that the payments were received in the following year. |
Loan Receivable
Loan Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Term of warrant | |
Loan Receivable | 4 Loan Receivable On November 15, 2019 the company entered into an agreement to a line of credit (LOC) with Pristec America Inc. (Pristec). The LOC was for $75,000. As of December 31, 2019, the Company had loaned to Pristec $67,500 at an interest rate of 12%, the loan matures in twelve (12) months. As of December 31, 2020 the Company loaned an additional $32,500 and extended the loan for another 12 months until 12/31/21. Pristec is a late stage technology company that has 108 worldwide patents for the cold cracking of crude oil and other oil products. The Company has been granted the right to convert this loan into 100 shares of stock at price of $1,000. At the discretion of the Company, the Company has the option of entering into a revenue sharing at the same terms. On June 24, 2020 The Company entered into an agreement with New Vacuum Technologies LLC(NVT) whereby the Company loaned NVT $50,000. The loan was originally due on December 24, 2020 at an interest rate of 10% per annum. The loan was extended on December 24, 2020 until December 24, 2021. |
Accounts Payable
Accounts Payable | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable | 5 Accounts Payable Accounts payable consist of expenses incurred during the year that had not yet been paid. The balance of accounts payable at March 31, 2021 is $0. The balance of accounts payable at December 31, 2020 were $10,500. These accounts payable consisted of trade accounts payable. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | 6 Equity a. Common Stock During the periods ended March 31, 2021 and December 31, 2020, the Company did not sell any shares of its $0.001 par value per share common stock. b. Common Stock Warrants During the periods ended March 31, 2021 and December 31, 2020 , the |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | 7 Notes Payable Convertible Promissory Notes a. During the periods ended March 31, 2021 and December 31, 2020 , the Company did not issue any new convertible promissory notes. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 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. In October 2014, Ronald Burkhard, XA ’ s former Executive Chairman and former member of the Company's Board of Directors filed a lawsuit in the Supreme Court of the State of New York, County of New York, alleging damages |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9 Income Taxes The Company has a net operating loss carried forward of $15,019,246 available to offset taxable income in future years which commence expiring in 2029. The Company is subject to United States federal and state income taxes at an approximate rate of 21% (2021 and 2020). As of March 31, 2021 and December 31, 2020 , 2021 2020 Income tax recovery at Statutory rate $ (25,877 ) $ 15,653 Permanent differenced and other — — Valuation allowance charges 25,877 (15,653 ) Provision for income taxes $ — $ — The significant components of deferred income tax assets and liabilities at March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 December 31, 2021 Net operating loss carried forward $ 15,019,246 $ 15,142,670 Valuation allowance (15,019,246 ) (15,142,670 ) Net deferred income tax asset $ — $ — |
Segments
Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | 10 Segments The Company splits its business activities during the period ended March 31, 2021 into two 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 period ended March 31, 2021. CMG Holding XA Group Total Revenues 70,514 7,480 77,994 Operating expenes 102,925 116,136 219,061 Operating income (loss) (32,411 ) (108,656 ) (141,067 ) Other income (expense) — 176,527 176,527 Net income (loss) (32,411 ) 67,871 35,460 The Company splits its business activities during the period ended March 31, 2020 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 period ended March 31, 2020. CMG Holding XA Group Total Revenues — — — Operating expenes 92,217 107,696 199,913 Operating income (loss) (92,217 ) (107,696 ) (199,913 ) Other income (expense) — 137,875 137,875 Net income (loss) (92,217 ) 30,179 (62,038 ) |
Gym Equipment
Gym Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Gym Equipment | 11 Gym Equipment During the year ended December 31, 2020, the Company entered into an agreement to buy and sell gym equipment with Zautra Fitness. Zautra Fitness would buy the equipment and the Company would reimburse for the full cost. When the equipment is sold the Company will receive 100% of the cost and 60% of the gain. In 2020 the Company received $43,057.60 in cash and recorded an accounts receivable of $23,942.40. The amount represents 67,000 which is $40,000 receipt for the cost of the equipment and $27,000 which represents 60% of the gain to Zautra for the sale of the equipment. For the period ended March 31, 2021 the Company received $22,484 in revenue for sales in excess of accounts receivable at December 31, 2020. The Company recorded $15,000 of cost of revenues. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12 Related Party Transactions The Company borrowed $125,000 from a relative of the Company CEO. This amount is due on demand and has an interest rate of 0%. At December 31, 2020 the remaining balance of the loan was $35,000. 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 an original term of 5 years. On December 15, 2017 the purchase price was changed to $.0035 and the term was extended 5 years. The warrants were vested 100% on April 7, 2014 when issued. The board of directors approved a monthly salary for the Company CEO of $15,000 per month. Due to negative economic factors the company did not make any of these payments until January 15, 2019, when payments to the CEO began. The Company has recorded “Deferred Compensation” of $483,376 at December 31, 2019. The Company made payments of $43,000 and $173,149 in excess of the current $45,000 and $180,000 salary for periods ended March 31, 2021 and December 31, 2020, respectively. The Company paid $37,500 and $150,000 for the periods ended March 31, 2021 and December 31, 2020, respectively, as compensation to the President of XA, who is the daughter of the Company CEO. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13 Subsequent Events Per management review, no other material subsequent events have occurred. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | a) Basis of Presentation and Principles of Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Lincoln Acquisitions Inc. All intercompany transactions have been eli year-end |
Use of Estimates | b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and li abilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and |
Cash and Cash Equivalents | c) Cash and Cash Equivalents The the |
Basic and Diluted Net Loss Per Share | d) Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, the |
Financial Instruments | e) Financial Instruments ASC 820, “Fair Value Measurements,” 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 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar observable data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on "Level I" inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all our other financial instruments approximate their current fair |
Property and Equipment | f) Property and Equipment Property and equipment are comprised of a vehicle and is amortized on a straight-line basis over an expected useful life of three years. Maintenance and repairs are charged to expense as incurred. The land is not depreciated. |
Impairment of Long-lived Assets | g) Impairment of Long-lived Assets The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. |
Reclassification | h) Reclassification Certain prior period amounts have been reclassified to conform to current presentation. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Provision for Income tax | 2021 2020 Income tax recovery at Statutory rate $ (25,877 ) $ 15,653 Permanent differenced and other — — Valuation allowance charges 25,877 (15,653 ) Provision for income taxes $ — $ — |
Deferred Income Tax | March 31, 2021 December 31, 2021 Net operating loss carried forward $ 15,019,246 $ 15,142,670 Valuation allowance (15,019,246 ) (15,142,670 ) Net deferred income tax asset $ — $ — |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | The Company splits its business activities during the period ended March 31, 2021 into two 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 period ended March 31, 2021. CMG Holding XA Group Total Revenues 70,514 7,480 77,994 Operating expenes 102,925 116,136 219,061 Operating income (loss) (32,411 ) (108,656 ) (141,067 ) Other income (expense) — 176,527 176,527 Net income (loss) (32,411 ) 67,871 35,460 The Company splits its business activities during the period ended March 31, 2020 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 period ended March 31, 2020. CMG Holding XA Group Total Revenues — — — Operating expenes 92,217 107,696 199,913 Operating income (loss) (92,217 ) (107,696 ) (199,913 ) Other income (expense) — 137,875 137,875 Net income (loss) (92,217 ) 30,179 (62,038 ) |
Nature of Operations and Cont_2
Nature of Operations and Continuance of Business (Details Narrative) - shares | 1 Months Ended | |
Feb. 18, 2016 | Feb. 20, 2008 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Ownership | 92.60% | |
Shares received in acquisition | 100,000,000 | 22,135,148 |
Conversion of shares | 200 common shares for each Class B Preferred Share | |
Reverse stock split | 1,000 to 1 | |
Shares received in acquisition, adjusted | 100,000 | |
Shares owned from acquition | 14,076,200 |
Accounts Receivable (Details Na
Accounts Receivable (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable, Noncurrent, Nonaccrual [Abstract] | ||
Accounts receivable | $ 15,005 | $ 24,941 |
Loan Receivable (Details Narrat
Loan Receivable (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2021 | Jun. 24, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Other Information [Abstract] | ||||
Line of credit to Pristec | $ 75,000 | |||
Loan receivable | $ 164,321 | $ 169,173 | $ 50,000 | |
Interest rate | 10.00% | 12.00% | ||
Loan to Pristec | $ 32,500 | |||
Convert loan receivable to shares | 100 | |||
Convert loan receivable to shares, amount | $ 1,000 |
Accounts Payable (Details Narra
Accounts Payable (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 10,500 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | 11 Months Ended | |||
Dec. 15, 2017 | Dec. 15, 2015 | Mar. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||
Common Stock, par value | $ 0.001 | $ 0.001 | ||
Warrants outstanding | 40,000,000 | 40,000,000 | ||
Warrants outstanding, price per share | $ 0.0035 | $ 0.0155 | ||
Warrants outstanding term | 5 years | 5 years |
Treasury Stock (Details Narrati
Treasury Stock (Details Narrative) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Purchase shares of treasury stock, amount | $ 18,251 |
Legal Proceedings (Details Narr
Legal Proceedings (Details Narrative) - Burkhard [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Oct. 31, 2014 | Dec. 31, 2018 | |
Litigation | breach of his employment contract | |
Damages sought | $ 695,000 | $ 775,000 |
Settlement Amount | $ 105,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income tax (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax recovery at Statutory rate | $ (25,877) | $ 15,653 |
Permanent differences and other | ||
Valuation allowance change | 25,877 | (15,653) |
Provision for income taxes |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carried forward | $ 15,019,246 | $ 15,142,670 |
Valuation allowance | (15,019,246) | (15,142,670) |
Net deferred income tax asset |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforward | $ 15,019,246 |
U.S. statutory rate | 21.00% |
Segments - Segments (Details)
Segments - Segments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 92,999 | |
Operating expenses | 202,562 | 210,038 |
Operating income (loss) | (109,563) | (210,038) |
Other income (expense) | 232,787 | 135,500 |
Net income(loss) | 123,224 | (74,538) |
XA [Member] | ||
Revenues | 70,514 | |
Operating expenses | 102,925 | 92,217 |
Operating income (loss) | (32,411) | (92,217) |
Other income (expense) | ||
Net income(loss) | (32,411) | (92,217) |
CMG Holding Group[Member] | ||
Revenues | 7,480 | |
Operating expenses | 116,136 | 107,696 |
Operating income (loss) | (108,656) | (107,696) |
Other income (expense) | 176,527 | 137,875 |
Net income(loss) | 67,871 | 30,179 |
Total [Member] | ||
Revenues | 77,994 | |
Operating expenses | 219,061 | 199,913 |
Operating income (loss) | (141,067) | (199,913) |
Other income (expense) | 176,527 | 137,875 |
Net income(loss) | $ 35,460 | $ (62,038) |
Gym Equipment (Details Narrativ
Gym Equipment (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue, Performance Obligation [Abstract] | ||
Proceeds from sale | $ 43,057 | |
Accounts Receivable | 23,942 | |
Revenue of equipment sale | $ 22,484 | 67,000 |
Cost of equipment | $ 15,000 | 40,000 |
Gain on sale of equipment | $ 27,000 | |
Gain | 60.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 15, 2017 | Dec. 15, 2015 | Dec. 31, 2020 | Dec. 31, 2015 | Dec. 31, 2019 | |
Loan from outside party | $ 15,000 | $ 35,000 | ||||
Warrants outstanding | 40,000,000 | 40,000,000 | ||||
Warrants outstanding, price per share | $ 0.0035 | $ 0.0155 | ||||
Warrants outstanding term | 5 years | 5 years | ||||
Deferred compensation | 440,376 | 483,376 | ||||
Related Party [Member] | ||||||
Proceeds from loan | $ 125,000 | |||||
CEO [Member] | ||||||
Monthly Salary | 15,000 | 15,000 | ||||
Deferred compensation | $ 483,376 | |||||
Payments for Salary | 45,000 | 180,000 | ||||
Payments in excess for salary | 43,000 | 173,149 | ||||
XA [Member] | ||||||
Payments for Salary | $ 37,500 | $ 150,000 |