CMG Holdings Group to Report Revenues Topping $1.6 Million in 2021, Up 1100 Percent Compared to 2020
CHICAGO, IL - (NewMediaWire) - March 30, 2022 - CMG Holdings Group, Inc. today announced that its Form 10K to be filed on Thursday with the U.S. Securities & Exchange Commission will show revenues of $1,618,874 for the fiscal year ended December 31, 2021, a 1100 percent increase compared to revenues of $140,758 in 2020.
Net income in 2021 totaled $782,212, up 1820 percent compared to net income of $42,974 in 2020. Working capital at the end of 2021 totaled $702,906 compared to $83,020 at December 31, 2020, up 850 percent. Cash flow was also up dramatically in 2021.
“The exponential growth in 2021 is due to a significant increase in business for our wholly owned subsidiary, XA, The Experiential Agency (http://www.experientialagency.com). Clients for XA in 2021 included J. Crew, Madewell and Timberland,” said Glenn B. Laken, CMG Holdings CEO.
In 2022, XA has already assisted a major pharmaceutical company, Genesis, the maker of Plenity®, a new weight management approach that challenges the idea that people cannot eat foods they like and also lose weight with a major event in New York City, and two New York City events on behalf of the United Kingdom to increase tourism.
“XA is an integrated experiential marketing services Company, developing, managing, and executing sales promotion programs at both national and local levels, utilizing both online and offline marketing programs. These 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. XA activities reinforce brand awareness and provide incentives to retailers to motivate consumers to purchase their products,” Mr. Laken said.
About CMG Holdings Group, Inc.
CMG Holdings Group, Inc. (https://www.cmgholdingsinc.com/) is a Chicago holding company whose primary operating subsidiary is XA – The Experiential Agency, Inc. (http://www.experientialagency.com) - which engages in the alternative advertising, digital media, experiential and interactive marketing, and entertainment sectors. XA is involved in production and promotion, event design, sponsorship evaluation, negotiation and activation, talent buying, show production, stage and set design, and data analysis and management activities. The business also offers 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 its clients with customary private digital media networks to design and develop individual broadcasting digital media channels to sell, promote, and enhance their digital media video content through mobile, online, and social mediums. XA serves clients across the marketing communication industry. Separately, CMG Holdings Group owns Lincoln Acquisition Corp., a subsidiary formed to manage its portfolio investments.
Statements in this press release about our future expectations, including without limitation, the likelihood that CMG Holdings Group, Inc. will be successful and profitable, bring significant value to its stockholders, and leverage capital markets to execute its growth strategy, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. CMG's business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing and materially decreases its convertible debt. No information in this press release should be construed in any form, shape or manner as an indication of the Company's future revenues, financial condition or stock price.