CMG Holdings Group Inc (OTCMKTS:CMGO) Swaying In Both Directions

[[tagnumber 0]][[tagnumber 1]]The first half of the year was rather uneventful for the stock of CMG Holdings Group Inc (OTCMKTS:CMGO) as indicated by the daily dollar volumes that rarely exceeded $10,000 and this was no surprise.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]As we wrote in our previous article, [[tagnumber 6]]CMGO[[tagnumber 7]] was actually a very decent OTC company back in the day when it managed to record more than $8 million in annual revenues and an impressive $2.2 million in net income. Since then, however, things have gotten out of control and we saw [[tagnumber 6]]CMGO[[tagnumber 7]] write down these numbers in their balance sheet for the first quarter of 2015.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $7,023[[tagnumber 15]] [[tagnumber 14]]current assets: $15,423[[tagnumber 15]] [[tagnumber 14]]current liabilities: $1,512,463[[tagnumber 15]] [[tagnumber 14]]quarterly revenues: $41,690[[tagnumber 15]] [[tagnumber 14]]quarterly net loss: $217,519[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]These numbers don’t look good, but the reason for them is somewhat justifiable. As it turns out some ex–employees of XA The Experiential Agency, Inc, the main revenue–generating subsidiary of [[tagnumber 6]]CMGO[[tagnumber 7]] have apparently stolen client lists, physical assets and business from the company.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]][[tagnumber 6]]CMGO’s[[tagnumber 7]] new CEO, Mr. Glenn B. Laken has done an investigation in the matter and has filed a civil RICO complaint. Just before the market opened today the company issued another press release, updating shareholders on the matter as well as explaining the situation with their other subsidiary, Good Gaming.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, CMGO remains quite volatile. Yesterday the company registered a 29.41% gain and finished the session at $0.0022 while the 66.2 million shares that changed their owners generated $112 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Despite the optimistic press release from today, however, [[tagnumber 6]]CMGO[[tagnumber 7]] is 27.27% down as of the writing of this article, obliterating yesterday’s gains. One thing is for certain, you should be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]