Thursday, May 16, 2013

CMGO Breaking Out To The Upside

CMGO broke to new recent highs yesterday and looks to have firm footing for continued upside.  I think a break of recent resistance is likely before the week ends and the stock should trade over $.02 in the short term.

The company's most recent filing is below:

We are announcing today that we have retired the Asher Enterprises, Inc. convertible note . Unfortunately 4 million shares were converted before we could arrange the loan to retire the debt.  The auditors had allocated approximate 37 million common share reserve for this transaction and a few others.  With this pay down, approximately 16.5 million common shares will be retired. The last note remaining is due the middle of May and it is our intention to retire that convertible note as well, we are in the process of negotiating that currently.

In the interim, our subsidiary XA, The Experiential Agency, Inc.’s business shows good signs of growth and with AudioEye, Inc. now beginning to trade; we are hopeful that we will be able to get some capital that XA desperately needs to begin the rapid growth that is within our reach.

We are in current talks with a very special individual from the ad business to join our board, if we can make this happen and we believe we are close, he will add a huge presence to XA and our business going forward.

The Form 10-K was a very arduous experience for us.  As you would expect, the books and records were a mess. But we have begun to piece them together, and expect the next Form 10-Q for quarter ended March 30, 2013 to be considerably easier. As we have said in the past we continue to appreciate your continued support, and continue to believe that support will be well rewarded.

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