Marquie Group, Inc. Files Q2 2024 10-Q

TL;DR

Marquie Group dropped its Q2 10-Q. Financials look like this.

AI Summary

Marquie Group, Inc. filed its 10-Q for the period ending August 31, 2024. The filing details the company's financial position and operations, including balance sheet information as of May 31, 2024, and August 31, 2024, and statements of operations for the three months ended August 31, 2024, and August 31, 2023. The company's fiscal year ends on May 31.

Why It Matters

This filing provides investors with an update on Marquie Group's financial health and performance for the second quarter of fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in the radio broadcasting sector, which can be subject to regulatory and market shifts.

Key Numbers

• 2024-08-31 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-05-31 — Previous Fiscal Year End (Provides a comparison point for financial performance.)
• 2023-05-31 — Prior Year Period End (Used for year-over-year financial comparisons.)

Key Players & Entities

• Marquie Group, Inc. (company) — Filer of the 10-Q
• 20240831 (date) — End of reporting period
• 20241021 (date) — Filing date
• 0001434601 (company) — Central Index Key for Marquie Group, Inc.
• RADIO BROADCASTING STATIONS [4832] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.0001 — 2024 there were 3,325,531,102 shares of $0.0001 par value common stock, issued and outs
• $10,000 — March 1, 2017 – monthly compensation of $10,000 to May 31, 2022, increased to $20,000 a
• $20,000 — f $10,000 to May 31, 2022, increased to $20,000 after May 31, 2022 $ 788,817 $ 728,81
• $15,000 — gust 16, 2018 – monthly compensation of $15,000 (which was terminated May 31, 2021) 30
• $5,000 — ber 30, 2019) – monthly compensation of $5,000 to November 30, 2019 131,350 131,350
• $1,000 — ber 30, 2019) – monthly compensation of $1,000 to November 30, 2019 48,000 48,000
• $2,500 — e to a family trust, stated interest of $2,500, due on October 31, 2015, in default (E
• $85,233 — in default, net of discount of $-0- and $85,233, respectively (SS) 154,764 154,764
• $11,319 — in default, net of discount of $-0- and $11,319, respectively (J) 21,520 10,201 Con
• $172 — September 18, 2024, net of discount of $172 and $1,052, respectively (K) 3,328 2,
• $1,052 — r 18, 2024, net of discount of $172 and $1,052, respectively (K) 3,328 2,448 Conve
• $11,636 — on January 18, 2025, net of discount of $11,636and $19,338, respectively (L) 18,918 1
• $19,338 — 18, 2025, net of discount of $11,636and $19,338, respectively (L) 18,918 11,217 Not
• $25,000 — On April 22, 2015, the Company issued a $25,000 Promissory Note, non-interest bearing (
• $50,000 — On July 24, 2015, the Company issued a $50,000 Promissory Note to Kodiak Capital Group

Filing Documents

• tmgi_i10q-83124.htm (10-Q) — 483KB
• tmgi_ex3101.htm (EX-31.1) — 13KB
• tmgi_ex3201.htm (EX-32.1) — 4KB
• 0001683168-24-007249.txt ( ) — 3075KB
• tmgi-20240831.xsd (EX-101.SCH) — 32KB
• tmgi-20240831_cal.xml (EX-101.CAL) — 34KB
• tmgi-20240831_def.xml (EX-101.DEF) — 73KB
• tmgi-20240831_lab.xml (EX-101.LAB) — 228KB
• tmgi-20240831_pre.xml (EX-101.PRE) — 182KB
• tmgi_i10q-83124_htm.xml (XML) — 401KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements 3

: Management's Discussion and Analysis of Financial Condition and Results of Operation

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operation 16

: Quantitative and Qualitative Disclosures about Market Risk

Item 3: Quantitative and Qualitative Disclosures about Market Risk 19

: Controls and Procedures

Item 4: Controls and Procedures 19

: OTHER INFORMATION

PART II: OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 20

: Risk Factors

Item 1A: Risk Factors 20

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 20

: Defaults Upon Senior Securities

Item 3: Defaults Upon Senior Securities 20

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 20

: Other Information

Item 5: Other Information 20

: Exhibits

Item 6: Exhibits 20

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements THE MARQUIE GROUP, INC. Consolidated Balance Sheets August 31, May 31, 2024 2024 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ – $ – Total Current Assets – – OTHER ASSETS Investment in Acquisition 6,200,000 6,200,000 Loans receivable, related party 35,237 35,237 Music inventory, net of accumulated depreciation of $ 21,626 and $ 21,533 , respectively 642 735 Trademark costs 11,165 11,165 Total Other Assets 6,247,044 6,247,137 TOTAL ASSETS $ 6,247,044 $ 6,247,137 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Bank overdraft $ 235 $ 89 Accounts payable 77,074 77,074 Accrued interest payable on notes payable 931,632 844,460 Accrued consulting fees 1,445,917 1,385,917 Notes payable, net of debt discounts of $ 11,808 and $ 31,709 , respectively 1,454,633 1,434,733 Notes payable to related parties 2,082,715 2,082,315 Derivative liability 243,346 206,113 Total Current Liabilities 6,235,552 6,030,701 TOTAL LIABILITIES 6,235,552 6,030,701 STOCKHOLDERS' DEFICIT Preferred Stock, $ 0.0001 par value; 20,000,000 shares authorized, 200 and 200 shares issued and outstanding – – Common stock, $ 0.0001 par value; 50,000,000,000 shares authorized, 3,325,531,102 and 756,612,000 shares issued and outstanding, respectively 332,555 332,555 Additional paid-in-capital 14,747,367 14,747,367 Accumulated deficit ( 15,068,430 ) ( 14,863,486 ) Total Stockholders' Deficit 11,492 216,436 TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 6,247,044 $ 6,247,137 The accompanying notes are an integral part of these financial statements 3 THE MARQUIE GROUP, INC. Consolidated Statements of Operations (Unaudited) For the Three Months Ended August 31, 2024 August 31, 2023 NET REVENUES $ – $ – OPERATING EXPENSES Salaries and Consulting fees to related parties 60,000 60,000 Professional fees – 16,976 Other selling, g

Financial Statements

Financial Statements August 31, 2024 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION Organization The Marquie Group, Inc. (formerly Music of Your Life, Inc.) (the "Company") was incorporated under the laws of the State of Florida on January 30, 2008 under the name of "Zhong Sen International Tea Company". From January 2008 to May 2013, the Company operated with the principal business objective of providing sales and marketing consulting services to small to medium sized Chinese tea producing companies who wished to export and distribute high quality Chinese tea products worldwide. On May 31, 2013 (the "Closing Date"), the Company entered into a Merger Agreement (the "Merger Agreement") by and among the Company, Music of Your Life, Inc., a Nevada corporation ("MYL Nevada") incorporated October 10, 2012, and Music of Your Life Merger Sub, Inc., a Utah corporation ("Merger Sub"), pursuant to which MYL Nevada merged with Merger Sub. As a result of the merger, MYL Nevada became a wholly owned subsidiary of the Company, and on July 26, 2013, the Company changed its name to Music of Your Life, Inc., a syndicated radio network. Basis of Presentation The accompanying unaudited financial to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary in order to make the financial statements not misleading, have been included. Operating results for the three months ended August 31, 2024 are not necessarily indicative of results that may be expected for the year ending May 31, 2025. Acquisition of The Marquie Group, Inc. On August 16, 2018 (see Note 8), the

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