Business
Alliance Creative Group (ACGX) Uploads Q218 Financials and Disclosure Report and Completes Trucking Transition
Alliance Creative Group (ACGX) Uploads Q218 Financials and Disclosure Report and Completes Trucking Transition.
About this update from Alliance Creative Group, Inc.
[{"type":"text","content":"\nCompany Still in the Process of Completing PCAOB Audits for Last 2 Years\n CHICAGO, IL , Aug. 17, 2018 (GLOBE NEWSWIRE) -- Alliance Creative Group, Inc. (AllianceCreativeGroup.com) (OTC: ACGX) is pleased to announce the results of Operations for the Three Months ended June 30, 2018. Revenues for the quarter ending June 30, 2018 (“Q2 2018”) were $3,121,357 Gross Profits for the quarter ending June 30, 2018 (“Q2 2018”) were $667,400. Net Incomes for the quarter ending June 30, 2018 (“Q2 2018”) were $(464,578) The total assets on the Balance Sheet for the Alliance Creative Group as of 6/30/18 were $5,999,474. The total outstanding common shares as of June 30, 2018 were 1,875,103,928 with 1,774,782,953 of those shares in the float - no new shares were issued during the three Months ended June 30, 2018. Company ended the quarter with $236,532 cash in the bank. During the three Months ended June 30, 2018, there were a number of non-recurring one-time expenses to allow for the trucking transaction to occur.  Some of the parties involved in the transition also signed an agreement that would potentially repay Alliance Creative Group approximately $500,000 over the next few years to potentially offset all of the non-recurring expenses recognized during the three Months ended June 30, 2018.  The parties are auditing the final numbers to determine the final amount that will be owed back to the Company.    The reduction in revenues was due to the discontinuance and transition of the original trucking business. The full financial statement, balance sheet, cash flow statement, stockholder equity and information and disclosure statements are posted on the OTC Market Company website at www.OTCmarkets.com under the stock symbol ACGX in the section for filings and disclosure and on www.ACGX,us in the investor relations section. The Company is still in the process of having their audits for the years ended 2017 and 2016 completed with the preparation help of Brio Financial and the PCAOB Auditing firm Ciro E. Adams, CPA, LLC. Paul Sorkin, COO and General Counsel of the Alliance Creative Group, said “This Quarter included the full transition and discontinuance of the trucking business the way we had originally structure it.  We had a number of non-recurring expen...