Cardiff Lexington Completes Audit of JM Enterprises 1 (Key Tax Group)
FT. LAUDERDALE, Fla., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Cardiff Lexington Corporation (OTC:CDIXBB) and its wholly owned subsidiary JM Enterprises 1, INC. (DBA) Key Tax Group announced today completion of the third-party Audit of JM Enterprises 1 (Key Tax Group) a wholly owned subsidiary acquired by Cardiff Lexington in May of this year.
The Independent Auditors Financial Report for JM Enterprises 1 (dba - Key Tax Group) has been filed in an 8-K today, October 24, 2019. The financial statements comprise of the balance sheet; statement of cash; accumulated deficit; and profit & loss; as of December 31, 2018. The financials show that for the year Ending December 31, 2018 JM Enterprises 1 (Key Tax Group) had Income of $1,812,051 and EBITDA of $395,439 or 21.82%. The transaction brings to Cardiff Lexington $315,767 in current assets. Cardiff Lexington continues to build assets having previously increased Assets from $1.3 to $3.3 million in 2018.
Alex H. Cunningham, Cardiff Lexington CEO stated, “We are very pleased with the positive results reflected by the Independent Auditor’s Report of Key Tax Group; their inclusion under the Cardiff Lexington umbrella of companies will further impact record revenues in 2019 and beyond”.
JM Enterprises 1, INC. (DBA) Key Tax Group (https://mytaxlawyer.org/) helps businesses and individuals around the country by solving their tax debt problems. The Key Tax Group team includes tax lawyers, enrolled agents, and support staff with more than 35 years of combined experience. They are subject-matter experts in complicated tax issues and regulations and auditing working hard to find a tax relief solution that’s tailored to each unique situation.
ABOUT CARDIFF LEXINGTON CORPORATION: Cardiff Lexington is a public holding company, much like a cooperative, leveraging proven management in private companies that become wholly owned become subsidiaries. Cardiff Lexington’s business model targets acquisition of middle market private niche companies both mature, and, second stage with high growth potential. Our focus is not industry or geographic-specific, but rather proven management, market, and margin. Cardiff Lexington targets acquisitions of mature, high growth, niche companies. Cardiff Lexington's strategy identifies and empowers select income-producing middle market private businesses and commercial real estate properties. Cardiff Lexington provides these companies both 1) the enhanced ability to raise money for operations or expansion, and 2) an equity exit and liquidity strategy for the owner, heirs, and/or Investors. The Cardiff Lexington umbrella enables those business owners to exit personal equity and to take advantage of the capitalization power of a public company without losing independent management control. Fundamental to the Cardiff Lexington strategy, acquisitions become standalone autonomous subsidiaries gaining advantage of the power of a public company. Owners gain liquidity, diversification, pooled resources, leverage value, and mitigated risk. As a Cardiff Lexington subsidiary these companies gain both the enhanced ability to raise money for operations or expansion while also establishing a longer-term equity exit strategy.
For Investors Cardiff Lexington seeks to aggressively grow and hold assets that create a diversified lower risk environment that over the long term protects and safely enhances investment by continually adding assets and holdings through acquisitions to a diversified continually growing niche holding company. Cardiff Lexington is led by strong and talented team of executives and advisors providing expert acquisition, market guidance and added value for subsidiaries and investors.
FORWARD LOOKING STATEMENT: This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. These risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.
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Source: Cardiff Lexington Corporation