UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 Washington, D.C.
20549
  FORM
10-KSB/A
  ANNUAL
      REPORT UNDER SECTION
13 OF
 THE
      SECURITIES EXCHANGE ACT OF
1934
 
 For
the fiscal year ended December 31, 2007
  Commission file
number 000-51770
  
  CMG
      HOLDINGS, INC.(Exact
      name of registrant as specified in its
  charter)
 
 Nevada
              
              87-0733770(State
      or other jurisdictionof
      incorporation or organization)
              
              (I.R.S.
      Employer Identification No.)
 
 5601 Biscayne
      BoulevardMiami, Florida,
      USA
              
              33137(Address of
      principal executive offices)
              
              (Zip
      Code)
 
 Registrant's telephone
number including area code (305)
751-1667
   Pebble
Beach Enterprises, Inc.
 (Former
name, former address and former fiscal year, if changed since last
report)
  Check
whether the issuer (1) filed all reports required to be filed by section 13 or
15(d) of the Exchange Act during the past 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
 Yes x  
No 
 Check if
there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant’s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment thereto.x
 
 Revenues
for our most recent fiscal year:   $4,516
 
 Number
of shares of common stock of Pebble Beach Enterprises Inc. outstanding as of
August 28, 2008: 42,400,000
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). Yes [ ] No [x ]
 
 Transitional
Small Business Disclosure Format (Check One): Yes    
 No  x
 1
  CMG HOLDINGS,
INC.
  FORM 10-KSB/A
 
 TABLE OF CONTENTS
 
 Item #
              
              Description
              
              Page
    NumbersPART
      II
              
              3ITEM 8A (T)
              
              CONTROLS AND PROCEDURES
              
              3SIGNATURES
              
              4EXHIBIT31.1
              
              SECTION 302 CERTIFICATION OF CHIEF
      EXECUTIVE OFFICEREXHIBIT 31.2
              
              SECTION 302 CERTIFICATION OF CHIEF
      FINANCIAL OFFICEREXHIBIT 32.1
              
              SECTION 906 CERTIFICATION OF CHIEF
      EXECUTIVE OFFICEREXHIBIT 32.2
              
              SECTION 906 CERTIFICATION OF CHIEF
      FINANCIAL OFFICER
  2
 PART
II
 
 ITEM 8A
(T) CONTROLS
AND PROCEDURES
  EVALUATION
OF DISCLOSURE CONTROLS AND PROCEDURES
  Disclosure
controls and procedures are controls and other procedures that are designed to
ensure that information required to be disclosed by our company is recorded,
processed, summarized and reported, within the time periods specified in the
rules and forms of the SEC. David Reichman, our Chief Executive Officer and our
Principal Accounting Officer, is responsible for establishing and maintaining
disclosure controls and procedures for our company.
  Our
management has evaluated the effectiveness of our disclosure controls and
procedures as of December 31, 2007 (under the supervision and with the
participation of the Chief Executive Officer and the Principal Accounting
Officer), pursuant to Rule13a-15(b) promulgated under the Exchange Act. As part
of such evaluation, management considered the matters discussed below relating
to internal control over financial reporting. Based on this evaluation, our
Company's Chief Executive Officer and Principal Accounting Officer have
concluded that our Company's disclosure controls and procedures were effective
as of December 31, 2007.
  The term
"internal control over financial reporting" is defined as a process designed by,
or under the supervision of, the registrant's principal executive and principal
financial officers, or persons performing similar functions, and effected by the
registrant's board of directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles and includes those policies and
procedures that:
  ●pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the registrant;
  ● provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the registrant are
being made only in accordance with authorizations of management and directors of
the registrant; and
  ● provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the registrant's assets that could have a
material effect on the financial statements.
  MANAGEMENT'S
ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
  Our
management is responsible for establishing and maintaining adequate internal
control over financial reporting (as defined in Rule 13a-15(f) under the
Exchange Act). Our internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes of
accounting principles generally accepted in the United States.  Because of
its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Therefore, even those systems determined to be
effective can provide only reasonable assurance of achieving their control
objectives.
  Our
management, with the participation of the Chief Executive Officer, evaluated the
effectiveness of the Company's internal control over financial reporting as of
December 31, 2007. In making this assessment, our management used the criteria
set forth by the Committee of Sponsoring Organizations of the Treadway
Commission ("COSO") in Internal Control -- Integrated Framework.  Based on
this evaluation, our Company's Chief Executive Officer and Principal Accounting
Officer have concluded that our Company's disclosure controls and procedures
were effective as of December 31, 2007.
  This Annual
Report does not include an attestation report of the Company's registered public
accounting firm regarding internal control over financial reporting.
Management's report was not subject to attestation by the Company's registered
public accounting firm pursuant to temporary rules of the Securities and
Exchange Commission that permits us to provide only management's report in this
annual report.
  
  CHANGES
IN INTERNAL CONTROLS OVER FINANCIAL REPORTING
  In connection
with the evaluation of the Company's internal controls during the Company's last
fiscal year, the Company's Principal Executive Officer and Principal Accounting
Officer have determined that there are no changes to the Company's internal
controls over financial reporting that have materially affected, or are
reasonably likely to materially effect, the Company's internal controls over
financial reporting.
  INHERENT
LIMITATIONS ON EFFECTIVENESS OF CONTROLS
  The Company's
management does not expect that its disclosure controls or its internal control
over financial reporting will prevent or detect all error and all fraud. A
control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance that the control system's objectives will be
met.  The design of a control system must reflect the fact that there are
resource constraints, and the benefits of controls must be considered relative
to their costs.  Further, because of the inherent limitations in all
control systems, no evaluation of controls can provide absolute assurance that
misstatements due to error or fraud will not occur or that all control issues
and instances of fraud, if any, within the Company have been detected. 
These inherent limitations include the realities that judgments in decision
making can be faulty and that breakdowns can occur because of simple error or
mistake.  Controls can also be circumvented by the individual acts of some
persons, by collusion of two or more people, or management override of the
controls.  The design of any system of controls is based in part on certain
assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential
future conditions.  Projections of any evaluation of controls effectiveness
to future periods are subject to risks. Over time, controls may become
inadequate because of changes in conditions or deterioration in the degree of
compliance with policies or procedures.
 
 
 SIGNATURES
  In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, there unto duly
authorized.
 
 CMG HOLDINGS,
      INC.(Registrant)Date:
      August 28, 2008
              
              By:/s/ ALAN
      MORELLAlan
      MorellChief
      Executive Officer andChairman of the BoardDate:
      August 28, 2008
              
              By:/s/ JAMES
      J. ENNISJames
      J. EnnisChief
      Financial Officer andDirector
 
 
 In
accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
 
 
 SIGNATURE
              
              NAME
              
              TITLE
              
              DATE/ s/Alan
      Morell
              
              Alan
      Morell
              
              CEO
      & Chairman
              
              August
      28, 2008of
      the Board/s/James
      I. Ennis
              
              James
      I. Ennis
              
              CFO
      &
      Director
              
              August
      28, 2008