Viva Entertainment Group Provides Interim Convertible Debt Schedule & Reports Significant Improvement in its Balance Sheet
NEW YORK, July 20, 2017 /PRNewswire/ --
VIVA Entertainment Group (OTC SYMBOL: OTTV), a developer of OTT systems through which television services are delivered using the internet, recently filed its quarterly financial report on Form 10-Q and provided the following financial up date in regards to its current Convertible Debt Schedule (see below).
During the period from April 30, 2017 through July 19, 2017, the Company reduced its
Convertible Notes Payables by $469,430.00 through a combination of conversion of note principal into common stock and favorable debt restructuring agreements. As a result of these actions, convertible debt decreased from $725,800 to $256,371.
Viva Entertainment Group -
Convertible Notes Schedule Original Balance Amount Balance
The Period 4/30/2017 -
07/19/2017 (Unaudited) Balance 4/30/2017 Retired 07/DD/YY Notes
LG Capital Note #1 $78,750.00 $24,200.00 $24,200.00 $0.00
being
Cerberus Note #1 $78,750.00 $53,717.00 $0.00 $53,717.00 restructured
Greentree Financial Note #1 $50,000.00 $20,407.00 $20,407.00 $0.00
being
LG Capital Note #2 $78,750.00 $78,750.00 $10,000.00 $68,750.00 restructured
being
Cerberus Note #2 $78,750.00 $78,750.00 $0.00 $78,750.00 restructured
Collision Note #1 $110,000.00 $70,335.00 $70,335.00 $0.00
Greentree Financial Note #2 $50,000.00 $50,000.00 $50,000.00 $0.00
Essex Note #1
(originally Black River) $145,000.00 $33,816.00 $33,816.00 $0.00
David Lewis - DBL Note #1 $25,000.00 $19,000.00 $19,000.00 $0.00
Collision Note #2 $25,000.00 $25,000.00 $25,000.00 $0.00
Greentree Financial Note #3 $25,000.00 $25,000.00 $25,000.00 $0.00
Hector Cruz
Consulting Note #1 $25,000.00 $13,000.00 $13,000.00 $0.00
Crown Bridge 45k Note #1 $45,000.00 $31,128.00 $31,128.00 $0.00
Greentree Financial Note #4 $50,000.00 $50,000.00 $50,000.00 $0.00
Power Up Lending Note $28,000.00 $28,000.00 $28,000.00 $0.00
being
GPL Ventures Note $35,000.00 $34,104.00 $0.00 $34,104.00 restructured
EMS Find - 2/27/17 $106,000.00 $21,236.00 $21,236.00 $0.00
Williams Holding $25k -
assigned from RR $0.00 $15,050.00 $0.00 $15,050.00
George Harrison Note for $5k $0.00 $5,000.00 $5,000.00 $0.00
Biz Development $13k - assigned
from Benites Consulting $0.00 $656.00 $656.00 $0.00
Biz Development $9k - assigned
from Hector Cruz Consulting $0.00 $9,000.00 $9,000.00 $0.00
Global Opp Group/H.Schraub -
$53k - assigned from EMS Find $0.00 $33,652.00 $33,652.00 $0.00
Biz Development $6k - assigned
from Hector Cruz Consulting $0.00 $6,000.00 $0.00 $6,000.00
Total $859,400.00 $725,800.00 $469,430.00 $256,371.00
The Company anticipates that four remaining notes, totaling $232,321 will be restructured and not subject to further conversions for next 60 days. The following table shows the note activity over the preceding quarter and through July 19, 2017:
Johnny Falcones, Chief Executive Officer of Viva, commented, "The Company is committed to streamlining its financing and operations to support its growth opportunities and looks forward to providing timely updates to our shareholders as they become available. Going forward, Viva plans to secure non-dilutive and more company-friendly forms of funding structures to successfully support its distribution and marketing operations."
Potential investors are cautioned that, since the above changes in outstanding debt and the respective amounts of such debt shown in the table are unaudited, and include in the covered period a partial month, there can be no assurance that the assumptions in preparation of amounts shown in the table will prove to be accurate. In light of the significant uncertainties inherent in the assumptions underlying preparation of the above table, and the lack of review by the Company's independent audit firm, the amounts shown in the table shall not be regarded as a representation by the Company or any other person that the financial results shown will prove to be accurate.
About VIVA Entertainment Group
VIVA Entertainment Group (VEG) is a global entertainment and technology company connecting content owners and video distributors to deliver premium content on any smart device with a screen. VEG has developed a unique OTT platform through which television services are delivered using the Internet protocol suite over a network such as the Internet, instead of being delivered through traditional terrestrial, satellite signal and cable television formats. VEG is your ultimate entertainment partner and focuses on providing subscribers with on-demand access to the content they want anywhere, anytime. With a WiFi connection our customers can watch Live TV from around the world, TV shows, as well as movies on demand, televideo conference and many other interactive features. Independent and major film studios, television networks, telecoms, cable companies, and emerging ISPS partner with Viva for enhanced capabilities in multi-platform video distribution. The only true end-to-end provider of premium content technology services, VEG looks to license and deliver its content to the traditional and OTT video distributors across the world. http://www.vivalivetv.com
The aforementioned statements should be read in conjunction with the company's periodic filings made with the Securities and Exchange Commission.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the Company's control.
Visit VIVA at: http://www.vivagroup.tv
Email VIVA at: [email protected]
Follow VIVA on Twitter: https://twitter.com/vivaentgroup
Like VIVA on Facebook: https://www.facebook.com/Vivaentertainmentgroup/
Contact:
Viva Entertainment Group Chairman/CEO
A Publicly Traded Company
+1-347-681-1668
www.vivagroup.tv
SOURCE Viva Entertainment Group Inc.
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