Mediant Studios, Inc. (OTCBB: MDNT) FULL REPORT
Medient Studios will release Nick Cassavetes’ Yellow on August 29 in New York, San Francisco, Los Angeles, Seattle and Chicago, followed by a planned expansion nationwide. A festival favorite, Yellow has been screened to great critical acclaim at over a dozen film festivals around the world, including Toronto International Film Festival, Tokyo International Film Festival, Munich Film Festival, Seattle International Film Festival, Sitges Film Festival and SXSW among others. The film also won the “Best Feature Film” award at the Catalina Film Festival in September 2013.
Nick Cassavetes, the director and writer of Yellow, said, “I guess what I’m interested in today is putting up on screen something that is consistent with what I see when I walk out my front door. And granted, I’m a little crazy, but ‘Yellow’ comes pretty darn close.”
A visually dazzling head-trip from director Nick Cassavetes (The Notebook, The Other Woman), Yellow tells the story of Mary Holmes, (Heather Wahlquist), a young substitute teacher who escapes from her drudging everyday life by fantasizing bizarre parallel realities. We enter her hallucinatory world, peopled with Busby Berkeley dancers, Cirque du Soleil, Circus freaks, and human farm animals, where nothing is quite what it seems. Yellow stars Heather Wahlquist, Sienna Miller, Melanie Griffith, Lucy Punch, Gena Rowlands, David Morse, Daveigh Chase, Max Thieriot, Riley Keough, Ethan Suplee, Brendon Sexton and Ray Liotta.
The company has made substantial progress in paying off the debt associated with the production and acquisition of the movie. Most of the film’s investors and related debts have now been paid in full. These include the Screen Actors Guild ($311,000), film investor Pankaj Rajani ($660,000), and Indion Finance, LLC ($600,000). The sole cash loan facility on the film was secured from AMAG, Inc. A total of $812,236 out of a principal of $1,000,000 has been paid to AMAG. The balance of the principal and accrued interest is $551,432. Of this, a sum of $250,000 will be deferred until after the release of the film. The film’s principal services creditor, the Prime Focus Group has been paid $1,125,000 out of the total outstanding invoice of $2,500,000. Prime Focus has also agreed to defer $1,000,000 until after the film has been released. The two other notes on the film — Tommee May ($180,000) and Derreck Lee ($720,000) are not due until after the release of the film. In summary, $3,082,236 has been paid, $676,000 is to be paid prior to release, and the balance of $2,150,000 has been deferred to be paid out of film revenues.
AI
