Great news, toxic dilution over, here is the news!!!
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.
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