The Movie Studio Inc. (MVES)

[Werbe]

Arrowhead Film deal is now terminated, BINGE LOI is now terminated and all convertible notes have been paid off/reworked.

Subsequent to March 31st, 2020, all existing convertible notes were either a) repaid in full, b) converted into shares of common
stock or c) released upon written agreement. As of the date of issuance, there were no convertible notes outstanding.

The Memorandum of Understanding between The Movie Studio, Inc. and BINGE Networks, Inc. dated March 28th, 2020 was
cancelled on June 18th, 2020.

Until June 29th, 2020, The Movie Studio, Inc. was of the firm belief and opinion based on all known facts that the Arrowhead Film Library contract was still valid, executable and capable of closing upon which The Movie Studio, Inc. reasonably relied.

On June 29th, 2020 The Movie Studio, Inc. was notified by our Corporate Counsel, that the counsel for the liquidator, (who was also the counsel for The Movie Studio, waiver of conflict of interest contained in retainer agreement) as the liquidation negotiation represented the Arrowhead Film Library were sold to a third party on or about April, 2020. Our counsel representing us on the proposed purchase transaction never notified the Company of the sale until June 29, 2020. The Definitive Assignment and Settlement Agreement Signed April 20th, 2016 is subsequently terminated by impossibility of performance due to the prior un-noticed sale to a third party.

https://backend.otcmarkets.com/otcapi/company/financial-report/251786/content