OTTV - a little bedtime reading. Just my thoughts
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Posted On: 08/05/2017 10:31:47 AM
OTTV - a little bedtime reading. Just my thoughts and summary of the Notes taken and passed through VIVA Entertainment Group, inc. since taking over operations from Black River Petroleum Corp. This is just my DD and opinions being based from the facts in the filings. It seems to me that if I am reading this correctly... JF is being truthful and saying the debt is down to 80k... but the question is WHAT DID HE DO TO GET FUNDS IN ORDER TO NOT HAVE OPERATIONS CEASED BACK IN JANUARY OF 2017?
In my opinion, this is the first “true” official document since Black River Petroleum Corp. changed its name and operations to Viva Entertainment Group Inc. There were previous filings reflecting the changes, but I feel this document is the first one showing the Notes and transition of financial responsibilities to Viva Entertainment Group Inc. F/K/A/ Black River Petroleum Corp. It also states that operations could not move forward due to a working capital deficiency of $2,603,226 and no revenue is a recipe for failure. See below…
Plan of Operation
As of January 31, 2017 we had a working capital deficiency of $2,603,226, have not generated revenue, and have an accumulated deficit of $5,732,298.
Our auditors have issued a going concern opinion. This means that our auditors believe there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues or profits.
We have only four officers and directors. They are responsible for our managerial and organizational structure which will include preparation of disclosure and accounting controls under the Sarbanes Oxley Act of 2002. When these controls are implemented, they will be responsible for the administration of the controls. Should they not have sufficient experience, they may be incapable of creating and implementing the controls which may cause us to be subject to sanctions and fines by the SEC which ultimately could cause you to lose your investment.
My thoughts… SOOOOO CLEARLY THEY HAVE FIXED THIS FINANCING ISSUE AND MUST HAVE FOUND A WAY TO TAKE CARE OF THESE NOTES AND REFINANCE THE COMPANY DEBT. I CANNOT WAIT FOR THE NEXT 10Q and/or 8k. WE WILL FIND OUT IF REVENUES HAVE STARTED AND IF THEY HAVE.... THEN THIS COULD BE THE START OF SOMETHING ABSOLUTELY AMAZING.
Click here Form 10-Q 1/31/2017 to see the full detail description of the Notes. Below are just the highlighted info for the Notes that I personally found to be important.
Page 7, Note 1 - Nature of Operations
From what I grasp… 6 MONTHS FROM APRIL 2016 WOULD LAND US IN OCTOBER 2016 FOR NOTE 1 DILUTION.
Highlights:
4/5/2016 the Company completed the purchase of Viva Entertainment Group, Inc. (“Viva Entertainment”), a Delaware corporation, from EMS Find, Inc. (“EMS”) pursuant to a stock purchase agreement.
Pursuant to the stock purchase agreement, the Company and EMS agreed to transfer control of Viva Entertainment to the Company through the purchase of all outstanding shares of stock of Viva Entertainment by the Company in exchange for the issuance to EMS of a 10% promissory note in the principal amount of $100,000, due six months from the Closing (the “EMS Note”), and the issuance of 22,000,000 shares of common stock to Johnny Falcones.
Page 8, Note 2 - Summary of Significant Accounting Policies
Highlights:
The following presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of January 31, 2017 and October 31, 2016:
January 31, 2017:
(CLICK ON LINK PROVIDED TO SEE NOTE 2 CHART ON PAGE 8-9)
Page 10, Note 3 - Related Party Transactions
The detail composition of $246,742 in accrued wages with related parties as of January 31, 2017 is as follows:
Johnny Falcones $88,489,
Alberto Gomez $94,028 and
John Sepulveda $64,028.
This accrual covered services rendered by the employees for the period from April, 2016 through January 31, 2017 less payments made to such employees during the period.
The detail composition of the $512,400 in stock payable with related parties as of January 31, 2017 is as follows:
Johnny Falcones $487,200,
Alberto Gomez $16,800 and
John Sepulveda $8,400.
This stock payable is due to unissued shares earned on the employment agreements during the year ended October 31, 2016. The remaining balance of stock payable is discussed in Note 7.
Page 10, Note 4 - Convertible Notes payable
(accrued interest $68,353)
(CLICK ON LINK PROVED TO SEE NOTE 4 CHART ON PAGE 10)
NOTE 5 – NOTES PAYABLE
Pursuant to the Stock Purchase Agreement, the Company issued to EMS a promissory note in the principal amount of $100,000, due on demand from the Closing, which represents the purchase price paid by the Company for Viva Entertainment. The note bears interest at the rate of 10% per annum and is still outstanding as of January 31, 2017. Interest expense for the three months ended January 31, 2017 was $2,521.
NOTE 6 - COMMON STOCK
During the three months ended January 31, 2017 the Company had the following common stock transactions:
21,200,000 shares issued to various individuals for consulting services previously rendered. Below is the detail of the shares issued and value of each issuance.
96,448,452 shares issued on the conversion of notes payable (see Note 4).
Each of these issuances was made pursuant to an exemption from registration under Rule 144 of the Securities Act of 1933.
NOTE 7 – STOCK PAYABLE
Common stock issuable consists of the value of shares payable under employment contracts with officers of the Company. Common stock issuable was $512,464 and $512,400 as of January 31, 2017 and October 31, 2016.
NOTE 8 – SUBSEQUENT EVENTS
Subsequent to January 31, 2017, the Company issued a total of 245,684,053 shares of restricted common stock to several individuals on the conversion of notes payable and associated accrued interest.
The Company also issued 16,250,000 shares of restricted common stock to several individuals for services previously rendered.
RESOURCE
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11982551
In my opinion, this is the first “true” official document since Black River Petroleum Corp. changed its name and operations to Viva Entertainment Group Inc. There were previous filings reflecting the changes, but I feel this document is the first one showing the Notes and transition of financial responsibilities to Viva Entertainment Group Inc. F/K/A/ Black River Petroleum Corp. It also states that operations could not move forward due to a working capital deficiency of $2,603,226 and no revenue is a recipe for failure. See below…
Plan of Operation
As of January 31, 2017 we had a working capital deficiency of $2,603,226, have not generated revenue, and have an accumulated deficit of $5,732,298.
Our auditors have issued a going concern opinion. This means that our auditors believe there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues or profits.
We have only four officers and directors. They are responsible for our managerial and organizational structure which will include preparation of disclosure and accounting controls under the Sarbanes Oxley Act of 2002. When these controls are implemented, they will be responsible for the administration of the controls. Should they not have sufficient experience, they may be incapable of creating and implementing the controls which may cause us to be subject to sanctions and fines by the SEC which ultimately could cause you to lose your investment.
My thoughts… SOOOOO CLEARLY THEY HAVE FIXED THIS FINANCING ISSUE AND MUST HAVE FOUND A WAY TO TAKE CARE OF THESE NOTES AND REFINANCE THE COMPANY DEBT. I CANNOT WAIT FOR THE NEXT 10Q and/or 8k. WE WILL FIND OUT IF REVENUES HAVE STARTED AND IF THEY HAVE.... THEN THIS COULD BE THE START OF SOMETHING ABSOLUTELY AMAZING.
Click here Form 10-Q 1/31/2017 to see the full detail description of the Notes. Below are just the highlighted info for the Notes that I personally found to be important.
Page 7, Note 1 - Nature of Operations
From what I grasp… 6 MONTHS FROM APRIL 2016 WOULD LAND US IN OCTOBER 2016 FOR NOTE 1 DILUTION.
Highlights:
4/5/2016 the Company completed the purchase of Viva Entertainment Group, Inc. (“Viva Entertainment”), a Delaware corporation, from EMS Find, Inc. (“EMS”) pursuant to a stock purchase agreement.
Pursuant to the stock purchase agreement, the Company and EMS agreed to transfer control of Viva Entertainment to the Company through the purchase of all outstanding shares of stock of Viva Entertainment by the Company in exchange for the issuance to EMS of a 10% promissory note in the principal amount of $100,000, due six months from the Closing (the “EMS Note”), and the issuance of 22,000,000 shares of common stock to Johnny Falcones.
Page 8, Note 2 - Summary of Significant Accounting Policies
Highlights:
The following presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of January 31, 2017 and October 31, 2016:
January 31, 2017:
(CLICK ON LINK PROVIDED TO SEE NOTE 2 CHART ON PAGE 8-9)
Page 10, Note 3 - Related Party Transactions
The detail composition of $246,742 in accrued wages with related parties as of January 31, 2017 is as follows:
Johnny Falcones $88,489,
Alberto Gomez $94,028 and
John Sepulveda $64,028.
This accrual covered services rendered by the employees for the period from April, 2016 through January 31, 2017 less payments made to such employees during the period.
The detail composition of the $512,400 in stock payable with related parties as of January 31, 2017 is as follows:
Johnny Falcones $487,200,
Alberto Gomez $16,800 and
John Sepulveda $8,400.
This stock payable is due to unissued shares earned on the employment agreements during the year ended October 31, 2016. The remaining balance of stock payable is discussed in Note 7.
Page 10, Note 4 - Convertible Notes payable
(accrued interest $68,353)
(CLICK ON LINK PROVED TO SEE NOTE 4 CHART ON PAGE 10)
NOTE 5 – NOTES PAYABLE
Pursuant to the Stock Purchase Agreement, the Company issued to EMS a promissory note in the principal amount of $100,000, due on demand from the Closing, which represents the purchase price paid by the Company for Viva Entertainment. The note bears interest at the rate of 10% per annum and is still outstanding as of January 31, 2017. Interest expense for the three months ended January 31, 2017 was $2,521.
NOTE 6 - COMMON STOCK
During the three months ended January 31, 2017 the Company had the following common stock transactions:
21,200,000 shares issued to various individuals for consulting services previously rendered. Below is the detail of the shares issued and value of each issuance.
96,448,452 shares issued on the conversion of notes payable (see Note 4).
Each of these issuances was made pursuant to an exemption from registration under Rule 144 of the Securities Act of 1933.
NOTE 7 – STOCK PAYABLE
Common stock issuable consists of the value of shares payable under employment contracts with officers of the Company. Common stock issuable was $512,464 and $512,400 as of January 31, 2017 and October 31, 2016.
NOTE 8 – SUBSEQUENT EVENTS
Subsequent to January 31, 2017, the Company issued a total of 245,684,053 shares of restricted common stock to several individuals on the conversion of notes payable and associated accrued interest.
The Company also issued 16,250,000 shares of restricted common stock to several individuals for services previously rendered.
RESOURCE
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11982551
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There is a VERY HIGH degree of RISK involved in trading and investing. Only invest what you can afford to lose.
As used herein, the terms "You" and "Your" shall mean you, individually, the reader, and each other party on whose behalf you may use the contained information at any time.
All references to "My", "I", and “The writer of the above post” shall refer to the creator.
Do NOT invest unless you are prepared to sustain a total loss of the money you have invested plus any commission or other transaction charges.
There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. I assume no responsibility for your trading and investment results. You should NOT rely on the information in the above post to make any decision or take any action.
ALL OF MY STATEMENTS, including but not limited to, POSTS, MESSAGES, PRIVATE MESSAGES, and RESPONSES are OPINION and NOT fact and are for entertainment purposes only. Do your own research and make your own decisions based on your own conclusions.
ALL OF MY STATEMENTS, including but not limited to, POSTS, MESSAGES, PRIVATE MESSAGES, and RESPONSES are NOT advice. It is your responsibility to seek investment advice during all stages of your investments. It is your responsibility to evaluate the accuracy, completeness and usefulness of the information in all and any posts.
My posts are NOT investment advice. I am not paid to post.
The writer of the above post shall NOT accept any liability for the accuracy or completeness of the information contained in the above post, for any reliance placed by any person on the information contained in the above post, or for any damage or loss, however caused, in connection with the use or reliance on any information contained in the above post.
The above post may contain links to websites owned and operated by third parties.
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