- Revenue Grew by 42% to $85,510 for the three months ended June 30, 2018.
- Nonconvertible Debt Grew by 157% to $460,134 as of June 30, 2018. The Company has no convertible debt.
- Results Were Positively Impacted by Syndicated Participation in Merchant Cash Advances, Which Grew by 178% to $411,512 as of June 30, 2018.
New York, NY, Aug. 14, 2018 (GLOBE NEWSWIRE) -- FirstFoods Group, Inc. (OTCQB: FIFG) (the “Company”), a fully reporting entity with growing interests in the food and food service industry, yesterday reported GAAP revenue of $85,510 for the second fiscal quarter of 2018, representing an increase of 42% over the GAAP revenue of $60,295 reported for the first fiscal quarter of 2018. The Company’s nonconvertible debt grew 157% to $460,134 as of June 30, 2018 from $179,333 as of December 31, 2017. The Company has no convertible debt. The Company has deployed it’s available funds by increasing its syndicated participation in merchant cash advances by 178% to $411,512 as of June 30, 2018 from $148,253 as of December 31, 2017. Overall, the Company’s net cash provided by financing activities grew by 81% to $265,320 for the six months ended June 30, 2018 from $146,450 for the six months ended June 30, 2017. The Company’s financial results are supporting the expansion of its Holy Cacao subsidiary, which is currently finalizing negotiations to produce high-end chocolate that will be sold and distributed to the edibles market using The Company’s trademarked brand and packaging.
About First Foods Group, Inc.:
First Foods Group, Inc. was created to provide management services and funding options for new foodservice brands and menu concepts. First Foods Group, Inc. also expects to grow its own new concepts, both through proprietary development and mergers, acquisitions, and licensing arrangements. First Foods Group has assembled a team of distinguished food service professionals with experience and success at the industry's highest levels.
Cautionary Language Concerning Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes", "belief", "expects", "intends", "anticipates", "will", “should”, “could”, “might”, “potentially” or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
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