• Net Revenue Grew by 30% to $326,285 for the Year Ended December 31, 2019.
• Assets Grew by 47% to $998,078 as of December 31, 2019. The Company has No Convertible Debt.
• Results Were Positively Impacted by Syndicated Participation in Merchant Cash Advances, which Grew by 56% to $877,457 as of December 31, 2019.
• Results are supporting the expansion of the Company’s Holy Cacao subsidiary, including innovative brands under the names Southeast Edibles, Purely Irresistible and Mystere.
New York, New York, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- First Foods Group, Inc. (OTCQB: FIFG) (the “Company”), a fully reporting entity with growing interests in the food and food service industry, reported net GAAP revenue of $326,285 for the year ended December 31, 2019, representing an increase of 30% over the net GAAP revenue of $251,083 reported for the year ended December 31, 2018. Total assets as of December 31, 2019 were $998,078, representing an increase of 47% over total assets of $680,179 as of December 31, 2018. Since its inception in 2016, the Company has raised over $1.9M through a combination of debt and equity financing. The Company has no convertible debt. The Company has deployed its available funds by increasing its syndicated participation in merchant cash advances by 56% to $877,457 as of December 31, 2019 from $562,488 as of December 31, 2018.
The Company’s financial results are supporting the expansion of its Holy Cacao subsidiary, which is primarily focused on developing its specialty chocolate line and related intellectual property. The Company has developed twenty-three (23) proprietary recipes that have been tested in a fully staffed and fully equipped state of the art manufacturing facility. The Company has also obtained a trademark from the United States Patent and Trademark Office (“USPTO”) for “The Edibles’ Cult” and product names under the brands “Southeast Edibles” and “Purely Irresistible.” The Company has also submitted an application to the USPTO for its “Mystere” brand name. The Company continues to work with its third-generation consulting chocolatier and its network of distributors to expand the manufacturing, packaging and distribution of the Company’s specialty chocolate product line.
About First Foods Group, Inc.:
First Foods Group, Inc. (the "Company" or “First Foods”) is a smaller reporting company focused on developing its specialty chocolate line and participating in merchant cash advances through its 1st Foods Funding Division (the “Division”). First Foods continues to pursue new foodservice brands and menu concepts.
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.
First Foods Group, Inc.
201-471-0988
info@firstfoodgrp.com
