Xtreme One Entertainment Files First Quarter 2024 Disclosure Statement and Provides Operational Update
Delivering on Revitalization of XFC MMA series with XFC 50 Resurrection and XFC Grand Prix II
Announced Media Distribution Partnership with Triller TV
GRAND RAPIDS, Mich., May 16, 2024 (GLOBE NEWSWIRE) -- Xtreme One Entertainment, Inc. (NASDAQ: XONI; the “Company” or “Xtreme One”) today announced that the company has filed its Disclosure Statement for the fiscal first quarter ending March 31, 2024, accessible at https://www.otcmarkets.com/stock/XONI/overview.
“We began the year in an Xtreme fashion with our rebirth of the XFC MMA league at ‘XFC 50: Resurrection’ in Lakeland, Fl. We had an incredible turnout of excited fans to watch an action-packed card. I’m incredibly proud of the efforts of our team, production staff, and fighters, and the efforts made during the first quarter to prepare us for successful events in the second quarter,” said Doug Kuiper, President.
For the First Quarter, the Company incurred a loss of $0.3 million, or $0.00 per diluted share as it invested in significant logistical preparations for two MMA events in the second quarter of 2024.
Subsequent to the end of the quarter, the Company successfully produced the XFC 50: Resurrection event in Lakeland Florida, on April 12, 2024. The Company is in the final preparations for XFC Grand Prix II which is to be held at the Masonic Temple in Detroit, Michigan on May 31, 2024. Also in the second quarter, the Company announced an agreement with Triller TV to provide pay-per-view streaming event coverage for its MMA events to global audiences. Finally, in the second quarter the company announced that sports reporter and TV host Jenny Taft and business leader Jeff Lambert had joined its board of directors.
About Xtreme One Entertainment, Inc.
Founded in 1995 as a consumer and diversified holding company, Xtreme One Entertainment, Inc. (OTCPink: XONI) is now focused on media, entertainment, live sports, and event marketing. The Company, through its wholly owned subsidiary, XFC Global, Inc. (XFC), is the licensee of all the brands and intellectual property of Xtreme Fighting Championships. For more information or for upcoming events, visit XtremeOne.com or XFCFight.com.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These statements are subject to risks and uncertainties including, but not limited to, the following: the Company’s lack of history of operating profitability, the need to raise significant capital to fund operations and growth, uncertainty concerning the transition of the Company’s business model, uncertainty concerning market acceptance of the Company’s sports and entertainment marketing offerings, competition and the ability to develop or license intellectual property that is critical to the Company’s business, The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contact:
Investor Relations for XONI
Zachary Mizener
zmizener@lambert.com
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XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ($000’s omitted except share and per share data) |
||||||||
| March 31, 2024 |
December 31, 2023 |
|||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 216,189 | $ | - | ||||
| Prepaid expenses | 237,424 | - | ||||||
| Total Current Assets | 453,613 | - | ||||||
| Other Assets | ||||||||
| Goodwill and Intangibles | 595,346 | 595,346 | ||||||
| Total Other Assets | 595,346 | 595,346 | ||||||
| Total Assets | $ | 1,048,959 | $ | 595,346 | ||||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 83,812 | $ | 40,348 | ||||
| Accounts payable and accrued expenses-Related party | 424,992 | 198,479 | ||||||
| Notes payable | 847,468 | 847,468 | ||||||
| Derivative liability | 1,344,234 | 1,344,234 | ||||||
| Total Current Liabilities | 2,700,506 | 2,430,529 | ||||||
| Long Term Liabilities | ||||||||
| Notes payable-Related party | 500,000 | - | ||||||
| Total Liabilities | 3,200,506 | 2,430,529 | ||||||
| Commitments and contingencies | - | - | ||||||
| Stockholders (Deficit) | ||||||||
| Preferred stock, Class A convertible, $.001 par value, 100,000,000 shares authorized, 2,000,000 and 42,000,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 |
2,000 | 2,000 | ||||||
| Preferred stock, Class C convertible, $.001 par value, 20,000,000 shares authorized, 0 and 184,500 shares issued and outstanding at March 31, 2024 and December 31, 2023 |
- | - | ||||||
| Preferred stock, Class D, $.001 par value, 25,000,000 shares authorized, 0 and 10,000,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 |
- | - | ||||||
| Common stock, $.001 par value, 300,000,000 shares authorized, 134,423,434 and 132,073,434 shares issued and outstanding at March 31, 2024 and December 31, 2023 |
134,423 | 132,073 | ||||||
| Additional paid-in capital | 8,003,359 | 7,993,959 | ||||||
| Accumulated (Deficit) | (10,291,329 | ) | (9,963,215 | ) | ||||
| Total Stockholders' (Deficit) | (2,151,547 | ) | (1,835,183 | ) | ||||
| Total Liabilities and Stockholders' (Deficit) | $ | 1,048,959 | $ | 595,346 | ||||
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XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ($000’s omitted except per share data) |
||||||||
| Three Months Ended March 31, |
||||||||
| 2024 | 2023 | |||||||
| Revenues | $ | - | $ | 15,000 | ||||
| Total revenues | - | 15,000 | ||||||
| Operating Expenses | ||||||||
| Cost of revenues | - | 10,500 | ||||||
| General and administrative | 301,650 | 6,825 | ||||||
| Total operating expenses | 301,650 | 17,325 | ||||||
| (Loss) before other expenses | (301,650 | ) | (2,325 | ) | ||||
| Other (Expenses) | ||||||||
| Derivative loss | - | - | ||||||
| Interest expense-Related party | (7,500 | ) | - | |||||
| Interest expense | (18,964 | ) | - | |||||
| Total other | (26,464 | ) | - | |||||
| (Loss) before income taxes | (328,114 | ) | (2,325 | ) | ||||
| Income taxes | - | - | ||||||
| Net (loss) | $ | (328,114 | ) | $ | (2,325 | ) | ||
| Income per share-Basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | ||
| Weighted average shares outstanding | ||||||||
| Basic and diluted | 133,312,994 | 102,073,434 | ||||||
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XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ($000’s omitted) |
||||||||
| Three Months Ended March 31, |
||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net (loss) | $ | (328,114 | ) | $ | (2,325 | ) | ||
| Adjustments to reconcile net (loss) to net cash used in operating activities: |
||||||||
| Cancel Preferred Stock C | - | (185 | ) | |||||
| Payment of debt with common stock | 11,750 | - | ||||||
| Changes in assets and liabilities: | ||||||||
| (Increase) in accounts receivable | - | (15,000 | ) | |||||
| (Increase) in prepaid expenses | (237,424 | ) | - | |||||
| Increase in accounts payable and accrued expenses | 43,464 | 12,510 | ||||||
| Increase in accounts payable and accrued expenses-Related party | 226,513 | |||||||
| Note payable-related party | 500,000 | 5,000 | ||||||
| Increase in derivative liability | - | - | ||||||
| Net cash provided by/(used) in operating activities | 216,189 | - | ||||||
| Net increase/(decrease) in cash | 216,189 | - | ||||||
| CASH AT BEGINNING PERIOD | - | - | ||||||
| CASH AT END OF PERIOD | $ | 216,189 | $ | - | ||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
| Cash paid for interest | $ | - | $ | - | ||||
| Cash paid for income taxes | $ | - | $ | - | ||||
| Payment of debt with common stock | $ | 11,750 | $ | - | ||||
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