Xtreme One Entertainment Files First Quarter 2024 Disclosure Statement and Provides Operational Update

Source: GlobeNewswire
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

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  
  


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  
  


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  $-