Investments in Revitalizing XFC Brand, Producing Three Live Arena Events Highlight First Full Year for New Management, Sports and Entertainment Strategy
DETROIT, March 31, 2025 (GLOBE NEWSWIRE) — Xtreme One Entertainment, Inc. (OTCPink: XONI) today announced its financial results for the full year ending December 31, 2024, details of which have been filed within the Company’s annual disclosure statement accessible at https://www.otcmarkets.com/stock/XONI/disclosure.
“This past year was one of growth and tremendous development for the team at Xtreme One Entertainment. We came back swinging with three fully produced live events in Florida, Michigan, and Wisconsin that marked the initial success in reinvigorating the storied, but orphaned XFC brand. I’m incredibly proud of the efforts of the entire team and their dedication to our mission of becoming the preeminent MMA development league in the industry,” said Chris Defendis, Xtreme One President. “As we continue to grow and execute, our fans and athletes continue to see our vision, and that is clear through the building success of our events. We’ve made incredible strides over the past year, and this is only the beginning as we seek to further expand into global MMA markets.”
For the 2024 fiscal year, the Company incurred a loss of $5.9 million, or ($0.04) per diluted share, primarily as a result of a $1.9 million non-cash charge for derivative liability related to the Company’s convertible Series A Preferred Stock, as well as significant investments in the production of live and globally televised events to elevate the XFC brand within the MMA category. The Company views 2024 as a foundational year and a strong proof of concept for its business model as the “minor league” and talent development global player in the $11 billion MMA industry worldwide.
During the year, the Company achieved several significant milestones in pursuit of its strategy to build a global sports and entertainment business:
Defendis added: “We’re incredibly fired up for what this Company has to offer in the coming years, both in the MMA space, as well as in the development of other sports leagues and franchises. As a pure play sports and entertainment company, our ability to identify operational synergies, utilize data and analytics to enhance marketing strategy, and provide retail investors an opportunity to participate in our growth is a competitive advantage compared to our peers. We’ve focused on our live event model, showcasing experienced athletes who excel in their craft. In 2025, we have already brought back our storied ‘Young Guns’ brand with the first two events in the books, providing emerging athletes the opportunity to break into the industry.
“As we execute our strategy, we’re delivering increased sponsorship and media distribution opportunities, including our recent deals with beIN SPORTS and BAND in Brazil. On the operational front, we’ve enhanced our production process, resulting in continued cost reductions while dialing up the quality of our fights and broadcast production, paving the way for future profitability. We have the required experience, leadership, and roster of talent to follow through on our strategic plan starting with a killer main event this past Friday night in Iowa that marked our best viewership, attendance and revenue to date.”
Xtreme One is continuing to build out its fight calendar for 2025 and anticipates a combination of four Main Card fights and nine Young Guns series to source the next generation of professional MMA fighters.
About Xtreme One Entertainment, Inc.
Founded in 1995 as a diversified holding company, http://www.xtremeone.com/Xtreme One Entertainment, Inc. (OTC: XONI) is 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 formerly produced and promoted by Xtreme Fighting Championships Inc. worldwide, including over 50 televised professional MMA events spanning hundreds of fights in the U.S. and Latin America produced since 2006. Xtreme One acquired XFC Global in 2023, and under the direction of the Company’s world-class Board and management team, the Company has produced five televised pro MMA events viewed by millions of fans. XFC fights are streamed live on beIN Sports, BAND, Pay Per View, Triller TV, the American Forces Network and a growing number of media platforms.
For more information, visit XtremeOne.com or XFCFight.com. For retail investor rewards, discounts on merchandise, and VIP access to upcoming events, join the Xtreme Shareholder Rewards program at TiiCKER.com/XONI.
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
Media Inquiries for XFC
Jen Wenk
jwenk@xtremeone.com
| XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| ($000’s omitted except share and per share data) | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 5,263 | $ | – | ||||
| Accounts receivable | 8,022 | – | ||||||
| Inventory | 10,597 | – | ||||||
| Prepaid expenses | 35,250 | – | ||||||
| Deposit | 250,000 | – | ||||||
| Total Current Assets | 309,132 | – | ||||||
| Other Assets | ||||||||
| Goodwill and Intangibles | 595,346 | 595,346 | ||||||
| Total Other Assets | 595,346 | 595,346 | ||||||
| Total Assets | $ | 904,478 | $ | 595,346 | ||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 501,686 | $ | 40,348 | ||||
| Accounts payable and accrued expenses-Related party | 1,538,699 | 198,479 | ||||||
| Notes payable | 972,468 | 847,468 | ||||||
| Derivative liability | 3,280,000 | 1,344,234 | ||||||
| Total Current Liabilities | 6,292,853 | 2,430,529 | ||||||
| Long Term Liabilities | ||||||||
| Notes payable-Related party | 2,225,335 | – | ||||||
| Total Liabilities | 8,518,188 | 2,430,529 | ||||||
| Commitments and contingencies | – | – | ||||||
| Stockholders (Deficit) | ||||||||
| Preferred stock, Class A convertible, $.001 par value, 100,000,000 shares | ||||||||
| authorized, 2,000,000 shares issued and outstanding at | ||||||||
| December 31, 2024 and 2023 | 2,000 | 2,000 | ||||||
| Preferred stock, Class C convertible, $.001 par value, 20,000,000 shares | ||||||||
| authorized, 0 shares issued and outstanding at | ||||||||
| December 31, 2024 and 2023 | – | – | ||||||
| Preferred stock, Class D, $.001 par value, 25,000,000 shares | ||||||||
| authorized, 0 shares issued and outstanding at | ||||||||
| December 31, 2024 and 2023 | – | – | ||||||
| Common stock, $.001 par value, 300,000,000 shares | ||||||||
| authorized, 137,223,434 and 132,073,434 shares issued | ||||||||
| and outstanding at December 31, 2024 and 2023 | 137,223 | 132,073 | ||||||
| Additional paid-in capital | 8,077,979 | 7,993,959 | ||||||
| Accumulated (Deficit) | (15,830,912 | ) | (9,963,215 | ) | ||||
| Total Stockholders’ (Deficit) | (7,613,710 | ) | (1,835,183 | ) | ||||
| Total Liabilities and Stockholders’ (Deficit) | $ | 904,478 | $ | 595,346 | ||||
| XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| ($000’s omitted except per share data) | ||||||||
| Years Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenues | $ | 157,202 | $ | 45,000 | ||||
| Total revenues | 157,202 | 45,000 | ||||||
| Operating Expenses | ||||||||
| Cost of revenues | 1,519,560 | 31,500 | ||||||
| General and administrative | 2,295,994 | 238,399 | ||||||
| Total operating expenses | 3,815,554 | 269,899 | ||||||
| (Loss)/income before other expenses | (3,658,352 | ) | (224,899 | ) | ||||
| Other (expense) | ||||||||
| Forgiveness of debt | – | 11,329 | ||||||
| Relief of debt | – | 185 | ||||||
| Gain on cancellation of preferred stock | – | 174,046 | ||||||
| Derivative loss | (1,935,766 | ) | (1,344,234 | ) | ||||
| Interest expense-Related party | (193,977 | ) | – | |||||
| Interest expense | (79,602 | ) | (18,598 | ) | ||||
| Total other | (2,209,345 | ) | (1,177,272 | ) | ||||
| (Loss)/income before income taxes | (5,867,697 | ) | (1,402,171 | ) | ||||
| Income taxes | – | – | ||||||
| Net (loss)/income | $ | (5,867,697 | ) | $ | (1,402,171 | ) | ||
| (Loss)/income per share-Basic and diluted | $ | (0.04 | ) | $ | (0.01 | ) | ||
| Weighted average shares outstanding | ||||||||
| Basic and diluted | 135,470,838 | 106,347,407 | ||||||
| XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES | |||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| ($000’s omitted) | |||||||||
| Years Ended | |||||||||
| December 31, | |||||||||
| 2024 | 2023 | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
| Net (loss) | $ | (5,867,697 | ) | $ | (1,402,171 | ) | |||
| Adjustments to reconcile net (loss) to net cash used | |||||||||
| in operating activities: | |||||||||
| Derivative loss | 1,935,766 | 1,344,234 | |||||||
| Cancel Preferred Stock C | – | (185 | ) | ||||||
| Cancel Preferred Stock D | – | (179,046 | ) | ||||||
| Contribution of capital | – | (48,000 | ) | ||||||
| Issuance of common stock for services | 77,420 | – | |||||||
| Payment of debt with common stock | 11,750 | – | |||||||
| Changes in assets and liabilities: | |||||||||
| (Increase) in accounts receivable | (8,022 | ) | 90,000 | ||||||
| (Increase) in inventory | (10,597 | ) | – | ||||||
| (Increase) in prepaid expenses | (35,250 | ) | – | ||||||
| (Increase) in deposits | (250,000 | ) | – | ||||||
| Increase in accounts payable and accrued expenses | 461,338 | (13,311 | ) | ||||||
| Increase in accounts payable and accrued expenses-Related party | 1,340,220 | 198,479 | |||||||
| Notes payable-related party | 2,225,335 | 10,000 | |||||||
| Net cash provided by operating activities | (119,737 | ) | – | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
| Increase in notes payable | 125,000 | – | |||||||
| Net cash (used) by financing activities | 125,000 | – | |||||||
| Net increase in cash | 5,263 | – | |||||||
| CASH AT BEGINNING PERIOD | – | – | |||||||
| CASH AT END OF PERIOD | $ | 5,263 | $ | – | |||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||
| Cash paid for interest | $ | – | $ | – | |||||
| Cash paid for income taxes | $ | – | $ | – | |||||
| Payment of debt with common stock | $ | 11,750 | $ | – | |||||
| Change in fair value of derivative liability | $ | 1,935,766 | $ | 1,344,234 | |||||
| Issuance of common stock for services | $ | 77,420 | $ | – | |||||
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