Xtreme One Entertainment Announces Third Quarter 2024 Financial Results
Xtreme One Entertainment (XONI) reported Q3 2024 financial results, posting a loss of $1.5 million, or ($0.01) per diluted share. The company successfully produced XFC 51: Evolution in Milwaukee, featuring seven bouts with both male and female fighters. Key developments include Board approval for a $10 million capital raise, NIL agreements with notable athletes like Henry Cejudo, and the launch of Xtreme Shareholder Rewards program. The company continues to invest in live event production and brand building, reporting improved operational efficiencies and increased demand from fans, fighters, and media partners.
Xtreme One Entertainment (XONI) ha riportato i risultati finanziari del terzo trimestre del 2024, registrando una perdita di 1,5 milioni di dollari, ovvero ($0,01) per azione diluita. L'azienda ha prodotto con successo XFC 51: Evolution a Milwaukee, presentando sette incontri con combattenti sia maschili che femminili. Tra i principali sviluppi, l'approvazione del Consiglio per un raccolta di capitale di 10 milioni di dollari, accordi NIL con atleti di spicco come Henry Cejudo, e il lancio del programma Xtreme Shareholder Rewards. L'azienda continua a investire nella produzione di eventi dal vivo e nello sviluppo del marchio, riportando un miglioramento dell'efficienza operativa e un aumento della domanda da parte di fan, combattenti e partner media.
Xtreme One Entertainment (XONI) informó los resultados financieros del tercer trimestre de 2024, presentando una pérdida de 1.5 millones de dólares, o ($0.01) por acción diluida. La empresa produjo con éxito XFC 51: Evolution en Milwaukee, contando con siete combates que incluyeron tanto luchadores masculinos como femeninos. Entre los principales desarrollos, se incluye la aprobación de la Junta para un aumento de capital de 10 millones de dólares, acuerdos de NIL con atletas destacados como Henry Cejudo, y el lanzamiento del programa de Recompensas para Accionistas de Xtreme. La empresa continúa invirtiendo en la producción de eventos en vivo y en la construcción de marcas, reportando una mejora en la eficiencia operativa y un aumento en la demanda de aficionados, luchadores y socios de medios.
Xtreme One Entertainment (XONI)는 2024년 3분기 재무 결과를 보고하며 150만 달러의 손실, 즉 희석 주당 ($0.01) 손실을 기록했습니다. 이 회사는 밀워키에서 XFC 51: Evolution을 성공적으로 제작했으며, 남녀 두 명의 전투자가 포함된 7개의 경기를 진행했습니다. 주요 개발 사항으로는 1천만 달러의 자본 조달을 위한 이사회 승인이 포함되며, 헨리 세후도와 같은 저명한 선수들과의 NIL 계약 및 Xtreme Shareholder Rewards 프로그램의 출범이 있습니다. 회사는 라이브 이벤트 제작 및 브랜드 구축에 지속적으로 투자하고 있으며, 운영 효율성의 개선과 팬, 전투자, 미디어 파트너의 수요 증가를 보고하고 있습니다.
Xtreme One Entertainment (XONI) a annoncé les résultats financiers du troisième trimestre 2024, affichant une perte de 1,5 million de dollars, soit ($0,01) par action diluée. L'entreprise a produit avec succès XFC 51 : Évolution à Milwaukee, avec sept combats présentant des combattants masculins et féminins. Parmi les développements clés, on trouve l'approbation du Conseil pour une augmentation de capital de 10 millions de dollars, des accords NIL avec des athlètes notables comme Henry Cejudo, et le lancement du programme de récompenses pour actionnaires Xtreme. L'entreprise continue d'investir dans la production d'événements en direct et la construction de marque, signalant une amélioration de l'efficacité opérationnelle et une demande accrue de la part des fans, des combattants et des partenaires médiatiques.
Xtreme One Entertainment (XONI) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und einen Verlust von 1,5 Millionen Dollar bzw. ($0,01) pro verwässerter Aktie ausgewiesen. Das Unternehmen hat erfolgreich XFC 51: Evolution in Milwaukee produziert, das sieben Kämpfe mit sowohl männlichen als auch weiblichen Kämpfern beinhaltete. Zu den wichtigsten Entwicklungen gehören die Genehmigung des Boards für eine Kapitalerhöhung von 10 Millionen Dollar, NIL-Vereinbarungen mit namhaften Athleten wie Henry Cejudo und der Start des Xtreme Shareholder Rewards-Programms. Das Unternehmen investiert weiterhin in die Produktion von Live-Veranstaltungen und den Markenaufbau und berichtet von verbesserten Betriebseffizienzen sowie einer erhöhten Nachfrage von Fans, Kämpfern und Medienpartnern.
- Reduced per event operating costs through improved efficiencies
- Increased demand from fans, fighters, and media partners
- Secured strategic NIL agreements with notable athletes
- Board approved $10 million capital raise plan
- Q3 2024 net loss of $1.5 million
- Continued significant investment requirements in production and brand building
- Potential shareholder dilution from planned capital raise
Continued Investment in the Production and Distribution of XFC Live Events Yield Progress Towards Long-Term Strategic Growth Plan
DETROIT, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Xtreme One Entertainment, Inc. (OTCPink: XONI) (the “Company” or “Xtreme One”) today announced its financial results for the third quarter ending September 30, 2024, details of which have been filed within the Company’s quarterly disclosure statement accessible at https://www.otcmarkets.com/stock/XONI/disclosure.
“The team put on another incredible event this quarter with XFC 51: Evolution in Milwaukee. The more events we get under our belt, the more successful they become, and it allows us to further focus on amping up the production quality and fan engagement. As we move forward on our path, we continue to drive efficiencies that allow us to lower our per event operating costs, at the same time, we’re amplifying each of our revenue channels,” said Chris Defendis, Xtreme One President. “We are seeing increased demand for our events from fans, fighters, and media partners and this allows us to fully engage all facets of monetization to enhance top-line growth.”
For the third quarter of 2024, the Company incurred a loss of
During the quarter, the Company achieved several significant milestones in pursuit of its strategy to build a global sports business:
- Successfully produced XFC 51: Evolution in Milwaukee, Wisconsin on September 27, 2024, featuring seven total bouts with a variety of male and female fighters in various weight classes. The event was held for a ticketed audience and broadcast live to pay-per-view audiences in the United States and internationally.
- The Board approved a strategic growth plan including a
$10 million capital raise - The Company announced it had entered into Name, Image, Likeness (NIL) agreement with a number of world-class college wrestlers and combat-sport veterans including Henry Cejudo and Jeremy Stephens.
- Xtreme Shareholder Rewards were launched and include perks and VIP event access for verified retail investors. (TiiCKER.com/XONI)
Defendis added, “Our differentiated model, built on nearly two-decades of experience, is for the XFC to be the number one developmental league for MMA athletes to grow and shine. And when we couple this with delivering great stories and great shows for our fans, the result will be sustainable growth in revenue, sponsor engagement and global distribution and viewership that we expect to fuel 2025 and beyond.”
Xtreme One is building out its fight calendar for 2025 and anticipates a combination of Main Card fights and the return of its Tryouts and Young Guns series to source the next generation of professional MMA fighters.
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 Inc. worldwide. The XFC has produced over 50 televised professional MMA fights in the U.S. and Latin America since 2006 and was relaunched in 2024 by the new management team and world-class Board at Xtreme One. XFC fights are streamed live on Triller TV, the American Forces Network and a growing number of media platforms. For more information, visit XtremeOne.com or XFCFight.com, or to unlock shareholder perks and rewards, go to www.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
| XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ( | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash | $ | 147,001 | $ | - | |||
| Accounts receivable | 30,020 | - | |||||
| Inventory | 9,193 | - | |||||
| Prepaid expenses | 38,125 | - | |||||
| Total Current Assets | 224,339 | - | |||||
| Other Assets | |||||||
| Goodwill and Intangibles | 595,346 | 595,346 | |||||
| Total Other Assets | 595,346 | 595,346 | |||||
| Total Assets | $ | 819,685 | $ | 595,346 | |||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) | |||||||
| Current Liabilities | |||||||
| Accounts payable and accrued expenses | $ | 574,482 | $ | 40,348 | |||
| Accounts payable and accrued expenses-Related party | 1,377,059 | 198,479 | |||||
| Notes payable | 847,468 | 847,468 | |||||
| Derivative liability | 2,023,866 | 1,344,234 | |||||
| Total Current Liabilities | 4,822,875 | 2,430,529 | |||||
| Long Term Liabilities | |||||||
| Notes payable-Related party | 1,564,635 | - | |||||
| Total Liabilities | 6,387,510 | 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 September 30, 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 September 30, 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 September 30, 2024 and December 31, 2023 | - | - | |||||
| Common stock, $.001 par value, 300,000,000 shares authorized, 137,223,434 and 132,073,434 shares issued and outstanding at September 30, 2024 and December 31, 2023 | 137,223 | 132,073 | |||||
| Additional paid-in capital | 8,077,979 | 7,993,959 | |||||
| Accumulated (Deficit) | (13,785,027 | ) | (9,963,215 | ) | |||
| Total Stockholders' (Deficit) | (5,567,825 | ) | (1,835,183 | ) | |||
| Total Liabilities and Stockholders' (Deficit) | $ | 819,685 | $ | 595,346 | |||
| XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ( | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 69,697 | $ | 15,000 | $ | 157,060 | $ | 45,000 | |||||||
| Total revenues | 69,697 | 15,000 | 157,060 | 45,000 | |||||||||||
| Operating Expenses | |||||||||||||||
| Cost of revenues | 349,173 | 10,500 | 1,508,561 | 31,500 | |||||||||||
| General and administrative | 703,306 | - | 1,625,426 | 28,775 | |||||||||||
| Total operating expenses | 1,052,479 | 10,500 | 3,133,987 | 60,275 | |||||||||||
| (Loss)/income before other expenses | (982,782 | ) | 4,500 | (2,976,927 | ) | (15,275 | ) | ||||||||
| Other (expense) | |||||||||||||||
| Derivative loss | (480,911 | ) | (679,632 | ) | - | ||||||||||
| Interest expense-Related party | (59,404 | ) | (108,101 | ) | - | ||||||||||
| Interest expense | (19,225 | ) | - | (57,152 | ) | - | |||||||||
| Total other | (559,540 | ) | - | (844,885 | ) | - | |||||||||
| (Loss)/income before income taxes | (1,542,322 | ) | 4,500 | (3,821,812 | ) | (15,275 | ) | ||||||||
| Income taxes | - | - | - | - | |||||||||||
| Net (loss)/income | $ | (1,542,322 | ) | $ | 4,500 | $ | (3,821,812 | ) | $ | (15,275 | ) | ||||
| (Loss)/income per share-Basic and diluted | $ | (0.01 | ) | $ | 0.00 | $ | (0.03 | ) | $ | (0.00 | ) | ||||
| Weighted average shares outstanding | |||||||||||||||
| Basic and diluted | 136,888,651 | 102,073,434 | 134,882,376 | 102,073,434 | |||||||||||
| XTREME ONE ENTERTAINMENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ( | |||||||
| Nine Months Ended | |||||||
| September 30, | |||||||
| 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net (loss) | $ | (3,821,812 | ) | $ | (15,275 | ) | |
| Adjustments to reconcile net (loss) to net cash used in operating activities: | |||||||
| Derivative loss | 679,632 | - | |||||
| Cancel Preferred Stock C | - | (185 | ) | ||||
| 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 | (30,020 | ) | (45,000 | ) | |||
| (Increase) in inventory | (9,193 | ) | |||||
| (Increase) in prepaid expenses | (38,125 | ) | - | ||||
| Increase in accounts payable and accrued expenses | 534,134 | 50,460 | |||||
| Increase in accounts payable and accrued expenses-Related party | 1,178,580 | ||||||
| Note payable-related party | 1,564,635 | 10,000 | |||||
| Increase in derivative liability | - | - | |||||
| Net cash provided by operating activities | 147,001 | - | |||||
| Net increase in cash | 147,001 | - | |||||
| CASH AT BEGINNING PERIOD | - | - | |||||
| CASH AT END OF PERIOD | $ | 147,001 | $ | - | |||
| 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 | $ | 679,632 | $ | - | |||
| Issuance of common stock for services | $ | 77,420 | $ | - | |||
FAQ
What was Xtreme One Entertainment's (XONI) Q3 2024 earnings per share?
How much was XONI's net loss in Q3 2024?
What was the size of XONI's approved capital raise plan in Q3 2024?
When and where did XONI hold XFC 51: Evolution?
