XTREME FIGHTING CHAMPIONSHIPS, INC. - FORM 8-K - EX-99 - March 26, 2014

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8-K - XTREME FIGHTING CHAMPIONSHIPS, INC.f20131231dmrform8kastockpurc.htm

EXHIBIT 99.1


Notes to Unaudited Pro Forma Consolidated Financial Statements


On December 31, 2013, Duke Mountain Resources, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Janus Resources, Inc. (“Janus”), a Nevada corporation, pursuant to which the Company purchased from Janus 100% of the issued and outstanding shares of Fostung Resources Ltd. (“Fostung Resources”), a corporation organized under the laws of Ontario, Canada and a wholly owned subsidiary of Janus for a promissory note (the “Promissory Note”) in the amount of $80,000 (the “Fostung Sale”), the fair value of the leases and mining claims controlled by Fostung Resources as concluded by an independent third-party geological consultant.


The Promissory Note bears an annual interest rate of 4%, which is compounded annually and has a maturity date of December 31, 2015. In the event of certain events of default, as more fully set forth in the Promissory Note, the interest rate on the Promissory Note would increase to 8%. The Company may prepay the Promissory Note at any time without penalty.


The pro forma, consolidated balance sheets and statements of operations of Duke Mountain Resources, Inc. and Fostung Resources, Ltd. are presented here as of December 31, 2013.


Duke Mountain Resources, Inc.

Pro Forma Consolidated Balance Sheet

(An Exploration Stage Company)

December 31, 2013

 









 





Adjusted

Pro Forma

Totals

 





Duke Mountain

Resources, Inc.


Fostung


Combined


Pro Forma



 







Resources Ltd.


Totals


Adjustments



 

ASSETS


































 

CURRENT ASSETS

















Cash


$

9,406


$

         -


$

 9,406


$

          -

 

$

  9,406

 


Total Current Assets


 

9,406


 

         -


 

 9,406


 

          -


 

  9,406

 












   






   

 

OTHER ASSETS


































 


Investment in subsidiary


80,000



          -



80,000


(80,000)



         -

 


Mineral rights


   29,957



80,000


 109,957



         -


  109,957

 





 

 


 

 


 

 


 

 


 

 

 


Total Other Assets


      109,957


 

80,000


   189,957


  (80,000)


   109,957

 

 

TOTAL ASSETS


$      119,363


$

80,000

 

$ 199,363

 

$ (80,000)

 

$ 119,363

 



















 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)


































 

CURRENT LIABILITIES

















Note payable


$   80,000


$

          -


 

80,000


$

         -


$

80,000

 


Total Current Liabilities


        80,000


 

         -


 

80,000


 

         -


 

80,000

 


TOTAL LIABILITIES


       80,000

 

 

         -


 

80,000

 

 

         -

 

 

80,000

 












   







 

STOCKHOLDERS’ EQUITY (DEFICIT)

















Preferred stock



-



-



-



-

 


-

 


Common stock


        12,180



          -



12,180



          -

 


12,180

 


Additional paid-in capital


      519,820


  255,624


  775,444


  (86,780)

 

  688,664

 


Accumulated deficit


     (492,637)


(175,624)


(668,261)


      6,780

 

(661,481)

 





 

 


 

 


 

   


 

 

 

 

 

 


Total Stockholders’ Equity (Deficit)


        39,363

 

 

80,000


   119,363


   (80,000)

 

   39,363

 



















 


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
















 




$     119,363

 

$   80,000


$ 199,363


$ (80,000)

 

$ 119,363

 


Duke Mountain Resources, INC.

 

Pro Forma Consolidated Statements of Operations

 

(An Exploration Stage Company)

 

For the Year Ended December 31, 2013

 



















Pro Forma

Adjusted






















Duke Mountain

Resources, Inc.


Fostung

Resources Ltd.


Combined

Totals


Pro Forma

Adjustments




Combined

Totals

 
















 

REVENUES


$

    -


$

       -


$

          -


$

        -




$

           -

 






















General and administrative


 40,436



   8,709



49,145



         -





 49,145


Impairment expense



    -


  160,135


   160,135



         -




160,135





 

 


 

 


 

   


 

 




 

   



Total Costs and Expenses


40,436


    168,844


    209,280


 

        -




    209,280












   








   



OPERATING LOSS


    (40,436)


 (168,844)


  (209,280)


 

        -




  (209,280)





















OTHER INCOME


















 






















Interest income



  38



       -



       38



        -





       38





 

 


 



 

   


 

 




 

   



Total Other Income (Expense)


 

   38


 

       -


 

       38


 

        -




 

       38























LOSS BEFORE INCOME TAXES


  (40,398)


(168,844)


 (209,242)


              -




 (209,242)

 



PROVISION FOR INCOME TAXES


 

    -


 

       -


 

          -


 

         -




 

          -





















NET LOSS


$ (40,398)


$(168,844)


$(209,242)


$

         -




$(209,242)

 




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