XTREME FIGHTING CHAMPIONSHIPS, INC. - Quarter Report: 2019 March (Form 10-Q)

 

			UNITED STATES
		SECURITIES AND EXCHANGE COMMISSION
			Washington, D. C. 20549
			Form 10-Q
		[X] QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended March 31, 2019
			or
		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _____ to _____
			Commission File Number: 000-12895
		DUKE MOUNTAIN RESOURCES, INC.
			(Exact name of registrant as specified in its charter)
	Nevada				98-0503336
	(State or other jurisdiction of incorporation)				(IRS Employer Identification Number)
	3948 Saratoga Road
	Langley, Washington				98260
	(Address of principal executive offices				(Zip Code)
	and Zip Code)
			(360) 292-6860
			(Registrant's telephone number, including area code)

 

 

 

 

 

Duke Mountain Resources, Inc.
Consolidated Balance Sheets
		March 31,				December 31,
		2019				2018
		(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents		$	-			$	-
Total current assets			-				-
Total assets		$	-			$	-
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable and accrued expenses		$	39,678			$	37,434
Accounts payable and accrued expenses- related party			1,250				1,250
Notes payable- related party			107,000				107,000
Total current liabilities			147,928				145,684
Long term debt- related party			-				-
Total liabilities			147,928				145,684
Stockholders' Equity (Deficit)
Common stock-  $0.001 par value, 76,000,000
shares authorized: 12,180,000 shares
issued and outstanding			12,180				12,180
Additional paid-in capital			519,820				519,820
Accumulated deficit			(679,928	)			(677,684	)
Total stockholders' equity (deficit)			(147,928	)			(145,684	)
Total liabilties and stockholders' equity (deficit)		$	-			$	-
The accompanying notes are an integral part of these consolidated financial statements.

 

 

Table of Content

Table of Content

Table of Content

 

(Unaudited)

Notes to Financial Statements

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

Table of Content

This section and other parts of this Form 10-Q quarterly report includes "forward-looking statements", that involves risks and uncertainties. All statements other than statements of historical facts, included in this Form 10-Q that address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters, and other such matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors that we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties, and other factors, many of which are beyond our control.

 

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this report to conform such statements to actual results.

 

 

	March 31,				Decemberr 31,
	2019				2018
Cash Flows from (used in) Operating Activities		$	-			$	-
Cash Flows from Investing Activities			-				-
Cash Flows from (used in) Financing Activities			-				-
Net Increase (decrease) in Cash During Period			-				-

 

 

 

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

 

Market risk is the risk of loss from adverse changes in market prices and rates. The Company's market risk arises primarily from the fact that the area in which we do business is highly competitive and constantly evolving. The market in which we do business is highly competitive and constantly evolving. We face competition from the larger and more established companies, from companies that have greater resources, including but not limited to, more money, and greater ability to expand their markets also cut into our potential customers. Many of our competitors have longer operating histories, significantly greater financial strength, nationwide advertising coverage and other resources that we do not have. 

 

ITEM 4.

CONTROLS AND PROCEDURES

 

 

Evaluation of Disclosure Controls and Procedures

Based on their evaluation of our disclosure controls and procedures(as defined in Rule 13a-15e under the Securities Exchange Act of 1934 the "Exchange Act"), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this quarterly report on Form 10-Q such disclosure controls and procedures were not effective due to the lack of segregation of duties and lack of a formal review process that includes multiple levels of review to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms because of the identification of a material weakness in our internal control over financial reporting which we view as an integral part of our disclosure controls and procedures. The material weakness relates to the lack of segregation of duties in financial reporting, as our financial reporting and all accounting functions are performed by an external consultant with no oversight by a professional with accounting expertise.  Our CEO/CFO does not possess accounting expertise and our company does not have an audit committee.  This weakness is due to the company's lack of working capital to hire additional staff.  To remedy this material weakness, we intend to engage another accountant to assist with financial reporting as soon as our finances will allow.

 

Changes in Internal Control over Financial Reporting

Except as noted above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our first quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART II - OTHER INFORMATION

ITEM 1A.

RISK FACTORS

 

 

None

 

ITEM 6.

EXHIBITS