Xtreme One Entertainment Inc (XONI)

[Dr Gator]

WELL, how can you Buy Low and Sell High when you are reporting this stated below on May 2022

CGRW is BLEEDING $$$ and has a NEGITIVE working Capital of a ($825,216) Which in on MAJOR decrease in Revenue!
NO $$$$ for a Company of ONLY 2 employess.... Delmar & Brent.
The SAME 2 people that has CRASHED & BURNED soooooo many other Companies

AND how about this SHOCKING piece of information on the OTC Website
Capital Change=shs decreased by 1 for 17000 split. Pay date=02/21/2012.

Right off the OTC website:
https://www.otcmarkets.com/otcapi/company/financial-report/332264/content

Just some Highlights off report
The Company operates out of Pueblo, Co., and has two (2) full time employees at the end of this reporting
period, 2021.
CannaGrow Holdings revenue from operations for the quarter ended March 31, 2022, decreased to $15,000
from $161,375 for the corresponding quarter ended March 31, 2021. The change in revenues is due to
business fluctuations, and renegotiation of the lease.
Cash and Cash Equivalents
For the purposes of the Statements of Cash Flows, the company considers all highly liquid debt instruments
purchased with a maturity date of three months or less to be cash equivalents.
Income Taxes
The Company has adopted Financial Accounting Standard No. 109 (SFAS 109) which requires the
recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have
been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets
are determined based on the difference between financial statements and tax basis of assets and liabilities
using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary
differences between taxable income reported for financial reporting purposes and income tax purposes are
insignificant.
Net Loss Per Common Share
The Company computes earnings per share under Financial Accounting Standard No. 128, "Earnings Per
Share" (SFAS 128). Net loss per common share is computed by dividing net loss by the weighted average
number of shares of common stock and dilutive common stock equivalents outstanding during the year.
Dilutive common stock equivalents consist of shares issuable upon conversion of convertible preferred
shares. During the periods ended March 31, 2022, and December 31, 2021, common stock equivalents are
not considered in the calculation of the weighted average number of common shares outstanding because
they would be anti-dilutive, thereby decreasing the net loss per common share.
CannaGrow Holdings, Inc.
(formerly BizAuctions, Inc.)
(Unaudited)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10
NOTE A – SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
Revenue Recognition
Revenue is recognized at the time the consulting services is provided to a client.
Advertising
The Company follows the policy of charging the costs of advertising to expenses as incurred. For the periods
ended March 31, 2022, and December 31, 2021, advertising costs were not material to the statement of loss.
Liquidity
As shown in the accompanying financial statements, the Company has incurred a loss from operations before
extraordinary items of ($4,598) during the period-ended March 31, 2022. As of March 31, 2022, the
Company had working capital deficit of ($825,216). In order for the Company to sustain operations,
additional working capital must be raised by increases in revenue realizing profitable margins, by the sale of
equity securities, advances or loans from financial institutions or its affiliates.
Concentrations of Credit Risk
Financial instruments and related items, which potentially subject the Company to concentrations of credit
risk, consist primarily of cash, cash equivalents and related party receivables. The Company places its cash
and temporary cash investments with credit quality institutions. At times, such investments may be in excess
of the FDIC insurance limit.
Stock Based Compensation
In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based Compensation-Transition
and Disclosure-an amendment of SFAS 123." This statement amends SFAS No. 123, "Accounting for StockBased Compensation," to provide alternative methods of transition for a voluntary change to the fair valuebased method of accounting for stock-based employee compensation. In addition, this statement amends the
disclosure requirements of SFAS No. 123 to require prominent disclosures in both annual and interim
financial statements about the method of accounting for stock-based employee compensation and the effect
of the method used on reported results. The Company has chosen to continue to account for stock-based
compensation using the intrinsic value method prescribed in APB Opinion No. 25 and related interpretations.
Accordingly, compensation expense for stock options is measured as the excess, if any, of the fair market
value of the Company's stock at the date of the grant over the exercise price of the related option. The
Company has adopted the annual disclosure provisions of SFAS No. 148 in its financial reports for the
reporting periods of March 31, 2022, and December 31, 2021.
CannaGrow Holdings, Inc.
(formerly BizAuctions, Inc.)
(Unaudited)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11
NOTE A – SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
Comprehensive Income
Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" (SFAS 130),
establishes standards for reporting and display of comprehensive income, its components, and accumulated
balances. Comprehensive income is defined to include all changes in equity except those resulting from
investments by owners and distributions to owners. Among other disclosures, SFAS 130 requires that all
items that are required to be recognized under current accounting standards as components of comprehensive
income be reported in a financial statement that is displayed with the same prominence as other financial
statements. The Company adopted SFAS 130 during the periods ended March 31, 2022, and December 31,
2021, and has no items of comprehensive income to report.
Segment Information
Statement of Financial Accounting Standards No. 131, Disclosures about Segments of an Enterprise, and
Related Information (SFAS 131) establishes standards for reporting information regarding operating
segments in annual financial statements and requires selected information for those segments to be presented
in interim financial reports issued to stockholders. SFAS 131 also establishes standards for related
disclosures about products and services and geographic areas. Operating segments are identified as
components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision maker, or decision-making group, in making decisions to allocate resources
and assess performance. The information disclosed herein, materially represents all of the financial
information related to the Company's principal operating segment.