LINGERIE FIGHTING CHAMPIONSHIPS, INC. FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements
relate to future events or our future financial performance. In some cases, you
can identify forward-looking statements by terminology such as "may", "should",
"expects", "plans", "anticipates", "believes", "estimates", "predicts",
"potential" or "continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown
risks, uncertainties and other factors that may cause our or our industry's
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. 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. Except as required by applicable law, including the securities
laws of
Our financial statements are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
In this quarterly report, unless otherwise specified, all dollar amounts are
expressed in
As used in this quarterly report, the terms "we", "us", "our" and "our company"
mean
General Overview
We were incorporated under the laws of the
We are a media company focused on the development, production, promotion and distribution of original entertainment which we plan to make commercially available predominantly through live entertainment events, as well as through digital home video, broadcast television networks, video-on-demand and digital media channels.
Our business and corporate address is
We do not have any subsidiaries.
We have never declared bankruptcy nor have we ever been in receivership.
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Our Current Business
Our LFC business and brand is focused on building and establishing a sports entertainment league that utilizes wrestling and mixed martial arts ("MMA") fighting techniques for purposes of providing entertainment. We seek to promote and market our brand, our programming, our events and our products.
Our mission is to establish the popularity of our LFC league and brand based on holding live events and to promote our athletes via a reality series and merchandise such a t-shirts and calendars. Our uniqueness is derived from our predominantly all female league structure, where a vast array of beautiful, attractive and unique women engage in wrestling and MMA fighting techniques against one another for purposes of delivering high quality entertainment to mature audiences.
Our management believes that the LFC league and our unique approach in applying a predominantly all female league structure to wrestling and mixed martial arts gives us a substantial competitive advantage to build the popularity of the LFC league in general.
Recent Business Development
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Results of Operations
Three months ended
Our operating results for the three months endedMarch 31, 2022 and 2021, and the changes between those periods for the respective items are summarized as follows: Three Months Ended March 31, Changes Statement of Operations Data: 2022 2021 Amount % Revenue$ 21,165 $ 7,076 $ 14,089 199 % Cost of services - (21,005 ) 21,005 (100 %) Gross profit (loss) 21,165 (13,929 ) 35,094 (252 %) Total operating expenses (80,812 ) (59,807 ) (21,005 ) 35 % Other expense 863,633 (7,473,304 ) 8,336,937 (112 %) Net loss$ 803,958 $ (7,547,040 ) $ 8,386,119 (111 %) Revenues
We generated revenues of
Cost of Services
We incurred total cost of services of
Operating Expenses
We incurred total operating expenses of
Other Income (Expenses)
We recognized total other income of
Net Income (Loss)
We recognized net income of
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Liquidity and Capital Resources
March 31, December 31, Changes
Working Capital Data: 2022 2021 Amount %
Current Assets $ 22,297 $ 41,981 $ (19,684 ) (47 %)
Current Liabilities $ 6,017,122 $ 6,840,790 (823,668 ) (12 %)
Working Capital Deficiency $ (5,994,824 ) $ (6,798,809 ) 803,985 (12 %)
At
The ability of the Company to realize its business plan is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings.
These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The following table sets forth certain information about our cash flow during
the three months ended
Three Months Ended
March 31, Changes
Cash Flows Data: 2022 2021 Amount %
Cash Flows used in Operating (80 %)
Activities $ (19,684 ) $ (98,404 ) $ 78,720
Cash Flows provided by Financing (100 %)
Activities - 257,500 (257,500 )
Net increase (decrease) in cash during (112 %)
period $ (19,684 ) $ 159,096 $ (178,780 ) Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities.
During the three months ended
During the three months ended
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Cash Flows from Investing Activities
There was no investing activities during the three months ended
Cash Flows from Financing Activities
During the three months ended
During the three months ended
Off-Balance Sheet Arrangements
As of
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