UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q/A



xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934



For the quarterly period ended January 31,
2013



 ̈TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THEEXCHANGE ACT



For the transition period from ___________
to _____________



DETHRONE ROYALTY HOLDINGS, INC.

(Exact name of small business issuer
as specified in its charter)



|Nevada                                                         |  | 333-170393               |  | 27-3566307                          
|-------------------------------------------------------------- |  | ------------------------ |  | ------------------------------------
|(State or other jurisdiction
of incorporation or organization) |  | (Commission file number) |  | (IRS Employer
Identification Number)



5137 E. Armor St., Cave Creek, AZ 85331

(Address of principal executive office)



602.326.8290

(Issuer’s telephone number)



Check whether the issuer (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the
issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x  No   ̈



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company filer. See definition of “accelerated
filer” and “large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one):



|Large accelerated filer |  ̈ | .                                             | Accelerated filer         |  ̈
|----------------------- | - | --------------------------------------------- | ------------------------- | -
|Non-accelerated filer   |  ̈ | (Do not check if a smaller reporting company) | Smaller reporting company | x



Indicate by check mark whether the registrant is a shell company
as defined in Rule 12b-2 of the Exchange Act.

Yes   ̈  No  x



State the number of shares outstanding of each of the issuer’s
classes of common equity as of the latest practicable date: 102,560,415 shares of Common Stock as of March
17, 2013.











EXPLANATORY NOTE



Dethrone Royalty Holdings, Inc., a Nevada
corporation (the “Company”), is filing this Amendment No. 2 (this “Amendment”) to its Quarterly Report
on Form 10-Q for the period ended January 31, 2013, as filed with the Securities and Exchange Commission (the “Commission”)
on March 18, 2013 (the “Original Filing”) and previously amended on October 7, 2013 (the “First Amended Filing”).



The Company is filing this Amendment in
order to:

| | 1. | Record share based compensation in the proper period.
| | -- | -----------------------------------------------------

| | 2. | Properly classify shares subscribed to but not yet issued.
| | -- | ----------------------------------------------------------

| | 3. | Correct the amount of deferred financing costs and related amortization recognized during the period.
| | -- | -----------------------------------------------------------------------------------------------------

| | 4. | State the correct number of shares of common stock outstanding on the date of the Original Filing.
| | -- | --------------------------------------------------------------------------------------------------



Accordingly, net loss for the three and
six months ended January 31, 2013, as previously reported, of $260,582 and $405,837, respectively, has changed to a net loss of
$298,455 and $718,710, for the three and six months ended January 31, 2013, respectively. This Amendment should be read in conjunction
with the Original Filing and the First Amended Filing. This Amendment speaks as of the date of the Original Filing, does not reflect
events that may have occurred after the date of the Original Filing and does not modify or update in any way the disclosures made
in the Original Filing, except as required to reflect the revisions discussed above.











DETHRONE ROYALTY HOLDINGS, INC.



FORM 10-Q



January 31, 2013



INDEX



|                                                                                                 |  | Page
|------------------------------------------------------------------------------------------------ |  | ----
|PART I - FINANCIAL INFORMATION                                                                   |  |     
|                                                                                                 |  |     
|Item 1.    Consolidated Financial Statements                                                     |  | 3   
|Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations |  | 13  
|Item 3.    Quantitative and Qualitative Disclosures About Market Risk                            |  | 17  
|Item 4.    Controls and Procedures                                                               |  | 17  
|                                                                                                 |  |     
|PART II - OTHER INFORMATION                                                                      |  |     
|                                                                                                 |  |     
|Item 1.    Legal Proceedings                                                                     |  | 18  
|Item 1A. Risk Factors                                                                            |  | 18  
|Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 23  
|Item 3.    Defaults Upon Senior Securities                                                       |  | 23  
|Item 4.    Mine Safety Disclosures                                                               |  | 23  
|Item 5.    Other Information                                                                     |  | 23  
|Item 6.    Exhibits and Reports on Form 8-K                                                      |  | 23  
|                                                                                                 |  |     
|SIGNATURES                                                                                       |  | 23  



2







PART I - FINANCIAL INFORMATION



Item 1. Financial statements



DETHRONE ROYALTY HOLDINGS, INC.

(A Development Stage Company)

CONSOLIDATED BALANCE SHEETS

JANUARY 31, 2013 AND JULY 31, 2012

(Unaudited)



|                                                                                                                        |  | January 31, 2013 |          |   | July 31, 2012 |  
|----------------------------------------------------------------------------------------------------------------------- |  | ---------------- | -------- | - | ------------- | -
|ASSETS                                                                                                                  |  |                  |          |   |               |  
|Current Assets                                                                                                          |  |                  |          |   |               |  
|Cash                                                                                                                    |  | $                | 2,529    |   |               | $
|Prepaid expenses                                                                                                        |  |                  | 10,861   |   |               |  
|Inventory                                                                                                               |  |                  | 53,377   |   |               |  
|Deferred loan costs, net                                                                                                |  |                  | 452,221  |   |               |  
|Total Current Assets                                                                                                    |  |                  | 518,988  |   |               |  
|                                                                                                                        |  |                  |          |   |               |  
|TOTAL ASSETS                                                                                                            |  | $                | 518,988  |   |               | $
|                                                                                                                        |  |                  |          |   |               |  
|LIABILITIES AND STOCKHOLDERS’ (DEFICIT)                                                                                 |  |                  |          |   |               |  
|Current Liabilities                                                                                                     |  |                  |          |   |               |  
|Accrued expenses                                                                                                        |  | $                | 21,748   |   |               | $
|Senior secured convertible note payable, net                                                                            |  |                  | 100,000  |   |               |  
|                                                                                                                        |  |                  |          |   |               |  
|Total Current  Liabilities                                                                                              |  |                  | 121,748  |   |               |  
|                                                                                                                        |  |                  |          |   |               |  
|Total Liabilities                                                                                                       |  |                  | 121,748  |   |               |  
|                                                                                                                        |  |                  |          |   |               |  
|Commitments and contingencies (Note 5)                                                                                  |  |                  | -        |   |               |  
|                                                                                                                        |  |                  |          |   |               |  
|Stockholders’ (Deficit)                                                                                                 |  |                  |          |   |               |  
|Preferred stock: $0.001 par value; 1,000,000 shares authorized; no shares issued or outstanding                         |  |                  | -        |   |               |  
|Common stock: $0.001 par value; 500,000,000 shares authorized;  97,560,415 and 94,760,415 shares issued and outstanding |  |                  | 97,560   |   |               |  
|Stock subscriptions payable                                                                                             |  |                  | 510,000  |   |               |  
|Additional Paid-in Capital                                                                                              |  |                  | 645,242  |   |               |  
|Retained earnings from discontinued operations                                                                          |  |                  | 6,944    |   |               |  
|Accumulated deficit                                                                                                     |  |                  | (862,506 | ) |               |  
|Total Stockholders’ (Deficit)                                                                                           |  |                  | 397,420  |   |               |  
|                                                                                                                        |  |                  |          |   |               |  
|Total Liabilities and Stockholders’ Deficit                                                                             |  | $                | 518,988  |   |               | $



See accompanying notes to the consolidated
financial statements



3







DETHRONE ROYALTY HOLDINGS, INC.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED JANUARY 31,
2013 AND 2012

AND FOR THE PERIOD FROM INCEPTION (FEBRUARY
28, 1997) TO JANUARY 31, 2013

(Unaudited)



|                                                                 |  | 2013 |            |   | 2012 |   |             | Period from inception (Feb 28, 1997) to January 31, 2012 | 
|---------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ----------- | -------------------------------------------------------- | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|REVENUES                                                         |  | $    | -          |   |      | $ | -           |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|OPERATING EXPENSES                                               |  |      |            |   |      |   |             |                                                          | 
|General and administrative                                       |  |      | 122,293    |   |      |   | 3,711       |                                                          | 
|Marketing                                                        |  |      | 139,998    |   |      |   | -           |                                                          | 
|Product development                                              |  |      | 15,275     |   |      |   | -           |                                                          | 
|Compensation                                                     |  |      | 12,500     |   |      |   | -           |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|TOTAL OPERATING EXPENSES                                         |  |      | 290,066    |   |      |   | 3,711       |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|OTHER INCOME (EXPENSE)                                           |  |      |            |   |      |   |             |                                                          | 
|Interest expense and finance costs                               |  |      | (8,389     | ) |      |   | -           |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|LOSS FROM CONTINUING OPERATIONS                                  |  |      | (298,455   | ) |      |   | (3,711      | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|DISCONTINUED OPERATION - net                                     |  |      | -          |   |      |   | (177        | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|NET LOSS                                                         |  | $    | (319,551   | ) |      | $ | (3,888      | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|NET LOSS PER SHARE: BASIC AND DILUTED                            |  | $    | (0.00      | ) |      | $ | (0.00       | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED |  |      | 96,446,703 |   |      |   | 359,375,000 |                                                          | 



See accompanying notes to the financial
statements



4







DETHRONE ROYALTY HOLDINGS, INC.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JANUARY 31,
2013 AND 2012

AND FOR THE PERIOD FROM INCEPTION (FEBRUARY
28, 1997) TO JANUARY 31, 2013

(Unaudited)



|                                                                 |  | 2013 |            |   | 2012 |   |             | Period from Inception (Feb 28, 1997) to January 31, 2013 | 
|---------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ----------- | -------------------------------------------------------- | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|REVENUES                                                         |  | $    | -          |   |      | $ | -           |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|OPERATING EXPENSES                                               |  |      |            |   |      |   |             |                                                          | 
|General and administrative                                       |  |      | 175,673    |   |      |   | 16,461      |                                                          | 
|Marketing                                                        |  |      | 183,129    |   |      |   | -           |                                                          | 
|Product development                                              |  |      | 37,019     |   |      |   | -           |                                                          | 
|Compensation                                                     |  |      | 314,500    |   |      |   | -           |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|TOTAL OPERATING EXPENSES                                         |  |      | 710,321    |   |      |   | 16,461      |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|OTHER INCOME (EXPENSE)                                           |  |      |            |   |      |   |             |                                                          | 
|Interest expense and finance costs                               |  |      | (8,389     | ) |      |   | -           |                                                          | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|LOSS FROM CONTINUING OPERATIONS                                  |  |      | (718,710   | ) |      |   | (16,461     | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|DISCONTINUED OPERATION - net                                     |  |      | -          |   |      |   | (25         | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|NET LOSS                                                         |  | $    | (718,710   | ) |      | $ | (16,486     | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|NET LOSS PER SHARE: BASIC AND DILUTED                            |  | $    | (0.01      | ) |      | $ | (0.00       | )                                                        | 
|                                                                 |  |      |            |   |      |   |             |                                                          | 
|WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED |  |      | 95,292,077 |   |      |   | 355,910,313 |                                                          | 



See accompanying notes to the financial
statements



5







DETHRONE ROYALTY
HOLDINGS, INC.

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JANUARY 31,
2013 AND 2012

AND FOR THE PERIOD FROM INCEPTION (FEBRUARY
28, 1997) TO JANUARY 31, 2013

(Unaudited)



|                                                                            |  | 2013 |          |   | 2012 |   |         | Period from inception (Feb 28, 1997) to January 31, 2013 | 
|--------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | - | ------- | -------------------------------------------------------- | 
|CASH FLOWS FROM OPERATING ACTIVITIES                                        |  |      |          |   |      |   |         |                                                          | 
|Net (loss)                                                                  |  | $    | (718,710 | ) |      | $ | (16,486 | )                                                        | 
|                                                                            |  |      |          |   |      |   |         |                                                          | 
|Adjustments to reconcile net loss to net cash used in operating activities: |  |      |          |   |      |   |         |                                                          | 
|Amortization of deferred financing costs                                    |  |      | 107,779  |   |      |   | -       |                                                          | 
|Stock issued in exchange for services                                       |  |      | 510,000  |   |      |   | 12,000  |                                                          | 
|Changes in assets and liabilities:                                          |  |      |          |   |      |   |         |                                                          | 
|Increase in prepaid expenses and inventory                                  |  |      | (64,238  | ) |      |   |         |                                                          | 
|Increase in accrued expenses                                                |  |      | 17,698   |   |      |   | 4,426   |                                                          | 
|                                                                            |  |      |          |   |      |   |         |                                                          | 
|Cash used in Operating Activities                                           |  |      | (147,471 | ) |      |   | (60     | )                                                        | 
|                                                                            |  |      |          |   |      |   |         |                                                          | 
|CASH FLOWS FROM  INVESTING ACTIVITIES                                       |  |      | -        |   |      |   | -       |                                                          | 
|                                                                            |  |      |          |   |      |   |         |                                                          | 
|CASH FLOWS FROM  FINANCING ACTIVITIES                                       |  |      |          |   |      |   |         |                                                          | 
|Loan proceeds                                                               |  |      | 100,000  |   |      |   | -       |                                                          | 
|Sale of shares                                                              |  |      | 50,000   |   |      |   | -       |                                                          | 
|Retirement of shares                                                        |  |      | -        |   |      |   | -       |                                                          | 
|                                                                            |  |      | 150,000  |   |      |   | -       |                                                          | 
|                                                                            |  |      |          |   |      |   |         |                                                          | 
|NET INCREASE  IN CASH                                                       |  |      | 2,529    |   |      |   | (60     | )                                                        | 
|Cash, beginning of period                                                   |  |      | -        |   |      |   | 919     |                                                          | 
|Cash, end of period                                                         |  | $    | 2,529    |   |      |   | 859     |                                                          | 
|                                                                            |  |      |          |   |      |   |         |                                                          | 
|SUPPLEMENTAL CASH FLOW INFORMATION:                                         |  |      |          |   |      |   |         |                                                          | 
|Cash paid for interest                                                      |  | $    | -        |   |      | $ | -       |                                                          | 
|Cash paid for income taxes                                                  |  | $    | -        |   |      | $ | -       |                                                          | 
|Financing activities                                                        |  |      |          |   |      |   |         |                                                          | 
|Shares issued and transferred for loan origination costs                    |  | $    | 560,000  |   |      | $ | -       |                                                          | 



See accompanying notes to the financial
statements



6







DETHRONE ROYALTY HOLDINGS, INC.

(A Development Stage
Company)

STATEMENTS OF STOCKHOLDERS’ EQUITY
(DEFICIT)

FOR THE PERIOD FROM INCEPTION (FEBRUARY
28, 1997) THROUGH JANUARY 31, 2013

(Unaudited)



|                                                                         |  |        |              |   |        |   |          |            |  |   |               |   |  | Retained      |         |   |             |   |       |       | 
|------------------------------------------------------------------------ |  | ------ | ------------ | - | ------ | - | -------- | ---------- |  | - | ------------- | - |  | ------------- | ------- | - | ----------- | - | ----- | ----- | 
|                                                                         |  |        |              |   | Common |   |          | Additional |  |   | Stock         |   |  | Earnings from |         |   |             |   |       |       | 
|                                                                         |  | Common |              |   | Stock  |   |          | Paid-in    |  |   | Subscriptions |   |  | Discontinued  |         |   | Accumulated |   |       |       | 
|                                                                         |  | Stock  |              |   | Amount |   |          | Capital    |  |   | Payable       |   |  | Operations    |         |   | Deficit     |   |       | Total | 
|Original issuance of shares (February 28, 2007)                          |  |        | 321,875,000  |   |        | $ | 321,875  |            |  | $ | (311,575      | ) |  | $             | -       |   |             | $ | -     |       | 
|Net income (loss) inception Through July 31, 2010                        |  |        | -            |   |        |   | -        |            |  |   | -             |   |  |               | -       |   |             |   | -     |       | 
|Balance, July 31, 2010                                                   |  |        | 321,875,000  |   |        |   | 321,875  |            |  |   | (311,575      | ) |  |               | -       |   |             |   | -     |       | 
|Net loss                                                                 |  |        | -            |   |        |   | -        |            |  |   | -             |   |  |               |         |   |             |   | 6,969 |       | 
|Balance July 31, 2011                                                    |  |        | 321,875,000  |   |        |   | 321,875  |            |  |   | (311,575      | ) |  |               |         |   |             |   | 6,969 |       | 
|Common stock issued in exchange for professional services in August 2011 |  |        | 37,500,000   |   |        |   | 37,500   |            |  |   | (25,500       | ) |  |               |         |   |             |   | -     |       | 
|Return of shares to Treasury as a result of Spinoff Agreement            |  |        | (265,625,000 | ) |        |   | (265,625 | )          |  |   | 264,766       |   |  |               |         |   |             |   | -     |       | 
|Sale of common stock in May 2012                                         |  |        | 400,000      |   |        |   | 400      |            |  |   | 49,600        |   |  |               | 61,361  |   |             |   | -     |       | 
|Net loss                                                                 |  |        | -            |   |        |   | -        |            |  |   | -             |   |  |               |         |   |             |   | (25   | )     | 
|Balance, July 31, 2012                                                   |  |        | 94,150,000   |   |        |   | 94,150   |            |  |   | (22,709       | ) |  |               | 61,361  |   |             |   | 6,944 |       | 
|Common stock issued for cash                                             |  |        | 910,415      |   |        |   | 910      |            |  |   | 110,451       |   |  |               | (61,361 | ) |             |   | -     |       | 
|Common stock issued in exchange for professional services                |  |        |              |   |        |   |          |            |  |   |               |   |  |               | 510,000 |   |             |   |       |       | 
|Common stock issued in connection with convertible note payable          |  |        | 2,500,000    |   |        |   | 2,500    |            |  |   | 397,500       |   |  |               | -       |   |             |   | -     |       | 
|Capital contributed as inducement to enter into convertible note payable |  |        | -            |   |        |   | -        |            |  |   | 160,000       |   |  |               | -       |   |             |   | -     |       | 
|Net loss                                                                 |  |        | -            |   |        |   | -        |            |  |   | -             |   |  |               |         |   |             |   | -     |       | 
|Balance, January 31, 2013                                                |  |        | 97,560,415   |   |        | $ | 97,560   |            |  | $ | 645,242       |   |  | $             | 510,000 |   |             | $ | 6,944 |       | 



See accompanying notes to the financial
statements.



7







DETHRONE ROYALTY HOLDINGS, INC.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

January 31, 2013 and 2012

(Unaudited)



NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Interim financial statements



The accompanying unaudited interim financial
statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States
Securities and Exchange Commission (the “SEC”) set forth in Article 8 of Regulation S-X.  Accordingly, they do
not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim
financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management,
necessary to a fair statement of the results for the interim periods presented.  Unaudited interim results are not necessarily
indicative of the results for the full fiscal year.  These financial statements should be read in conjunction with the financial
statements of the Company for the fiscal year ended July 31, 2012 and notes thereto contained in the Company’s Annual Report
on Form 10-K.



Classifications



Certain items in prior periods have been
reclassified to conform with the presentation at January 31, 2013.



Inventories



Inventories are stated at the lower of
cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Inventories are acquired from a contract
manufacturer and are, therefore, all finished goods.



Loan Costs



The Company adopted the provisions of FASB
ASC 310-20-25, Loan Origination Fees and Direct Loan Origination Costs, and defers direct costs incurred to originate
a loan. Deferred loans costs are amortized on a straight-line basis because of the short term nature of the related debt.



Share-Based Compensation



The Company follows the provisions of FASB
ASC 505-50, Equity Based Payments to Non-employees, which requires all stock-based payments to service providers, including
grants of employee stock options, to be recognized in the financial statements based on their fair values on the date of grant



The Company issues stock-based compensation
awards to contractors, vendors and for marketing purposes. This compensation is generally in the form of restricted shares of common
stock.



The Company measures and recognizes compensation
expense for all stock-based awards based on the awards' fair value which is generally the quoted market value of common shares
on the date that the contract mandating the award issuance is executed. The Company recognizes the expense on a straight-line basis
over the service period of the related contract. However, if shares of common stock are issued as of the inception of a contract
period and the Company does not have the right to recover any of the shares for nonperformance, the entire expense is recognized
at the inception date of the contract.



Basic and Diluted Loss Per Common Share



Net loss per common share is computed pursuant
to section FASB ASC 260-10-45. Basic and diluted net income per common share has been calculated by dividing the net income for
the period by the basic and diluted weighted average number of common shares outstanding assuming that the Company incorporated
as of the beginning of the first period presented. There were no dilutive shares outstanding at January 31, 2013 or 2012.  Issuable
common stock is not included in the calculation of basic or diluted weighted average number of common shares outstanding because
including these shares would be antidilutive.



8







Discontinued Operations



In accordance with FASB ASC 205-20, Presentation
of Financial Statements-Discontinued Operations, the Company reported the results of its commercial cleaning services as a
discontinued operation. The results of operations of business dispositions are   segregated from continuing operations
and reflected as discontinued operations in current and prior periods.



Recently Issued Accounting Standards



There were no new accounting pronouncements
that had a significant impact on the Company’s operating results or financial position.



NOTE 2 - GOING CONCERN



The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As reflected in the accompanying financial statements,
the Company had negative working capital and a net stockholders’ deficit at January 31, 2013 and had no committed source
of debt or equity financing.



While the Company is emphasizing a new
product line involving the manufacture and sale of sports performance or energy drinks along with any other non-alcoholic beverage
under the trade name, Dethrone Beverages, there are uncertainties as to whether the Company will obtain sufficient financing to
introduce and distribute the planned product or, if distributed, there will be sufficient market demand for the products.



The financial statements do not include
any adjustments that might be necessary if the Company is unable to continue as a going concern.



NOTE 3 - SENIOR SECURED CONVERTIBLE NOTE PAYABLE



On November 15, 2012, the Company entered
into a Senior Secured Promissory Note with an unaffiliated party under which the Company received a one-year loan with a principal
balance of $100,000. The loan bears interest at 20% per annum with interest payments due quarterly. In addition, the Company issued
2,500,000 shares of restricted common stock to the lender and Mr. Holley and McBride pledged their 56,250,000 shares of the Company’s
common stock as collateral and transferred 1,000,000 shares of free trading shares to the lender. If the Company goes into default
of the provisions of the loan, it becomes convertible into the Company’s common stock at a price of $.001 per share (100
million shares). If an event of default occurs, the lender will have the ability of becoming the controlling shareholder of the
Company. The Company recorded an initial deferred loan cost in the amount of $560,000 in connection with the issuance of the 2,500,000
shares and the transfer of the 1,000,000 shares. This loan cost is being amortized to interest expense over the term of the loan,
which is twelve months. The company recorded amortization of deferred loan costs in the amount of $107,779 during the three and
six months ended January 31, 2013.



NOTE 4 - SHARE CAPITAL



In August 2012, the Company raised $35,000
for 610,415 restricted shares of common stock. The stock certificate for these shares was issued in November 2012.



On November 15, 2012, the Company issued
2,500,000 shares of restricted common stock in connection with the issuance of the convertible note referred to in Note 3 in the
amount of $100,000.



In January 2013 the Company received an
investment of $15,000 for 300,000 restricted shares.



During the six months ended January 31,
2013, the Company entered into three-year endorsement agreements with seven sports figures who have agreed to endorse the Company
and its products for an aggregate of 3,070,000 restricted shares of the Company’s common stock plus an additional 955,000
contingent restricted shares based on certain performance criteria. The Company has recorded an aggregate Marketing Expense of
$300,000 and $393,000 relating to the contracts for the three and six months ended January 31, 2013, respectively.



9







NOTE 5 - COMMITMENTS AND CONTINGENCIES



In April 2012, Dethrone Beverage, Inc.
(“DB”) entered into an exclusive license agreement with Dethrone Royalty Holdings, Inc. giving DB the right to use
the Dethrone trademark worldwide in connection with the manufacture and sale of sports performance or energy drinks along with
any other non-alcoholic beverage under the Trade Name, Dethrone Beverages.



The License Agreement with Dethrone Royalty,
Inc. is for five years and requires payments as follows:



| | Year |  |  | Royalty                                            
| | ---- |  |  | ---------------------------------------------------
| | 1    |  |  | 12% of Gross Profit                                
| | 2    |  |  | $50,000 plus 8% of Gross Profit                    
| | 3    |  |  | $100,000 or 6% of Gross profit, whichever is higher
| | 4    |  |  | $150,000 or 6% of Gross profit, whichever is higher
| | 5    |  |  | $200,000 or 6% of Gross profit, whichever is higher



The License Agreement with Dethrone Royalty,
Inc. specifies minimum levels of sales which, if not attained by DB, gives Dethrone Royalty, Inc. the right to terminate the License
Agreement. These minimums are as follows:



| | Year |  | Minimum Sales |           
| | ---- |  | ------------- | ----------
| | 1    |  | $             | -0-       
| | 2    |  | $             | 3,000,000 
| | 3    |  | $             | 6,000,000 
| | 4    |  | $             | 9,000,000 
| | 5    |  | $             | 12,000,000



The License Agreement with Dethrone Royalty
Holdings, Inc. also requires DB to maintain various liability insurance coverage.



NOTE 6 - SUBSEQUENT EVENTS



In accordance with ASC 855, Subsequent
Events, the Company has evaluated subsequent events from February 1, 2013 through December 30, 2013, the date these amended
and restated financial statements were available for issuance and has determined that it does not have any material subsequent
events to disclose other than the matters disclosed below.



Sponsorship of Texas versus The Nation football game



On January 4, 2013 the Company entered
into an agreement to be the 2013 Title Sponsor of Texas vs. The Nation which was held on February 2, 2013 at Eagle Stadium in Allen,
Texas. In consideration for its sponsorship, the Company has given Overtime Marketing SE, LLC the right to purchase 5,000,000 restricted
shares of its common stock at a price per share equal to 125% of par value ($.001) to be paid in US currency at time of acquisition.
The shares will be made available for sale upon the following schedule:



- 1,250,000 shares at the time of execution
of the formal Sponsorship Contract;

- 1,250,000 shares 180 days after execution
of Sponsorship Contract;

- 1,250,000 shares 360 days after execution
of Sponsorship Contract; and

- 1,250,000 shares 540 days after execution
of Sponsorship Contract.



The fair market value of the shares was
$643,750 on the date of the agreement.



Prepaid expenses of $10,861 at January
31, 2013 in the accompanying Consolidated Balance Sheet all relate to this sponsorship and will be expensed at the time of the
game.



10







Convertible Notes



On February 27, 2013, the Company entered
into a $335,000 convertible loan agreement. The agreement provides for a $35,000 original issue discount. The lender, at its discretion,
may provide funds up to $300,000 to the Company. It provided $60,000 at the closing of the agreement. All loans under the agreement
are payable in full one year after the funds are issued together with a prorated portion of the original issue discount. All amounts
outstanding under the agreement become convertible, at the lender’s discretion, into shares of the Company’s common
stock starting 180 days from the execution date of the agreement. The conversion rate per share is the lower of (i) $0.044 or (ii)
60% of the lowest trade price during the 25 trading days prior to a conversion notice.  The lender has agreed that it will
not execute any short trades and, at not time, will hold more than 4.9% of the Company’s outstanding common stock.



If the Company repays all amounts outstanding
under the agreement within 90 days of the execution date, there will be no interest amounts due. If it does not pay all amounts
due within 90 days of the execution date, it cannot make any other prepayments of the amounts outstanding without the consent of
the lender. In addition, there will be a one-time interest charge of 12% of the amounts outstanding. The Company must also register
all shares that are issuable under the agreement in any Registration Statement that it files with the SEC for any purpose.



On April 30, 2013, the Company sold an
18% Senior Convertible Debenture in the principal amount of $60,000 (the “Debenture”). The Debenture matures on April
30, 2014 and has an interest rate of 18% per annum payable monthly and on each conversion date. The conversion price of the Debenture
is 65% of the average of the lowest three closing bid prices of the Common Stock for the twenty trading days immediately prior
to the conversion date.



Upon an Event of Default (as defined in
the Debenture), the outstanding principal amount of the Debenture plus accrued but unpaid interest, liquidated damages and other
amounts owing on the Debenture through the date of the acceleration shall become at the Debenture holder’s election immediately
due and payable in cash at the Mandatory Default Amount (as defined in the Debenture). Commencing five days after the occurrence
of an Event of Default that results in the eventual acceleration of the Debenture, the interest rate on the Debenture shall accrue
at an interest rate equal to the lesser of 22% per annum or the maximum rate permitted under applicable law.



In connection with the sale of the Debenture,
on April 30, 2013 (the “Initial Exercise Date”) the Company issued the purchaser of the Debenture a warrant to purchase
3,726,708 shares of the Company’s common stock at an exercise price of $.03 per share (subject to adjustment as provided
in the debenture). The Warrant is exercisable on a cashless basis (as provided in the Warrant) and as a result there is no assurance
that any part of the Warrant will be exercised for cash. The warrant terminates three years from the Initial Exercise Date and
on such date the Warrant shall be automatically exercised via cashless exercise. The fair market value of the warrant was $50,777
on the date of issuance.



The convertible notes payable issued on
February 27, 2013 and April 30, 2013 contain a variable conversion feature (the Variable Conversion Feature) that gives rise to
a derivative liability. We have measured this derivative at fair value and recognized the derivative value as a current liability
and recorded the derivative value on our consolidated balance sheet. The Company recorded a derivative liability of $235,165 related
to the Variable Conversion Feature.



The Company is negotiating with other potential
funding sources, the proceeds from which, if received, would repay all amounts due under this agreement within 90 days of the execution
date. If all amounts are repaid within the 90 day period, the agreement will be considered terminated and all convertibility features
would no longer exist.



On October 14, 2013,
the licensor in the Dethrone licensing agreement sent a notice of termination of this license agreement wherein it purposed to
terminate this license agreement and demanded licensing fees of $475,000. The Company has asserted that the licensor has repudiated
the license agreement and demanded damages of $850,000. This issue has not progressed passed this point and the Company is currently
awaiting service of a complaint.



Additionally, the Company
is involved in a dispute with Overtime Marketing, SE, LLC and Overtime Marketing, LLC (“Potential Plaintiffs”) with
which it had signed an agreement for marketing services. Potential plaintiffs have sent Company a demand letter seeking payment
in the amount of $4,814,500 arising from an alleged breach of a term sheet that provided for the Company to compensate plaintiffs
with up to 5,000,000 shares of its restricted common stock in exchange for certain marketing services. Settlement negotiations
with potential plaintiffs are in process and Company legal counsel is unable at this time to estimate any potential liability of
the Company resulting from this dispute. The Company is currently awaiting service of a complaint. No liability has been accrued
as a result of this dispute.



On October 10, 2013,
the Company entered into a license agreement (“License Agreement”) with Throwdown Industries Holdings, LLC, a Delaware
limited liability company (“Licensor”), pursuant to which the Licensor granted an exclusive, non-sublicenseable and
non-assignable right to the Company to use its trademarks and other intellectual properties (“Trademarks”) solely in
connection with the development, manufacture, distribution, marketing and sale of sports performance drinks within the United States
and Canada (the “License”) as well as a one-time right of first refusal to license other types of beverages. The Company’s
rights under the License Agreement are contingent upon Licensor’s prior written approval of any sports performance drinks
developed or proposed by the Company to contain any of the Trademarks (“Licensed Products”).



11







In consideration
for the License, the Company shall pay ten percent (10%) of the net revenue generated by all sales and other transfers of the Licensed
Products during the term of the License Agreement. Notwithstanding the foregoing, the Company shall pay the minimum royalties as
set forth below:



|    |  |                                 |  | Minimum     |              |    | Minimum            |  
|--- |  | ------------------------------- |  | ----------- | ------------ | -- | ------------------ | -
|    |  | Time Period:                    |  | Net Revenue |              |    | Quarterly Payments |  
|    |  |                                 |  |             |              |    |                    |  
|(a) |  | Effective Date through 12/31/13 |  | $           | 0.0          |    |                    |  
|(b) |  | 01/01/14 through 12/31/14       |  | $           | 1,000,000.00 |    |                    | $
|(c) |  | 01/01/15 through 12/31/15       |  | $           | 1,600,000.00 | *  |                    | $
|(d) |  | 01/01/16 through 12/31/16       |  | $           | 2,500,000.00 | ** |                    | $



* 2015 minimum Net Revenue shall be the greater of 120% of the
actual 2014 Net Revenue or $1,600,000.00.

*** 2016 Minimum Net Revenue shall be the
greater of 110% of the actual 2015 Net Revenue or $2,500,000.00. During any Extension Term and beyond 2016, the annual Minimum
Net Revenue shall be at least 105% greater than the previous year.



In addition to the
cash payment, the Company will also issue 5,437,603 shares of its common stock to the Licensor. During each quarter of the term
of the Agreement, the Licensor shall have the option to convert a portion or all of the greater of the minimum quarterly payments
or the actual earned royalties into shares of stock of the Company at an exercise price equal to the lesser of $0.03 per share
or the VWAP for the ten (10) trading days prior to the end of the respective quarter during the term.



In August 2013, a convertible
note holder converted $5,000 in principal in exchange for 5,000,000 shares of the Company’s common stock.



On August 26, 2013,
the Company sold an 8% Convertible Note in the principal amount of $42,500 pursuant to a Securities Purchase Agreement. The note
matures on May 21, 2014 and has an interest rate of 8% per annum until the note becomes due. Any amount of principal or interest
on the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date thereof. The note may
be converted into common stock of the Company at any time beginning on the 180th day of the date of the note. However, the note
shall not be converted if the conversion would result in beneficial ownership by the holder of the note and its affiliates to own
more than 9.99% of the outstanding shares of the Company’s common stock. Such limitations on conversion may be waived by
the note holder upon with not less than 61 days’ prior notice to the Company. The conversion price is 58% of the average
of the lowest three closing bid prices of the Company’s common stock for the ten trading days immediately prior to the conversion
date.



On October 1, 2013,
the Company sold an 8% Convertible Note in the principal amount of $32,500 pursuant to a Securities Purchase Agreement. The note
matures on June 19, 2014 and has an interest rate of 8% per annum until the note becomes due. Any amount of principal or interest
on the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date thereof. The note may
be converted into common stock of the Company at any time beginning on the 180th day of the date of the note. However, the note
shall not be converted if the conversion would result in beneficial ownership by the holder of the note and its affiliates to own
more than 9.99% of the outstanding shares of the Company’s common stock. Such limitations on conversion may be waived by
the note holder upon with not less than 61 days’ prior notice to the Company. The conversion price is 58% of the average
of the lowest three closing bid prices of the Company’s common stock for the ten trading days immediately prior to the conversion
date.



In October 2013, a
convertible note holder converted $10,200 in principal in exchange for 2,000,000 shares of the Company’s common stock.



NOTE 7 – AMENDED FINANCIAL STATEMENTS



The Company is filing
this Amendment No. 2 (this “Amendment”) to its Quarterly Report on Form 10-Q for the period ended January 31, 2013,
as filed with the Securities and Exchange Commission (the “Commission”) on March 18, 2013 (the “Original Filing”)
and previously amended on October 7, 2013 (the “First Amended Filing”).



The Company is filing
this Amendment in order to:

| | 1. | Record share based compensation in the proper period.
| | -- | -----------------------------------------------------

| | 2. | Properly classify shares subscribed to but not yet issued.
| | -- | ----------------------------------------------------------

| | 3. | Correct the amount of deferred financing costs and related amortization recognized during the period.
| | -- | -----------------------------------------------------------------------------------------------------

| | 4. | State the correct number of shares of common stock outstanding on the date of the Original Filing.
| | -- | --------------------------------------------------------------------------------------------------



Accordingly, net loss
for the three and six months ended January 31, 2013, as previously reported, of $260,582 and $405,837, respectively, has changed
to a net loss of $298,455 and $718,710, for the three and six months ended January 31, 2013, respectively. This Amendment should
be read in conjunction with the Original Filing and the First Amended Filing. This Amendment speaks as of the date of the Original
Filing, does not reflect events that may have occurred after the date of the Original Filing and does not modify or update in any
way the disclosures made in the Original Filing, except as required to reflect the revisions discussed above.



12







Item 2.   NOTE REGARDING FORWARD-LOOKING STATEMENTS



Certain matters discussed herein are forward-looking
statements.  Such forward-looking statements contained in this Form 10-Q involve risks and uncertainties, including statements
as to:



- our future operating results;

- our business prospects;

- any contractual arrangements and relationships
with third parties;

- the dependence of our future success on
the general economy;

- any possible financings; and

- the adequacy of our cash resources and
working capital.



These forward-looking statements can generally
be identified as such because the context of the statement will include words such as we “believe," “anticipate,”
“expect,” “estimate” or words of similar meaning.   Similarly, statements that describe our future
plans, objectives or goals are also forward-looking statements.   Such forward-looking statements are subject to certain
risks and uncertainties which are described in close proximity to such statements and which could cause actual results to differ
materially from those anticipated as of the date of filing of this Form 10-Q.   Shareholders, potential investors and
other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements.   The forward-looking statements included herein are only made as of the
date of filing of this Form 10-Q, and we undertake no obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.



MANAGEMENT'S DISCUSSION AND ANALYSIS
OR PLAN OF OPERATION



In February 2012, the Company approved
a 31.25 for 1 forward split of its common stock effective March 17, 2012, All share and per share disclosures give retroactive
effect to this forward split.



Our independent registered auditors included
an explanatory paragraph in their opinion on our financial statements as of and for the fiscal years ended July 31, 2012 and 2011
that states that our lack of resources causes substantial doubt about our ability to continue as a going concern.



Operations



We were founded as an unincorporated DBA
in February 1997 and were incorporated as a C corporation under the laws of the State of Nevada on October 11, 2010. The incorporation
effort included the Company issuing 10,000,000 shares of common stock to Patricia G. Skarpa, who founded and managed the business
which had been operating continuously as a DBA since February 1997, and 300,000 shares to Hallie Beth Skarpa, our other director,
for services rendered. These services involving the incorporation planning were valued at $10,300. Hallie Beth Skarpa is the daughter
of Patricia G. Skarpa. The day-to-day operations of the Company did not change as a result of the change in legal structure.



On January 10, 2012, the Company incorporated
a wholly-owned subsidiary, TO Sports Innovation, Inc. (“TO”), in Nevada. TO was inactive until March 15, 2012. Its
name was changed to Dethrone Beverage, Inc. (“DB”).



In April 2012, DB entered into an exclusive
license agreement with Dethrone Royalty, Inc. giving DB the right to use the Dethrone trademark worldwide in connection with the
manufacture and sale of sports performance or energy drinks along with any other non-alcoholic beverage under the trade name, Dethrone
Beverages.



The License Agreement with Dethrone Royalty,
Inc. is for five years and requires payments as follows:



| | Year |  |  | Royalty                                            
| | ---- |  |  | ---------------------------------------------------
| | 1    |  |  | 12% of Gross Profit                                
| | 2    |  |  | $50,000 plus 8% of Gross Profit                    
| | 3    |  |  | $100,000 or 6% of Gross profit, whichever is higher
| | 4    |  |  | $150,000 or 6% of Gross profit, whichever is higher
| | 5    |  |  | $200,000 or 6% of Gross profit, whichever is higher



13







The License Agreement with Dethrone Royalty,
Inc. specifies minimum levels of sales which, if not attained by DB, gives Dethrone Royalty, Inc. the right to terminate the License
Agreement. These minimums are as follows:



| | Year |  | Minimum Sales |           
| | ---- |  | ------------- | ----------
| | 1    |  | $             | -0-       
| | 2    |  | $             | 3,000,000 
| | 3    |  | $             | 6,000,000 
| | 4    |  | $             | 9,000,000 
| | 5    |  | $             | 12,000,000



The License Agreement with Dethrone Royalty,
Inc. also requires DB to maintain various liability insurance coverage.



The Company’s officers have formulas
that will be used for the initial products that are planned. They have undertaken efforts to raise the financing necessary to manufacture
the initial products using outside contractors and implement marketing programs. The initial expenditures are being used for:



- Production of bottles, labels and caps,

- Purchase of inventory needed for beverage
content,

- Marketing materials,

- Travel and business expenses, and

- Shipping costs of our first orders.



Spinoff and Related Matters



On March 26, 2012, the Company entered
into a Spinoff Agreement with Patricia G. Skarpa and Hallie Beth Skarpa, who were its officers and directors, as well as its largest
shareholders, under which the Company agreed to sell all of the assets relating to the segment of its business that provided commercial
cleaning services to office buildings in exchange for all of the liabilities, as defined, of the commercial cleaning business and
the return by Patricia G. Skarpa and Hallie Beth Skarpa of an aggregate of 265,625,000 shares of the Company’s common stock.
As a result of the Spinoff Agreement the Company ceased to be engaged in providing commercial cleaning services to office buildings,
and the commercial cleaning operations became a discontinued operation for financial reporting purposes.



On March 26, 2012, Patricia G. Skarpa and
Hallie Beth Skarpa entered into agreements with Toby McBride and Michael Jay Holly under which they agreed to sell 28,125,000 shares
of common stock to each (or an aggregate of 56,250,000 shares).



Concurrent with the execution of the Spinoff
Agreement described above, the Board of Directors elected Toby McBride and Michael J. Holly as Directors. Mr. McBride was also
appointed as President and Chief Executive Officer, and Mr. Holly was appointed Vice President and Secretary.



Messrs. Holley and McBride each devote
100% of their time to us.



Upon electing Messrs. McBride and Holly
to the Board of Directors, Patricia G. Skarpa and Hallie Beth Skarpa each resigned their positions as officers and directors effective
immediately. The resignations of Patricia G. Skarpa and Hallie Beth Skarpa were not in connection with any known disagreement with
us on any matter.



Current Status



We plan on distributing our product for
the first time during the first calendar quarter of 2013. Initially we will have two flavors of one product and will distribute
in California to convenience stores, gas stations, grocery stores and gyms. We currently work with a beverage manufacturer in Florida
and several companies for packaging materials. Our initial purchase required payment upfront. Thereafter we will get net 30 day
payment terms. We will ship product to two distributors with net 30 day terms



14







We have also entered into an agreement
with Dethrone Royalty, Inc. which:



- Enables us to change our corporate name to Dethrone
Royalty Holdings, Inc. (“DRH”), which we did in August 2012.

- Have the right to match any offer that Dethrone
Royalty, Inc. receives to be acquired.

- Dethrone Royalty, Inc. and the Company will create
links to each other’s websites.

- Dethrone Royalty, Inc. will produce and distribute
lines of shirts/clothing for each sports figure signed as endorsers by the Company and market the shirts through its normal distribution
channels. The Company will receive commissions equal to 12.5% of the net sales generated by these shirts.



We have also entered into contracts with
several professional sports personalities to represent us by endorsing our products. All contracts cover three years and require
us to issue an aggregate of 3,070,000 restricted shares of common stock over the lives of the contracts plus up to an additional
955,000 contingent shares based on performance criteria.



The Company is also negotiating an agreement
with the agent who introduced the sports figures to the Company and may issue an additional 750,000 restricted shares of common
stock to that agent and has letters of intent with additional sports figures (Pablo Sandavol, Matt Mulson, Kevin Shattenberg and
Mike Goldberg) for endorsement agreements. There are no assurances that agreements described in letters of intent will result in
executed contracts.



Six Months Ended January 31, 2013 compared with Six Months
Ended January 31, 2012



|                                   |  | 2013 |          |   | 2012 |  
|---------------------------------- |  | ---- | -------- | - | ---- | -
|                                   |  |      |          |   |      |  
|REVENUES                           |  | $    | -        |   |      | $
|                                   |  |      |          |   |      |  
|OPERATING EXPENSES                 |  |      |          |   |      |  
|General and administrative         |  |      | 175,673  |   |      |  
|Marketing                          |  |      | 183,129  |   |      |  
|Product development                |  |      | 37,019   |   |      |  
|Compensation                       |  |      | 314,500  |   |      |  
|                                   |  |      |          |   |      |  
|TOTAL OPERATING EXPENSES           |  |      | 710,321  |   |      |  
|                                   |  |      |          |   |      |  
|OTHER INCOME (EXPENSE)             |  |      |          |   |      |  
|Interest expense and finance costs |  |      | (8,389   | ) |      |  
|                                   |  |      |          |   |      |  
|LOSS FROM CONTINUING OPERATIONS    |  | $    | (718,710 | ) |      | $



General and administrative– includes $107,779
in deferred finance cost amortization.



Marketing - includes $182,129 relating to the shares
that are issuable under endorsement contracts.



Compensation – includes compensation paid
to the officer of the Company of $27,500 and $253,500 in share based compensation for services rendered.



Interest expense consist of $8,389 of interest expense related
to notes payable.



Liquidity



Private capital has been sought from former
business associates of our two officers or private investors referred to us by those business associates.



On May 4, 2012, the Company sold 400,000
newly-issued restricted shares of common stock for $50,000 ($0.125 per share).



15







In June and July 2012, the Company sold
an aggregate of 610,415 restricted shares of common stock for $61,361. As of July 31, 2012, the Company had not yet issued stock
certificates to the buyers of these shares so the amount collected is reported in “Liability for Issuable Common Stock”
in the accompanying Consolidated Balance Sheet.



In August 2012, the Company raised $100,000
for 670,000 restricted shares of common stock.  The stock certificate for these shares was issued in November 2012.



On November 15, 2012, the Company entered
into a Senior Secured Promissory Note with an unaffiliated party under which the Company received a one-year loan with a principal
balance of $100,000. The loan bears interest at 20% per annum with interest payments due quarterly. In addition, the Company issued
2,500,000 shares of restricted common stock to the lender and facilitated the transfer of 1,000,000 shares of previously issued
shares to the lender and Messrs. Holley and McBride pledged their 56,250,000 shares of the Company’s common stock as collateral.
If the Company goes into default of the provisions of the loan, it becomes convertible into the Company’s common stock at
a price of $.001 per share (or up to 100 million shares). If a default occurs, the lender will have the ability of becoming the
controlling shareholder of the Company. The Company recorded a deferred loan cost in the amount of $560,000 in connection with
the issuance of the 2,500,000 shares and the transfer of the 1,000,000 shares and has reflected amortization of those costs in
the form of amortization expense in the amount of $107,779 for the six months ended January 31, 2013.



In January 2013 we received an investment
of $15,000 for 300,000 restricted shares.



Convertible Note



On February 27, 2013, the Company entered
into a $335,000 convertible loan agreement. The agreement provides for a $35,000 original issue discount. The lender, at its discretion,
may provide funds up to $300,000 to the Company. It provided $60,000 at the closing of the agreement. All loans under the agreement
are payable in full one year after the funds are issued together with a prorated portion of the original issue discount. All amounts
outstanding under the agreement become convertible, at the lender’s discretion, into shares of the Company’s common
stock starting 180 days from the execution date of the agreement. The conversion rate per share is the lower of (i) $0.044 or (ii)
60% of the lowest trade price during the 25 trading days prior to a conversion notice.  The lender has agreed that it will
not execute any short trades and, at not time, will hold more than 4.9% of the Company’s outstanding common stock.



If the Company repays all amounts outstanding
under the agreement within 90 days of the execution date, there will be no interest amounts due. If it does not pay all amounts
due within 90 days of the execution date, it cannot make any other prepayments of the amounts outstanding without the consent of
the lender. In addition, there will be a one-time interest charge of 12% of the amounts outstanding. The Company must also register
all shares that are issuable under the agreement in any Registration Statement that it files with the SEC for any purpose.



The Company is negotiating with other potential
funding sources, the proceeds from which, if received, would repay all amounts due under this agreement within 90 days of the execution
date. If all amounts are repaid within the 90 day period, the agreement will be considered terminated and all convertibility features
would no longer exist.



We will continue to seek financing for
working capital as necessary but cannot give any assurances that we will be successful in doing so.



We are a public company and, as such, have
incurred and will continue to incur additional significant expenses for legal, accounting and related services. Once we become
a public entity, subject to the reporting requirements of the Exchange Act of '34, we will incur ongoing expenses associated with
professional fees for accounting, legal and a host of other expenses including annual reports and proxy statements, if required.



Recent Accounting Pronouncements



The Company has implemented all new accounting
pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new
accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.



16







Critical Accounting Policies



The preparation of financial statements
and related notes requires us to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities,
revenue and expenses, and related disclosure of contingent assets and liabilities.



An accounting policy is considered to be
critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time
the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that
are reasonably likely to occur periodically, could materially impact the financial statements.



Financial Reporting Release No. 60
requires all companies to include a discussion of critical accounting policies or methods used in the preparation of financial
statements.  There are no critical policies or decisions that rely on judgments that are based on assumptions about matters
that are highly uncertain at the time the estimate is made.  The financial statements include a summary of the significant
accounting policies and methods used in the preparation of our financial statements.



Seasonality



We do not yet have a basis to determine
whether our business will be seasonal.



Off-Balance Sheet Arrangements



We have no off-balance sheet arrangements
as defined in Item 303(a)(4)(ii) of Regulation S-K, obligations under any guarantee contracts or contingent obligations.
We also have no other commitments, other than the costs of being a public company that will increase our operating costs or cash
requirements in the future



Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK



Pursuant to Item 305(e) of Regulation S-K
(§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting
company,” as defined by Rule 229.10(f)(1).



Item 4. CONTROLS AND PROCEDURES



Disclosure controls and procedures are
controls and other procedures that are designed to provide reasonable assurances that information required to be disclosed by the
Company in its periodic reports filed or submitted by the Company under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to provide reasonable assurances that information required
to be disclosed by the Company in its periodic reports that are filed under the Exchange Act is accumulated and communicated to
our Principal Executive Officer, as appropriate to allow timely decisions regarding required disclosure.



Evaluation of disclosure and controls and procedures.



As of the end of the period covered by
this report, the Company carried out an evaluation, under the supervision and with the participation of management including our
Principal Executive Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on the evaluation, the Company's Principal Executive
Officer has concluded that the Company's disclosure controls and procedures are designed to provide reasonable assurances that
information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the SEC's rules and forms and are not effective to ensure
that material information relating to the Company is recorded, processed, summarized, and reported in a timely manner. In forming
this conclusion this officer considered the fact that we were unable to timely file our Form 10K for the year ended July 31, 2013
as well as our From 10Q for the quarter ended October 31, 2013. As such we had inherent weakness in our ability to timely file
our financial reports with the SEC.



We have made significant attempts to correct
this issue including entering into an agreement to outsource our accounting and financial reporting functions to Clear Financial
Solutions, Inc. of Houston, Texas. Management believes this arrangement will ensure the timely filing of future financial reports.



Changes in internal controls over financial reporting.



There were no changes in the Company's
internal controls over financial reporting or in other factors that have materially affected, or are reasonably likely to materially
affect, the Company's internal control over financial reporting.



This quarterly report does not include
an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's
report was not subject to attestation by the Company's registered public accounting firm pursuant to rules of the Securities and
Exchange Commission that permit the Company to provide only management's report in this quarterly report.



17







PART II - OTHER INFORMATION



Item 1. Legal Proceedings



Currently we are not aware of any litigation
pending or threatened by or against the Company.



Item 1A.  RISK FACTORS



You should be aware that there are various
risks to an investment in our common stock. You should carefully consider these risk factors, together with all of the other information
included in this Report, before you decide to invest in shares of our common stock.



If any of the following risks develop into
actual events, then our business, financial condition, results of operations and/or prospects could be materially adversely affected.
If that happens, the market price of our common stock, if any, could decline, and investors may lose all or part of their investment.



Risks Related to the Business



1. DRH has virtually no financial resources.
Our independent registered auditors’ report includes an explanatory paragraph stating that there is substantial doubt about
our ability to continue as a going concern.



DRH has virtually no financial resources.
We have negative working capital and a stockholders’ deficit at January 31, 2013. Our independent registered auditors included
an explanatory paragraph in their opinion on our financial statements as of and for the fiscal year ended July 31, 2012 that states
that this lack of resources causes substantial doubt about our ability to continue as a going concern. No assurances can be given
that we will generate sufficient revenue or obtain necessary financing to continue as a going concern.



2. DRH is and will continue to be completely
dependent on the services of our senior officers, Toby McBride and Michael Jay Holley, the loss of whose services may cause our
business operations s currently contemplated to cease, and we will need to engage and retain qualified employees and consultants
to further implement our strategy.



DRH’s operations and business strategy
are completely dependent upon the knowledge and business connections of Toby McBride and Michael Jay Holley. They are under no
contractual obligation to remain employed by us. If either or both should choose to leave us for any reason or if either becomes
ill and is unable to work for an extended period of time before we have hired additional personnel, our operations will likely
fail. Even if we are able to find additional personnel, it is uncertain whether we could find someone who could develop our business
along the lines described in this prospectus. We will fail without the services of Messrs. McBride and Holley or an appropriate
replacement(s).



We intend to acquire key-man life insurance
on the lives of Messrs. McBride and Holley naming us as the beneficiary when and if we obtain the resources to do so and if they
are insurable. We have not yet procured such insurance, and there is no guarantee that we will be able to obtain such insurance
in the future. Accordingly, it is important that we are able to attract, motivate and retain highly qualified and talented personnel
and independent contractors.



3. Many of our likely competitors have significantly
greater financial and marketing resources than do we.



Many of our likely competitors have significantly
greater financial and marketing resources than do we. Many of these competitors have sophisticated management, are in a position
to purchase inventory at the lowest prices and have the ability to advertise in a wide variety of media, including television.
There are no assurances that our brand will be successful.



4. Our license agreement with Dethrone Royalty,
Inc. specifies minimum levels of sales which must be met. If we lost that License Agreement, our operations as currently planned
are likely to fail



Our License Agreement with Dethrone Royalty,
Inc. specifies minimum levels of sales which, if not attained, gives Dethrone Royalty, Inc. the right to terminate the License
Agreement.  We will market our products very aggressively, but there are no assurances that we will be successful in meeting
the targets set forth in the License Agreement. If we lost that License Agreement, our operations as currently planned are likely
to fail.



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5. We are subject to the periodic reporting
requirements of the Exchange Act that will require us to incur audit fees and legal fees in connection with the preparation of
such reports. These additional costs could reduce or eliminate our ability to earn a profit.



We are required to file periodic reports
with the SEC pursuant to the Exchange Act and the rules and regulations promulgated thereunder. In order to comply with these requirements,
our independent registered public accounting firm will have to review our financial statements on a quarterly basis and audit our
financial statements on an annual basis. Moreover, our legal counsel will have to review and assist in the preparation of such
reports. The costs charged by these professionals for such services cannot be accurately predicted at this time because factors
such as the number and type of transactions that we engage in and the complexity of our reports cannot be determined at this time
and will have a major effect on the amount of time to be spent by our auditors and attorneys. However, the incurrence of such costs
will obviously be an expense to our operations and thus have a negative effect on our ability to meet our overhead requirements
and earn a profit. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be
harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock, if a
market ever develops, could drop significantly.



In no case will the proceeds of this offering
be sufficient to assist us in any way to meet any portion of these incremental costs of being public.



6. Toby McBride and Michael Jay Holley, our
principal officers, have no significant experience managing a public company and no meaningful accounting or financial reporting
education or experience and, accordingly, our ability to meet Exchange Act reporting requirements on a timely basis will be dependent
to a significant degree upon others.



Messrs. McBride and Holley have no significant
experience managing a public company and no meaningful financial reporting education or experience. They are and will be heavily
dependent on engaging and dealing with outside professional advisors, primarily lawyers and financial advisors/accountants who
are and will not be affiliated with our independent auditors. We have no formal arrangements with professionals and cannot provide
any assurances that we will be able to establish arrangements with professionals on terms or costs that are acceptable or affordable
to us.



7. Our internal controls may be inadequate,
which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.



Our management is responsible for establishing
and maintaining adequate internal control over financial reporting. As defined in Exchange Act Rule 13a-15(f), internal control
over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial
officer and effected by the board of directors, management and other personnel, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles and includes those policies and procedures that:



- pertain to the maintenance of records that in
reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

- provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and/or directors
of the Company; and

- provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on
the financial statements.



Our internal controls may be inadequate
or ineffective, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the
public. Investors relying upon this misinformation may make an uninformed investment decision.



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8. Having only two directors limits our ability
to establish effective independent corporate governance procedures and increases the control of our president over operations and
business decisions.



We have only two directors, who are also
our principal executive officers. Accordingly, we cannot establish board committees comprised of independent members to oversee
functions like compensation or audit issues. In addition, a tie vote of board members is decided in favor of the chairman, which
gives her significant control over all corporate issues, including all major decisions on operations and corporate matters such
as approving business combinations.



Until we have a larger board of directors
that would include some independent members, if ever, there will be limited oversight of our president’s decisions and activities
and little ability for minority shareholders to challenge or reverse those activities and decisions, even if they are not in the
best interests of minority shareholders.



Risks Related to Our Common Stock



9. Shareholders may be diluted significantly
through our efforts to obtain financing and satisfy obligations through issuance of additional shares of our common stock.



We have no committed source of financing.
Wherever possible, our board of directors will attempt to use non-cash consideration to satisfy obligations. In many instances,
we believe that the non-cash consideration will consist of restricted shares of our common stock. Our board of directors has authority,
without action or vote of the shareholders, to issue all or part of the authorized but unissue. In addition, if a trading market
develops for our common stock, we may attempt to raise capital by selling shares of our common stock, possibly at a discount to
market. These actions will result in dilution of the ownership interests of existing shareholders may further dilute common stock
book value, and that dilution may be material.



10. The interests of shareholders may be hurt
because we can issue shares of our common stock to individuals or entities that support existing management with such issuances
serving to enhance existing management’s ability to maintain control of our Company.



Messrs. McBride and Holley will own a significant
majority of outstanding shares after the completion of the offering. In addition, our board of directors has authority, without
action or vote of the shareholders, to issue all or part of the authorized but unissued common shares. Such issuances may be issued
to parties or entities committed to supporting existing management and the interests of existing management which may not be the
same as the interests of other shareholders. Although transactions, other than those described in this prospectus, are not currently
being contemplated or discussed, our ability to issue shares without shareholder approval serves to enhance existing management’s
ability to maintain control of our Company or participate in other transactions, including entering into possible business combinations,
without the support of other shareholders.



11. Our two principal officers control all
corporate activities and can approve all transactions, including mergers, without the approval of other shareholders.



Messrs. McBride and Holley have a sufficient
number of shares to control all corporate activities and can approve transactions, including possible mergers, issuance of shares
and r compensation levels, without the approval of other shareholders. Their decisions may not be in the best interests of other
shareholders.



12. Our articles of incorporation provide
for indemnification of officers and directors at our expense and limit their liability that may result in a major cost to us and
hurt the interests of our shareholders because corporate resources may be expended for the benefit of officers and/or directors.



Our Articles of Incorporation at Article
XI provide for indemnification as follows: "No director or officer of the Corporation shall be personally liable to the Corporation
or any of its stockholders for damages for breach of fiduciary duty as a director or officer; provided, however, that the foregoing
provision shall not eliminate or limit the liability of a director or officer: (i) for acts or omissions which involve intentional
misconduct, fraud or knowing violation of law; or (ii) the payment of dividends in violation of Section 78.300 of the Nevada Revised
Statutes. Any repeal or modification of an Article by the stockholders of the Corporation shall be prospective only, and shall
not adversely affect any limitation of the personal liability of a director or officer of the Corporation for acts or omissions
prior to such repeal or modification."



20







We have been advised that, in the opinion
of the SEC, indemnification for liabilities arising under federal securities laws is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification for liabilities arising
under federal securities laws, other than the payment by us of expenses incurred or paid by a director, officer or controlling
person in the successful defense of any action, suit or proceeding, is asserted by a director, officer or controlling person in
connection with our activities, we will (unless in the opinion of our counsel, the matter has been settled by controlling precedent)
submit to a court of appropriate jurisdiction, the question whether indemnification by us is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue. The legal process relating to this matter if
it were to occur is likely to be very costly and may result in us receiving negative publicity, either of which factors is likely
to materially reduce the market and price for our shares, if such a market ever develops.



13. Currently, there is no established public
market for our securities, and there can be no assurances that any established public market will ever develop or that our common
stock will be quoted for trading and, even if quoted, it is likely to be subject to significant price fluctuations.



We have been granted a trading symbol (DRHC).
However, there is and there has never been an established trading market for our common stock..



Because of the anticipated low price of
the securities being registered, many brokerage firms may not be willing to effect transactions in these securities. Purchasers
of our securities should be aware that any market that develops in our stock will be subject to the penny stock restrictions.



14. Any market that develops in shares of
our common stock will be subject to the penny stock regulations and restrictions pertaining to low priced stocks that will create
a lack of liquidity and make trading difficult or impossible.



Our shares will be considered a “penny
stock.”  Rule 3a51-1 of the Exchange Act establishes the definition of a "penny stock," for purposes relevant
to us, as any equity security that has a minimum bid price of less than $5.00 per share or with an exercise price of less than
$5.00 per share, subject to a limited number of exceptions which are not available to us. This classification will severely and
adversely affects any market liquidity for our common stock.



15. The market for penny stocks has experienced
numerous frauds and abuses that could adversely impact investors in our stock.



Company management believes that the market
for penny stocks has suffered from patterns of fraud and abuse. Such patterns include:



- Control of the market for the security by one
or a few broker-dealers that are often related to the promoter or issuer;

- Manipulation of prices through prearranged matching
of purchases and sales and false and misleading press releases;

- "Boiler room" practices involving high
pressure sales tactics and unrealistic price projections by sales persons;

- Excessive and undisclosed bid-ask differentials
and markups by selling broker-dealers; and

- Wholesale dumping of the same securities by promoters
and broker-dealers after prices have been manipulated to a desired level, along with the inevitable collapse of those prices with
consequent investor losses.



16. Our board of directors has the authority,
without stockholder approval, to issue preferred stock with terms that may not be beneficial to common stockholders and with the
ability to affect adversely stockholder voting power and perpetuate their control over us.



Our articles of incorporation allow us
to issue shares of preferred stock without any vote or further action by our stockholders. Our board of directors has the authority
to fix and determine the relative rights and preferences of preferred stock. Our board of directors also has the authority to issue
preferred stock without further stockholder approval, including large blocks of preferred stock. As a result, our board of directors
could authorize the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon
liquidation, the right to receive dividend payments before dividends are distributed to the holders of common stock and the right
to the redemption of the shares, together with a premium, prior to the redemption of our common stock.



21







17. We do not expect to pay cash dividends
in the foreseeable future.



We have never paid cash dividends on our
common stock. We do not expect to pay cash dividends on our common stock at any time in the foreseeable future. The future payment
of dividends directly depends upon our future earnings, capital requirements, financial requirements and other factors that our
board of directors will consider. Since we do not anticipate paying cash dividends on our common stock, return on your investment,
if any, will depend solely on an increase, if any, in the market value of our common stock.



18. Because we are not subject to compliance
with rules requiring the adoption of certain corporate governance measures, our stockholders have limited protection against interested
director transactions, conflicts of interest and similar matters.



The Sarbanes-Oxley Act of 2002, as well
as rule changes proposed and enacted by the SEC, the New York and American Stock Exchanges and the Nasdaq Stock Market, as a result
of Sarbanes-Oxley, require the implementation of various measures relating to corporate governance. These measures are designed
to enhance the integrity of corporate management and the securities markets and apply to securities that are listed on those exchanges
or the Nasdaq Stock Market. Because we are not presently required to comply with many of the corporate governance provisions and
because we chose to avoid incurring the substantial additional costs associated with such compliance any sooner than legally required,
we have not yet adopted these measures.



Because none of our directors are independent
directors, we do not currently have independent audit or compensation committees. As a result, these directors have the ability,
among other things, to determine their own level of compensation. Until we comply with such corporate governance measures, regardless
of whether such compliance is required, the absence of such standards of corporate governance may leave our stockholders without
protections against interested director transactions, conflicts of interest, if any, and similar matters and investors may be reluctant
to provide us with funds necessary to expand our operations.



We intend to comply with all corporate
governance measures relating to director independence as and when required. However, we may find it very difficult or be unable
to attract and retain qualified officers, directors and members of board committees required to provide for our effective management
as a result of Sarbanes-Oxley Act of 2002. The enactment of the Sarbanes-Oxley Act of 2002 has resulted in a series of rules and
regulations by the SEC that increase responsibilities and liabilities of directors and executive officers. The perceived increased
personal risk associated with these recent changes may make it more costly or deter qualified individuals from accepting these
roles.



19. You may have limited access to information
regarding our business because our obligations to file periodic reports with the SEC could be automatically suspended under certain
circumstances.



After the one-year period following the
date on which our registration statement became effective (August 18, 2011), the public reporting obligations may (in our discretion)
be automatically suspended under Section 15(d) of the Exchange Act if we have less than 300 shareholders and do not file a registration
statement on Form 8A (which we have no current plans to file). If this occurs after the year in which our registration statement
becomes effective, we will no longer be obligated to file periodic reports with the SEC and your access to our business information
would then be even more restricted. After this registration statement on Form S-1 becomes effective, we will be required to deliver
periodic reports to security holders. However, we will not be required to furnish proxy statements to security holders and our
directors, officers and principal beneficial owners will not be required to report their beneficial ownership of securities to
the SEC pursuant to Section 16 of the Exchange Act until we have both 500 or more security holders and greater than $10 million
in assets. This means that your access to information regarding our business will be limited.



For all of the foregoing reasons and
others set forth herein, an investment in our securities involves a high degree of risk.



22







Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds



In August 2012, the Company raised $12,000
for 120,000 restricted shares of common stock, and $100,000 for 670,000 restricted shares of common stock. The stock certificate
for these shares was issued in November 2012.



On November 15, 2012, the Company entered
into a Senior Secured Promissory Note with an unaffiliated party under which the Company received a one-year loan with a principal
balance of $100,000. The loan bears interest at 20% per annum with interest payments due quarterly. In addition, the Company issued
2,500,000 shares of restricted common stock to the lender and Messrs. Holley and McBride pledged their 56,250,000 shares of the
Company’s common stock as collateral. If the Company goes into default of the provisions of the loan, it becomes convertible
into the Company’s common stock at a price of $.001 per share (or up to 100 million shares). If a default occurs, the lender
will have the ability of becoming the controlling shareholder of the Company. The Company recorded an expense of $325,000 in connection
with the issuance of the 2,500,000 shares.



In January 2013 the Company received an
investment of $15,000 for 300,000 restricted shares. That amount is included in “Liability for Issuable Common Stock”
in the accompanying Consolidated Balance Sheet.



All proceeds were used for working capital
purposes.



Item 3. Defaults Upon Senior Securities



None



Item 4. Mine Safety Disclosures



None



Item 5. Other Information



None



Item 6. Exhibits and Reports of Form 8-K



(a)

Exhibits



31.1  Certifications pursuant to Section 302
of Sarbanes Oxley Act of 2002

32.1  Certifications pursuant to Section 906
of Sarbanes Oxley Act of 2002



Pursuant to the requirements of the Securities
and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.



|DETHRONE ROYALTY HOLDINGS, INC.             
|--------------------------------------------
|(Registrant)                                
|                                            
|/s/ Toby McBride                            
|Toby McBride                                
|Title: President and Chief Financial Officer
|                                            
|December 31, 2013                           





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