10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2020

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from __________ to ___________

Commission file number: 000-55987

Elite Performance Holding Corp.

(Exact name of registrant as specified in its charter)

Nevada	20-1801530
State or other jurisdiction of incorporation or organization	(I.R.S. Employer Identification No.)
3301 NE 1st Ave Suite M704 Miami, FL	33137
(Address of principal executive offices)	(Zip Code)

(844) 426-2958

Registrant’s telephone number, including area code

______________________________________

(Former Address and phone of principal executive offices)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☐     No ☒

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 for Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐     No ☒

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐     No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of September 15, 2021, there were 97,776,300 shares of the registrant’s common stock, $.0001 par value, issued and outstanding.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

CONTENTS

Elite Performance Holding Corp.

Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019	3
Consolidated Statements of Operations for the Three months ended March 31, 2020 and 2019 (unaudited)	4
Consolidated Statement of Stockholders Equity (Deficit) for the three months ended March 31, 2020 and 2019 (unaudited)	5
Consolidated Statement of Cash Flows for the Three months ended March 31, 2020 and 2019 (unaudited)	6
Notes to the Consolidated Financial Statements	7

2

Elite Performance Holding Corp.
Consolidated Balance Sheets
	(unaudited)
	March 31,			December 31,
	2020			2019
ASSETS
CURRENT ASSETS
Cash	$	78		$	16,884
Accounts Receivable		192			-
Inventory		200,535			152,330
Prepaid Expenses		-			2,638
Total Current Assets		200,805			171,852
TOTAL ASSETS	$	200,805		$	171,852
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Bank overdraft	$	881		$	-
Accounts payable		375,459			247,194
Accounts payable and accrued expenses related party		352,840			306,564
Accrued expenses		42,755			27,694
Convertible note payable (net of debt discount)		454,201			309,030
Note payable – related party		209,937			209,937
Total Current Liabilities		1,436,073			1,100,419
Total Liabilities		1,436,073			1,100,419
Commitments and Contingencies		-			-
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock; $0.0001 par value, 35,000,000 shares authorized, 10,000,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively		1,000			1,000
Common stock; $0.0001 par value, 465,000,000 shares authorized, 65,424,300 and 64,924,300 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively		6,542			6,492
Shares to be issued		920,722			856,722
Additional paid-in capital		666,267			641,317
Accumulated deficit		(2,829,799	)		(2,434,098	)
Total Stockholders' Equity (Deficit)		(1,235,268	)		(928,567	)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	200,805		$	171,852

The accompanying notes are an integral part of these Consolidated financial statements.

3

Elite Performance Holding Corp.
Consolidated Statements of Operations
for the three months ended March 31, (unaudited)
	2020			2019
REVENUES	$	15,283		$	13,226
COST OF GOODS SOLD		92,023			13,083
GROSS PROFIT		(76,740	)		143
OPERATING EXPENSES
Legal and accounting		12,627			10,410
Advertising		121,896			152,303
Consulting		93,806			146,599
General and administrative		61,452			36,216
Total Operating Expenses		289,781			345,528
OPERATING LOSS		(366,521	)		(345,385	)
OTHER INCOME (EXPENSE)
Interest expense		(29,180	)		(39,870	)
Total Other Income (Expense)		(29,180	)		(39,870	)
NET LOSS	$	(395,701	)	$	(385,255	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.01	)	$	(0.01	)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		65,180,344			56,118,667

The accompanying notes are an integral part of these consolidated financial statements.

4

Elite Performance Holding Corp.
Consolidated Statement of Stockholders’ Equity (Deficit)
For the three months end March 31, 2019 (unaudited)
																	Total
									Shares			Additional					Stockholders’
	Common Stock				Preferred Stock				to be			Paid-in		Accumulated			Equity
	Shares		Amount		Shares		Amount		Issued			Capital		Deficit			(Deficit)
Balance, December 31,2018		55,780,000	$	5,578		10,000,000	$	1,000	$	4,000		$	185,015	$	(719,989	)	$	(524,396	)
Subscription shares issued for cash		40,000		4		-		-		(2,000	)		1,996		-			-
Shares issued for finance fees		400,000		40		-		-		-			19,960					20,000
Net loss		-		-		-		-		-			-		(385,255	)		(385,255	)
Balance March 31, 2019		56,220,000	$	5,622		10,000,000	$	1,000	$	2,000		$	206,971	$	(1,105,244	)	$	(889,651	)

Elite Performance Holding Corp.
Consolidated Statement of Stockholders’ Equity (Deficit)
For the three months end March 31, 2020 (unaudited)
																Total
									Shares		Additional					Stockholders’
	Common Stock				Preferred Stock				to be		Paid-in		Accumulated			Equity
	Shares		Amount		Shares		Amount		Issued		Capital		Deficit			(Deficit)
Balance December 31, 2019		64,924,300	$	6,492		10,000,000	$	1,000	$	856,722	$	641,317	$	(2,434,098	)	$	(928,567	)
Subscriptions Received		-		-		-		-		64,000		-		-			64,000
Shares issued for finance fees		400,000		40		-		-		-		19,960		-			20,000
Shares issued for services		100,000		10		-		-		-		4,990		-			5,000
Net loss		-		-		-		-		-		-		(395,701	)		(395,701	)
Balance March 31, 2020		65,424,300	$	6,542		10,000,000	$	1,000	$	920,722	$	666,267	$	(2,829,799	)	$	(1,235,268	)

The accompanying notes are an integral part of these consolidated financial statements.

5

Elite Performance Holding Corp.
Consolidated Statements of Cash Flows
for the three months ended March 31,
(unaudited)
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(395,701	)	$	(385,255	)
Items to reconcile net loss to net cash used in operating activities:
Amortization of debt discount		15,171			29,069
Shares issued for services		5,000			-
Changes in operating assets and liabilities
(Increase) / decrease in accounts receivable		(192	)		3,937
(Increase) / decrease in Inventory		(48,205	)		(9,300	)
(Increase) / decrease in prepaid expenses		2,638			(6,572	)
Increase in accounts payable - Related party		46,276			6,652
Increase in accounts payable		143,326			62,715
Net Cash Used in Operating Activities		(231,687	)		(298,754	)
CASH FLOWS FROM INVESTING ACTIVITIES
Net Cash Used in Investing Activities		-			-
CASH FLOWS FROM FINANCING ACTIVITIES
Bank overdraft		881
Proceeds from notes payable related party		-			2,000
Proceeds from notes payable		150,000			307,500
Proceeds from Sale of stock		64,000			-
Net Cash Provided by Financing Activities		214,881			309,500
Increase (Decrease) in Cash		(16,806	)		10,746
CASH AT BEGINNING OF PERIOD		16,884			126
CASH AT END OF PERIOD	$	78		$	10,872
Supplemental Information:
Interest Paid		-			-
Taxes		-			-
Supplemental Non-Cash Information:
Shares issued for commitment fees	$	20,000		$	20,000

The accompanying notes are an integral part of these consolidated financial statements.

6

Elite Performance Holding Corp.

Consolidated Notes to the Financial Statements

For the period from

December 31, 2019 through March 31, 2020 (unaudited)

NOTE 1- GENERAL

Business Overview

Elite Performance Holding Corporation ("EPH") was formed on January 30, 2018 (inception) and is a holding company with anticipated holdings in companies centered on innovative and proprietary nutritional and dietary fitness enhancement products, that are in the sports performance, weight loss, nutritional, functional beverage, and energy markets. The team is composed of highly experienced business, marketing and sales executives in the beverage and nutritional space, who are passionate about health and nutrition.

The mission of Elite Performance Holdings is to aggressively seek and acquire companies with niche products that are first to market and can be exploited in the $35 billion nutritional and sport beverage industries. The goal of EPH is to effectuate its unique business model through strategic branding and marketing, to aggressively scale companies to size, and operate them efficiently to maximize growth, revenue production and eventual net income. On February 2, 2018, a contribution and assignment agreement was executed by Joseph Firestone and Jon McKenzie (collectively, the “Assignors”), and Elite Performance Holding Corp., a Nevada corporation (the “Assignee”). Whereas Firestone and McKenzie were the owners of 50,000,000 shares of common stock, $0.0001 par value, for a total of 100,000,000 shares of common stock (collectively, the “Shares”) of Elite Beverage International Corp., a Nevada corporation (the “Company”), which shares represented all authorized, issued and outstanding shares of the Company.

Elite Beverage International is a 100% wholly owned subsidiary of Elite Performance Holding Corp. Elite Beverage is currently producing a first of its kind functional sports beverage. Beyond Your Limit Training (B.Y.L.T.) sports drink is the first to combine the benefits of hydration, muscle repair, fat oxidation, and recovery all-in-one great tasting beverage. Whether you are looking to achieve optimal performance on the baseball field, basketball court, soccer field, in the gym or any competitive sport, BYLT provides the competitive edge every athlete actively seeks. This unique product is designed with scientifically dosed key ingredients to bridge the gap between the current sports drinks filled with sugars that have serve no function, hydration beverages and dietary supplements, without the crash from sugars and jitters from caffeine which eventually leads to a decrease in performance for athletes. BYLT is not only designed to enhance performance and support the intense physical demand of athletes but be safe and backed by science.

Our Products and Services

Elite Beverages will offer a first to market functional beverage that redefines hydration and performance drinks using a patented amino/carbohydrate combination. The SmartCarb® technology blend provides a unique benefit of hydration, endurance and sustained energy without caffeine, the crash of sugars, and without artificial flavors or colors making it the ideal sports beverage for health-conscious consumers and serious athletes alike. BYLT will introduce two flavors upon launch while planning to strategically introduce additional 5 flavors to support the launch after three to six months of operation. These flavors will include Blue Raspberry, Tropical Punch, Lemon Lime, Watermelon, Grape, Orange and Fruit Punch.

NOTE 2 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of March 31, 2020 the company had an accumulated deficit of ($2,829,799). The continuation of the Company as a going concern is dependent upon the continued financial support from its management, its ability to generate profits from the Company’ s future operations, identify future investment opportunities and obtain the necessary debt or equity financing. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Accounting Methods

The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a calendar year-end.

7

Cash and Cash Equivalents

We maintain the majority of our cash accounts at a commercial bank. The total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per commercial bank. For purposes of the statement of cash flows we consider all cash and highly liquid investments with initial maturities of one year or less to be cash equivalents.

Accounts Receivable

We grant credit to our customers located within the United States of America; and do not require collateral. Our ability to collect receivables is affected by economic fluctuations in the geographic areas and industries served by us. The allowance for doubtful trade receivables was $0 as of March 31, 2020.

Inventory

Inventories are valued at the lower of weighted average cost or market value. Our industry experiences changes in technology, changes in market value and availability of raw materials, as well as changing customer demand. We make provisions for estimated excess and obsolete inventories based on regular audits and cycle counts of our on-hand inventory levels and forecasted customer demands and at times additional provisions are made. Any inventory write offs are charged to the reserve account. As of March 31, 2020 and December 31, 2019 we had no reserve for potentially obsolete inventory. As of March 31, 2020 and December 31, 2019 we had $200,535 and $152,330 in inventory.

Basic and Diluted Loss Per Share

The Company presents both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible securities, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. The Company had net losses as of March 31, 2020, so the diluted EPS excluded all dilutive potential shares in the diluted EPS because their effect is anti-dilutive. As of March 31, 2020, the company had $454,201 in convertible notes that may be converted into 6,830,000 shares of common stock. We also had 18,414,440 shares to be issued as of March 31, 2020.

Fair Value of Financial Instruments

The carrying amount of accounts payable and accrued expenses are considered to be representative of their respective fair values because of the short-term nature of these financial instruments.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses primarily consist of salaries and benefits for research and development employees, stock-based compensation, consulting fees, lab supplies, and regulatory compliance costs. We had $0 research and development R&D expense during the three months ended March 31, 2020.

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured. The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Amounts invoiced or collected in advance of product delivery or providing services are recorded as deferred revenue. The Company accrues for warranty costs, sales returns, bad debts, and other allowances based on its historical experience. For the three months ended March 31, 2020 and 2019 we had $15,283 and $13,226 respectively in revenue from the sale of our products.

8

Income Taxes

Federal Income taxes are not currently due since we have had losses since inception.

On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the period January 01, 2020 through March 31, 2020 using a Federal Tax Rate of 21%.

Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Under this approach, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end. A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met the “more likely than not” standard required by ASC 740-10-25-5.

Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes.

As of March 31, 2020, we had a net operating loss carry-forward of approximately $(2,829,799) and a deferred tax asset of $594,258 using the statutory rate of 21%. The deferred tax asset may be recognized in future periods, not to exceed 20 years. However, due to the uncertainty of future events we have booked valuation allowance of $(594,258). FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At March 31, 2020 the Company had not taken any tax positions that would require disclosure under FASB ASC 740.

Net deferred tax assets consist of the following components as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Deferred tax assets:
Deferred tax assets:	$	594,258		$	511,161
Valuation allowance		(594,258	)		(511,161	)
Net deferred tax asset	$	-		$	-

Stock-Based Compensation

The Company records stock-based compensation using the fair value method. Equity instruments issued to employees and the cost of the services received as consideration are accounted for in accordance with ASC 718 “Stock Compensation” and are measured and recognized based on the fair value of the equity instruments issued. All transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for in accordance with ASC 515 “Equity-Based Payments to Non-Employees”, based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

Long Lived Assets

Periodically the Company assesses potential impairment of its long-lived assets, which include property, equipment and acquired intangible assets, in accordance with the provisions of ASC Topic 360, “Property, Plant and Equipment.” The Company recognizes impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying values. An impairment loss would be recognized in the amount by which the recorded value of the asset exceeds the fair value of the asset, measured by the quoted market price of an asset or an estimate based on the best information available in the circumstances. There were no such losses recognized during the three months ended March 31, 2020.

Property, Equipment and Intangible Assets

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Intangible assets consist of acquired web site domains and web site content and are carried at cost, less accumulated amortization.

Depreciation and amortization is provided principally on the straight-line basis method over the estimated useful lives of the assets.

Recently Issued Accounting Standards

The Company is reviewing the effects of following recent updates. The Company has no expectation that any of these items will have a material effect upon the financial statements.

9

FASB ASU 2016-02 “Leases (Topic 842)” – In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model but has been updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have adopted the above ASU as of December 31, 2019.

Update 2019-08—Compensation—Stock Compensation (Topic 718) In June 2018, the Board issued Accounting Standards Update No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, as part of its Simplification Initiative. This Update is effective for companies with fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

On January 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. Adoption of this ASU did not have a material effect on our consolidated financial statements.

All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position with the exception of the updated previously disclosed above, there have been no new accounting pronouncements not yet effective that have significance to our consolidated financial statements.

NOTE 3 - RELATED PARTY TRANSACTIONS

Loan Receivable-Related Party

In 2018, the company advanced $30,000 to Gifted Nutrition International, with a maturity date of August 2019. Gifted Nutrition International is a company that is owned and operated by Joey Firestone and Jon McKenzie. In October 2018 the company elected to write this off to compensation expense.

Joey Firestone was paid $40,000 in compensation during 2018.

Accounts and Notes Payable related party

On November 15, 2017, Elite Beverage International issued an unsecured note payable for $80,300 to Jon McKenzie at a 6% interest rate, due upon demand. An addendum to the note was added in 2018 for an additional $127,637 in funding which was received in various advances throughout the year.

For the Year ended December 31, 2019, Jon McKenzie advanced a total of $2,000 for operating expenses of the company, which was added to the addendum. As of March 31, 2020, and December 31, 2019, the outstanding balance was $209,937 and $209,937, respectively. As of March 31, 2020, the accrued interest was $26,745. Interest expense for this note for the year ended December 31, 2019, and the three months ended March 31, 2020, was $12,294 and $3,948 respectively.

As of March 31, 2020, we had outstanding balances due to Jon Mckenzie for operating expenses of the company of $198,914, which is included in accounts payable related party.

For the three months ended March 31, 2020, and 2019, we had $9,000 and $9,000 respectively in consulting expense to “I Know a Dude, Inc.” owned by Laya Clark. Mr. Clark is a member of our Board of Directors. As of December 31, 2019, and March 31, 2020, we had an outstanding balance due of $36,000 and $45,000 respectively, which is included in accounts payable related party.

For the three months ended March 31, 2020, and 2019, we had $0 and $1,500 in accounting expense respectively to “The Mosely Group.” owned by Reesa McKenzie. Ms. McKenzie is the sister of John McKenzie. As of December 31, 2019, and March 31, 2020, we had an outstanding balance due of $4,500 and $4,500 respectively, which is included in accounts payable related party.

As of March 31, 2020, we had outstanding balances due to Joey Firestone of $19,284 for un-reimbursed business expenses. We also had an outstanding balance due to Joey Firestone of $58,397 for consulting services, which is included in accounts payable related party.

On June 14, 2019, Laya Clark (a member of our board of directors) entered into an advisor service agreement for one year for 1,000,000 shares of restricted 144 stock that was issued on October 3, 2019.

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NOTE 4 - COMMON STOCK AND COMMON STOCK WARRANTS

Common Stock

The Company has authorized a total of 400,000,000 Shares of Common Stock par value $0.0001 as of the December 31, 2017 audit for Elite Beverage International. However, Elite Performance Holding Corp. is now the successor company and as of December 31, 2019 now reflects 465,000,000 (Four Hundred Sixty-Five Million) shares authorized par value $0.0001. For the period ended December 31, 2017, the Elite Beverage International Corp. issued 100,000,000 shares of Common Stock for $19,000 to its management.

On February 2, 2018, Elite Performance Holding Corp., owned and controlled by Firestone and McKenzie, acquired Elite Beverage International through a 1:2 common share exchange as follows:

a). 50,000,000 common shares of Elite Performance Holding Corp. in exchange for 100,000,000 common shares of Elite Beverage International Inc.

Shares Registered in the S-1 Registration Statement

As of December 31, 2019, the company has raised $954,200 (2,090,000 shares issued and 16,994,000 of shares to be issued) through a registered offering for $1,250,000 which was registered with the SEC through an S1 registration statement which went effective on April 23, 2019.

Restricted Shares issued

On November 9, 2018, we issued 40,000 shares of common stock at $.05 per share which were subscribed for on October 9, 2018 for $2,000. These shares are restricted, and subject to SEC Rule 144.

On December 13, 2018, the company issued 400,000 shares of restricted common stock for financing fees. These shares are restricted, and subject to SEC rule 144. We valued the shares at $.05 (price of the shares issued in the private placement) due to the lack of market activity and related price.

On December 18, 2018, we issued 250,000 shares of restricted common stock per an agreement with Carter, Terry & Associates. These shares are restricted, and subject to SEC rule 144. We valued the shares at $.05 (price of the shares issued in the private placement) due to the lack of market activity and related price.

On January 7, 2019, we issued a convertible promissory note to David Stoccardo in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 8, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019, the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares restricted and subject to SEC Rule 144. These shares were valued at $20,000, which was recorded to debt discount.

On October 9, 2018, we received $2,000 for a subscription for 40,000 shares of common stock. As of March 31, 2020, these shares were unissued.

On October 22, 2018, we received $2,000 for a subscription for 40,000 shares of common stock. These shares were issued in 2019.

In 2019 we issued 2,090,000 common subscription shares to accredited investors for cash in the amount of $104,500.

In 2019 we issued 3,660,000 common shares for services (consulting and advertising) valued at $183,001.

As of March 31, 2020, we had 18,414,440 shares to be issued in the amount of $920,267 from stock subscriptions to accredited individuals.

We also had 18,414,440 shares to be issued as of March 31, 2020.

In 2019 we issued 500,000 of common shares for financing and commitment fees in the amount of $25,000.

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On June 26, 2019, First Fire elected to convert the remaining balance of $124,715 of the note dated December 10, 2018 for restricted shares at .05 cents a share thereby retiring the original note in full, the total shares to be issued was 2,494,300, which were subsequently issued on July 3, 2019. No gain or loss was recorded on the conversion as the transaction was performed within the terms of the debt agreement.

On December 4, 2019, we entered into a convertible note payable for $189,000. It bears interest at the rate of 8% per annum. It had an OID of $9,000. We also issued 500,000 shares of common stock and expensed it at $.05 as commitment fees for 25,000.

As of December 31, 2019, we had consulting agreements that had shares to be issued, for a total of 60,440 shares. The vesting expense for these shares was $3,022 for the year ended December 31, 2019.

On February 19, 2020, we issued 100,000 shares of our common stock for services (consulting and advertising) valued at $5,000.

On January 17, 2020 entered into a convertible promissory note in the amount of $157,000, with an OID of 7,500 and of February 12, 2020, we issued 400,000 shares of our common stock for a commitment fee valued at $20,000.

Common Stock Warrants

None.

NOTE 5 - PREFERRED STOCK

The Company has authorized a total of 35,000,000 Shares of Preferred Stock, $.0001 par value, which may be issued from time to time and bearing such rights, privileges and preferences as shall be designated by the Board of Directors. As of December 31, 2017, Elite Beverage International Corp had issued 10,000,000 Shares of Preferred Stock, designated as series A “Cumulative Preference ‘A’”, for $1,000.

10,000,000 Series A preferred which carries super voting rights. Each preferred share carries 20 votes.

On February 2, 2018 Elite Performance Holding Corp., owned and controlled by Firestone and McKenzie, acquired Elite Beverage International through a 1:1 preferred share exchange as follows. 10,000,000 Series A preferred shares of Elite Performance Holdings Corp. in exchange for 10,000,000 Series A preferred shares of Elite Beverage International Inc.

NOTE 6 - GOING CONCERN

The Company's financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has recently accumulated significant losses and has negative working capital. All of these items raise substantial doubt about its ability to continue as a going concern. Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the Company's ability to continue as a going concern are as follows:

The Company is currently trying to raise new debt or equity to set up and market its line sports beverage products. If the Company is not successful in the development and implementation of a concept which produces positive cash flows from operations, the Company may be forced to continue to raise additional equity or debt financing to fund its ongoing obligations or risk ceasing doing business.

There can be no assurance that the Company will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations.

NOTE 7 – COMMITMENTS AND CONTINGENCIES

None.

12

NOTE 8 – CONVERTIBLE NOTES PAYABLE

On December 10, 2018 we entered into a Senior Secured Promissory note with First Fire Global Opportunities Fund, LLC in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of May 10, 2019. The note carries a prepayment feature and a default provision that allows, in the event of default, for a conversion of debt into equity at a fixed price of $.05, or if publicly traded, at the rate of the lesser of $.05 or the lowest of 65% of the 20 previous trading days from the notice of conversion or based on any subsequent financings with better terms to other investors. On April 30, 2019 we paid $62,500 and on May 14, 2019 we paid an additional $7,500, bringing the outstanding balance to $87,500 and as a result we incurred a prepayment penalty of $30,000.

On June 26, 2019, First Fire elected to convert the remaining balance including a prepayment penalty of $117,500 plus accrued interest of $7,215 for a total of $124,715 of the note dated December 10, 2018 for restricted shares at .05 cents a share thereby retiring the original note in full, the total shares to be issued was 2,494,300, which were subsequently issued on July 3, 2019.

On December 12, 2018, the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares are restricted and subject to SEC Rule 144. This note had $25,500 in original discount and $20,000 in discount for the 400,000 shares issued. The original debt discount was $45,500; we amortized $40,250 for the year ended December 31, 2019 and we had a remaining debt discount of $0 as of March 31, 2020.

On January 7, 2019, we issued a convertible promissory note to David Stoccardo in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 8, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019 the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares restricted and subject to SEC Rule 144. These shares were valued at $20,000. This note also included an original discount fee of $ $7,500, we amortized $798 during the three months ended March 31, 2020 recorded to interest expense and had an outstanding balance of $0 as of March 31, 2020. On May 14, 2019 we paid $5,000 of principal on this note and as of March 31, 2020 the outstanding balance was $152,500.

On March 28, 2019 we issued a convertible promissory note to David Stoccardo in the amount of $7,875 with an interest rate of 8% per annum and a maturity date of January 8, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. This note included an original discount fee of $375, we amortized $375 during the year ended December 31, 2019 and had an outstanding balance of $0 as of March 31, 2020. On April 26, 2019 this note was paid in full.

On December 4, 2019, we entered into a convertible promissory note in the amount of $189,000, with an interest rate of 8% per annum and a maturity date of December 4, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. This note included an original discount fee of $9,000, we amortized $2,219 recorded to interest expense during the three months ended March 31, 2020 and had an outstanding balance of $189,000 as of March 31, 2020. We also issued 500,000 commitment shares valued at $25,000 on December 11, 2019 and recorded to debt discount. We amortized $6,250 for the three months ended March 31, 2020 recorded to interest expense.

On January 17, 2020 we issued a convertible promissory note to The Hillyer Group Inc. in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 17, 2021. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019 the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares are restricted and subject to SEC Rule 144. These shares were valued at $20,000. This note also included an original discount fee of $27,500, we amortized $5,904 during the three months ended March 31, 2020 and had an outstanding balance of $157,500 as of March 31, 2020.

Total interest expense on the above notes for the 3 months ended March 31, 2020 and 2019 was $22,930 and $39,870.

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NOTE 9 - SUBSEQUENT EVENTS

In accordance with ASC 855, the Company has analyzed its operations subsequent to March 31, 2020 through the date these financial statements were issued and has reported the following events:

On September 4, 2020, the Company reduced their debt by $232,733 with the retirement of two 6% interest bearing notes for $178,842 and $53,891 collectively. These two notes held by the Company’s former CEO, COO and Board Director Jon McKenzie were forgiven after his departure.

On January 14, 2021, the Company raised $208,800 and fully subscribed its $1,250,000 offering at .05 cents a share through its S-1 Registration Statement.

As of December 31, 2019, to September 15, 2021, the Company has issued a total of 32,352,000 shares of common stock. Issuances were a combination of registered shares issued for subscription agreements related to the Company’s registered offering and restricted shares issued to consultants, endorsing athletes, and debt.

On August 01, 2020, the Company entered into an Exclusivity Agreement between its wholly owned subsidiary Elite Beverage International Corp. and Bruce Kneller for exclusive rights on a patent pending SmartCarb® technology (US Patent Application No. 16/785,498.) This Agreement gives the Company first right of refusal to purchase the technology upon issuance of its patent for a predetermined and agreed upon amount of shares in the Company.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements and Associated Risks.

This form 10-Q contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate, or “continue” or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control. These factors include but are not limited to economic conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition from much larger competitors; technological advances and failure to successfully develop business relationships.

Based on our financial history since inception, our auditor has expressed substantial doubt as to our ability to continue as a going concern. As reflected in the accompanying financial statements, as of March 31, 2020, we had an accumulated deficit totaling ($2,823,549). This raises substantial doubts about our ability to continue as a going concern.

Business

The Company is currently producing a sports beverage like no other available on the market. Beyond Your Limit Training (B.Y.L.T.) is the first ready to drink (RTD) beverage of its kind to combine the benefits of hydration, endurance, mental focus, fat oxidation, and muscle recovery all-in-one great tasting beverage. BYLT (pronounced built) uses a proven proprietary formula that simultaneously hydrates, helps improves performance, promotes fat burning during exercise, and aids in muscle recovery after exertion. Whether you are looking to achieve optimal performance on the baseball field, basketball court, soccer field, in the gym or any competitive sport, BYLT provides the competitive edge every athlete actively seeks. This unique product is designed with scientifically dosed key ingredients to bridge the gap between energy drinks, hydration beverages and dietary supplements, without the sugars and jitters from caffeine which eventually cause athletes to crash. BYLT is not only designed to help enhance performance and support the intense physical demand of athletes but is safe and backed by science.

The Company’s operations have been and continue to be affected by the recent and ongoing outbreak of the coronavirus disease (COVID-19) which in March 2020, was declared a pandemic by the World Health Organization (WHO.) The ultimate disruption which may be caused by the outbreak is uncertain; However, it may result in a material adverse impact on the Company’s financial position, operations, and cash flows. Possible areas that may be affected include, but are not limited to, disruption to the Company’s customers and revenue, labor workforce, unavailability of products and supplies used in operations, and the decline in value of assets held by the Company, including ingredient material, property and equipment.

Our future operations are contingent upon increasing revenues and raising capital for on-going operations and the anticipated expansion of our product lines. Because we have a limited operating history, you may experience difficulty in evaluating our business and future prospects.

15

Sales and Marketing

With its all-encompassing benefits and better-for-you ingredients, BYLT is positioned to succeed in a highly lucrative market due to being first to market, its superior product offering and an ideal market opportunity. The breakdown of favorable market trends that will help fuel the initial growth and long-term success of the Company include:

✓	Healthy living trends and lifestyles are continuing, creating a drive for better-for-you trends, active lifestyles, and a growing demand for industry products from everyday consumers.
✓	There are currently no other RTD beverages that combine the benefits of BYLT that athletes seek out. In order to achieve optimal nutrients, an athlete must take 3-4 supplements that are often packed with unhealthy additives such as sugars and caffeine.
✓	Sports Drinks accounted for 70% of the entire Fortified/Functional beverage industry and is expected to continue its growth during the next five years to become a $9 B market by 2021.
✓	BYLT is also positioned in the Nutrition and Performance Drink Industry which generated a total revenue of $14.2 billion. Mintel estimates sales of the category to continue to grow reaching $18.3 billion by 2021.
✓	According to Statista, 36% of individuals in the U.S. purchase a ready to drink sports drink 1 – 2 times a week, while 15% purchase one over 10 times a week.
✓	There is high potential for customer loyalty in the industry and brands that deliver on their promised functional and health benefits usually keep loyal core consumers.

The Company retained key executives for nationwide sales and distribution of their first to market sports drink. The executive team is comprised of former seasoned Coca-Cola, PepsiCo and Dr. Pepper executives that have over 120 years of combined experience in the beverage industry. Previous clients include: Coca-Cola, Bolthouse Farms, Cinnabon, Nestle Waters, Honest, Celsius and others. The Company will launch its products in a series of region expansions, as shown in the figure below.

Figure 2: Map of BYLT Roll Out Strategy

Corporate Information

Elite Performance Holding Corp

3301 NE 1^st Ave Suite M704

Miami, FL 33137

Corporate History

Elite Performance Holding Corp. (the “Company”) was originally incorporated on January 30, 2018 in the State of Nevada. On February 2, 2018, Joey Firestone and Jon McKenzie each assigned 50,000,000 shares of Elite Beverage International Corp. to the Company, via a Contribution and Assignment Agreement, making Elite Beverage International Corp. our wholly owned operating subsidiary.

16

Results for the Three Months Ended March 31, 2020 Compared To The Three Months Ending March 31, 2019.

Operating Revenues

The Company’s revenues were $15,283 for the three months ended March 31, 2020, compared to $13,226 for the three months ending March 31, 2019.

Gross Profit

For the three months ended March 31, 2020, the Company’s gross profit was ($76,740) compared to $143 for the three months ending March 31, 2019.

Our gross profits could vary from period to period and is affected by a number of factors, including product mix, production efficiencies, component availability and costs, pricing, competition, customer requirements and unanticipated restructuring or inventory charges and potential scrap of materials.

General and Administrative Expenses

For the three months ended March 31, 2020, general and administrative expenses were $61,452 compared to $36,216 for the three months ending March 31, 2019.

Advertising Expense

For the three months ended March 31, 2020, advertising expenses were $121,896 Compared to $152,303 for the three months ending March 31, 2019.

Legal and Accounting Expense

For the three months ended March 31, 2020, Legal and Accounting expenses were $12,627 compared to $10,410 for the three months ending January 30, 2019.

Consulting expense

For the three months ended March 31, 2020, Consulting expenses were $93,806 compared to $146,599 for the three months ending March 31, 2018.

Interest Expense

For the three months ended March 31, 2020, Interest expenses were ($29,180) compared to ($39,870) for the three months ending March 31, 2018.

Net Loss

Our net loss for the three months ended March 31, 2020, was ($395,701) compared to ($385,255) for the three months ending March 31, 2018.

Liquidity and Capital Resources

The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. Since its inception, the Company has been funded by related parties through capital investment and borrowing of funds.

At March 31, 2020, the Company had total current assets of $200,805 compared to $171,852 at December 31, 2019.

At March 31, 2020, the Company had total current liabilities of $1,436,073 compared to $1,100,419 at December 31, 2019.

We had working capital deficit of $1,235,268 as of March 31, 2020, compared to $928,567 as of December 31, 2019.

17

Cashflow from Operating Activities

During the three months ended March 31, 2020, cash provided by (used in) operating activities was ($231,687) compared to ($298,754) for the three months ending March 31, 2020

Cashflow from Investing Activities

During the three months ended March 31, 2020, cash used in investing activities was $0 compared to $0 for the three months ending March 31, 2020.

Cashflow from Financing Activities

During the three months ended March 31, 2020, cash provided by financing activities was $214,881 compared to $309,500 for the three months ending March 31, 2020.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Going Concern

Our financial statements for the periods ended March 31, 2020, have been prepared on a going concern basis and Note 6 to the financial statements identifies issues that raise substantial doubt about our ability to continue as a going concern. Our consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to management including our principal executive officer/principal financial officer as appropriate, to allow timely decisions regarding required disclosure.

Management has carried out an evaluation of the effectiveness of the design and operation of our company’s disclosure controls and procedures. Due to the lack of personnel and outside directors, management acknowledges that there are deficiencies in these controls and procedures. The Company anticipates that with further resources, the Company will expand both management and the board of directors with additional officers and independent directors in order to provide sufficient disclosure controls and procedures.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)) during the quarter ended March 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

18

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

There were no material changes during the period covered by this report to the risk factors previously disclosed in our S-1 Registration filed on October 2, 2018 (as amended) and declared Effective on April 23, 2019. Additional risks not presently known, or that we currently deem immaterial, also may have a material adverse effect on our business, financial condition and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On January 7, 2019 we issued a convertible promissory note to David Stoccardo in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 8, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019 the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares restricted and subject to SEC Rule 144.

On January 17, 2019 the Company issued 400,000 shares of common stock in consideration for the execution of a convertible note payable. These shares restricted and subject to SEC Rule 144.

On February 19, 2020, we issued 100,000 shares of our common stock for services (consulting and advertising) valued at $5,000.

On January 17, 2020 entered into a convertible promissory note in the amount of $157,000, with an OID of 7,500 and of February 12, 2020, we issued 400,000 shares of our common stock for a commitment fee valued at $20,000.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURE

Not Applicable.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K.

31.1	Certification of Chief Executive Officer Pursuant to Rule 13a–14(a) or 15d-14(a) of the Securities Exchange Act of 1934
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934
32.1	Certification of Chief Executive Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document (1)
101.SCH	XBRL Taxonomy Extension Schema Document (1)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document (1)
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document (1)
101.LAB	XBRL Taxonomy Extension Label Linkbase Document (1)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document (1)

(1) Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

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SIGNATURES

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

		ELITE PERFORMANCE HOLDING CORP.
		(Registrant)
Dated: September 29, 2021	By:	/s/ Joey Firestone
		Joey Firestone
		(Chief Executive Officer, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer)

21

EX-31.1

EXHIBIT 31.1

SECTION 302 CERTIFICATION

CERTIFICATION OF PERIODIC REPORT

I, Joey Firestone, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Elite Performance Holding Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s 4th quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 29, 2021  

/s/ Joey Firestone 

Joey Firestone

(Chief Executive Officer and Principal Executive Officer)

EX-31.2

EXHIBIT 31.2 

SECTION 302 CERTIFICATION

CERTIFICATION OF PERIODIC REPORT

I, Joey Firestone, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Elite Performance Holding Corp.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s 4th quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 29, 2021 

/s/ Joey Firestone 

Joey Firestone

(Chief Executive Officer and Principal Executive Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF DISCLOSURE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Elite Performance Holding Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”) I, Joey Firestone, Chief Executive Officer and Principal Executive Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: September 29, 2021

/s/ Joey Firestone 

Joey Firestone

(Chief Executive Officer and Principal Executive Officer)

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF DISCLOSURE PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Elite Performance Holding Corp. (the “Company”) on Form 10-Q for the period ending March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”) I, Joey Firestone, Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: September 29, 2021

/s/ Joey Firestone 

Joey Firestone

(Chief Financial Officer, Principal Financial Officer

and Principal Accounting Officer)

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	No

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Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash	$ 78	$ 16,884
Accounts Receivable	192	0
Inventory	200,535	152,330
Prepaid Expenses	0	2,638
Total Current Assets	200,805	171,852
TOTAL ASSETS	200,805	171,852
CURRENT LIABILITIES
Bank overdraft	881	0
Accounts payable	375,459	247,194
Accounts payable and accrued expenses related party	352,840	306,564
Accrued expenses	42,755	27,694
Convertible note payable (net of debt discount)	454,201	309,030
Note payable - related party	209,937	209,937
Total Current Liabilities	1,436,073	1,100,419
Total Liabilities	1,436,073	1,100,419
Commitments and Contingencies	0	0
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock; $0.0001 par value, 35,000,000 shares authorized, 10,000,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	1,000	1,000
Common stock; $0.0001 par value, 465,000,000 shares authorized, 65,424,300 and 64,924,300 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	6,542	6,492
Shares to be issued	920,722	856,722
Additional paid-in capital	666,267	641,317
Accumulated deficit	(2,829,799)	(2,434,098)
Total Stockholders' Equity (Deficit)	(1,235,268)	(928,567)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 200,805	$ 171,852

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Stockholders' Equity (Deficit):
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	465,000,000	465,000,000
Common stock, shares issued	65,424,300	64,924,300
Common stock, shares outstanding	65,424,300	64,924,300
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	35,000,000	35,000,000
Preferred stock, shares issued	10,000,000	10,000,000
Preferred stock, shares outstanding	10,000,000	10,000,000

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Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Operations (unaudited)
REVENUES	$ 15,283	$ 13,226
COST OF GOODS SOLD	92,023	13,083
GROSS PROFIT	(76,740)	143
OPERATING EXPENSES
Legal and accounting	12,627	10,410
Advertising	121,896	152,303
Consulting	93,806	146,599
General and administrative	61,452	36,216
Total Operating Expenses	289,781	345,528
OPERATING LOSS	(366,521)	(345,385)
OTHER INCOME (EXPENSE)
Interest expense	(29,180)	(39,870)
Total Other Income (Expense)	(29,180)	(39,870)
NET LOSS	$ (395,701)	$ (385,255)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$ (0.01)	$ (0.01)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	65,180,344	56,118,667

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Consolidated Statement of Stockholders Equity (Deficit) (Unaudited) - USD ($)	Total	Common Stock	Preferred Stock	Shares to be issued	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Dec. 31, 2018		55,780,000	10,000,000
Balance, amount at Dec. 31, 2018	$ (524,396)	$ 5,578	$ 1,000	$ 4,000	$ 185,015	$ (719,989)
Subscription shares issued for cash, shares		40,000
Subscription shares issued for cash, amount	0	$ 4	$ 0	$ (2,000)	1,996	0
Shares issued for finance fees, shares		400,000
Shares issued for finance fees, amount	20,000	$ 40	$ 0	$ 0	19,960	0
Net loss	(385,255)					(385,255)
Balance, shares at Mar. 31, 2019		56,220,000	10,000,000
Balance, amount at Mar. 31, 2019	(889,651)	$ 5,622	$ 1,000	2,000	206,971	(1,105,244)
Balance, shares at Dec. 31, 2018		55,780,000	10,000,000
Balance, amount at Dec. 31, 2018	(524,396)	$ 5,578	$ 1,000	4,000	185,015	(719,989)
Balance, shares at Dec. 31, 2019		64,924,300	10,000,000
Balance, amount at Dec. 31, 2019	(928,567)	$ 6,492	$ 1,000	$ 856,722	641,317	(2,434,098)
Shares issued for finance fees, shares		400,000
Shares issued for finance fees, amount	20,000	$ 40	$ 0	$ 0	19,960	0
Net loss	(395,701)					(395,701)
Subscriptions Received, amount	64,000	$ 0	$ 0	$ 64,000	0	0
Shares issued for services, shares		100,000
Shares issued for services, amount	5,000	$ 10	$ 0	$ 0	4,990	0
Balance, shares at Mar. 31, 2020		65,424,300	10,000,000
Balance, amount at Mar. 31, 2020	$ (1,235,268)	$ 6,542	$ 1,000	$ 920,722	$ 666,267	$ (2,829,799)

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Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (395,701)	$ (385,255)
Items to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	15,171	29,069
Shares issued for services	5,000	0
Changes in operating assets and liabilities
(Increase) / decrease in accounts receivable	(192)	3,937
(Increase) / decrease in Inventory	(48,205)	(9,300)
(Increase) / decrease in prepaid expenses	2,638	(6,572)
Increase in accounts payable - Related party	46,276	6,652
Increase in accounts payable	143,326	62,715
Net Cash Used in Operating Activities	(231,687)	(298,754)
CASH FLOWS FROM INVESTING ACTIVITIES
Net Cash Used in Investing Activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Bank overdraft	881
Proceeds from notes payable related party	0	2,000
Proceeds from notes payable	150,000	307,500
Proceeds from Sale of stock	64,000	0
Net Cash Provided by Financing Activities	214,881	309,500
Increase (Decrease) in Cash	(16,806)	10,746
CASH AT BEGINNING OF PERIOD	16,884	126
CASH AT END OF PERIOD	78	10,872
Supplemental Information:
Interest Paid	0	0
Supplemental Non-Cash Information:
Shares issued for commitment fees	$ 20,000	$ 20,000

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GENERAL

3 Months Ended

Mar. 31, 2020

GENERAL

Note 1- GENERAL

Business Overview

Elite Performance Holding Corporation ("EPH") was formed on January 30, 2018 (inception) and is a holding company with anticipated holdings in companies centered on innovative and proprietary nutritional and dietary fitness enhancement products, that are in the sports performance, weight loss, nutritional, functional beverage, and energy markets. The team is composed of highly experienced business, marketing and sales executives in the beverage and nutritional space, who are passionate about health and nutrition.

The mission of Elite Performance Holdings is to aggressively seek and acquire companies with niche products that are first to market and can be exploited in the $35 billion nutritional and sport beverage industries. The goal of EPH is to effectuate its unique business model through strategic branding and marketing, to aggressively scale companies to size, and operate them efficiently to maximize growth, revenue production and eventual net income. On February 2, 2018, a contribution and assignment agreement was executed by Joseph Firestone and Jon McKenzie (collectively, the “Assignors”), and Elite Performance Holding Corp., a Nevada corporation (the “Assignee”). Whereas Firestone and McKenzie were the owners of 50,000,000 shares of common stock, $0.0001 par value, for a total of 100,000,000 shares of common stock (collectively, the “Shares”) of Elite Beverage International Corp., a Nevada corporation (the “Company”), which shares represented all authorized, issued and outstanding shares of the Company.

Elite Beverage International is a 100% wholly owned subsidiary of Elite Performance Holding Corp. Elite Beverage is currently producing a first of its kind functional sports beverage. Beyond Your Limit Training (B.Y.L.T.) sports drink is the first to combine the benefits of hydration, muscle repair, fat oxidation, and recovery all-in-one great tasting beverage. Whether you are looking to achieve optimal performance on the baseball field, basketball court, soccer field, in the gym or any competitive sport, BYLT provides the competitive edge every athlete actively seeks. This unique product is designed with scientifically dosed key ingredients to bridge the gap between the current sports drinks filled with sugars that have serve no function, hydration beverages and dietary supplements, without the crash from sugars and jitters from caffeine which eventually leads to a decrease in performance for athletes. BYLT is not only designed to enhance performance and support the intense physical demand of athletes but be safe and backed by science.

Our Products and Services

Elite Beverages will offer a first to market functional beverage that redefines hydration and performance drinks using a patented amino/carbohydrate combination. The SmartCarb® technology blend provides a unique benefit of hydration, endurance and sustained energy without caffeine, the crash of sugars, and without artificial flavors or colors making it the ideal sports beverage for health-conscious consumers and serious athletes alike. BYLT will introduce two flavors upon launch while planning to strategically introduce additional 5 flavors to support the launch after three to six months of operation. These flavors will include Blue Raspberry, Tropical Punch, Lemon Lime, Watermelon, Grape, Orange and Fruit Punch.

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2020

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Note 2 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of March 31, 2020 the company had an accumulated deficit of ($2,829,799). The continuation of the Company as a going concern is dependent upon the continued financial support from its management, its ability to generate profits from the Company’ s future operations, identify future investment opportunities and obtain the necessary debt or equity financing. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Accounting Methods

The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a calendar year-end.

Cash and Cash Equivalents

We maintain the majority of our cash accounts at a commercial bank. The total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per commercial bank. For purposes of the statement of cash flows we consider all cash and highly liquid investments with initial maturities of one year or less to be cash equivalents.

Accounts Receivable

We grant credit to our customers located within the United States of America; and do not require collateral. Our ability to collect receivables is affected by economic fluctuations in the geographic areas and industries served by us. The allowance for doubtful trade receivables was $0 as of March 31, 2020.

Inventory

Inventories are valued at the lower of weighted average cost or market value. Our industry experiences changes in technology, changes in market value and availability of raw materials, as well as changing customer demand. We make provisions for estimated excess and obsolete inventories based on regular audits and cycle counts of our on-hand inventory levels and forecasted customer demands and at times additional provisions are made. Any inventory write offs are charged to the reserve account. As of March 31, 2020 and December 31, 2019 we had no reserve for potentially obsolete inventory. As of March 31, 2020 and December 31, 2019 we had $200,535 and $152,330 in inventory.

Basic and Diluted Loss Per Share

The Company presents both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible securities, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. The Company had net losses as of March 31, 2020, so the diluted EPS excluded all dilutive potential shares in the diluted EPS because their effect is anti-dilutive. As of March 31, 2020, the company had $454,201 in convertible notes that may be converted into 6,830,000 shares of common stock. We also had 18,414,440 shares to be issued as of March 31, 2020.

Fair Value of Financial Instruments

The carrying amount of accounts payable and accrued expenses are considered to be representative of their respective fair values because of the short-term nature of these financial instruments.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses primarily consist of salaries and benefits for research and development employees, stock-based compensation, consulting fees, lab supplies, and regulatory compliance costs. We had $0 research and development R&D expense during the three months ended March 31, 2020.

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured. The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Amounts invoiced or collected in advance of product delivery or providing services are recorded as deferred revenue. The Company accrues for warranty costs, sales returns, bad debts, and other allowances based on its historical experience. For the three months ended March 31, 2020 and 2019 we had $15,283 and $13,226 respectively in revenue from the sale of our products.

Income Taxes

Federal Income taxes are not currently due since we have had losses since inception.

On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the period January 01, 2020 through March 31, 2020 using a Federal Tax Rate of 21%.

Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Under this approach, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end. A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met the “more likely than not” standard required by ASC 740-10-25-5.

Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes.

As of March 31, 2020, we had a net operating loss carry-forward of approximately $(2,829,799) and a deferred tax asset of $594,258 using the statutory rate of 21%. The deferred tax asset may be recognized in future periods, not to exceed 20 years. However, due to the uncertainty of future events we have booked valuation allowance of $(594,258). FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At March 31, 2020 the Company had not taken any tax positions that would require disclosure under FASB ASC 740.

Net deferred tax assets consist of the following components as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Deferred tax assets:
Deferred tax assets:	$	594,258		$	511,161
Valuation allowance		(594,258	)		(511,161	)
Net deferred tax asset	$	-		$	-

Stock-Based Compensation

The Company records stock-based compensation using the fair value method. Equity instruments issued to employees and the cost of the services received as consideration are accounted for in accordance with ASC 718 “Stock Compensation” and are measured and recognized based on the fair value of the equity instruments issued. All transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for in accordance with ASC 515 “Equity-Based Payments to Non-Employees”, based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

Long Lived Assets

Periodically the Company assesses potential impairment of its long-lived assets, which include property, equipment and acquired intangible assets, in accordance with the provisions of ASC Topic 360, “Property, Plant and Equipment.” The Company recognizes impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying values. An impairment loss would be recognized in the amount by which the recorded value of the asset exceeds the fair value of the asset, measured by the quoted market price of an asset or an estimate based on the best information available in the circumstances. There were no such losses recognized during the three months ended March 31, 2020.

Property, Equipment and Intangible Assets

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Intangible assets consist of acquired web site domains and web site content and are carried at cost, less accumulated amortization.

Depreciation and amortization is provided principally on the straight-line basis method over the estimated useful lives of the assets.

Recently Issued Accounting Standards

The Company is reviewing the effects of following recent updates. The Company has no expectation that any of these items will have a material effect upon the financial statements.

FASB ASU 2016-02 “Leases (Topic 842)” – In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model but has been updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have adopted the above ASU as of December 31, 2019.

Update 2019-08—Compensation—Stock Compensation (Topic 718) In June 2018, the Board issued Accounting Standards Update No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, as part of its Simplification Initiative. This Update is effective for companies with fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

On January 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. Adoption of this ASU did not have a material effect on our consolidated financial statements.

All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position with the exception of the updated previously disclosed above, there have been no new accounting pronouncements not yet effective that have significance to our consolidated financial statements.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2020

RELATED PARTY TRANSACTIONS

Note 3 - RELATED PARTY TRANSACTIONS

Loan Receivable-Related Party

In 2018, the company advanced $30,000 to Gifted Nutrition International, with a maturity date of August 2019. Gifted Nutrition International is a company that is owned and operated by Joey Firestone and Jon McKenzie. In October 2018 the company elected to write this off to compensation expense.

Joey Firestone was paid $40,000 in compensation during 2018.

Accounts and Notes Payable related party

On November 15, 2017, Elite Beverage International issued an unsecured note payable for $80,300 to Jon McKenzie at a 6% interest rate, due upon demand. An addendum to the note was added in 2018 for an additional $127,637 in funding which was received in various advances throughout the year.

For the Year ended December 31, 2019, Jon McKenzie advanced a total of $2,000 for operating expenses of the company, which was added to the addendum. As of March 31, 2020, and December 31, 2019, the outstanding balance was $209,937 and $209,937, respectively. As of March 31, 2020, the accrued interest was $26,745. Interest expense for this note for the year ended December 31, 2019, and the three months ended March 31, 2020, was $12,294 and $3,948 respectively.

As of March 31, 2020, we had outstanding balances due to Jon Mckenzie for operating expenses of the company of $198,914, which is included in accounts payable related party.

For the three months ended March 31, 2020, and 2019, we had $9,000 and $9,000 respectively in consulting expense to “I Know a Dude, Inc.” owned by Laya Clark. Mr. Clark is a member of our Board of Directors. As of December 31, 2019, and March 31, 2020, we had an outstanding balance due of $36,000 and $45,000 respectively, which is included in accounts payable related party.

For the three months ended March 31, 2020, and 2019, we had $0 and $1,500 in accounting expense respectively to “The Mosely Group.” owned by Reesa McKenzie. Ms. McKenzie is the sister of John McKenzie. As of December 31, 2019, and March 31, 2020, we had an outstanding balance due of $4,500 and $4,500 respectively, which is included in accounts payable related party.

As of March 31, 2020, we had outstanding balances due to Joey Firestone of $19,284 for un-reimbursed business expenses. We also had an outstanding balance due to Joey Firestone of $58,397 for consulting services, which is included in accounts payable related party.

On June 14, 2019, Laya Clark (a member of our board of directors) entered into an advisor service agreement for one year for 1,000,000 shares of restricted 144 stock that was issued on October 3, 2019.

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COMMON STOCK AND COMMON STOCK WARRANTS

3 Months Ended

Mar. 31, 2020

COMMON STOCK AND COMMON STOCK WARRANTS

Note 4 - COMMON STOCK AND COMMON STOCK WARRANTS

Common Stock

The Company has authorized a total of 400,000,000 Shares of Common Stock par value $0.0001 as of the December 31, 2017 audit for Elite Beverage International. However, Elite Performance Holding Corp. is now the successor company and as of December 31, 2019 now reflects 465,000,000 (Four Hundred Sixty-Five Million) shares authorized par value $0.0001. For the period ended December 31, 2017, the Elite Beverage International Corp. issued 100,000,000 shares of Common Stock for $19,000 to its management.

On February 2, 2018, Elite Performance Holding Corp., owned and controlled by Firestone and McKenzie, acquired Elite Beverage International through a 1:2 common share exchange as follows:

a). 50,000,000 common shares of Elite Performance Holding Corp. in exchange for 100,000,000 common shares of Elite Beverage International Inc.

Shares Registered in the S-1 Registration Statement

As of December 31, 2019, the company has raised $954,200 (2,090,000 shares issued and 16,994,000 of shares to be issued) through a registered offering for $1,250,000 which was registered with the SEC through an S1 registration statement which went effective on April 23, 2019.

Restricted Shares issued

On November 9, 2018, we issued 40,000 shares of common stock at $.05 per share which were subscribed for on October 9, 2018 for $2,000. These shares are restricted, and subject to SEC Rule 144.

On December 13, 2018, the company issued 400,000 shares of restricted common stock for financing fees. These shares are restricted, and subject to SEC rule 144. We valued the shares at $.05 (price of the shares issued in the private placement) due to the lack of market activity and related price.

On December 18, 2018, we issued 250,000 shares of restricted common stock per an agreement with Carter, Terry & Associates. These shares are restricted, and subject to SEC rule 144. We valued the shares at $.05 (price of the shares issued in the private placement) due to the lack of market activity and related price.

On January 7, 2019, we issued a convertible promissory note to David Stoccardo in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 8, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019, the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares restricted and subject to SEC Rule 144. These shares were valued at $20,000, which was recorded to debt discount.

On October 9, 2018, we received $2,000 for a subscription for 40,000 shares of common stock. As of March 31, 2020, these shares were unissued.

On October 22, 2018, we received $2,000 for a subscription for 40,000 shares of common stock. These shares were issued in 2019.

In 2019 we issued 2,090,000 common subscription shares to accredited investors for cash in the amount of $104,500.

In 2019 we issued 3,660,000 common shares for services (consulting and advertising) valued at $183,001.

As of March 31, 2020, we had 18,414,440 shares to be issued in the amount of $920,267 from stock subscriptions to accredited individuals.

We also had 18,414,440 shares to be issued as of March 31, 2020.

In 2019 we issued 500,000 of common shares for financing and commitment fees in the amount of $25,000.

On June 26, 2019, First Fire elected to convert the remaining balance of $124,715 of the note dated December 10, 2018 for restricted shares at .05 cents a share thereby retiring the original note in full, the total shares to be issued was 2,494,300, which were subsequently issued on July 3, 2019. No gain or loss was recorded on the conversion as the transaction was performed within the terms of the debt agreement.

On December 4, 2019, we entered into a convertible note payable for $189,000. It bears interest at the rate of 8% per annum. It had an OID of $9,000. We also issued 500,000 shares of common stock and expensed it at $.05 as commitment fees for 25,000.

As of December 31, 2019, we had consulting agreements that had shares to be issued, for a total of 60,440 shares. The vesting expense for these shares was $3,022 for the year ended December 31, 2019.

On February 19, 2020, we issued 100,000 shares of our common stock for services (consulting and advertising) valued at $5,000.

On January 17, 2020 entered into a convertible promissory note in the amount of $157,000, with an OID of 7,500 and of February 12, 2020, we issued 400,000 shares of our common stock for a commitment fee valued at $20,000.

Common Stock Warrants

None.

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PREFERRED STOCK

3 Months Ended

Mar. 31, 2020

PREFERRED STOCK

Note 5 - PREFERRED STOCK

The Company has authorized a total of 35,000,000 Shares of Preferred Stock, $.0001 par value, which may be issued from time to time and bearing such rights, privileges and preferences as shall be designated by the Board of Directors. As of December 31, 2017, Elite Beverage International Corp had issued 10,000,000 Shares of Preferred Stock, designated as series A “Cumulative Preference ‘A’”, for $1,000.

10,000,000 Series A preferred which carries super voting rights. Each preferred share carries 20 votes.

On February 2, 2018 Elite Performance Holding Corp., owned and controlled by Firestone and McKenzie, acquired Elite Beverage International through a 1:1 preferred share exchange as follows. 10,000,000 Series A preferred shares of Elite Performance Holdings Corp. in exchange for 10,000,000 Series A preferred shares of Elite Beverage International Inc.

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GOING CONCERN

3 Months Ended

Mar. 31, 2020

GOING CONCERN

Note 6 -GOING CONCERN

The Company's financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has recently accumulated significant losses and has negative working capital. All of these items raise substantial doubt about its ability to continue as a going concern. Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the Company's ability to continue as a going concern are as follows:

The Company is currently trying to raise new debt or equity to set up and market its line sports beverage products. If the Company is not successful in the development and implementation of a concept which produces positive cash flows from operations, the Company may be forced to continue to raise additional equity or debt financing to fund its ongoing obligations or risk ceasing doing business.

There can be no assurance that the Company will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2020

COMMITMENTS AND CONTINGENCIES

Note 7-COMMITMENTS AND CONTINGENCIES

None.

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CONVERTIBLE NOTES PAYABLE

3 Months Ended

Mar. 31, 2020

CONVERTIBLE NOTES PAYABLE

Note 8-CONVERTIBLE NOTES PAYABLE

On December 10, 2018 we entered into a Senior Secured Promissory note with First Fire Global Opportunities Fund, LLC in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of May 10, 2019. The note carries a prepayment feature and a default provision that allows, in the event of default, for a conversion of debt into equity at a fixed price of $.05, or if publicly traded, at the rate of the lesser of $.05 or the lowest of 65% of the 20 previous trading days from the notice of conversion or based on any subsequent financings with better terms to other investors. On April 30, 2019 we paid $62,500 and on May 14, 2019 we paid an additional $7,500, bringing the outstanding balance to $87,500 and as a result we incurred a prepayment penalty of $30,000.

On June 26, 2019, First Fire elected to convert the remaining balance including a prepayment penalty of $117,500 plus accrued interest of $7,215 for a total of $124,715 of the note dated December 10, 2018 for restricted shares at .05 cents a share thereby retiring the original note in full, the total shares to be issued was 2,494,300, which were subsequently issued on July 3, 2019.

On December 12, 2018, the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares are restricted and subject to SEC Rule 144. This note had $25,500 in original discount and $20,000 in discount for the 400,000 shares issued. The original debt discount was $45,500; we amortized $40,250 for the year ended December 31, 2019 and we had a remaining debt discount of $0 as of March 31, 2020.

On January 7, 2019, we issued a convertible promissory note to David Stoccardo in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 8, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019 the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares restricted and subject to SEC Rule 144. These shares were valued at $20,000. This note also included an original discount fee of $ $7,500, we amortized $798 during the three months ended March 31, 2020 recorded to interest expense and had an outstanding balance of $0 as of March 31, 2020. On May 14, 2019 we paid $5,000 of principal on this note and as of March 31, 2020 the outstanding balance was $152,500.

On March 28, 2019 we issued a convertible promissory note to David Stoccardo in the amount of $7,875 with an interest rate of 8% per annum and a maturity date of January 8, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. This note included an original discount fee of $375, we amortized $375 during the year ended December 31, 2019 and had an outstanding balance of $0 as of March 31, 2020. On April 26, 2019 this note was paid in full.

On December 4, 2019, we entered into a convertible promissory note in the amount of $189,000, with an interest rate of 8% per annum and a maturity date of December 4, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. This note included an original discount fee of $9,000, we amortized $2,219 recorded to interest expense during the three months ended March 31, 2020 and had an outstanding balance of $189,000 as of March 31, 2020. We also issued 500,000 commitment shares valued at $25,000 on December 11, 2019 and recorded to debt discount. We amortized $6,250 for the three months ended March 31, 2020 recorded to interest expense.

On January 17, 2020 we issued a convertible promissory note to The Hillyer Group Inc. in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 17, 2021. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019 the Company issued 400,000 shares of common stock in consideration for the execution of this note. These shares are restricted and subject to SEC Rule 144. These shares were valued at $20,000. This note also included an original discount fee of $27,500, we amortized $5,904 during the three months ended March 31, 2020 and had an outstanding balance of $157,500 as of March 31, 2020.

Total interest expense on the above notes for the 3 months ended March 31, 2020 and 2019 was $22,930 and $39,870.

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENTS

Note 9 - SUBSEQUENT EVENTS

In accordance with ASC 855, the Company has analyzed its operations subsequent to March 31, 2020 through the date these financial statements were issued and has reported the following events:

On September 4, 2020, the Company reduced their debt by $232,733 with the retirement of two 6% interest bearing notes for $178,842 and $53,891 collectively. These two notes held by the Company’s former CEO, COO and Board Director Jon McKenzie were forgiven after his departure.

On January 14, 2021, the Company raised $208,800 and fully subscribed its $1,250,000 offering at .05 cents a share through its S-1 Registration Statement.

As of December 31, 2019, to September 15, 2021, the Company has issued a total of 32,352,000 shares of common stock. Issuances were a combination of registered shares issued for subscription agreements related to the Company’s registered offering and restricted shares issued to consultants, endorsing athletes, and debt.

On August 01, 2020, the Company entered into an Exclusivity Agreement between its wholly owned subsidiary Elite Beverage International Corp. and Bruce Kneller for exclusive rights on a patent pending SmartCarb® technology (US Patent Application No. 16/785,498.) This Agreement gives the Company first right of refusal to purchase the technology upon issuance of its patent for a predetermined and agreed upon amount of shares in the Company.

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2020

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Accounting Methods

The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected a calendar year-end.

Cash and Cash Equivalents

We maintain the majority of our cash accounts at a commercial bank. The total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per commercial bank. For purposes of the statement of cash flows we consider all cash and highly liquid investments with initial maturities of one year or less to be cash equivalents.

Accounts Receivable

We grant credit to our customers located within the United States of America; and do not require collateral. Our ability to collect receivables is affected by economic fluctuations in the geographic areas and industries served by us. The allowance for doubtful trade receivables was $0 as of March 31, 2020.

Inventory

Inventories are valued at the lower of weighted average cost or market value. Our industry experiences changes in technology, changes in market value and availability of raw materials, as well as changing customer demand. We make provisions for estimated excess and obsolete inventories based on regular audits and cycle counts of our on-hand inventory levels and forecasted customer demands and at times additional provisions are made. Any inventory write offs are charged to the reserve account. As of March 31, 2020 and December 31, 2019 we had no reserve for potentially obsolete inventory. As of March 31, 2020 and December 31, 2019 we had $200,535 and $152,330 in inventory.

Basic and Diluted Loss Per Share

The Company presents both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible securities, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. The Company had net losses as of March 31, 2020, so the diluted EPS excluded all dilutive potential shares in the diluted EPS because their effect is anti-dilutive. As of March 31, 2020, the company had $454,201 in convertible notes that may be converted into 6,830,000 shares of common stock. We also had 18,414,440 shares to be issued as of March 31, 2020.

Fair Value of Financial Instruments

The carrying amount of accounts payable and accrued expenses are considered to be representative of their respective fair values because of the short-term nature of these financial instruments.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses primarily consist of salaries and benefits for research and development employees, stock-based compensation, consulting fees, lab supplies, and regulatory compliance costs. We had $0 research and development R&D expense during the three months ended March 31, 2020.

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured. The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Amounts invoiced or collected in advance of product delivery or providing services are recorded as deferred revenue. The Company accrues for warranty costs, sales returns, bad debts, and other allowances based on its historical experience. For the three months ended March 31, 2020 and 2019 we had $15,283 and $13,226 respectively in revenue from the sale of our products.

Income Taxes

Federal Income taxes are not currently due since we have had losses since inception.

On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the period January 01, 2020 through March 31, 2020 using a Federal Tax Rate of 21%.

Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Under this approach, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end. A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met the “more likely than not” standard required by ASC 740-10-25-5.

Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes.

As of March 31, 2020, we had a net operating loss carry-forward of approximately $(2,829,799) and a deferred tax asset of $594,258 using the statutory rate of 21%. The deferred tax asset may be recognized in future periods, not to exceed 20 years. However, due to the uncertainty of future events we have booked valuation allowance of $(594,258). FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At March 31, 2020 the Company had not taken any tax positions that would require disclosure under FASB ASC 740.

Net deferred tax assets consist of the following components as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Deferred tax assets:
Deferred tax assets:	$	594,258		$	511,161
Valuation allowance		(594,258	)		(511,161	)
Net deferred tax asset	$	-		$	-

Stock-Based Compensation

The Company records stock-based compensation using the fair value method. Equity instruments issued to employees and the cost of the services received as consideration are accounted for in accordance with ASC 718 “Stock Compensation” and are measured and recognized based on the fair value of the equity instruments issued. All transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for in accordance with ASC 515 “Equity-Based Payments to Non-Employees”, based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. 

Long Lived Assets

Periodically the Company assesses potential impairment of its long-lived assets, which include property, equipment and acquired intangible assets, in accordance with the provisions of ASC Topic 360, “Property, Plant and Equipment.” The Company recognizes impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying values. An impairment loss would be recognized in the amount by which the recorded value of the asset exceeds the fair value of the asset, measured by the quoted market price of an asset or an estimate based on the best information available in the circumstances. There were no such losses recognized during the three months ended March 31, 2020.

Property, Equipment and Intangible Assets

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Intangible assets consist of acquired web site domains and web site content and are carried at cost, less accumulated amortization.

Depreciation and amortization is provided principally on the straight-line basis method over the estimated useful lives of the assets.

Recently Issued Accounting Pronouncements

The Company is reviewing the effects of following recent updates. The Company has no expectation that any of these items will have a material effect upon the financial statements.

FASB ASU 2016-02 “Leases (Topic 842)” – In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model but has been updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have adopted the above ASU as of December 31, 2019.

Update 2019-08—Compensation—Stock Compensation (Topic 718) In June 2018, the Board issued Accounting Standards Update No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, as part of its Simplification Initiative. This Update is effective for companies with fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

On January 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. Adoption of this ASU did not have a material effect on our consolidated financial statements.

All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position with the exception of the updated previously disclosed above, there have been no new accounting pronouncements not yet effective that have significance to our consolidated financial statements.

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Schedule of net deferred tax assets

	March 31, 2020			December 31, 2019
Deferred tax assets:
Deferred tax assets:	$	594,258		$	511,161
Valuation allowance		(594,258	)		(511,161	)
Net deferred tax asset	$	-		$	-

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GENERAL (Details Narrative) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Feb. 02, 2018	Dec. 31, 2017
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	65,424,300	64,924,300
Firestone and McKenzie [Member]
Common stock, par value			$ 0.0001
Common stock, shares issued			50,000,000
Shares issued			100,000,000
Elite Beverage International [Member]
Ownership percentages	100.00%
Common stock, par value				$ 0.0001

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Deferred tax assets:	$ 594,258	$ 511,161
Valuation allowance	(594,258)	(511,161)
Net deferred tax asset	$ 0	$ 0

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Accumulated deficit	$ (2,829,799)
FDIC insured amount	250,000
Allowance for doubtful trade receivables	0
Inventory	200,535		$ 152,330
Convertible notes	$ 454,201
Conversion of common stock shares converted	6,830,000
Shares to be issued	18,414,440
Research and development expense	$ 0
Revenue	$ 15,283	$ 13,226
Federal Tax Rate	21.00%
Net operating loss carry forward	$ (2,829,799)
Deferred tax asset	$ 594,258
Statutory rate	21.00%
Valuation allowance	$ 594,258		$ 511,161

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 31, 2018	Nov. 15, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jun. 14, 2019
Outstanding balance			$ 209,937		$ 209,937
Interest expense			22,930	$ 39,870
Advanced to related party			209,937		209,937
Elite Beverage International [Member]
Unsecured note payable		$ 80,300
Interest rate		6.00%
Amount of additional funding		$ 127,637
McKenzie [Member]
Outstanding balance			198,914
Accrued interest			26,745
Interest expense			3,948		12,294
Advance fron related party					2,000
Gifted Nutrition International [Member]
Advanced to related party	$ 30,000
Maturity date	Aug. 31, 2019
Joey Firestone [Member]
Compensation paid	$ 40,000
Un-reimbursed business expense			19,284
Consulting expense			58,397
Mr. Clark [Member]
Outstanding balance			45,000		36,000
Consulting expense			9,000	9,000
Share issued						1,000,000
The Mosely Group [Member]
Outstanding balance			4,500		$ 4,500
Accounting expense			$ 0	$ 1,500

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COMMON STOCK AND COMMON STOCK WARRANTS (Details Narrative) - USD ($)						1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 12, 2020	Dec. 04, 2019	Jan. 07, 2019	Dec. 12, 2018	Feb. 02, 2018	Feb. 19, 2020	Jan. 17, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2017	Jan. 17, 2020	Jul. 03, 2019	Jun. 26, 2019	Dec. 18, 2018	Dec. 13, 2018	Nov. 09, 2018	Oct. 22, 2018	Oct. 09, 2018
Description of Shares registered in the s-1 registration statement										the company has raised $954,200 (2,090,000 shares issued and 16,994,000 of shares to be issued) through a registered offering for $1,250,000 which was registered with the SEC through an S1 registration statement which went effective on April 23, 2019.
Common Stock, Shares Authorized								465,000,000		465,000,000
Common Stock, Par Value Per Share								$ 0.0001		$ 0.0001
Shares issued to management, amount								$ 5,000	$ 0
Common stock, value, issued								$ 6,542		$ 6,492
Common subscription shares issued to accredited investors, shares								6,830,000
Common shares for financing and commitment fees, shares								18,414,440
Stock issued upon conversion, shares								65,424,300		64,924,300
Convertible note payable								$ 454,201		$ 309,030
Convertible note payable, original discount fee				$ 45,500				0
Common shares issued for commitment fee, shares				400,000
Convertible promissory note issued								$ 454,201
David Stoccardo [Member]
Common shares issued for commitment fee, shares				400,000			400,000
Common shares issued for commitment fee, value		$ 25,000
Stock issued upon conversion, shares		500,000
Restricted Stock [Member]
Common Stock, Par Value Per Share																$ 0.05	$ 0.05
Shares issued to management, shares						100,000				3,660,000
Shares issued to management, amount						$ 5,000				$ 183,001
Common stock, shares, issued								18,414,440								400,000	40,000	40,000	40,000
Common stock, value, issued																	$ 2,000
Common stock, subscriptions, value								$ 920,267										$ 2,000	$ 2,000
Common subscription shares issued to accredited investors, shares										2,090,000
Common subscription shares issued to accredited investors, amount										$ 104,500
Common shares for financing and commitment fees, shares										500,000
Common shares for financing and commitment fees, amount										$ 25,000
Convertible promissory note, remaining balance														$ 124,715
Stock issued upon conversion, shares													2,494,300
Convertible note payable		$ 189,000										$ 157,000
Convertible note payable, interest rate		8.00%
Convertible note payable, original discount fee		$ 9,000										$ 7,500
Common shares issued for commitment fee, shares	400,000	500,000
Common shares issued for commitment fee, value	$ 20,000	$ 25,000
Common shares issued for commitment fee, price per share		$ 0.05
Common shares to be issued										60,440
Vesting expense										$ 3,022
Restricted Stock [Member] | Carter, Terry & Associates [Member]
Common Stock, Par Value Per Share															$ 0.05
Common stock, shares, issued															250,000
Restricted Stock [Member] | David Stoccardo [Member]
Common subscription shares issued to accredited investors, amount							$ 20,000
Convertible promissory note issued			$ 157,500
Convertible promissory note, interest rate			8.00%
Convertible promissory note, maturity date			Jan. 08, 2020
Convertible promissory note, fixed conversion price			$ 0.05
Stock issued upon conversion, shares							400,000
Elite Beverage International [Member]
Common Stock, Shares Authorized											400,000,000
Common Stock, Par Value Per Share											$ 0.0001
Shares issued to management, shares											100,000,000
Shares issued to management, amount											$ 19,000
Business acquisition transaction description					50,000,000 Common shares of Elite Performance Holding Corp. in exchange for 100,000,000 common shares of Elite Beverage International Inc.

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PREFERRED STOCK (Details Narrative) - USD ($)	Feb. 02, 2018	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Preferred Stock, shares authorized		35,000,000	35,000,000
Preferred stock, par value		$ 0.0001	$ 0.0001
Preferred stock, shares issued		10,000,000	10,000,000
Preferred stock, value issued		$ 1,000	$ 1,000
Series A Preferred Stock [Member]
Business acquisition transaction description	10,000,000 Series A preferred shares of Elite Performance Holdings Corp. in exchange for 10,000,000 Series A preferred shares of Elite Beverage International Inc
Preferred stock, shares issued				10,000,000
Preferred stock, value issued				$ 1,000

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CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)							1 Months Ended					3 Months Ended		12 Months Ended
	Dec. 04, 2019	Jul. 03, 2019	May 14, 2019	Jan. 07, 2019	Dec. 12, 2018	Dec. 10, 2018	Jan. 17, 2020	Jun. 26, 2019	Apr. 30, 2019	Mar. 28, 2019	Jan. 17, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Interest expense												$ 22,930	$ 39,870
Payment of principal amount			$ 5,000
Outstanding balance												152,500
Interest on outstanding amount					$ 25,500							0
Debt discount					$ 45,500							0
Common stock shares issued					400,000
Amortized of debt												798	40,250
Original discount fees												(29,180)	$ (39,870)
David Stoccardo [Member]
Interest expense												6,250
Outstanding balance												189,000
Common stock shares issued					400,000						400,000
Amortized of debt	$ 2,219											375		$ 375
Secured of promissory note	$ 189,000			$ 157,500						$ 7,875
Interest rate	8.00%	0.05%		8.00%						8.00%
Maturity date				Jan. 08, 2020						Jan. 08, 2020
Description of conversion of debt	The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion			Prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion		A conversion of debt into equity at a fixed price of $.05, or if publicly traded, at the rate of the lesser of $.05 or the lowest of 65% of the 20 previous trading				The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion
Original discount fees	$ 9,000											375
Shares issued on commitments,shares	500,000
Shares issued on commitments, amounts	$ 25,000
The Hillyer Group Inc [Member]
Outstanding balance												157,500
Amortized of debt												5,904
Secured of promissory note				$ 157,500			$ 157,500			$ 7,875
Interest rate		0.05%		8.00%			8.00%			8.00%
Maturity date				Jan. 08, 2020			Jan. 17, 2021			Jan. 08, 2020
Description of conversion of debt							Convertible 180 days from the date of the note, at a fixed price of $.05 or if publicly traded at the rate of the lessor of $.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion
Original discount fees												$ 27,500
Shares issued on commitments,shares											400,000
Shares issued on commitments, amounts											$ 20,000
First Fire Global Opportunities Fund, LLC [Member]
Outstanding balance			87,500
Secured of promissory note						$ 157,500
Interest rate		0.05%				0.05%
Maturity date						May 10, 2019
Description of conversion of debt						Conversion of debt into equity at a fixed price of $.05, or if publicly traded, at the rate of the lesser of $.05 or the lowest of 65% of the 20 previous trading days
Payment of prepayment penalty			$ 7,500			$ 30,000		$ 117,500	$ 62,500
Accrued interest						$ 124,715		$ 7,215
Restricted share issued		2,494,300

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SUBSEQUENTS EVENTS (Details Narrative) - USD ($)		3 Months Ended	21 Months Ended
	Dec. 12, 2018	Mar. 31, 2020	Sep. 15, 2021
common stock issued during period	400,000
Subsequent Event [Member]
common stock issued during period			32,352,000
September 4, 2020 [Member] | CEO, COO and Board Director Jon McKenzie [Member]
Debt deduction amount		$ 232,733
Interest bearing rate		6.00%
September 4, 2020 [Member] | CEO, COO and Board Director Jon McKenzie [Member] | Notes One [Member]
Note payables		$ 178,842
September 4, 2020 [Member] | CEO, COO and Board Director Jon McKenzie [Member] | Notes Two [Member]
Note payables		53,891
January 14, 2021 [Member]
Fund raised		208,800
Fund raised subscribed		$ 1,250,000