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, 2024

☐ 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	82-5034226
(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 June 7, 2024, there were 109,381,270 shares of the registrant’s common stock, $0.0001 par value, issued and outstanding.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

C O N T E N T S

Elite Performance Holding Corp.

Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023	3
Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited)	4
Consolidated Statements of Stockholders Deficit for the three months ended March 31, 2024 and 2023 (unaudited)	5
Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)	6
Notes to the Consolidated Financial Statements	7

2

Elite Performance Holding Corp.
Consolidated Balance Sheets
	March 31,			December 31,
	2024			2023
ASSETS	(Unaudited)
CURRENT ASSETS
Cash	$	112		$	52
Inventory		30,802			30,802
Prepaid expenses		4,069			-
Total Current Assets		34,983			30,854
Property and equipment, net		35,742			38,484
Right of use asset		97,027			101,400
TOTAL ASSETS	$	167,752		$	170,738
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable	$	918,372		$	879,943
Accounts payable and accrued expenses related party		674,798			633,314
Accrued expenses		215,859			397,112
Lease liability - current		20,750			19,064
Advances		12,000			215,000
Convertible notes payable (net of debt discount)		1,309,375			820,250
Total Current Liabilities		3,151,154			2,964,683
Longterm Liabilities
Lease liability - long-term		70,652			76,930
PPP Loan		95,485			95,485
Total Long-Term Liabilities		166,137			172,415
Total Liabilities		3,317,291			3,137,098
Commitments and Contingencies		-			-
STOCKHOLDERS' DEFICIT
Preferred stock; $0.0001 par value, 35,000,000 shares authorized, 10,000,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		1,000			1,000
Common stock; $0.0001 par value, 465,000,000 shares authorized, 106,447,550 and 130,397,550 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		10,645			13,040
Shares to be issued		50,000			50,000
Additional paid-in capital		6,075,623			5,759,788
Accumulated deficit		(9,286,807	)		(8,790,188	)
Total Stockholders' Deficit		(3,149,539	)		(2,966,360	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	167,752		$	170,738

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

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Elite Performance Holding Corp.
Consolidated Statements of Operations  (Unaudited)
	Three months ended March 31,
	2024			2023
REVENUES	$	70		$	9,908
COST OF GOODS SOLD		-			15,258
GROSS PROFIT (LOSS)		70			(5,350	)
OPERATING EXPENSES
Legal and accounting		60,417			66,723
Advertising		3,030			24,654
Consulting		306,400			116,964
General and administrative		85,217			113,038
Total Operating Expenses		455,064			321,379
OPERATING LOSS		(454,994	)		(326,729	)
OTHER INCOME (EXPENSE)
Other income		1,445			-
Interest expense		(43,070	)		(37,230	)
Total Other Expense		(41,625	)		(37,230	)
NET LOSS	$	(496,619	)	$	(363,959	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.00	)	$	(0.00	)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		121,666,153			128,215,744

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

4

Elite Performance Holding Corp.
Consolidated Statements of Stockholders’ Deficit
For the three months ended March 31, 2024 and 2023
(Unaudited)
											Shares		Additional					Total
	Common Stock						Preferred Stock				to be		Paid-in		Accumulated			Stockholders’
	Shares			Amount			Shares		Amount		Issued		Capital		Deficit			(Deficit)
Balance December 31, 2022		127,881,300		$	12,788			10,000,000	$	1,000		50,000	$	5,473,417	$	(7,342,419	)	$	(1,805,214	)
Shares to be issued for Reg D subscriptions		600,000			60							9,000		59,940					69,000
Shares issued for settlement of accounts payable																			-
Shares issued for services												10,000		6,000					16,000
Shares issued in connection with convertible debt																			-
Net loss																(363,959	)		(363,959	)
Balance March 31, 2023		128,481,300			12,848			10,000,000		1,000		69,000		5,539,357		(7,706,378	)		(2,084,173	)
Balance December 31, 2023		130,397,550			13,040			10,000,000		1,000		50,000		5,759,788		(8,790,188	)		(2,966,360	)
Shares issued for Services		860,000			86			-		-		-		85,914		-			86,000
Retirement of founder shares		(25,000,000	)		(2,500	)								2,500					-
Warrants issued for services														187,440					187,440
Shares issued in connection with convertible debt		140,000			14			-		-		-		34,986		-			35,000
Shares issued as debt issuance cost		50,000			5			-		-		-		4,995		-			5,000
Net loss																(496,619	)		(496,619	)
Balance March 31, 2024		106,447,550		$	10,645			10,000,000	$	1,000		50,000	$	6,075,623	$	(9,286,807	)	$	(3,149,539	)

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

5

Elite Performance Holding Corp.

Consolidated Statements of Cash Flows

(Unaudited) 

	Three months ended March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(496,619	)	$	(363,959	)
Items to reconcile net loss to net cash used in operating activities:
Amortization of debt discount		909			11,104
Shares issued for services		86,000			16,000
Warrants issued for services		187,440			-
Depreciation expense		2,742			2,712
Changes in operating assets and liabilities
(Increase) / decrease in accounts receivable		-			1,514
(Increase) / decrease in inventory		-			15,258
(Increase) / decrease in prepaid expenses		(4,069	)		1,951
(Increase) / decrease in right of use assets		4,373			6,054
Increase in accounts payable - related party		41,484			37,778
Increase in accounts payable and accrued expenses		75,392			87,014
Net Cash Used in Operating Activities		(102,348	)		(184,574	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible debt		-			10,000
Proceeds from notes payable		105,000			99,376
Repayments of notes payable		(20,000	)		(50,648	)
Bank overdraft		-			521
Payments on financing leases		(4,592	)		(2,668	)
Proceeds from advances		22,000			50,000
Proceeds from sale of common stock and shares to be issued		-			69,000
Net Cash Provided by Financing Activities		102,408			175,581
Increase (Decrease) in Cash		60			(8,993	)
CASH AT BEGINNING OF PERIOD		52			8,993
CASH AT END OF PERIOD	$	112		$	-
Supplemental Cash Flow Information:
Cash paid for:
Interest Paid	$	2,357		$	2,743
Taxes	$	-		$	-
Non-Cash Investing and Financing Activities:
Shares issued in conversion with convertible notes	$	35,000		$	-
Shares issued as debt issuance cost	$	5,000		$	-

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

6

Elite Performance Holding Corp.

Consolidated Notes to the Financial Statements

For the three months ended March 31, 2024

(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.

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.

BYLT Performance, LLC is a wholly owned subsidiary of Elite Beverage International Corp. and currently holds all of the trademarks and intellectual property for the company.

Our Products and Services

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 200,000 shares in the Company.

On September 29, 2021, the Company entered into an Agreement between its wholly owned subsidiary Elite Beverage International Corp. and Bruce Kneller for the transfer and assignment of the SmartCarb® technology (US Patent No. 11,103,522 issued August 31, 2021.) This Agreement gives the Company the intellectual property and patent ownership for 400,000 shares valued at $20,000 that were issued October 1, 2021. For the year ended December 31, 2021, an impairment loss of $20,000 was recognized on the Patent acquisition and recorded to other income (expense).

NOTE 2 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

These consolidated 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, 2024, the Company had an accumulated deficit of $9,286,807. 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 consolidated 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.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the operations of the Company and its wholly-owned subsidiary, Elite Beverage International Corp.

All significant intercompany accounts and transactions have been eliminated in consolidation.

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The Company’s consolidated financial statements are prepared using the accrual method of accounting and are presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The Company has elected a calendar year-end.

Going concern

The Company’s consolidated 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 of sports drinks. 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.

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.  As of March 31, 2024 and December 31, 2023, we had $0 in accounts receivable respectively.  The allowance for doubtful trade receivables was $0 as of March 31, 2024 and December 31, 2023, respectively.

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, 2024 and December 31, 2023, we had $30,802 and $30,802 in inventory respectively.  We had no reserve for potentially obsolete inventory as of March 31, 2024 and December 31, 2023, respectively.

Prepaid Expenses

Prepaid expenses are expenditures that have not yet been consumed, and so are capitalized for a short period of time. They are initially recorded on the balance sheet as current assets, and are later charged to expense.  As of March 31, 2024 and December 31, 20232, we had $4,069 and $0 in prepaid expenses, respectively.

8

Basic and Diluted Loss Per Share

The Company presents both basic and diluted earnings per share (EPS) on the face of the statement of operations. 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, 2024 and December 31, 2023, so then diluted EPS excluded all dilutive potential shares in the diluted EPS because their effect is anti-dilutive. As of March 31, 2024, the Company had $1,313,466 in convertible notes plus accrued interest of $194,258 that may be converted into 21,884,475 shares of common stock. As of December 31, 2023, the Company had $545,250 in convertible notes plus accrued interest of $259,971 that may be converted into 16,104,420 shares of common stock.

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. For the three months ended March 31, 2024 and 2023, we had $0 research and development (R&D) expense, respectively.

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 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 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. The company’s performance obligation is to deliver the product(s) per the contract and the obligation is met upon receipt of the product by the purchaser. Prices are predetermined plus applicable taxes and shipping costs. The company’s main source of revenue comes from distributors, retail stores and gyms, and online sales primarily coming from the company website and Amazon. 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, as of March 31, 2024 and 2023, we had $70 and $9,908, respectively in revenue from the sale of our products.

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. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718). This update is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to non-employees (for example, service providers, external legal counsel, suppliers, etc.). The ASU expands the scope of Topic 718, Compensation-Stock Compensation, which currently only included share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This standard has been effective and applied for financial statements issued by public companies for the annual and interim periods after December 15, 2018.

9

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. For the three months ended, as of March 31, 2024 and 2023, we did not record any impairment on our previously announced Patent acquisition, resulting in no other income (expense) being recognized.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Depreciation and amortization is recorded on the straight-line basis method over the estimated useful lives of the assets.

 Accounting Standards Issued But Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosure” (“ASU 2023-09”), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. ASU 2023-09 is required to be adopted for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt this accounting standard update effective January 1, 2025. The Company expects that the adoption of the standard will not have a material impact on our consolidated financial statements.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to be relevant or have a material impact on the consolidated financial statements upon adoption. 

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NOTE 3 - RELATED PARTY TRANSACTIONS

Accounts and Notes Payable related party

For the three months ended March 31, 2024 and 2023, 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 former member of our Board of Directors. As of March 31, 2024, we had an outstanding balance due of $122,922, which is included in accounts payable related party.

For the three months ended March 31, 2024 and 2023, we had $26,689 and $10,815, respectively, for un-reimbursed business expenses.  As of March 31, 2024 and December 31, 20223 we also had an outstanding balance due to Joey Firestone of $36,000 and $36,000, respectively, for consulting services, and $484,687 and $448,203 for salary, respectively, which is included in accounts payable related party.  

For the three months ended March 31, 2024 and 2023, we had $0 in accounting expense respectively to “The Mosely Group.” owned by Reesa McKenzie. Ms. McKenzie is the sister of John McKenzie. As of March 31, 2024 and December 31, 2023, we had an outstanding balance due of $4,500, respectively, which is included in accounts payable related party.

One February 1, 2021 the Company renewed the employment agreement with Joey Firestone with milestone performance bonuses in shares of restricted 144 stock.

On January 1, 2021, the Company entered into a royalty free trademark licensing agreement between Elite Beverage International Corp. and its subsidiary BYLT Performance LLC in consideration for 5,000,000 (valued at par $0.0001 per share) shares to be issued in the amount of $500 which were issued April 29, 2021.

On May 6, 2022, the Company entered into a lease agreement with its CEO, Joey Firestone, for three cargo vans to be used for delivery and distribution of its products. Mr. Firestone is the guarantor of these vehicles, which he acquired for the sole purpose of the operations of Elite Beverage International. Total initial payments for all three vehicles were $19,000. Each vehicle has a purchase option upon the completion of the lease agreement. See Note 4 for additional details.

For the three months ended  March 31, 2024 and 2023, the Company had $0 and $343, respectively, in revenue from related parties.

NOTE 4 - LEASES

Our adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases on the balance sheet as an ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight.

Lease ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date, including the lease term.

We recognized a $97,027 right-of-use asset and $91,408 in a related party lease liability for our finance leases. For our finance leases, the asset is included in other long-term assets on the balance sheet and is amortized within operating income over the lease term. The long-term component of the lease liability is included in other long-term liabilities, net, and the current component is included in other current liabilities.

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On May 6, 2022, the Company entered into a lease agreement with its CEO, Joey Firestone, for three cargo vans to be used for delivery and distribution of its products. Mr. Firestone is the guarantor of these vehicles, which he acquired for the sole purpose of the operations of Elite Beverage International. The monthly payment for each vehicle is 66 months of $706.07(APR 8.99%) (2019 Mercedes Sprinter Van), 72 months of $806.76 (APR9.95%) (2019 Ford Transit Van), and 72 months of $796.94. (APR 10.59%) (2020 Ford Transit Van) Each vehicle has a purchase option upon the completion of the lease agreement. Total initial payments were $19,000 for all three vehicles which was $9,000. $5,000, and $5,000 for each one, respectively.

The Company incurred amortization expense, which is included as part of selling, general and administrative expenses, of $6,054 and $0 plus interest expense of $4,373 and $2,743 during the three months ended March 31, 2024 and 2023, respectively.

The tables below present financial information associated with our leases.

		March 31,		December 31,
	Balance Sheet Classification	2024		2023
Right-of-use assets	Other long-term assets	$	97,027	$	101,400
Current lease liabilities	Other current liabilities		20,750		19,064
Non-current lease liabilities	Other long-term liabilities		70,652		76,930

As of March 31, 2024, our maturities of our lease liabilities are as follows:

Maturity of lease liabilities
2024 (nine months remaining)	$	20,788
2025		27,717
2026		27,717
2027		27,011
Thereafter		8,022
Total lease payments	$	111,255
Less: Imputed interest		(19,853	)
Present value of lease liabilities	$	91,402

NOTE 5 - PROPERTY AND EQUIPMENT

The following is a summary of property and equipment—at cost, less accumulated depreciation:

	March 31, 2024
Trucks		55,000
Total cost		55,000
Less accumulated depreciation		(19,258	)
Net, property and equipment	$	35,742

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Depreciation expense for the three months ended March 31 2024 and 2023 was $2,742 and $2,712, respectively. The trucks are being depreciated over a useful life of 5 years.

NOTE 6 - COMMON STOCK AND COMMON STOCK WARRANTS

Common Stock

The Company had authorized a total of 400,000,000 shares of Common Stock, par value of $0.0001 as of December 31, 2017 for Elite Beverage International. However, Elite Performance Holding Corp. is now the successor company and as of December 31, 2022 there are 465,000,000 (Four Hundred Sixty-Five Million) shares authorized, par value of $0.0001, respectively.

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

Restricted Shares issued

For the year ended December 31, 2023, the Company issued 730,000 shares in connection with the Regulation D offering in the amount of $73,000 valued at $0.10 per share. 

For the year ended December 31, 2023, the Company issued 1,570,000 shares in the amount of $157,000 valued at $0.10 per share for consulting services.

For the year ended December 31, 2023, the Company issued 200,000 shares in the amount of $55,000 valued at $0.25 per share for the conversion of $55,000 principal of a convertible note payable made within the terms of the agreement and no gain or loss results from it. In addition, the Company issued 16,250 shares valued at $0.10 per share as consideration upon the execution of these agreements. 

As of December 31, 2023 we had 130,397,550 common shares outstanding.

For the three months ended March 31, 2024, the Company issued 860,000 shares in the amount of $86,000 valued at $0.10 per share for consulting services.

For the three months ended March 31, 2024, the Company issued 140,000 shares in the amount of $35,000 valued at $0.25 per share were issued for the conversion of $35,000 principal of a convertible note payable made within the terms of the agreement and no gain or loss results from it.

On January 23, 2024, the Company issued 50,000 shares to Hillyer as incentive in relation to the consolidation and modification of various notes, accrued interest and advances.

On March 1, 2024, it was determined that in the best interests of the Company to reduce the total outstanding shares of common stock and Jon Mckenzie retired fifteen million shares of common stock back to the company at no fee and Joey Firestone retired ten million shares of common stock back to the Company at no fee.

As of March 31, 2024, the Company had 106,447,550 common shares outstanding.

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As of March 31, 2024 we had 106,447,550 common shares outstanding.

Common Stock Warrants

On March 18, 2024, the Company issued 800,000 five year warrants exercisable at $2.00 valued at $187,440 for consulting services. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $0.25 per share, volatility of 548%, expected term of 5 years, and a risk free interest rate of 4.34%.

NOTE 7 - PREFERRED STOCK

The Company has authorized a total of 35,000,000 Shares of Preferred Stock, $0.0001 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.

On March 03, 2023, Jon McKenzie transferred his ownership of 5,000,000 Series A Preferred shares with super voting rights to Chairman and CEO Joey Firestone.

NOTE 8 - NOTE PAYABLE

On April 30, 2020 Elite Beverage International was approved for a loan for $201,352 through the Payment Protection Program (PPP) with an interest of 0.98% per annum and a maturity date of April 23, 2022. Forgiveness in the amount of $105,867 was given on September 2, 2021, which was recorded as a gain on forgiveness on debt in the statement of operations. As of February 9, 2022, The SBA has paid off the balance of the PPP loan with the lender. The Company is waiting for formal confirmation from the SBA on the status of the loan balance and once received will record the forgiveness of the debt. On the PPP loan, interest expense was $239 and $239 for the three months ended March 31, 2024 and 2023, respectively. The balance of this PPP loan is $95,485 as of March 31, 2024 and December 31, 2023, respectively.

During the three months ended March 31, 2024 and years ended December 31, 2023 and 2022, the Company entered into non-convertible, non-interest bearing advances for $90,000, $50,000, $75,000, $20,000 and $2,000, respectively from a third party. During the three months ended March 31, 2024, the Company converted $205,000 in advances to a convertible note and repaid $20,000 in advances. As of March 31, 2024 and December 31, 2023 and 2022, the balance of this advance is $12,000 and $215,000, respectively.

In January of 2023, the Company entered into a refinance agreement with a third party that held the original agreement on July of 2022.  In July of 2022, the Company entered into a receivables and sale note payable agreement with a third party. The funded amount by the third party was $50,460, this amount is the purchase price less fees and is the net amount funded to the Company. This note will be paid back with 48 weekly installments of $1,332, for a total amount of $63,960 to be paid back. The note contains Original Issue Discount (OID) of $13,500 at issuance. As of December 31, 2022, the Company owed $29,316 on this note payable and the OID balance is $6,188, leaving a net balance of $23,128. The Company has recorded $7,313 as interest expense for the year ended December 31, 2022 related to this OID.  For the refinance terms in January of 2023 agreement, the Company funded amount by the third party was $98,500, this amount is the purchase price less fees and is the net amount funded to the Company. This note will be paid back with 60 weekly installments of $2,133, for a total amount of $128,000 to be paid back. This note contains Original Issue Discount (OID) of $29,500 at issuance. As of March 31, 2024, the Company paid this in full and owes $0 on this note payable and the OID balance.

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NOTE 9 - CONVERTIBLE NOTES PAYABLE

On December 4, 2019, the Company 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. At December 31, 2023 and 2022, balance on this debt discount was $0, respectively. The Company also issued 500,000 commitment shares valued at $25,000 on December 11, 2019 and recorded to debt discount. We amortized $1,712 for the year ended December 31, 2019, and $23,288 and $0 for the years ended December 31, 2020 and 2021 respectively. On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024.

On January 17, 2020, the Company 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 included an original discount fee of $7,500, which was recorded to debt discount. The Company recorded $0 and $1,503 as interest expense related to this OID for the years ended December 31, 2023 and 2022, respectively.  On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024.

On July 21, 2021, the Company issued a convertible promissory note to Hillyer Group LLC. in the amount of $26,250 with an interest rate of 8% per annum and a maturity date of July 21, 2022. 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 July 21, we agreed to issue 60,000 shares of common stock in consideration for the execution of this note, which were subsequently issued on October 1, 2021. These shares are restricted and subject to SEC Rule 144. These shares were valued at $3,000 and recorded to debt discount. This note also included an original discount fee of $1,250 recorded to debt discount, we amortized $703 for the year ended December 31, 2022 leaving a balance of $0. The Company recorded $0 and $0 as interest expense related to this OID for March 31, 2024 and December 31, 2023, respectively.  The outstanding balance on the note was $26,250 as of March 31, 2024. This note is in default and is accruing interest at the default rate of 18%.

On September 16, 2021, the Company issued a convertible promissory note to Stout LLC. in the amount of $20,000 with an interest rate of 12% per annum and a maturity date of September 16, 2022. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 per share of common stock 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. The outstanding balance on the note was $20,000 as of March 31, 2024.  This note is in default and is accruing interest at the default rate of 18%.

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On March 1, 2023, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 8% per annum and a maturity date of March 1, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.50 per share of common stock. The debt holder exercised the convertible option on the $10,000 note and converted the entire amount into 20,000 shares of the Company’s common stock.  This conversion was carried out per the terms of the agreement, as such no gain or loss was recorded on the transaction The outstanding balance on the note was $0 as of March 31, 2024 as a result common stock conversion occurred.

On May 3, 2023, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of May 3, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock. The debt holder exercised the convertible option on the $25,000 note and converted the entire amount into 100,000 shares of the Company’s common stock.  This conversion was carried out per the terms of the agreement, as such no gain or loss was recorded on the transaction. The outstanding balance on the note was $0 as of March 31, 202 as a result common stock conversion occurred.

On May 15, 2023, the Company entered into a convertible promissory note in the amount of $50,000 with an interest rate of 10% per annum and a maturity date of May 15, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock, which debt holder did not opt in.  The outstanding balance on the note was $50,000 as of March 31, 2024.

On May 16, 2023, the Company entered into a convertible promissory note in the amount of $50,000 with an interest rate of 10% per annum and a maturity date of May 16, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $50,000 as of March 31, 2024.

On June 23, 2023, the Company entered into a convertible promissory note in the amount of $150,000 with an interest rate of 10% per annum and a maturity date of June 23, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $150,000 as of March 31, 2024.

On September 12, 2023, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 10% per annum and a maturity date of September 11, 2024. The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  This note was converted to 40,000 shares on September 25, 2023. The outstanding balance on the note was $0 as of March 31, 2024.

On November 1, 2023, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of January 2, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024.

On January 4, 2024, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 10% per annum and a maturity date of January 4, 2025. The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  This note was converted to 40,000 shares, as stated within the terms of the agreement. The outstanding balance on the note was $0 as of March 31, 2024.

On January 23, 2024, the Company modified and aggregated several Hillyer loans totaling $371,500, advances totaling $205,000 and accrued interest totaling $218,216 for an aggregate balance of $794,716 and extended the maturity to December 31, 2024. The Company issued 50,000 incentive shares valued at a debt discount of $5,000. The Company recognized $909 in amortization expense for the three months ended March 31, 2024.

On January 30, 2024, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of January 30, 2025. The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  This note was converted to 100,000 shares, as stated within the terms of the agreement. The outstanding balance on the note was $0 as of March 31, 2024.

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On February 28, 2024, the Company entered into a convertible promissory note in the amount of $50,000 with an interest rate of 12% per annum and a maturity date of February 28, 2025. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $50,000 as of March 31, 2024.

On March 12, 2024, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 12% per annum and a maturity date of March 12, 2025. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $10,000 as of March 31, 2024.

On March 15, 2024, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 12% per annum and a maturity date of March 15, 2025. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $10,000 as of March 31, 2024.

Total interest expense including discount amortization on the above notes for March 31, 2024 and 2023 was $199,059 (including the finance lease interest on automobiles as referenced in Note 4) and $37,230, respectively. 

NOTE 10 - COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.  There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

The Company discovered in September of 2021 that BYLT Basics, LLC, a party that it settled a previous trademark litigation case with, is in breach of its settlement agreement and sent a notice of breach to said party. The underlying matter is a trademark dispute for the mark B.Y.L.T. (Reg 6548069) of which the company also filed two oppositions of the party’s trademarks at the Trademark Trial and Appeal Board. BYLT Basics filed a lawsuit since the company filed the two oppositions and the company is filing counterclaims for trademark infringement and breach of settlement agreement. Attorneys are in contact.

NOTE 11 - CONCENTRATIONS

None

NOTE 12 - INVENTORY

As of March 31, 2024 and December 31, 2023, the Company’s inventory was $30,802, which consisted of $30,802 in raw material and $0 in finished goods, respectively. 

NOTE 13 - SUBSEQUENT EVENTS

In accordance with ASC 855, the Company has analyzed its operations subsequent to March 31, 2024 through the date these consolidated financial statements were issued and has reported the following events:

From April 1, 2024 to May 31, 2024, the Company issued 1,993,720 shares of common stock to for convertible notes that were converted to shares for outstanding debt of $351,286.

As of May 31, 2024, there were 109,381,270 shares of the registrant’s common stock, $0.0001 par value, issued and outstanding.

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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 consolidated financial statements, as of March 31, 2024, we had an accumulated deficit totaling ($9,286,807). 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.

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 $15 billon market by 2027.
✓	BYLT is also positioned in the Nutrition and Performance Drink Industry which generated a total revenue of $9 billion. Mintel estimates sales of the category to continue to grow reaching $15 billion by 2027.
✓	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.

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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 1: 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.  

Results for the Three Months Ended March 31, 2024 Compared To The Three Months Ended March 31, 2023.

Operating Revenues

The Company’s revenues were $70 for the three months ended March 31, 2024, compared to $9,908 for the three months ended March 31, 2023.

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Gross Profit (Loss)

For the three months ended March 31, 2024, the Company’s gross profit (loss) was $70 compared to ($5,350) for the three months ended March 31, 2023.

Our gross profit (loss) 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, 2024, general and administrative expenses were $85,217 compared to $113,038 for the three months ended March 31, 2023, a decrease of $27,821. This decrease was due to a decrease in operations.

Advertising Expense

For the three months ended March 31, 2024, advertising expenses were $3,030 compared to $24,654 for the three months ended March 31, 2023, a decrease of $21,624.

Legal and Accounting Expense

For the three months ended March 31, 2024, Legal and Accounting expenses were $60,417 compared to $66,723 for the three months ended March 31, 2023, a decrease of $6,306. This decrease was due to a decrease in operations and legal filings.

Consulting expense

For the three months ended March 31, 2024, Consulting expenses were $306,400 compared to $116,964 for the three months ended March 31, 2023, an increase of $189,436. This increase was due to shares and warrants issued for consulting.

Interest Expense

For the three months ended March 31, 2024, Interest expenses were ($43,070) compared to ($37,230) for the three months ended March 31, 2023, an increase of $5,840. This increase was due to added vehicle leases and notes outstanding.

Our net loss for the three months ended March 31, 20243, was ($496,619) compared to ($363,959) for the three months ended March 31, 2023, an increase of $132,660. This increase was due primarily from the shares and warrants issued for services to consultants.

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, 2024, the Company had total current assets of $34,983 compared to $30,854 at December 31, 2023. 

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At March 31, 2024, the Company had total current liabilities of $3,151,155 compared to $2,964,683 at December 31, 2023. 

We had working capital deficit of $3,116,172 as of March 31, 2024, compared to $2,933,829 as of December 31, 2023.

Cashflow from Operating Activities

During the three months ended March 31, 2024, cash provided by (used in) operating activities was ($102,348) compared to ($184,574) for three months ended March 31, 2023. Cash used in operating activities for the three months ended March 31, 2024 was primarily the result of a $496,619 net loss.

Cashflow from Investing Activities

During the three months ended March 31, 2024, cash used in investing activities was $0 compared to $0 for the three months ended March 31, 2023.

Cashflow from Financing Activities

During the three months ended March 31, 2024, cash provided by financing activities was $102,408 compared to $175,581 for the three months ended March 31, 2023.2 Cash provided by financing activities for the three months ended March 31, 2024 was primarily the result of proceeds from notes payable and advances.

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 consolidated financial statements for the period ended March 31, 2024, have been prepared on a going concern basis and Note 2 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.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial position or results of operations upon adoption.

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, 2024 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.  There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

The company discovered in September of 2021 that BYLT Basics, LLC, a party that it settled a previous trademark litigation case with, is in breach of its settlement agreement and sent a notice of breach to said party. The underlying matter is a trademark dispute for the mark B.Y.L.T. (Reg 6548069) of which the company also filed two oppositions of the party’s trademarks at the Trademark Trial and Appeal Board. BYLT Basics filed a lawsuit since the company filed the two oppositions and the company is filing counterclaims for trademark infringement and breach of settlement agreement. Attorneys are in contact.

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

For the year ended December 31, 2023, the Company issued 730,000 shares in connection with the Regulation D offering in the amount of $73,000 valued at $0.10 per share. 

For the year ended December 31, 2023, the Company issued 1,570,000 shares in the amount of $157,000 valued at $0.10 per share for consulting services.

For the year ended December 31, 2023, the Company issued 200,000 shares in the amount of $55,000 valued at $0.25 per share for the conversion of $55,000 principal of a convertible note payable made within the terms of the agreement and no gain or loss results from it. In addition, the Company issued 16,250 shares valued at $0.10 per share as consideration upon the execution of these agreements. 

As of December 31, 2023 we had 130,397,550 common shares outstanding.

For the three months ended March 31, 2024, the Company issued 860,000 shares in the amount of $86,000 valued at $0.10 per share for consulting services.

For the three months ended March 31, 2024, the Company issued 140,000 shares in the amount of $35,000 valued at $0.25 per share were issued for the conversion of $35,000 principal of a convertible note payable made within the terms of the agreement and no gain or loss results from it.

On January 23, 2024, the Company issued 50,000 shares to Hillyer as incentive in relation to the consolidation and modification of various notes, accrued interest and advances.

On March 1, 2024, it was determined that in the best interests of the Company to reduce the total outstanding shares of common stock and Jon Mckenzie retired fifteen million shares of common stock back to the company at no fee and Joey Firestone retired ten million shares of common stock back to the Company at no fee.

As of March 31, 2024, the Company had 106,447,550 common shares outstanding.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURE

Not Applicable.

ITEM 5. OTHER INFORMATION

None.

22

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 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of Sarbanes Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of Sarbanes Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of 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.

23

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: June 7, 2024	By:	/s/ Joey Firestone
		Joey Firestone
		(Chief Executive Officer, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer)

24

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: June 7, 2024

/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: June 7, 2024

/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, 2024 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.

Date: June 7, 2024

/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, 2024 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.

Date: June 7, 2024

/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.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	Jun. 07, 2024
Cover [Abstract]
Entity Registrant Name	Elite Performance Holding Corp.
Entity Central Index Key	0001753681
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	No
Document Period End Date	Mar. 31, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		109,381,270
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55987
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	82-5034226
Entity Address Address Line 1	3301 NE 1st Ave Suite M704
Entity Address City Or Town	Miami
Entity Address State Or Province	FL
Entity Address Postal Zip Code	33137
City Area Code	844
Local Phone Number	426-2958
Entity Interactive Data Current	No

XML

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash	$ 112	$ 52
Inventory	30,802	30,802
Prepaid expenses	4,069	0
Total Current Assets	34,983	30,854
Property and equipment, net	35,742	38,484
Right of use asset	97,027	101,400
TOTAL ASSETS	167,752	170,738
CURRENT LIABILITIES
Accounts payable	918,372	879,943
Accounts payable and accrued expenses related party	674,798	633,314
Accrued expenses	215,859	397,112
Lease liability - current	20,750	19,064
Advances	12,000	215,000
Convertible notes payable (net of debt discount)	1,309,375	820,250
Total Current Liabilities	3,151,154	2,964,683
Longterm Liabilities
Lease liability - long-term	70,652	76,930
PPP Loan	95,485	95,485
Total Long-Term Liabilities	166,137	172,415
Total Liabilities	3,317,291	3,137,098
Commitments and Contingencies	0	0
STOCKHOLDERS' DEFICIT
Preferred stock; $0.0001 par value, 35,000,000 shares authorized, 10,000,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	1,000	1,000
Common stock; $0.0001 par value, 465,000,000 shares authorized, 106,447,550 and 130,397,550 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	10,645	13,040
Shares to be issued	50,000	50,000
Additional paid-in capital	6,075,623	5,759,788
Accumulated deficit	(9,286,807)	(8,790,188)
Total Stockholders' Deficit	(3,149,539)	(2,966,360)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 167,752	$ 170,738

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
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
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	465,000,000	465,000,000
Common stock, shares issued	106,447,550	130,397,550
Common stock, shares outstanding	106,447,550	130,397,550

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Operations (Unaudited)
REVENUES	$ 70	$ 9,908
COST OF GOODS SOLD	0	15,258
GROSS PROFIT (LOSS)	70	(5,350)
OPERATING EXPENSES
Legal and accounting	60,417	66,723
Advertising	3,030	24,654
Consulting	306,400	116,964
General and administrative	85,217	113,038
Total Operating Expenses	455,064	321,379
OPERATING LOSS	(454,994)	(326,729)
OTHER INCOME (EXPENSE)
Other income	1,445	0
Interest expense	(43,070)	(37,230)
Total Other Expense	(41,625)	(37,230)
NET LOSS	$ (496,619)	$ (363,959)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$ (0.00)	$ (0.00)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	121,666,153	128,215,744

XML

Consolidated Statements of Stockholders Deficit (Unaudited) - USD ($)	Total	Common Stock	Preferred Stock	Shares to be issued	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2022		127,881,300	10,000,000	50,000
Balance, amount at Dec. 31, 2022	$ (1,805,214)	$ 12,788	$ 1,000		$ 5,473,417	$ (7,342,419)
Shares to be issued for Reg D subscriptions, shares		600,000		9,000
Shares to be issued for Reg D subscriptions, amount	69,000	$ 60			59,940
Shares issued for settlement of accounts payable	0
Shares issued for Services, shares				10,000
Shares issued for services, amount	16,000				6,000
Shares issued in connection with convertible debt	0
Net loss	(363,959)					(363,959)
Balance, shares at Mar. 31, 2023		128,481,300	10,000,000	69,000
Balance, amount at Mar. 31, 2023	(2,084,173)	$ 12,848	$ 1,000		5,539,357	(7,706,378)
Balance, shares at Dec. 31, 2023		130,397,550	10,000,000	50,000
Balance, amount at Dec. 31, 2023	(2,966,360)	$ 13,040	$ 1,000		5,759,788	(8,790,188)
Shares issued for Services, shares		860,000
Shares issued for services, amount	86,000	$ 86	0		85,914	0
Shares issued in connection with convertible debt	35,000	$ 14	0		34,986	0
Net loss	(496,619)					(496,619)
Retirement of founder shares, shares		(25,000,000)
Retirement of founder shares, amount	0	$ (2,500)			2,500
Warrants issued for services	187,440				187,440
Shares issued in connection with convertible debt, shares		140,000
Shares issued as debt issuance cost, shares		50,000
Shares issued as debt issuance cost, amount	5,000	$ 5	$ 0		4,995	0
Balance, shares at Mar. 31, 2024		106,447,550	10,000,000	50,000
Balance, amount at Mar. 31, 2024	$ (3,149,539)	$ 10,645	$ 1,000		$ 6,075,623	$ (9,286,807)

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (496,619)	$ (363,959)
Items to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	909	11,104
Shares issued for services	86,000	16,000
Warrants issued for services	187,440	0
Depreciation expense	2,742	2,712
Changes in operating assets and liabilities
(Increase) / decrease in accounts receivable	0	1,514
(Increase) / decrease in inventory	0	15,258
(Increase) / decrease in prepaid expenses	(4,069)	1,951
(Increase) / decrease in right of use assets	4,373	6,054
Increase in accounts payable - related party	41,484	37,778
Increase in accounts payable and accrued expenses	75,392	87,014
Net Cash Used in Operating Activities	(102,348)	(184,574)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible debt	0	10,000
Proceeds from notes payable	105,000	99,376
Repayments of notes payable	(20,000)	(50,648)
Bank overdraft	0	521
Payments on financing leases	(4,592)	(2,668)
Proceeds from advances	22,000	50,000
Proceeds from sale of common stock and shares to be issued	0	69,000
Net Cash Provided by Financing Activities	102,408	175,581
Increase (Decrease) in Cash	60	(8,993)
CASH AT BEGINNING OF PERIOD	52	8,993
CASH AT END OF PERIOD	112	0
Supplemental Cash Flow Information:
Interest Paid	2,357	2,743
Taxes	0	0
Non-Cash Investing and Financing Activities:
Shares issued in conversion with convertible notes	35,000	0
Shares issued as debt issuance cost	$ 5,000	$ 0

XML

GENERAL

3 Months Ended

Mar. 31, 2024

GENERAL

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.

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.

BYLT Performance, LLC is a wholly owned subsidiary of Elite Beverage International Corp. and currently holds all of the trademarks and intellectual property for the company.

Our Products and Services

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 200,000 shares in the Company.

On September 29, 2021, the Company entered into an Agreement between its wholly owned subsidiary Elite Beverage International Corp. and Bruce Kneller for the transfer and assignment of the SmartCarb® technology (US Patent No. 11,103,522 issued August 31, 2021.) This Agreement gives the Company the intellectual property and patent ownership for 400,000 shares valued at $20,000 that were issued October 1, 2021. For the year ended December 31, 2021, an impairment loss of $20,000 was recognized on the Patent acquisition and recorded to other income (expense).

XML

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

These consolidated 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, 2024, the Company had an accumulated deficit of $9,286,807. 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 consolidated 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.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the operations of the Company and its wholly-owned subsidiary, Elite Beverage International Corp.

All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company’s consolidated financial statements are prepared using the accrual method of accounting and are presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The Company has elected a calendar year-end.

Going concern

The Company’s consolidated 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 of sports drinks. 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.

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.  As of March 31, 2024 and December 31, 2023, we had $0 in accounts receivable respectively.  The allowance for doubtful trade receivables was $0 as of March 31, 2024 and December 31, 2023, respectively.

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, 2024 and December 31, 2023, we had $30,802 and $30,802 in inventory respectively.  We had no reserve for potentially obsolete inventory as of March 31, 2024 and December 31, 2023, respectively.

Prepaid Expenses

Prepaid expenses are expenditures that have not yet been consumed, and so are capitalized for a short period of time. They are initially recorded on the balance sheet as current assets, and are later charged to expense.  As of March 31, 2024 and December 31, 20232, we had $4,069 and $0 in prepaid expenses, respectively.

Basic and Diluted Loss Per Share

The Company presents both basic and diluted earnings per share (EPS) on the face of the statement of operations. 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, 2024 and December 31, 2023, so then diluted EPS excluded all dilutive potential shares in the diluted EPS because their effect is anti-dilutive. As of March 31, 2024, the Company had $1,313,466 in convertible notes plus accrued interest of $194,258 that may be converted into 21,884,475 shares of common stock. As of December 31, 2023, the Company had $545,250 in convertible notes plus accrued interest of $259,971 that may be converted into 16,104,420 shares of common stock.

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. For the three months ended March 31, 2024 and 2023, we had $0 research and development (R&D) expense, respectively.

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 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 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. The company’s performance obligation is to deliver the product(s) per the contract and the obligation is met upon receipt of the product by the purchaser. Prices are predetermined plus applicable taxes and shipping costs. The company’s main source of revenue comes from distributors, retail stores and gyms, and online sales primarily coming from the company website and Amazon. 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, as of March 31, 2024 and 2023, we had $70 and $9,908, respectively in revenue from the sale of our products.

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. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718). This update is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to non-employees (for example, service providers, external legal counsel, suppliers, etc.). The ASU expands the scope of Topic 718, Compensation-Stock Compensation, which currently only included share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This standard has been effective and applied for financial statements issued by public companies for the annual and interim periods after December 15, 2018.

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. For the three months ended, as of March 31, 2024 and 2023, we did not record any impairment on our previously announced Patent acquisition, resulting in no other income (expense) being recognized.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Depreciation and amortization is recorded on the straight-line basis method over the estimated useful lives of the assets.

 Accounting Standards Issued But Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosure” (“ASU 2023-09”), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. ASU 2023-09 is required to be adopted for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt this accounting standard update effective January 1, 2025. The Company expects that the adoption of the standard will not have a material impact on our consolidated financial statements.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to be relevant or have a material impact on the consolidated financial statements upon adoption. 

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

Accounts and Notes Payable related party

For the three months ended March 31, 2024 and 2023, 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 former member of our Board of Directors. As of March 31, 2024, we had an outstanding balance due of $122,922, which is included in accounts payable related party.

For the three months ended March 31, 2024 and 2023, we had $26,689 and $10,815, respectively, for un-reimbursed business expenses.  As of March 31, 2024 and December 31, 20223 we also had an outstanding balance due to Joey Firestone of $36,000 and $36,000, respectively, for consulting services, and $484,687 and $448,203 for salary, respectively, which is included in accounts payable related party.  

For the three months ended March 31, 2024 and 2023, we had $0 in accounting expense respectively to “The Mosely Group.” owned by Reesa McKenzie. Ms. McKenzie is the sister of John McKenzie. As of March 31, 2024 and December 31, 2023, we had an outstanding balance due of $4,500, respectively, which is included in accounts payable related party.

One February 1, 2021 the Company renewed the employment agreement with Joey Firestone with milestone performance bonuses in shares of restricted 144 stock.

On January 1, 2021, the Company entered into a royalty free trademark licensing agreement between Elite Beverage International Corp. and its subsidiary BYLT Performance LLC in consideration for 5,000,000 (valued at par $0.0001 per share) shares to be issued in the amount of $500 which were issued April 29, 2021.

On May 6, 2022, the Company entered into a lease agreement with its CEO, Joey Firestone, for three cargo vans to be used for delivery and distribution of its products. Mr. Firestone is the guarantor of these vehicles, which he acquired for the sole purpose of the operations of Elite Beverage International. Total initial payments for all three vehicles were $19,000. Each vehicle has a purchase option upon the completion of the lease agreement. See Note 4 for additional details.

For the three months ended  March 31, 2024 and 2023, the Company had $0 and $343, respectively, in revenue from related parties.

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LEASES

3 Months Ended

Mar. 31, 2024

LEASES

LEASES

NOTE 4 - LEASES

Our adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases on the balance sheet as an ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight.

Lease ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date, including the lease term.

We recognized a $97,027 right-of-use asset and $91,408 in a related party lease liability for our finance leases. For our finance leases, the asset is included in other long-term assets on the balance sheet and is amortized within operating income over the lease term. The long-term component of the lease liability is included in other long-term liabilities, net, and the current component is included in other current liabilities.

On May 6, 2022, the Company entered into a lease agreement with its CEO, Joey Firestone, for three cargo vans to be used for delivery and distribution of its products. Mr. Firestone is the guarantor of these vehicles, which he acquired for the sole purpose of the operations of Elite Beverage International. The monthly payment for each vehicle is 66 months of $706.07(APR 8.99%) (2019 Mercedes Sprinter Van), 72 months of $806.76 (APR9.95%) (2019 Ford Transit Van), and 72 months of $796.94. (APR 10.59%) (2020 Ford Transit Van) Each vehicle has a purchase option upon the completion of the lease agreement. Total initial payments were $19,000 for all three vehicles which was $9,000. $5,000, and $5,000 for each one, respectively.

The Company incurred amortization expense, which is included as part of selling, general and administrative expenses, of $6,054 and $0 plus interest expense of $4,373 and $2,743 during the three months ended March 31, 2024 and 2023, respectively.

The tables below present financial information associated with our leases.

		March 31,		December 31,
	Balance Sheet Classification	2024		2023
Right-of-use assets	Other long-term assets	$	97,027	$	101,400
Current lease liabilities	Other current liabilities		20,750		19,064
Non-current lease liabilities	Other long-term liabilities		70,652		76,930

As of March 31, 2024, our maturities of our lease liabilities are as follows:

Maturity of lease liabilities
2024 (nine months remaining)	$	20,788
2025		27,717
2026		27,717
2027		27,011
Thereafter		8,022
Total lease payments	$	111,255
Less: Imputed interest		(19,853	)
Present value of lease liabilities	$	91,402

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PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 5 - PROPERTY AND EQUIPMENT

The following is a summary of property and equipment—at cost, less accumulated depreciation:

	March 31, 2024
Trucks		55,000
Total cost		55,000
Less accumulated depreciation		(19,258	)
Net, property and equipment	$	35,742

Depreciation expense for the three months ended March 31 2024 and 2023 was $2,742 and $2,712, respectively. The trucks are being depreciated over a useful life of 5 years.

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COMMON STOCK AND COMMON STOCK WARRANTS

3 Months Ended

Mar. 31, 2024

COMMON STOCK AND COMMON STOCK WARRANTS

COMMON STOCK AND COMMON STOCK WARRANTS

NOTE 6 - COMMON STOCK AND COMMON STOCK WARRANTS

Common Stock

The Company had authorized a total of 400,000,000 shares of Common Stock, par value of $0.0001 as of December 31, 2017 for Elite Beverage International. However, Elite Performance Holding Corp. is now the successor company and as of December 31, 2022 there are 465,000,000 (Four Hundred Sixty-Five Million) shares authorized, par value of $0.0001, respectively.

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

Restricted Shares issued

For the year ended December 31, 2023, the Company issued 730,000 shares in connection with the Regulation D offering in the amount of $73,000 valued at $0.10 per share. 

For the year ended December 31, 2023, the Company issued 1,570,000 shares in the amount of $157,000 valued at $0.10 per share for consulting services.

For the year ended December 31, 2023, the Company issued 200,000 shares in the amount of $55,000 valued at $0.25 per share for the conversion of $55,000 principal of a convertible note payable made within the terms of the agreement and no gain or loss results from it. In addition, the Company issued 16,250 shares valued at $0.10 per share as consideration upon the execution of these agreements. 

As of December 31, 2023 we had 130,397,550 common shares outstanding.

For the three months ended March 31, 2024, the Company issued 860,000 shares in the amount of $86,000 valued at $0.10 per share for consulting services.

For the three months ended March 31, 2024, the Company issued 140,000 shares in the amount of $35,000 valued at $0.25 per share were issued for the conversion of $35,000 principal of a convertible note payable made within the terms of the agreement and no gain or loss results from it.

On January 23, 2024, the Company issued 50,000 shares to Hillyer as incentive in relation to the consolidation and modification of various notes, accrued interest and advances.

On March 1, 2024, it was determined that in the best interests of the Company to reduce the total outstanding shares of common stock and Jon Mckenzie retired fifteen million shares of common stock back to the company at no fee and Joey Firestone retired ten million shares of common stock back to the Company at no fee.

As of March 31, 2024, the Company had 106,447,550 common shares outstanding.

As of March 31, 2024 we had 106,447,550 common shares outstanding.

Common Stock Warrants

On March 18, 2024, the Company issued 800,000 five year warrants exercisable at $2.00 valued at $187,440 for consulting services. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $0.25 per share, volatility of 548%, expected term of 5 years, and a risk free interest rate of 4.34%.

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PREFERRED STOCK

3 Months Ended

Mar. 31, 2024

PREFERRED STOCK

PREFERRED STOCK

NOTE 7 - PREFERRED STOCK

The Company has authorized a total of 35,000,000 Shares of Preferred Stock, $0.0001 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.

On March 03, 2023, Jon McKenzie transferred his ownership of 5,000,000 Series A Preferred shares with super voting rights to Chairman and CEO Joey Firestone.

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NOTE PAYABLE

3 Months Ended

Mar. 31, 2024

NOTE PAYABLE

NOTE PAYABLE

NOTE 8 - NOTE PAYABLE

On April 30, 2020 Elite Beverage International was approved for a loan for $201,352 through the Payment Protection Program (PPP) with an interest of 0.98% per annum and a maturity date of April 23, 2022. Forgiveness in the amount of $105,867 was given on September 2, 2021, which was recorded as a gain on forgiveness on debt in the statement of operations. As of February 9, 2022, The SBA has paid off the balance of the PPP loan with the lender. The Company is waiting for formal confirmation from the SBA on the status of the loan balance and once received will record the forgiveness of the debt. On the PPP loan, interest expense was $239 and $239 for the three months ended March 31, 2024 and 2023, respectively. The balance of this PPP loan is $95,485 as of March 31, 2024 and December 31, 2023, respectively.

During the three months ended March 31, 2024 and years ended December 31, 2023 and 2022, the Company entered into non-convertible, non-interest bearing advances for $90,000, $50,000, $75,000, $20,000 and $2,000, respectively from a third party. During the three months ended March 31, 2024, the Company converted $205,000 in advances to a convertible note and repaid $20,000 in advances. As of March 31, 2024 and December 31, 2023 and 2022, the balance of this advance is $12,000 and $215,000, respectively.

In January of 2023, the Company entered into a refinance agreement with a third party that held the original agreement on July of 2022.  In July of 2022, the Company entered into a receivables and sale note payable agreement with a third party. The funded amount by the third party was $50,460, this amount is the purchase price less fees and is the net amount funded to the Company. This note will be paid back with 48 weekly installments of $1,332, for a total amount of $63,960 to be paid back. The note contains Original Issue Discount (OID) of $13,500 at issuance. As of December 31, 2022, the Company owed $29,316 on this note payable and the OID balance is $6,188, leaving a net balance of $23,128. The Company has recorded $7,313 as interest expense for the year ended December 31, 2022 related to this OID.  For the refinance terms in January of 2023 agreement, the Company funded amount by the third party was $98,500, this amount is the purchase price less fees and is the net amount funded to the Company. This note will be paid back with 60 weekly installments of $2,133, for a total amount of $128,000 to be paid back. This note contains Original Issue Discount (OID) of $29,500 at issuance. As of March 31, 2024, the Company paid this in full and owes $0 on this note payable and the OID balance.

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CONVERTIBLE NOTES PAYABLE

3 Months Ended

Mar. 31, 2024

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE

NOTE 9 - CONVERTIBLE NOTES PAYABLE

On December 4, 2019, the Company 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. At December 31, 2023 and 2022, balance on this debt discount was $0, respectively. The Company also issued 500,000 commitment shares valued at $25,000 on December 11, 2019 and recorded to debt discount. We amortized $1,712 for the year ended December 31, 2019, and $23,288 and $0 for the years ended December 31, 2020 and 2021 respectively. On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024.

On January 17, 2020, the Company 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 included an original discount fee of $7,500, which was recorded to debt discount. The Company recorded $0 and $1,503 as interest expense related to this OID for the years ended December 31, 2023 and 2022, respectively.  On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024.

On July 21, 2021, the Company issued a convertible promissory note to Hillyer Group LLC. in the amount of $26,250 with an interest rate of 8% per annum and a maturity date of July 21, 2022. 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 July 21, we agreed to issue 60,000 shares of common stock in consideration for the execution of this note, which were subsequently issued on October 1, 2021. These shares are restricted and subject to SEC Rule 144. These shares were valued at $3,000 and recorded to debt discount. This note also included an original discount fee of $1,250 recorded to debt discount, we amortized $703 for the year ended December 31, 2022 leaving a balance of $0. The Company recorded $0 and $0 as interest expense related to this OID for March 31, 2024 and December 31, 2023, respectively.  The outstanding balance on the note was $26,250 as of March 31, 2024. This note is in default and is accruing interest at the default rate of 18%.

On September 16, 2021, the Company issued a convertible promissory note to Stout LLC. in the amount of $20,000 with an interest rate of 12% per annum and a maturity date of September 16, 2022. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $.05 per share of common stock 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. The outstanding balance on the note was $20,000 as of March 31, 2024.  This note is in default and is accruing interest at the default rate of 18%.

On March 1, 2023, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 8% per annum and a maturity date of March 1, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.50 per share of common stock. The debt holder exercised the convertible option on the $10,000 note and converted the entire amount into 20,000 shares of the Company’s common stock.  This conversion was carried out per the terms of the agreement, as such no gain or loss was recorded on the transaction The outstanding balance on the note was $0 as of March 31, 2024 as a result common stock conversion occurred.

On May 3, 2023, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of May 3, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock. The debt holder exercised the convertible option on the $25,000 note and converted the entire amount into 100,000 shares of the Company’s common stock.  This conversion was carried out per the terms of the agreement, as such no gain or loss was recorded on the transaction. The outstanding balance on the note was $0 as of March 31, 202 as a result common stock conversion occurred.

On May 15, 2023, the Company entered into a convertible promissory note in the amount of $50,000 with an interest rate of 10% per annum and a maturity date of May 15, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock, which debt holder did not opt in.  The outstanding balance on the note was $50,000 as of March 31, 2024.

On May 16, 2023, the Company entered into a convertible promissory note in the amount of $50,000 with an interest rate of 10% per annum and a maturity date of May 16, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $50,000 as of March 31, 2024.

On June 23, 2023, the Company entered into a convertible promissory note in the amount of $150,000 with an interest rate of 10% per annum and a maturity date of June 23, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $150,000 as of March 31, 2024.

On September 12, 2023, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 10% per annum and a maturity date of September 11, 2024. The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  This note was converted to 40,000 shares on September 25, 2023. The outstanding balance on the note was $0 as of March 31, 2024.

On November 1, 2023, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of January 2, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024.

On January 4, 2024, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 10% per annum and a maturity date of January 4, 2025. The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  This note was converted to 40,000 shares, as stated within the terms of the agreement. The outstanding balance on the note was $0 as of March 31, 2024.

On January 23, 2024, the Company modified and aggregated several Hillyer loans totaling $371,500, advances totaling $205,000 and accrued interest totaling $218,216 for an aggregate balance of $794,716 and extended the maturity to December 31, 2024. The Company issued 50,000 incentive shares valued at a debt discount of $5,000. The Company recognized $909 in amortization expense for the three months ended March 31, 2024.

On January 30, 2024, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of January 30, 2025. The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  This note was converted to 100,000 shares, as stated within the terms of the agreement. The outstanding balance on the note was $0 as of March 31, 2024.

On February 28, 2024, the Company entered into a convertible promissory note in the amount of $50,000 with an interest rate of 12% per annum and a maturity date of February 28, 2025. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $50,000 as of March 31, 2024.

On March 12, 2024, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 12% per annum and a maturity date of March 12, 2025. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $10,000 as of March 31, 2024.

On March 15, 2024, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 12% per annum and a maturity date of March 15, 2025. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock.  The outstanding balance on the note was $10,000 as of March 31, 2024.

Total interest expense including discount amortization on the above notes for March 31, 2024 and 2023 was $199,059 (including the finance lease interest on automobiles as referenced in Note 4) and $37,230, respectively. 

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 10 - COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.  There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

The Company discovered in September of 2021 that BYLT Basics, LLC, a party that it settled a previous trademark litigation case with, is in breach of its settlement agreement and sent a notice of breach to said party. The underlying matter is a trademark dispute for the mark B.Y.L.T. (Reg 6548069) of which the company also filed two oppositions of the party’s trademarks at the Trademark Trial and Appeal Board. BYLT Basics filed a lawsuit since the company filed the two oppositions and the company is filing counterclaims for trademark infringement and breach of settlement agreement. Attorneys are in contact.

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CONCENTRATIONS

3 Months Ended

Mar. 31, 2024

CONCENTRATIONS

CONCENTRATIONS

NOTE 11 - CONCENTRATIONS

None

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INVENTORY

3 Months Ended

Mar. 31, 2024

INVENTORY

INVENTORY

NOTE 12 - INVENTORY

As of March 31, 2024 and December 31, 2023, the Company’s inventory was $30,802, which consisted of $30,802 in raw material and $0 in finished goods, respectively. 

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 13 - SUBSEQUENT EVENTS

In accordance with ASC 855, the Company has analyzed its operations subsequent to March 31, 2024 through the date these consolidated financial statements were issued and has reported the following events:

From April 1, 2024 to May 31, 2024, the Company issued 1,993,720 shares of common stock to for convertible notes that were converted to shares for outstanding debt of $351,286.

As of May 31, 2024, there were 109,381,270 shares of the registrant’s common stock, $0.0001 par value, issued and outstanding.

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2024

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the operations of the Company and its wholly-owned subsidiary, Elite Beverage International Corp.

All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company’s consolidated financial statements are prepared using the accrual method of accounting and are presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The Company has elected a calendar year-end.

Going concern

The Company’s consolidated 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 of sports drinks. 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.

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.  As of March 31, 2024 and December 31, 2023, we had $0 in accounts receivable respectively.  The allowance for doubtful trade receivables was $0 as of March 31, 2024 and December 31, 2023, respectively.

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, 2024 and December 31, 2023, we had $30,802 and $30,802 in inventory respectively.  We had no reserve for potentially obsolete inventory as of March 31, 2024 and December 31, 2023, respectively.

Prepaid Expenses

Prepaid expenses are expenditures that have not yet been consumed, and so are capitalized for a short period of time. They are initially recorded on the balance sheet as current assets, and are later charged to expense.  As of March 31, 2024 and December 31, 20232, we had $4,069 and $0 in prepaid expenses, respectively.

Basic and Diluted Loss Per Share

The Company presents both basic and diluted earnings per share (EPS) on the face of the statement of operations. 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, 2024 and December 31, 2023, so then diluted EPS excluded all dilutive potential shares in the diluted EPS because their effect is anti-dilutive. As of March 31, 2024, the Company had $1,313,466 in convertible notes plus accrued interest of $194,258 that may be converted into 21,884,475 shares of common stock. As of December 31, 2023, the Company had $545,250 in convertible notes plus accrued interest of $259,971 that may be converted into 16,104,420 shares of common stock.

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. For the three months ended March 31, 2024 and 2023, we had $0 research and development (R&D) expense, respectively.

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 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 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. The company’s performance obligation is to deliver the product(s) per the contract and the obligation is met upon receipt of the product by the purchaser. Prices are predetermined plus applicable taxes and shipping costs. The company’s main source of revenue comes from distributors, retail stores and gyms, and online sales primarily coming from the company website and Amazon. 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, as of March 31, 2024 and 2023, we had $70 and $9,908, respectively in revenue from the sale of our products.

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. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718). This update is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to non-employees (for example, service providers, external legal counsel, suppliers, etc.). The ASU expands the scope of Topic 718, Compensation-Stock Compensation, which currently only included share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This standard has been effective and applied for financial statements issued by public companies for the annual and interim periods after December 15, 2018.

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. For the three months ended, as of March 31, 2024 and 2023, we did not record any impairment on our previously announced Patent acquisition, resulting in no other income (expense) being recognized.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Depreciation and amortization is recorded on the straight-line basis method over the estimated useful lives of the assets.

Accounting Standards Issued But Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)—Improvements to Income Tax Disclosure” (“ASU 2023-09”), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. ASU 2023-09 is required to be adopted for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt this accounting standard update effective January 1, 2025. The Company expects that the adoption of the standard will not have a material impact on our consolidated financial statements.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to be relevant or have a material impact on the consolidated financial statements upon adoption. 

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LEASES (Tables)

3 Months Ended

Mar. 31, 2024

LEASES

Schedule of classification of leases

		March 31,		December 31,
	Balance Sheet Classification	2024		2023
Right-of-use assets	Other long-term assets	$	97,027	$	101,400
Current lease liabilities	Other current liabilities		20,750		19,064
Non-current lease liabilities	Other long-term liabilities		70,652		76,930

Schedule of maturities of lease liabilities

Maturity of lease liabilities
2024 (nine months remaining)	$	20,788
2025		27,717
2026		27,717
2027		27,011
Thereafter		8,022
Total lease payments	$	111,255
Less: Imputed interest		(19,853	)
Present value of lease liabilities	$	91,402

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PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT

Summary of property and equipment

	March 31, 2024
Trucks		55,000
Total cost		55,000
Less accumulated depreciation		(19,258	)
Net, property and equipment	$	35,742

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GENERAL (Details Narrative) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 02, 2018
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued	106,447,550	130,397,550
Firestone and McKenzie [Member]
Ownership percentage	100.00%
Common stock, par value				$ 0.0001
Common stock, shares issued				50,000,000
Shares issued				100,000,000

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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Accumulated deficit	$ (9,286,807)		$ (8,790,188)
FDIC insured amount	250,000
Allowance for doubtful trade receivables	0		0
Accounts receivable	0		0
Inventory	30,802		30,802
Convertible notes	1,313,466		545,250
Prepaid expenses	4,069		0
Accrued interest	$ 194,258		$ 259,971
Convertible notes converted in common stock shares	21,884,475		16,104,420
Research and development expense	$ 0	$ 0
Revenue	$ 70	$ 9,908

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		3 Months Ended
	Jan. 01, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	May 06, 2022	Dec. 31, 2017
Shares issued par value		$ 0.0001		$ 0.0001	$ 0.0001
Shares issued, value		$ 10,000
Elite Beverage International [Member]
Shares issued	5,000,000
Shares issued par value	$ 0.0001						$ 0.0001
Shares issued, value	$ 500
Mr. Clark [Member]
Outstanding balance		122,922
Consulting expense		9,000	$ 9,000
The Mosely Group [Member]
Outstanding balance		4,500		$ 4,500
Accounting expense		0	0
Joey Firestone [Member]
Revenues - related parties		0	343
Initial payment for vehicles						$ 19,000
Outstanding balance un-reimbursed business expense		26,689	$ 10,815
Outstanding balance, consulting services		36,000		36,000
Outstanding balance, salary		$ 484,687		$ 448,203

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LEASES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Right-of-use assets	$ 97,027	$ 101,400
Leases
Right-of-use assets	97,027	101,400
Current lease liabilities	20,750	19,064
Non-current lease liabilities	$ 70,652	$ 76,930

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LEASES (Details 1) - Leases	Mar. 31, 2024 USD ($)
2024 (nine months remaining)	$ 20,788
2025	27,717
2026	27,717
2027	27,011
Thereafter	8,022
Total lease payments	111,255
Less : Imputed interest	(19,853)
Present value of lease liabilities	$ 91,402

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LEASES (Details Narrative) - USD ($)		3 Months Ended
	May 06, 2022	Mar. 31, 2024	Mar. 31, 2023
Related party lease liability		$ 91,408
Right-of-use asset		97,027
Total initial payments		4,592	$ 2,668
Selling, general and administrative expenses		6,054	0
Interest expense		$ 4,373	$ 2,743
Joey Firestone, CEO [Member]
Description of lease agreement	The monthly payment for each vehicle is 66 months of $706.07(APR 8.99%) (2019 Mercedes Sprinter Van), 72 months of $806.76 (APR9.95%) (2019 Ford Transit Van), and 72 months of $796.94. (APR 10.59%) (2020 Ford Transit Van) Each vehicle has a purchase option upon the completion of the lease agreement
Total initial payments	$ 19,000
Joey Firestone, CEO [Member] | Vehicle One [Member]
Total initial payments	9,000
Joey Firestone, CEO [Member] | Vehicle Two [Member]
Total initial payments	5,000
Joey Firestone, CEO [Member] | Vehicle Three [Member]
Total initial payments	$ 5,000

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PROPERTY AND EQUIPMENT (Details)	Mar. 31, 2024 USD ($)
Property and equipment	$ 55,000
Less accumulated depreciation	(19,258)
Net, property and equipment	35,742
Trucks [Member]
Property and equipment	$ 55,000

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PROPERTY AND EQUIPMENT (Details narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
PROPERTY AND EQUIPMENT
Depreciation expense	$ 2,742	$ 2,712
Estimated useful life	5 years

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COMMON STOCK AND COMMON STOCK WARRANTS (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 01, 2021	Feb. 02, 2018	Mar. 18, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Jul. 21, 2021	Dec. 31, 2017
Common stock, shares authorized				465,000,000		465,000,000	465,000,000
Common stock, shares issued				106,447,550		130,397,550
Common shares outstanding				106,447,550		130,397,550
Shares issued par value				$ 0.0001		$ 0.0001	$ 0.0001
Shares issued for service, amount				$ 86,000	$ 16,000
Common shares issued, value				$ 10,000
The Hillyer Group Inc [Member]
Common stock, shares issued				50,000				60,000
Common stock warrants [Member]
Common shares outstanding				106,447,550
Warrants exercisable			$ 2.00
Share price			$ 0.25
Common shares issued, value			$ 187,440
Volatility			548.00%
Expected term			5 years
Risk free interest rate			4.34%
Common shares issued, shares			800,000
Restricted Stock 1 [Member]
Shares issued for service, shares				860,000
Shares price per shares				$ 0.10
Shares issued for service, amount				$ 86,000
Restricted Stock [Member] | Convertible Notes Payable [Member]
Principal amount for conversion				$ 35,000
Share price				$ 0.25
Common shares issued, value				$ 35,000
Common shares issued, shares				140,000
Restricted Stock [Member] | Convertible Notes Payable One [Member]
Share price						$ 0.25
Common shares issued, value						$ 55,000
Common shares issued, shares						200,000
Restricted Stock [Member] | Convertible notes payable Two [Member]
Principal amount for conversion						$ 55,000
Share price						$ 0.10
Common shares issued, shares						16,250
Restricted Stock [Member] | Regulation D Offering 1 [Member]
Share price						$ 0.10
Common shares issued, value						$ 73,000
Common shares issued, shares						730,000
Restricted Stock [Member] | Regulation D Offering 2 [Member]
Share price						$ 0.10
Common shares issued, value						$ 157,000
Common shares issued, shares						1,570,000
Elite Beverage International [Member]
Common stock, shares authorized									400,000,000
Shares issued par value	$ 0.0001								$ 0.0001
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
Common shares issued, value	$ 500
Common shares issued, shares	5,000,000

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PREFERRED STOCK (Details Narrative) - USD ($)			3 Months Ended
	Mar. 03, 2023	Feb. 02, 2018	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2017
Preferred stock, shares authorized			35,000,000	35,000,000
Preferred stock, par value			$ 0.0001	$ 0.0001
Preferred stock, designated value					$ 1,000
Preferred stock, shares issued			10,000,000	10,000,000	10,000,000
Series A Preferred Stock [Member]
Transferred ownership of preferred shares	5,000,000
Description of preferred stock, Voting rights			10,000,000 Series A preferred which carries super voting rights. Each preferred share carries 20 votes.
Business acquisition transaction description		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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NOTES PAYABLE (Details Narrative) - USD ($)		1 Months Ended			3 Months Ended		12 Months Ended
	Sep. 02, 2021	Jan. 31, 2023	Jul. 31, 2022	Apr. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Advances					$ 90,000	$ 50,000	$ 75,000	$ 20,000	$ 2,000
Loan balance				$ 201,352
Balances of advances					12,000		215,000
Converted advances to a convertible note					205,000
Repaid advances					20,000
Proceeds from third party debt					105,000	99,376
Installment Amount					20,000	50,648
Payment protection program loan interest expense					239	$ 239
Refinance Agreement [Member]
Proceeds from third party debt		$ 98,500	$ 50,460
Total Number of installments		420 days	336 days
Installment Amount		$ 2,133	$ 1,332
Total Payable to third party		128,000	63,960
Original issue discount, at issuance		$ 29,500	$ 13,500
Interest expense on original issue discount							7,313
Notes payable								29,316
Original issue discount balance					$ 0			6,188
Net balance of notes payable								$ 23,128
Elite Beverage International [Member]
Forgiveness loan amount	$ 105,867
Interest rates				0.98%
Maturity date				Apr. 23, 2022
Balance of PPP loan							$ 95,485

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CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)										1 Months Ended									3 Months Ended		12 Months Ended
	Mar. 15, 2024	Mar. 12, 2024	Jan. 04, 2024	Nov. 02, 2023	Sep. 12, 2023	May 15, 2023	May 03, 2023	Mar. 01, 2023	Dec. 04, 2019	Feb. 28, 2024	Jan. 30, 2024	Jan. 23, 2024	Nov. 30, 2023	Jun. 23, 2023	May 16, 2023	Sep. 16, 2021	Jul. 21, 2021	Jan. 17, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 17, 2019
Interest expense including discount amortization																			$ 199,059	$ 37,230
Convertible promissory note																			0	10,000
Accrued interest																			194,258		$ 259,971
Common stock value																			10,645		$ 13,040
Additional interest expense against issuing shares																			43,070	37,230
Debt discount																			909	11,104
Shares issued on commitments, amounts																			$ 10,000
Common stock, shares issued																			106,447,550		130,397,550
Convertible Promissory Note [Member]
Interest rate	12.00%	12.00%	10.00%					8.00%		12.00%	10.00%
Debt holder exercised the convertible option								$ 10,000
Maturity date	Mar. 15, 2025	Mar. 12, 2025	Jan. 04, 2025					Mar. 01, 2024		Feb. 28, 2025	Jan. 30, 2025
Outstanding balance of notes payable																			$ 0
Description of conversion of debt	The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock	The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock	The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock					The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.50 per share of common stock. The debt holder exercised the convertible option on the $10,000 note and converted the entire amount into 20,000 shares of the Company’s common stock		The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock	The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock
Convertible promissory note			$ 10,000					$ 10,000			$ 25,000
Common stock shares converted			40,000					20,000			100,000
Outstanding debt balance	$ 10,000	$ 10,000								$ 50,000									0
Convertible Promissory Note One [Member]
Interest rate							10.00%
Debt holder exercised the convertible option							$ 25,000
Maturity date							May 03, 2024
Description of conversion of debt							The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock
Convertible promissory note							$ 25,000
Common stock shares converted							100,000
Outstanding debt balance																			0		$ 0
Convertible Promissory Note Two [Member]
Interest rate						10.00%
Maturity date						May 15, 2024
Description of conversion of debt						The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock
Convertible promissory note						$ 50,000
Outstanding debt balance																			50,000		50,000
Convertible Promissory Note Three [Member]
Interest rate															10.00%
Maturity date															May 16, 2024
Description of conversion of debt															The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock
Convertible promissory note															$ 50,000
Outstanding debt balance																			$ 10,000		50,000
Convertible Promissory Note Four [Member]
Interest rate														10.00%
Maturity date														Jun. 23, 2024
Description of conversion of debt														The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock
Convertible promissory note														$ 150,000
Outstanding debt balance																					150,000
Convertible Promissory Note Five [Member]
Interest rate					10.00%
Maturity date					Sep. 11, 2024
Description of conversion of debt					The note carried a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock
Convertible promissory note					$ 10,000
Common stock shares converted					40,000
Outstanding debt balance																					0
Convertible Promissory Note Six [Member]
Interest rate				10.00%
Maturity date				Jan. 02, 2024															Dec. 31, 2024
Description of conversion of debt				The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.25 per share of common stock
Convertible promissory note				$ 25,000
Convertible Promissory Note Seven [Member]
Maturity date													Jan. 30, 2024
The Hillyer Group Inc [Member]
Interest rate																12.00%	8.00%	8.00%
Maturity date																Sep. 16, 2022	Jul. 21, 2022	Jan. 17, 2021	Dec. 31, 2024
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 per share of common stock 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	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	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
Convertible promissory note																	$ 26,250	$ 157,500
Original discount fees																	$ 3,000	$ 7,500								$ 1,250
Additional interest expense against issuing shares																					703
Interest expense of OID																					0	$ 1,503
Default rate of interest																	18.00%		18.00%
Common stock, shares issued																	60,000		50,000
Balance of interest expense																	$ 0
Balance of amortized debt discount																							$ 0	$ 23,288
David Stoccardo [Member]
Interest rate									8.00%
Maturity date									Dec. 04, 2020										Dec. 31, 2024
Outstanding balance of notes payable																			$ 189,000
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
Common shares issued, shares																		400,000
Common stock value																										$ 20,000
Original discount fees									$ 9,000
Balance of note payable																					0
Debt discount																				$ 0
Shares issued on commitments,shares									500,000
Shares issued on commitments, amounts									$ 25,000
Amortized of debt																									$ 1,712
The Hillyer Group Inc One [Member]
Outstanding balance of notes payable																			26,250
Outstanding debt balance												$ 371,500
Aggregate balance												794,716
Outstanding advances debt balance												205,000
Accrued interest												$ 218,216
Common shares issued, shares												50,000
Common stock value, debt discount												$ 5,000
Interest expense of OID																			0		0
Amortized of debt																			909
The Hillyer Group Inc Two [Member]
Outstanding balance of notes payable																			$ 20,000		$ 20,000

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INVENTORY (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
INVENTORY
Inventory	$ 30,802	$ 30,802
Inventory, raw material	30,802
Inventory, finished goods	$ 0

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SUBSEQUENTS EVENTS (Details Narrative) - USD ($)	2 Months Ended	3 Months Ended
	May 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares issued par value		$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued		106,447,550	130,397,550
Common stock outstanding		106,447,550	130,397,550
Debt converted amount		$ 205,000
Subsequent Event [Member]
Shares issued par value	$ 0.0001
Common stock, shares issued	109,381,270
Common stock outstanding	109,381,270
Issued shares of common stock	1,993,720
Debt converted amount	$ 351,286