RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2020

RELATED PARTY TRANSACTIONS

Note 3 - RELATED PARTY TRANSACTIONS

Accounts and Notes Payable related party

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

For the Year ended December 31, 2019, Jon McKenzie advanced a total of $2,000 for operating expenses of the company, which was added to the addendum. As of June 30, 2020, and December 31, 2019, the outstanding balance was $209,938 and $209,938, respectively. As of June 30, 2020, the accrued interest was $30,694. Interest expense for this note for the year ended December 31, 2019, and the six months ended June 30, 2020, was $12,294 and $7,897 respectively.

As of June 30, 2020, we had outstanding balances due to Jon Mckenzie for operating expenses of the company of $198,914, which is included in accounts payable related party.

For the three months and six months ended June 30, 2020, and 2019, we had $18,000 and $9,000 respectively in consulting expense to “I Know a Dude, Inc.” owned by Laya Clark. Mr. Clark is a member of our Board of Directors. As of December 31, 2019, and June 30, 2020, we had an outstanding balance due of $36,000 and $50,921.67 respectively, which is included in accounts payable related party.

For the three months ended June 30, 2020, and 2019, we had $0 and $1,500 in accounting expense respectively to “The Mosely Group.” owned by Reesa McKenzie. Ms. McKenzie is the sister of John McKenzie. As of December 31, 2019, and June 30, 2020, we had an outstanding balance due of $4,500 and $4,500 respectively, which is included in accounts payable related party.

As of June 30, 2020, we had outstanding balances due to Joey Firestone of $35,431 for un-reimbursed business expenses. We also had an outstanding balance due to Joey Firestone of $85,000 for consulting services, which is included in accounts payable related party.

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