NOTE PAYABLE	9 Months Ended
Sep. 30, 2022
NOTE PAYABLE
NOTE PAYABLE	NOTE 9 – NOTE PAYABLE On April 30, 2020 Elite Beverage International was approved for a loan for $201,352 through the Payment Protection Program 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. In the second quarter of 2022, the Company entered into a non-convertible, non-interest bearing advance for $10,000 from a third party. Monies to be paid back over the course of the next 12 months. 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 is $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 $1,332.50, 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 September 30, 2022, the OID balance is $9,844, the Company has recorded $3,656 as interest expense for the nine months ended September 30, 2022 related to this OID. Gain on debt forgiveness In the third quarter of 2022, the Company entered into a settlement agreement with a vendor settling $12,000 of debt for 2 payments totaling $6,000, resulting in a gain on debt forgiveness of $6,000.

NOTE PAYABLE

9 Months Ended

Sep. 30, 2022

NOTE 9 – NOTE PAYABLE

On April 30, 2020 Elite Beverage International was approved for a loan for $201,352 through the Payment Protection Program 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.

In the second quarter of 2022, the Company entered into a non-convertible, non-interest bearing advance for $10,000 from a third party. Monies to be paid back over the course of the next 12 months.

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 is $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 $1,332.50, 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 September 30, 2022, the OID balance is $9,844, the Company has recorded $3,656 as interest expense for the nine months ended September 30, 2022 related to this OID.

Gain on debt forgiveness

In the third quarter of 2022, the Company entered into a settlement agreement with a vendor settling $12,000 of debt for 2 payments totaling $6,000, resulting in a gain on debt forgiveness of $6,000.