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Related Party Transactions Disclosure
3 Months Ended
Mar. 31, 2019
Notes  
Related Party Transactions Disclosure

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Loan Receivable-Related Party

 

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

 

Joey Firestone was paid $40,000 in compensation for the year ended December 31, 2018.

 

Accounts and Notes Payable related party  

 

On November 15, 2017, Elite Beverage International issued an unsecured note payable 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.

 

As of December 31, 2018, and March 31, 2019 the outstanding balance was $207,937 and $209,938, respectively. As of March 31, 2019, the accrued interest was $12,786.

 

As of March 31, 2019 we had an outstanding balance due to Jon  McKenzie of $191, 894 for un-reimbursed  business expenses.

 

For the three months ended March 31, 2019 Jon McKenzie advanced a total of $2,000 for operating expenses of the company. As of March 31, 2019, the outstanding balance was $209,938.

 

For the three months ended March 31, 2019, we had $9,000 in consulting expense to “I Know a Dude, Inc.” owned by Alya Clark. Mr. Clark is a member of our Board of Directors. As of March 31, 2019, we had an outstanding balance due of $18,000.  

 

For the three months ended March 31, 2019 we had $1,500 in accounting expense to “The Mosely Group.” owned by Reesa McKenzie. Ms. McKenzie is the sister of John McKenzie. As of March 31, 2019, we had an outstanding balance due of $6,000.  

 

As of March 31, 2019 we had an outstanding balance due to Joey Firestone of $9,778 for un-reimbursed business expensed.