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Related Party Transactions Disclosure
6 Months Ended
Jun. 30, 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.

 

For the Three and Six months ended June 30, 2019 Jon McKenzie advanced a total of $2,000 for operating expenses of the company. As of December 31, 2018, and June 30, 2019 the outstanding balance was $207,937 and $209,938, respectively. As of June 30, 2019, the accrued interest was $12,786. Interest expense for this note for the six months ended June 30, 2019 and 2018 was $6,268 and $2,099 respectively.

 

As of June 30, 2019 we had an outstanding balance due to Jon McKenzie of $199,944 for un-reimbursed  business expenses.

 

For the Three and Six months ended June 30, 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 June 30, 2019, we had an outstanding balance due of $18,000.   

 

For the Three and Six months ended June 30, 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 June 30, 2019, we had an outstanding balance due of $500.   

 

As of June 30, 2019, we had an outstanding balance due to Joey Firestone of $2,163 for un-reimbursed business expensed.

 

On June 14, 2019 Laya Clark (a member of our board of directors) entered into an advisor service agreement for one million shares of restricted 144 stock. He is owed a balance of $2,083 as of June 30, 2019 for consulting services.