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Related Party Transactions Disclosure
12 Months Ended
Dec. 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 2018 the company elected to write this off to compensation expense.

Joey Firestone was paid $40,000 in compensation during 2018.

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 December 31, 2018, and December 31, 2019, the outstanding balance was $207,937 and $209,937, respectively. As of December 31, 2019, the accrued interest was $22,797. Interest expense for this note for the year ended December 31, 2019, and the period January 30, 2018 (Inception) through December 31, 2018, was $12,294 and $10,502 respectively.

As of December 31, 2018, and 2019, we had outstanding balances due to Jon Mckenzie for operating expenses of the company of $208,135 and $198,914 respectively, which is included in accounts payable related party.

For the year ended December 31, 2018, and 2019, we had $36,000 and $27,000 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, 2018, and 2019, we had an outstanding balance due of $9,000 and $36,000 respectively, which is included in accounts payable related party.   

For the year ended December 31, 2018, and 2019 we had $6,150 and $4,500 in accounting expense respectively to “The Mosely Group.” owned by Reesa McKenzie. Ms. McKenzie is the sister of John McKenzie. As of December 31, 2018, and 2019, we had an outstanding balance due of $4,500 and $4,500 respectively, which is included in accounts payable related party.   

 As of December 31, 2019, we had outstanding balances due to Joey Firestone of $5,957 for un-reimbursed business expenses. We also had an outstanding balance due to Joey Firestone of $38,396 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.