$BYLT
Elite Performance Holding Corp

2023 Q3 Form 10-Q Financial Statement

#000147793223006748 Filed on September 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q1 2022 Q1
Revenue $13.43K $9.908K $285.00
YoY Change -31.45% 3376.49% -82.18%
Cost Of Revenue $13.27K $15.26K $6.443K
YoY Change -67.93% 136.82% 10.17%
Gross Profit $166.00 -$5.350K -$6.158K
YoY Change -100.76% -13.12% 44.93%
Gross Profit Margin 1.24% -54.0% -2160.7%
Selling, General & Admin $6.054K $0.00
YoY Change
% of Gross Profit
Research & Development $0.00 $0.00 $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $2.712K $0.00
YoY Change
% of Gross Profit
Operating Expenses $369.7K $6.054K $550.8K
YoY Change -51.74% -98.9% 48.77%
Operating Profit -$369.6K -$326.7K -$556.9K
YoY Change -53.09% -41.33% 48.72%
Interest Expense $40.80K $37.23K $25.11K
YoY Change 37.37% 48.3% 7.7%
% of Operating Profit
Other Income/Expense, Net -$30.61K -$37.23K -$25.11K
YoY Change 29.16% 48.3% 7.7%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$400.2K -$364.0K -$582.0K
YoY Change -50.69% -37.47% 46.32%
Net Earnings / Revenue -2979.04% -3673.39% -204218.95%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 130.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00 $41.82K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $143.1K $162.7K $316.9K
Prepaid Expenses $0.00 $0.00
Receivables $0.00
Other Receivables
Total Short-Term Assets $143.1K $368.0K
YoY Change 1845.08%
LONG-TERM ASSETS
Property, Plant & Equipment $41.26K $46.77K
YoY Change -21.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $153.6K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $143.1K $368.0K
Total Long-Term Assets $153.6K
Total Assets $296.7K
YoY Change -31.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $859.5K
YoY Change 19.89%
Accrued Expenses $366.0K $326.2K
YoY Change 35.82%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.807M $2.253M
YoY Change 40.48%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.807M $2.253M
Total Long-Term Liabilities
Total Liabilities $2.989M $2.442M
YoY Change 37.3%
SHAREHOLDERS EQUITY
Retained Earnings -$8.480M -$7.706M
YoY Change 29.35%
Common Stock $13.01K $12.85K
YoY Change 8.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.692M -$2.084M -$1.732M
YoY Change
Total Liabilities & Shareholders Equity $296.7K $357.5K
YoY Change -31.83%

Cashflow Statement

Concept 2023 Q3 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$400.2K -$364.0K -$582.0K
YoY Change -50.69% -37.47% 46.32%
Depreciation, Depletion And Amortization $2.712K $0.00
YoY Change
Cash From Operating Activities -$184.6K -$460.0K
YoY Change -59.87% 129.69%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $500.0K
YoY Change -100.0% 139.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $175.6K $500.0K
YoY Change -64.88% 139.46%
NET CHANGE
Cash From Operating Activities -$184.6K -$460.0K
Cash From Investing Activities $0.00 $0.00
Cash From Financing Activities $175.6K $500.0K
Net Change In Cash -$8.993K $40.02K
YoY Change -122.47% 368.81%
FREE CASH FLOW
Cash From Operating Activities -$184.6K -$460.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$184.6K -$460.0K
YoY Change -59.87%

Facts In Submission

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<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Note 1 - GENERAL</strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Business Overview</strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Elite Performance Holding Corporation (“EPH”) was formed on January 30, 2018 (inception) and is a holding company with anticipated holdings in companies centered on innovative and proprietary nutritional and dietary fitness enhancement products, that are in the sports performance, weight loss, nutritional, functional beverage, and energy markets. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On February 2, 2018, a contribution and assignment agreement was executed by Joseph Firestone and Jon McKenzie (collectively, the “Assignors”), and Elite Performance Holding Corp., a Nevada corporation (the “Assignee”). Whereas Firestone and McKenzie were the owners of 50,000,000 shares of common stock, $0.0001 par value, for a total of 100,000,000 shares of common stock (collectively, the “Shares”) of Elite Beverage International Corp., a Nevada corporation (the “Company”), which shares represented all authorized, issued and outstanding shares of the Company.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Elite Beverage International is a 100% wholly owned subsidiary of Elite Performance Holding Corp. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">BYLT Performance, LLC is a wholly owned subsidiary of Elite Beverage International Corp. and currently holds all of the trademarks and intellectual property for the company.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Our Products and Services</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On August 01, 2020, the Company entered into an Exclusivity Agreement between its wholly owned subsidiary Elite Beverage International Corp. and Bruce Kneller for exclusive rights on a patent pending SmartCarb® technology (US Patent Application No. 16/785,498.) This Agreement gives the Company first right of refusal to purchase the technology upon issuance of its patent for 200,000 shares in the Company. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 29, 2021, the Company entered into an Agreement between its wholly owned subsidiary Elite Beverage International Corp. and Bruce Kneller for the transfer and assignment of the SmartCarb® technology (US Patent No. 11,103,522 issued August 31, 2021.) This Agreement gives the Company the intellectual property and patent ownership for 400,000 shares valued at $20,000 that were issued October 1, 2021. For the year ended December 31, 2021, an impairment loss of $20,000 was recognized on the Patent acquisition and recorded to other income (expense).</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The consolidated financial statements include the operations of the Company and its wholly-owned subsidiary, Elite Beverage International Corp.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">All significant intercompany accounts and transactions have been eliminated in consolidation.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s consolidated financial statements are prepared using the accrual method of accounting and are presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The Company has elected a calendar year-end. </p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6054 usd
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
0 usd
CY2023Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
2743 usd
CY2022Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
0 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
20788 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
27717 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
27717 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
27717 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
27011 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
23019 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
154675 usd
CY2023Q1 elite Imputed Interest Deducted
ImputedInterestDeducted
-44067 usd
CY2023Q1 elite Present Value Of Finance Lease Liabilities
PresentValueOfFinanceLeaseLiabilities
110608 usd
CY2023Q1 us-gaap Preferred Stock Value
PreferredStockValue
1000 usd
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000 shares
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8227 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
46773 usd
CY2023Q1 us-gaap Depreciation
Depreciation
2712 usd
CY2022Q1 us-gaap Depreciation
Depreciation
0 usd
CY2023Q1 elite Property Plant And Equipment Estimated Useful Life
PropertyPlantAndEquipmentEstimatedUsefulLife
P5Y
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
465000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 elite Description Of Shares Registered In The S1 Registration Statement
DescriptionOfSharesRegisteredInTheS1RegistrationStatement
the Company has raised $1,250,000 (25,000,000 shares issued) through a registered offering for $1,250,000 which was registered with the SEC through an S1 registration statement which went effective on April 23, 2019
CY2023Q1 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
128481300 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
35000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
90000 usd
CY2023Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
50000 usd
CY2023Q1 elite Balances Of Advances
BalancesOfAdvances
140000 usd
CY2022Q4 elite Balances Of Advances
BalancesOfAdvances
90000 usd
CY2023Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10000 usd
CY2023Q1 elite Restricted Shares Issued
RestrictedSharesIssued
0.08 pure
CY2023Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2024-03-01
CY2023Q1 us-gaap Debt Conversion Description
DebtConversionDescription
The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $0.50
CY2023Q1 elite Outstanding Balance Of Notes Payable
OutstandingBalanceOfNotesPayable
10000 usd
CY2023Q1 elite Interest Expense Including Discount Amortization
InterestExpenseIncludingDiscountAmortization
37230 usd
CY2022Q1 elite Interest Expense Including Discount Amortization
InterestExpenseIncludingDiscountAmortization
25105 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
25202 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
23688 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
162745 usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
48304 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
114441 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
178003 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
46740 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
131263 usd

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0001477932-23-006748.txt Edgar Link pending
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elite-20230331.xsd Edgar Link pending
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