RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS
Accounts and Notes Payable related party
For the years ended December 31, 2025 and 2024, we had $0 and $0, 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, 2025 and 2024, we had an outstanding balance due of $122,922 and $122,922, which is included in accounts payable related party.
For the years ended December 31, 2025 and 2024, we incurred $2,000 and $0, respectively, for un-reimbursed business expenses. As of December 31, 2025 and 2024, we also had an outstanding balance due to Joey Firestone of $0 and $5,000, respectively, for consulting services, and $42,762 and $97,187 for salary, respectively, which is included in accounts payable related party. During the year ended December 31, 2025, the Company issued Mr. Firestone 2,000,000 common shares valued at $0.10 per share for the conversion of $200,000 in salary originally recorded in the accounts payable related party account. In addition, Mr. Firestone forgave a debt recorded in the accounts payable related party account totaling $19,009 which was reflect in the additional paid in capital account.
One February 1, 2021 the Company renewed the employment agreement with Joey Firestone with milestone performance bonuses in shares of restricted 144 stock.
On January 1, 2021, the Company entered into a royalty free trademark licensing agreement between Elite Beverage International Corp. and its subsidiary BYLT Performance LLC in consideration for 5,000,000 (valued at par $0.0001 per share) shares to be issued in the amount of $500 which were issued April 29, 2021.
On May 6, 2022, the Company entered into a lease agreement with its CEO, Joey Firestone, for three cargo vans to be used for delivery and distribution of its products. Mr. Firestone is the guarantor of these vehicles, which he acquired for the sole purpose of the operations of Elite Beverage International. Total initial payments for all three vehicles were $19,000. Each vehicle has a purchase option upon the completion of the lease agreement. See Note 4 for additional details. |