NOTES PAYABLE |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| NOTES PAYABLE | |
| NOTES PAYABLE | NOTE 8 - NOTES PAYABLE
On April 20, 2026, the Company entered into a financing facility agreement totaling $206,000. The Company shall utilize these funds exclusively for (a) the manufacturing and fulfilment of 15,000 cases of B.Y.L.T. beverages and (b) the Audit and Regulatory Completion, which includes the settlement of fees for auditors, SEC accountants, bookkeeping services, and legal counsel necessitated by financial audits and regulatory filings (including FINRA requirements). On April 20, 2026, the Company issued 10,300 five year warrants exercisable at $0.20 as part of the financing facility agreement. The Company recorded a debt discount balance totaling $20,287 related to the Audit and Regulatory Completion Fees and the value of the 5 year warrants issued. As of June 30, 2026, the Company amortized $11,834. The current net balance totals $197,547.
On April 30, 2020 Elite Beverage International was approved for a loan for $201,352 through the Payment Protection Program (PPP) with an interest of 0.98% per annum and a maturity date of April 23, 2022. Forgiveness in the amount of $105,867 was given on September 2, 2021, which was recorded as a gain on forgiveness on debt in the statement of operations. As of February 9, 2022, The SBA has paid off the balance of the PPP loan with the lender. The Company is waiting for formal confirmation from the SBA on the status of the loan balance and once received will record the forgiveness of the debt. On the PPP loan, accrued interest was $6,212 as of June 30, 2026 and $5,735 as of December 31, 2025, respectively. The balance of this PPP loan is $95,485 as of June 30, 2026 and December 31, 2025, respectively.
During the six months ended June 30, 2026 and the year ended December 31, 2025, the Company entered into non-convertible, non-interest bearing advances totaling $37,000 from third parties and the monies will be paid back over the course of the next 12 months. As of June 30, 2026 and December 31, 2025, the balance of the advances is $35,500 and $32,000, respectively. |