UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: ~~March~~June 3130, 2025

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from __________ to ___________

Commission file number: 000-55987

Elite Performance Holding Corp.

(Exact name of registrant as specified in its charter)

Nevada		82-5034226
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3301 NE 1st Ave Suite M704 Miami, FL		33137
(Address of principal executive offices)		(Zip Code)

(844) 426-2958

Registrant’s telephone number, including area code

__________________________________________

(Former Address and phone of principal executive offices)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 for Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated file, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of ~~May~~August 1514, 2025, there were 12,~~632~~419,~~876~~646 shares of the registrant’s common stock, $0.0001 par value, issued and outstanding.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

C O N T E N T S

Elite Performance Holding Corp.

Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024		3
Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024		3
Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)		4
Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)		4
Consolidated Statements of Stockholders Deficit for the three months ended March 31, 2025 and 2024 (unaudited)		5
Consolidated Statements of Stockholders Deficit for the three and six months ended June 30, 2025 and 2024 (unaudited)		5
Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)		6
Consolidated Statements of Cash Flows for the three and six months ended June 30, 2025 and 2024 (unaudited)		6
Notes to the Consolidated Financial Statements		7

2 Table of Contents

Elite Performance Holding Corp. Consolidated Balance Sheets

Elite Performance Holding Corp.
Consolidated Balance Sheets

	June 30,			December 31,
	2025			2024
ASSETS	(Unaudited)
CURRENT ASSETS
Cash	$	12,953		$	-
Prepaid expenses		15,055			14,069
Total Current Assets		28,008			14,069

Property and equipment, net		24,584			27,515
Right of use asset		66,355			78,075
TOTAL ASSETS	$	118,947		$	119,659

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES
Accounts payable	$	911,356		$	835,695
Accounts payable and accrued expenses related party		321,865			268,140
Accrued expenses		420,934			309,573
Lease liability - current		20,157			22,110
Advances		11,000			11,000
Convertible notes payable, net		1,595,516			1,272,216
Total Current Liabilities		3,280,828			2,718,734

Longterm Liabilities
Lease liability - long-term		48,226			60,364
PPP Loan		95,485			95,485
Total Long-Term Liabilities		143,711			155,849
Total Liabilities		3,424,539			2,874,583

Commitments and Contingencies		-			-

STOCKHOLDERS' DEFICIT
Preferred stock; $0.0001 par value, 35,000,000 shares authorized, 10,000,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		1,000			1,000
Common stock; $0.0001 par value, 465,000,000 shares authorized, 12,063,844 and 12,419,646 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		12,611			12,064
Shares to be issued		70,000			722,481
Additional paid-in capital		8,438,563			7,693,305
Accumulated deficit		(11,827,766	)		(11,183,774	)
Total Stockholders' Deficit		(3,305,592	)		(2,754,924	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	118,947		$	119,659


The accompanying notes are an integral part of these unaudited consolidated financial statements

	March 31,			December 31,
	2025			2024
ASSETS	(Unaudited)
CURRENT ASSETS
Cash	$	-		$	-
Prepaid expenses		20,804			14,069
Total Current Assets		20,804			14,069
Property and equipment, net		24,772			27,515
Right of use asset		72,215			78,075
TOTAL ASSETS	$	117,791		$	119,659
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		964,061		$	835,695
Accounts payable and accrued expenses related party		300,890			268,140
Accrued expenses		363,546			309,573
Lease liability - current		21,413			22,110
Advances		11,000			11,000
Convertible notes payable, net		1,333,216			1,272,216
Total Current Liabilities		2,994,126			2,718,734
Long term Liabilities
Lease liability - long-term		54,654			60,364
PPP Loan		95,485			95,485
Total Long-Term Liabilities		150,139			155,849
Total Liabilities		3,144,265			2,874,583
Commitments and Contingencies		-			-
STOCKHOLDERS' DEFICIT
Preferred stock; $0.0001 par value, 35,000,000 shares authorized, 10,000,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		1,000			1,000
Common stock; $0.0001 par value, 465,000,000 shares authorized, 12,624,879 and 12,063,844 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		12,633			12,064
Shares to be issued		50,000			722,481
Additional paid-in capital		8,375,214			7,693,305
Accumulated deficit		(11,465,321	)		(11,183,774	)
Total Stockholders' Deficit		(3,026,474	)		(2,754,924	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	117,791		$	119,659

The accompanying notes are an integral part of these unaudited consolidated financial statements

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Elite Performance Holding Corp.

Consolidated Statements of Operations

(Unaudited)

	Three months ended March 31,
	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
REVENUES	$	-		$	70611		$	-		$	681
COST OF GOODS SOLD		-651			-5,560			651			5,560
GROSS LOSS		-(651	)		70(4,949	)		(651	)		(4,879	)
OPERATING EXPENSES
Legal and accounting		~~120~~88,~~904~~680			6051,~~417~~084			209,584			111,501
Advertising		2,~~521~~875			35,~~030~~467			5,396			8,497
Consulting		33112,~~122~~426			~~306~~(11,~~400~~983	)		145,547			294,417
General and administrative		6288,~~135~~049			85138,~~217~~402			150,186			222,710
Total Operating Expenses		~~218~~292,~~682~~030			~~455~~182,~~064~~061			510,713			637,125
OPERATING LOSS		(~~218~~292,~~682~~681	)		(~~454~~187,~~994~~919	)		(511,364	)		(642,004	)
OTHER INCOME (EXPENSE)
Other income		-			~~1,445~~800			-			2,245
Interest expense		(6269,~~865~~764	)		(4347,~~070~~893	)		(132,628	)		(91,872	)
Total Other Expense		(6269,~~865~~764	)		(4147,~~625~~093	)		(132,628	)		(89,627	)
NET LOSS	$	(~~281~~362,~~547~~445	)	$	(~~496~~235,~~619~~012	)	$	(643,992	)	$	(731,631	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.0203	)	$	(0.0402	)	$	(0.05	)	$	(0.06	)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		12,~~620~~476,~~232~~512			1210,~~166~~762,~~615~~255			12,520,271			11,517,576
The accompanying notes are an integral part of these unaudited consolidated financial statements

The accompanying notes are an integral part of these unaudited consolidated financial statements

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Elite Performance Holding Corp.
Consolidated Statements of Stockholders’ Deficit
March 31, 2025
(Unaudited)
											Shares			Additional					Total
	Common Stock						Preferred Stock				to be			Paid-in		Accumulated			Stockholders’
	Shares			Amount			Shares		Amount		Issued			Capital		Deficit			(Deficit)
Balance December 31, 2023		13,039,755		$	13,040			10,000,000	$	1,000	$	50,000		$	5,759,788	$	(8,790,188	)	$	(2,966,360	)
Shares issued for services		86,000			86			-		-		-			85,914		-			86,000
Retirement of founder shares		(2,500,000	)		(2,500	)									2,500					-
Warrants issued for services															187,440					187,440
Shares issued in connection with conversion of convertible debt		14,000			14			-		-		-			34,986		-			35,000
Shares issued for conversion of AP		-			-							-			-					-
Shares issued as debt issuance cost		5,000			5			-		-		-			4,995		-			5,000
Net loss																	(496,619	)		(496,619	)
Balance March 31, 2024		10,644,755		$	10,645			10,000,000	$	1,000	$	50,000		$	6,075,623	$	(9,286,807	)	$	(3,149,539	)
Balance December 31, 2024		12,063,884		$	12,064			10,000,000	$	1,000	$	722,481		$	7,693,305	$	(11,183,774	)	$	(2,754,924	)
Warrants issued as debt issuance cost		-			-			-		-		-			9,997		-			9,997
Shares issued in connection with conversion of convertible debt		68,992			69			-		-		(172,481	)		172,412		-			-
Shares issued for conversion of AP		500,000			500			-		-		(500,000	)		499,500					-
Net loss																	(281,547	)		(281,547	)
Balance March 31, 2025		12,624,876		$	12,633			10,000,000	$	1,000	$	50,000		$	8,375,214	$	(11,465,321	)	$	(3,026,474	)

Elite Performance Holding Corp.

Consolidated Statements of Stockholders Deficit

June 30, 2025

(Unaudited)

											Shares			Additional					Total
	Common Stock						Preferred Stock				to be			Paid-in		Accumulated			Stockholders
	Shares			Amount			Shares		Amount		Issued			Capital		Deficit			(Deficit)

Balance December 31, 2023		13,039,755		$	13,040			10,000,000	$	1,000	$	50,000		$	5,759,788	$	(8,790,188	)	$	(2,966,360	)

Shares issued for services		86,000			86			-		-		-			85,914		-			86,000
Retirement of founder shares		(2,500,000	)		(2,500	)									2,500					-
Warrants issued for services															187,440					187,440
Shares issued in connection with conversion of convertible debt		14,000			14			-		-		-			34,986		-			35,000
Shares issued as debt issuance cost		5,000			5			-		-		-			4,995		-			5,000
Net loss																	(496,619	)		(496,619	)
Balance March 31, 2024		10,644,755		$	10,645			10,000,000	$	1,000	$	50,000		$	6,075,623	$	(9,286,807	)	$	(3,149,539	)

Shares issued for Services		12,000			120			-		-		-			11,880		-			12,000
Warrants issued for services															15,884					15,884
Shares issued in connection with convertible debt		241,572			1,900			-		-		-			454,886		-			456,786
Shares issued as AP		1,800			18			-		-		-			4,482		-			4,500
Net loss																	(235,012	)		(235,012	)
Balance June 30, 2024		10,900,127		$	12,683			10,000,000	$	1,000		50,000		$	6,452,938	$	(9,521,819	)	$	(3,005,198	)
Balance December 31, 2024		12,063,884		$	12,064			10,000,000	$	1,000		722,481			7,693,305		(11,183,774	)		(2,754,924.00	)

Warrants issued as debt issuance cost		-			-			-		-		-			6,665		-			6,665
Shares issued in connection with conversion of convertible debt		68,992			69			-		-		(172,481	)		172,412		-			-
Shares issued for conversion of AP		500,000			500			-		-		(500,000	)		499,500					-
Net loss																	(281,547	)		(281,547	)
Balance March 31, 2025		12,632,876			12,633			10,000,000	$	1,000	$	50,000			8,371,882	$	(11,465,321	)	$	(3,029,806	)

Warrants issued as debt issuance cost		-			-			-		-		-			36,659		-			36,659
Shares issued for services		30,000			3			-		-		20,000			29,997		-			50,000
Retirement of shares issued for services		(243,230	)		(25	)		-		-		-			25		-			-
Net loss																	(362,455	)		(362,445	)
Balance June 30, 2025		12,419,646		$	12,611			10,000,000	$	1,000	$	70,000		$	8,438,563	$	(11,827,766	)	$	(3,305,592	)

The accompanying notes are an integral part of these unaudited consolidated financial statements

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Elite Performance Holding Corp.

Elite Performance Holding Corp.
Consolidated Statements of Cash Flows
(Unaudited)
	Six months ended June 30,
	2025			2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(643,992	)	$	(731,631	)
Items to reconcile net loss to net cash used in operating activities:
Amortization of debt discount		17,454			-
Shares issued for services		30,000			98,000
Shares to be issued		20,000			-
Retirement of shares issued for services		(24,347	)		-
Loss on inventory write down		99			5,041
Depreciation expense		5,504			5,485
Changes in operating assets and liabilities
(Increase) / decrease in inventory		(99	)		-
(Increase) / decrease in prepaid expenses		(986	)		(14,069	)
(Increase) / decrease in right of use assets		11,720			11,606
Increase in accounts payable - related party		53,725			64,829
Increase in accounts payable and accrued expenses		189,539			117,491
Net Cash Used in Operating Activities		(341,383	)		(349,731	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(2,573	)		-
Net Cash Used in Investing Activities		(2,573	)		-

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable		371,000			357,000
Repayments of notes payable		-			(20,000	)
Payments on financing leases		(14,091	)		(9,299	)
Proceeds from advances		-			22,000
Net Cash Provided by Financing Activities		356,909			349,701

Increase (Decrease) in Cash		12,953			(30	)

CASH AT BEGINNING OF PERIOD		-			52

CASH AT END OF PERIOD	$	12,953		$	22

Supplemental Cash Flow Information:

Cash paid for:
Interest Paid	$	3,820		$	4,459
Taxes	$	-		$	-

Non-Cash Investing and Financing Activities:
Shares issued in conversion with convertible notes	$	172,481		$	491,786
Shares issued in conversion with accounts payable	$	500,000		$	-
Warrants issued as debt issuance cost	$	43,324		$	-
Retirement of shares	$	25		$	-
Shares issued as debt issuance cost	$	-		$	5,000
Gain on related party accounts payable conversion	$	-		$	2,700

Consolidated Statements of Cash Flows

(Unaudited)

	Three months ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		(281,547	)	$	(496,619	)
Items to reconcile net loss to net cash used in operating activities:
Amortization of debt discount		-			909
Shares issued for services		-			86,000
Warrants issued for services		-			187,440
Depreciation expense		2,743			2,742
Changes in operating assets and liabilities
(Increase) / decrease in prepaid expenses		(6,735	)		(4,069	)
(Increase) / decrease in right of use assets		5,860			4,373
Increase in accounts payable - related party		32,750			41,484
Increase in accounts payable and accrued expenses		182,339			75,392
Net Cash Used in Operating Activities		(64,590	)		(102,348	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable		70,997			105,000
Repayments of notes payable		-			(20,000	)
Payments on financing leases		(6,407	)		(4,592	)
Proceeds from advances		-			22,000
Net Cash Provided by Financing Activities		64,590			102,408
Increase (Decrease) in Cash		-			60
CASH AT BEGINNING OF PERIOD		-			52
CASH AT END OF PERIOD		-		$	112
Supplemental Cash Flow Information:
Cash paid for:
Interest Paid		1,991			2,357
Taxes		-			-
Non-Cash Investing and Financing Activities:
Shares issued in conversion with convertible notes	$	500,000		$	35,000
Shares issued in conversion with accounts payable	$	172,481		$	-
Warrants issued as debt issuance cost	$	9,997
Shares issued as debt issuance cost	$	-		$	5,000

The accompanying notes are an integral part of these unaudited consolidated financial statements

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Elite Performance Holding Corp.

Consolidated Notes to the Financial Statements

For the six ~~three~~ months ended June ~~March 31~~30, 2025

(Unaudited)

NOTE 1 - GENERAL

Business Overview

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.

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 5,000,000 shares of common stock, $0.0001 par value, for a total of 10,000,000 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.

Elite Beverage International is a 100% wholly owned subsidiary of Elite Performance Holding Corp.

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.

Our Products and Services

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 tent Application No. 16/785,498.) This Agreement gives the Company first right of refusal to purchase the technology upon issuance of its patent for 20,000 shares in the Company.

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 40,000 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).

On June 27, 2025 the Company filed U.S. Provisional Patent Application No. 63/831,615 and for a dual phase SmartCarb^® system titled ‘Nutritional Compositions of Highly Branched Cyclic Dextrin, Isomaltulose and L-Leucine.” This new invention would improve the formula of the BYLT Drinks and further protect the intellectual property of the company

NOTE 2 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of ~~March~~June 3130, 2025, the Company had an accumulated deficit of $11,~~480~~827,~~325~~766. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, its ability to generate profits from the Company’s future operations, identify future investment opportunities and obtain the necessary debt or equity financing. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the operations of the Company and its wholly-owned subsidiary, Elite Beverage International Corp.

All significant intercompany accounts and transactions have been eliminated in consolidation.

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.

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Going concern

The Company’s consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has recently accumulated significant losses and has negative working capital. All of these items raise substantial doubt about its ability to continue as a going concern. Management’s plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the Company’s ability to continue as a going concern are as follows:

The Company is currently trying to raise new debt or equity to set up and market its line of sports drinks. If the Company is not successful in the development and implementation of a concept which produces positive cash flows from operations, the Company may be forced to continue to raise additional equity or debt financing to fund its ongoing obligations or risk ceasing doing business.

There can be no assurance that the Company will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations.

Cash and Cash Equivalents

We maintain the majority of our cash accounts at a commercial bank. The total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per commercial bank. For purposes of the statement of cash flows we consider all cash and highly liquid investments with initial maturities of one year or less to be cash equivalents.

Accounts Receivable

We grant credit to our customers located within the United States of America; and do not require collateral. Our ability to collect receivables is affected by economic fluctuations in the geographic areas and industries served by us. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had $0 and $0 in accounts receivable respectively. The allowance for doubtful trade receivables was $0 as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

Inventory

Inventories are valued at the lower of weighted average cost or net realizable value. Our industry experiences changes in technology, changes in market value and availability of raw materials, as well as changing customer demand. The Company makes provisions for estimated excess and obsolete inventories based on regular audits and cycle counts of our on-hand inventory levels and forecasted customer demands and at times additional provisions are made. Any inventory write offs are charged to the reserve account. The Company wrote off $099 and $30,802 in damaged inventory, as of ~~March~~June 3130, 2025 and December 31, 2024, respectively. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had $0 in inventory. The Company had no reserve for potentially obsolete inventory as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

Prepaid Expenses

Prepaid expenses are expenditures that have not yet been consumed, and so are capitalized for a short period of time. They are initially recorded on the balance sheet as current assets, and are later charged to expense. As of ~~March~~June 3130, 2025 and December 31, 2024, we had $2015,~~804~~055 and $14,069 in prepaid expenses, respectively.

Basic and Diluted Loss Per Share

The Company presents both basic and diluted earnings per share (EPS) on the face of the statement of operations. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method, and convertible securities, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. The Company had net losses as of ~~March~~June 3130, 2025 and December 31, 2024, so then diluted EPS excluded all dilutive potential shares in the diluted EPS because their effect is anti-dilutive. As of ~~March~~June 3130, 2025, the Company had $1,~~358~~595,~~216~~516 in convertible notes plus accrued interest of $~~325~~396,~~703~~839 that may be converted into 2,~~374~~588,~~685~~ 575 shares of common stock. As of December 31, 2024, the Company had $1,272,216 in convertible notes plus accrued interest of $300,283 that may be converted into 2,341,910 shares of common stock.

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Fair Value of Financial Instruments

The carrying amount of accounts payable and accrued expenses are considered to be representative of their respective fair values because of the short-term nature of these financial instruments.

Advertising

Advertising costs are expensed as incurred. For the three and six months ended ~~March~~June 3130, 2025 and ~~year ended December 31,~~ 2024, the Company had $2,~~521~~875 and $335,~~168~~ 467 (three months) and $5,396 and $8,497 (six months) in advertising expense, respectively.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses primarily consist of salaries and benefits for research and development employees, stock-based compensation, consulting fees, lab supplies, and regulatory compliance costs. For the three and six months ended ~~March~~June 3130, 2025 and ~~year ended December 31,~~ 2024, wethe Company had $0 research and development (R&D) expense.

Use of Estimates

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 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.

Revenue Recognition

Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company’s performance obligation is to deliver the product(s) per the contract and the obligation is met upon receipt of the product by the purchaser. Prices are predetermined plus applicable taxes and shipping costs. The Company’s main source of revenue comes from distributors, retail stores and gyms, and online sales primarily coming from the company website and Amazon. Amounts invoiced or collected in advance of product delivery or providing services are recorded as deferred revenue. The Company accrues for warranty costs, sales returns, bad debts, and other allowances based on its historical experience.

For the three and six months ended, asJune ~~of March 31~~30, 2025 and 2024, the Company had $0 and $70611 (three months) and $0 and $681 (six months), respectively in revenue from the sale of our products.

Stock-Based Compensation

The Company records stock-based compensation using the fair value method. Equity instruments issued to employees and the cost of the services received as consideration are accounted for in accordance with ASC 718 “Stock Compensation” and are measured and recognized based on the fair value of the equity instruments issued.

Long Lived Assets

Periodically the Company assesses potential impairment of its long-lived assets, which include property, equipment and acquired intangible assets, in accordance with the provisions of ASC Topic 360, “Property, Plant and Equipment.” The Company recognizes impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying values. An impairment loss would be recognized in the amount by which the recorded value of the asset exceeds the fair value of the asset, measured by the quoted market price of an asset or an estimate based on the best information available in the circumstances. For the ~~three~~six months ended ~~March~~June 3130, 2025 and year ended December 31, 2024, the Company did not record any impairment on our previously announced Patent acquisition, resulting in no other income (expense) being recognized.

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Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Depreciation is recorded on the straight-line basis method over the estimated useful lives of the assets.

Recently Issued Accounting Standards

Accounting Standards Issued

All other ASUs issued but not yet adopted were assessed and determined to be either not applicable or are not expected to have a material impact on our consolidated financial statements or financial statement disclosures.

Segment reporting policy

In November 2023, the FASB issued Accounting Standards Update 2023-07 – Segment Reporting (Topic ASC 280) Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. The enhancements under this update require disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss, require disclosure of other segment items by reportable segment and a description of the composition of other segment items, require annual disclosures under ASC 280 to be provided in interim periods, clarify use of more than one measure of segment profit or loss by the CODM, require that the title of the CODM be disclosed with an explanation of how the CODM uses the reported measures of segment profit or loss to make decisions, and require that entities with a single reportable segment provide all disclosures required by this update and required under ASC 280. The Company adopted ASU 2023-07 for the annual period ending December 31, 2024.

The Company’s Chief Executive Officer serves as the Chief Operating Decision Maker (“CODM”) and evaluates the financial performance of the business and makes resource allocation decisions on a consolidated basis. As a result, the Company operates as a single reportable segment under ASC 280, Segment Reporting, defined by the CODM as 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. The Company’s operations include a first to market functional sports beverage called B.Y.L.T.^® (acronym for Beyond Your Limit Training), which is managed centrally.

The CODM assesses financial performance based on revenue, operating profit, and key operating expenses.

NOTE 3 - RELATED PARTY TRANSACTIONS

Accounts and Notes Payable related party

For the ~~three~~six months ended ~~March~~June 3130, 2025 and year ended December 31, 2024, the Company had $0, 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 ~~March~~June 3130, 2025 and year ended December 31, 2024, the Company had an outstanding balance due of $122,922, which is included in accounts payable related party.

For the ~~three~~six months ended ~~March~~June 3130, 2025 and year ended December 31, 2024, we incurred $0, for un-reimbursed business expenses. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had outstanding balances due to Joey Firestone of $184,~~022~~622 and $24,022, respectively, for un-reimbursed business expenses. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company also had an outstanding balance due to Joey Firestone of $~~5,000~~0 and $5,000, respectively, for consulting services, and $~~154~~194,~~946~~321 and $97,187 for salary, respectively, which is included in accounts payable related party.

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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 500,000 (valued at par $0.0001 per share) shares to be issued in the amount of $500 which were issued April 29, 2021.

NOTE 4 - LEASES

Our adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases on the balance sheet as an ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight.

Lease ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date, including the lease term.

We recognized a $70,075 right-of-use asset and $82,474 in a related party lease liability for our finance leases. For our finance leases, the asset is included in other long-term assets on the balance sheet and is amortized within operating income over the lease term. The long-term component of the lease liability is included in other long-term liabilities, net, and the current component is included in other current liabilities.

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. The monthly payment for each vehicle is 66 months of $706 (APR 8.99%) (2019 Mercedes Sprinter Van), 72 months of $807 (APR9.95%) (2019 Ford Transit Van), and 72 months of $797. (APR 10.59%) (2020 Ford Transit Van) Each vehicle has a purchase option upon the completion of the lease agreement. Total initial payments were $19,000 for all three vehicles which was $9,000. $5,000, and $5,000 for each one, respectively.

The Company incurred amortization expense, which is included as part of selling, general and administrative expenses, of $511,~~860~~719 and $611,~~054~~719 plus interest expense of $13,~~991~~820 and $4,~~373~~459 during the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively.

The tables below present financial information associated with our leases.

	Balance Sheet	~~March~~June 3130,		December 31,
	Classification	2025		2024
Right-of-use assets	Other long-term assets	$	7266,~~215~~355	$	78,075
Current lease liabilities	Other current liabilities		2120,~~413~~157		22,110
Non-current lease liabilities	Other long-term liabilities		5448,~~654~~226		60,364

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As of ~~March~~June 3130, 2025, our maturities of our lease liabilities are as follows:

	March 31,2025
	June 30,2025
Maturity of lease liabilities	Financing Leases
2025	$	2515,~~027~~584
2026		27,717
2027		27,012
Thereafter		8,020
Total lease payments	$	8778,~~776~~333
Less: Imputed interest		(119,~~709~~950	)
Present value of lease liabilities	$	7668,~~067~~383

NOTE 5 - PROPERTY AND EQUIPMENT

The following is a summary of property and equipment—at cost, less accumulated depreciation:

	March 31,2025
	June 30,2025
Trucks	$	55,000
Total cost		55,000
Equipment		2,573
Less accumulated depreciation		(30,228	)
Total cost		57,573
Net, property and equipment	$	24,772
Less accumulated depreciation		(32,989	)
Net, property and equipment	$	24,584

Depreciation expense for the three and six months ended ~~March~~June 3130, 2025 and 2024 was $2,~~742~~762 and $2,742 (three months) and $5,504 and $5,485 (six months), respectively. The trucks are being depreciated over a useful life of 5 years.

NOTE 6 - COMMON STOCK AND COMMON STOCK WARRANTS

Common Stock

The Company had authorized a total of 400,000,000 shares of Common Stock, par value of $0.0001 as of December 31, 2017 for Elite Beverage International. However, Elite Performance Holding Corp. is now the successor company and as of December 31, 2022 there are 465,000,000 (Four Hundred Sixty-Five Million) shares authorized, par value of $0.0001, respectively.

On February 2, 2018, Elite Performance Holding Corp., owned and controlled by Firestone and McKenzie, acquired Elite Beverage International through a 1:2 common share exchange as follows: 50,000,000 common shares of Elite Performance Holding, Corp., in exchange for 100,000,000 common shares of Elite Beverage International, Inc.

The Company effected a one-for-ten reverse stock split on March 17, 2025. All share and per share information in this Annual Report on Form 10-K, including the consolidated financial statements and related notes thereto, has, where applicable, been retroactively adjusted to reflect the Reverse Stock Split.

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Shares Registered in the S-1 Registration Statement

As of December 31, 2022, the Company has raised $1,250,000 (2,500,000 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.

Restricted Shares issued

For the ~~quarter~~six months ended ~~March~~June 3130, 2025, the Company issued 500,000 shares in the amount of $500,000 for the conversion of accounts payable. These shares were previously recorded as shares to be issued.

For the ~~quarter~~six months ended ~~March~~June 3130, 2025, the Company issued 68,992 shares for the conversion of a convertible note payable made within the terms of the agreement. These shares were previously recorded as shares to be issued.

AsFor ofthe ~~March~~six 31months ended June 30, 2025, the Company ~~had 12~~issued 30,~~624,876 common~~000 shares ~~outstanding~~in the amount of $30,000 valued at $1 per share for consulting services.

For the six months ended June 30, 2025, the Company retired 243,230 shares issued for services.

As of June 30, 2025, the Company had 12,419,646 common shares outstanding.

For the year ended December 31, 2024, the Company issued 1,059,257 shares in the amount of $1,059,257 valued at $1.00 per share for consulting services.

For the year ended December 31, 2024, the Company issued 299,572 shares in the amount of $774,267 for the conversion of principal and accrued interest of convertible notes payable made within the terms of the agreement and no gain or loss results from it.

For the year ended December 31, 2024, the Company issued 160,300 shares in the amount of $663,000 for conversion of accounts payable.

For the year ended December 31, 2024, the Company issued 5,000 common shares in the amount of $5,000 as debt issuance cost.

For the year ended December 31, 2024, the Company retired 2,500,000 founder shares valued at $0.

As of December 31, 2024, the Company had 12,063,884 common shares outstanding.

Common Stock Warrants

On March 18, 2024, the Company issued 80,000 five year warrants exercisable at $20.00 valued at $77,623 for consulting services. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $0.01 per share, volatility of 236%, expected term of 5 years, and a risk free interest rate of 4.34%.

On May 6, 2024, the Company issued 16,000 five year warrants exercisable at $20.00 valued at $15,884 for consulting services. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $0.01 per share, volatility of 276%, expected term of 5 years, and a risk free interest rate of 4.50%.

On August 20, 2024, the Company issued 10,000 five year warrants exercisable at $20.00 valued at $9,991 as part of a convertible note issued. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $0.01 per share, volatility of 329%, expected term of 5 years, and a risk free interest rate of 3.69%.

On March 28, 2025, the Company issued 10,000 five year warrants exercisable at $2.00 valued at $96,~~997~~665 as part of a convertible note issued. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $01.0100 per share, volatility of 328.93%, expected term of 5 years, and a risk free interest rate of 4.09%.

On March 28, 2025, the Company issued 5,000 five year warrants exercisable at $2.00 valued at $3,332 as part of a convertible note issued. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $1.00 per share, volatility of 328.93%, expected term of 5 years, and a risk free interest rate of 4.09%.

On May 20, 2025, the Company issued 50,000 five year warrants exercisable at $2.00 valued at $33,327 as part of a convertible note issued. The Company used a Black-Scholes option pricing model with the following assumptions: stock price of $1.00 per share, volatility of 329.40%, expected term of 5 years, and a risk free interest rate of 4.07%.

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Transactions involving the Company’s warrant issuances are summarized as follows:

			Weighted
	Number of		AverageExercise
	Shares		Price
Outstanding at December 31, 2023		-	$	-
Issued		106,000		20.00
Exercised		-		-
Expired or cancelled		-		-
Outstanding at December 30, 2024		106,000		20.00
Issued		1065,000		20.00
Exercised		-		-
Expired or cancelled		-		-
Outstanding at March 31, 2025		116,000	$	20.00
Outstanding at June 30, 2025		171,000	$	20.00

The following table summarizes warrants outstanding as of ~~March~~June 3130, 2025:

Weighted Average

Number

Remaining

Weighted

Outstanding

Contractual

Average

Exercise Price

and Exercisable

Life (years)

Exercise price

20.00

~~116~~171,000

43.0281

20.00

NOTE 7 - PREFERRED STOCK

The Company has authorized a total of 35,000,000 Shares of Preferred Stock, $0.0001 par value, which may be issued from time to time and bearing such rights, privileges and preferences as shall be designated by the Board of Directors. As of December 31, 2017, Elite Beverage International Corp had issued 10,000,000 Shares of Preferred Stock, designated as series A “Cumulative Preference ‘A’”, for $1,000.

10,000,000 Series A preferred which carries super voting rights. Each preferred share carries 20 votes.

On February 2, 2018 Elite Performance Holding Corp., owned and controlled by Firestone and McKenzie, acquired Elite Beverage International through a 1:1 preferred share exchange as follows. 10,000,000 Series A preferred shares of Elite Performance Holdings Corp. in exchange for 10,000,000 Series A preferred shares of Elite Beverage International Inc.

On March 3, 2023, Jon McKenzie transferred his ownership of 5,000,000 Series A Preferred shares with super voting rights to Chairman and CEO Joey Firestone.

NOTE 8 - NOTE PAYABLE

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, interest expense was $5,~~019~~257 and $4,780 for the ~~three~~six months ended ~~March~~June 3130, 2025 and the year ended December 31, 2024, respectively. The balance of this PPP loan is $95,485 as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

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During the years ended December 31, 2024 and 2023, the Company entered into non-convertible, non-interest bearing advances for $90,000, $50,000, $75,000, $20,000, $20,000, $12,000, $11,000, $7,500 and $2,000, respectively from a third party and the monies will be paid back over the course of the next 12 months. During the year ended December 2024, the Company converted $205,000 in advances to convertible debt, received proceeds of $52,500 and made repayments of $51,500. As of ~~March~~June 3130, 2025 and December 31, 2024, the balance of this advance is $11,000.

In January of 2023, the Company entered into a refinance agreement with a third party that held the original agreement on July of 2022. In July of 2022, the Company entered into a receivables and sale note payable agreement with a third party. The funded amount by the third party was $50,460, this amount is the purchase price less fees and is the net amount funded to the Company. This note will be paid back with 48 weekly installments of $1,332, for a total amount of $63,960 to be paid back. The note contains Original Issue Discount (OID) of $13,500 at issuance. As of December 31, 2022, the Company owed $29,316 on this note payable and the OID balance is $6,188, leaving a net balance of $23,128. The Company has recorded $7,313 as interest expense for the year ended December 31, 2022 related to this OID. For the refinance terms in January of 2023 agreement, the Company funded amount by the third party was $98,500, this amount is the purchase price less fees and is the net amount funded to the Company. This note will be paid back with 60 weekly installments of $2,133, for a total amount of $128,000 to be paid back. This note contains Original Issue Discount (OID) of $29,500 at issuance. As of ~~March~~June 3130, 2025, the Company paid this in full and owes $0 on this note payable and the OID balance.

NOTE 9 - CONVERTIBLE NOTES PAYABLE

On December 4, 2019, the Company entered into a convertible promissory note in the amount of $189,000, with an interest rate of 8% per annum and a maturity date of December 4, 2020. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $0.005 or if publicly traded at the rate of the lessor of $0.05 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. This note included an original discount fee of $9,000. At December 31, 2023 and 2022, balance on this debt discount was $0, respectively. The Company also issued 500,000 commitment shares valued at $25,000 on December 11, 2019 and recorded to debt discount. The Company amortized $1,712 for the year ended December 31, 2019, and $23,288 and $0 for the years ended December 31, 2020 and 2021 respectively. On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024. The maturity date of the note was extended to June 30, 2025 with an interest rate of 18% per annum. All other terms remain the same.

On January 17, 2020, the Company issued a convertible promissory note to The Hillyer Group Inc. in the amount of $157,500 with an interest rate of 8% per annum and a maturity date of January 17, 2021. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $0.50 or if publicly traded at the rate of the lessor of $0.50 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. On January 17, 2019 the Company issued 40,000 shares of common stock in consideration for the execution of this note. These shares are restricted and subject to SEC Rule 144. These shares were valued at $20,000 included an original discount fee of $7,500, which was recorded to debt discount. On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024. The maturity date of the note was extended to June 30, 2025 with an interest rate of 18% per annum. All other terms remain the same.

On September 16, 2021, the Company issued a convertible promissory note to Stout LLC. in the amount of $20,000 with an interest rate of 12% per annum and a maturity date of September 16, 2022. The note carries a prepayment feature or is convertible 180 days from the date of the note, at a fixed price of $0.50 per share of common stock or if publicly traded at the rate of the lessor of $0.50 or the lowest of 65% of the lowest closing bid price for 3 trading days previous to the conversion or based on any subsequent financings with better terms to other investors. The outstanding balance on the note was $20,000 as of ~~March~~June 3130, 2025. This note is in default and is accruing interest at the default rate of 18%.

On November 1, 2023, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of January 2, 2024. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. On January 23, 2024, the Company modified this note, along with several other Hillyer notes and advances, including accrued interest, to a new note maturing on December 31, 2024. The maturity date of the note was extended to June 30, 2025 with an interest rate of 18% per annum. All other terms remain the same.

On January 23, 2024, the Company modified and aggregated several Hillyer loans totaling $371,500, advances totaling $205,000 and accrued interest totaling $218,216 for an aggregate balance of $794,716 and extended the maturity to December 31, 2024. The maturity date of the note was extended to June 30, 2025 with an interest rate of 18% per annum. All other terms remain the same.

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On May 6, 2024, the Company entered into an agreement to borrow up to $160,000 with an interest rate of 12% per annum and a maturity date of November 5, 2024. On January 17, 2025 the note was amended to fund up to $200,000 with an interest rate of 12% per annum. The note does not specify a maturity date. On July 1, 2024, July 26, 2024, October 18, 2024, January 6, 2025, January 22, 2025 and March 21, 2025, the Company received $75,000, $50,000, $10,000, $16,000, $20,000 and $10,000, respectively, related to a May 6, 2024 convertible promissory note with a third party. The note shall be convertible into shares of common stock equal to 70% of the lowest closing price on the primary trading market on which the Company’s common stock is quoted for the last five (5) trading days immediately prior to but not including the conversion date, which is subject to a floor conversion price of $20.00 per share. The outstanding balance on the note is $181,000 as of ~~March~~June 3130, 2025.

On February 27, 2025, the Company entered into a convertible promissory note in the amount of $5,000 with an interest rate of 10% per annum and a maturity date of February 27, 2026. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $5,000 as of ~~March~~June 3130, 2025.

On March 18, 2025, the Company entered into a convertible promissory note in the amount of $10,000 with an interest rate of 10% per annum and a maturity date of March 18, 2026. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $10,000 as of ~~March~~June 3130, 2025.

On March 24, 2025, the Company entered into a convertible promissory note in the amount of $5,000 with an interest rate of 10% per annum and a maturity date of March 24, 2026. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $5,000 as of ~~March~~June 3130, 2025.

On March 27, 2025, the Company entered into a convertible promissory note in the amount of $20,000 with an interest rate of 8% per annum and a maturity date of March 27, 2026. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $20,000 as of ~~March~~June 3130, 2025.

~~Total~~On ~~interest~~March ~~expense~~27, ~~including~~2025, ~~discount~~the ~~amortization~~Company onentered into a convertible promissory note in the ~~above~~amount ~~notes~~of ~~for~~$10,000 with an interest rate of 10% per annum and a maturity date of March 3127, ~~2025~~2026. The ~~and~~note ~~December~~carries 31a prepayment feature or is convertible 14 days from the date of the note, ~~2024~~at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $~~339~~10,~~040~~000 as ~~and~~of ~~$246~~June 30,~~243,~~ ~~respectively~~2025.

On May 20, 2025, the Company entered into a convertible promissory note in the amount of $100,000 with an interest rate of 10% per annum and a maturity date of November 20, 2025. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $100,000 as of June 30, 2025.

On June 3, 2025, the Company entered into a convertible promissory note in the amount of $150,000 with an interest rate of 10% per annum and a maturity date of June 3, 2026. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $150,000 as of June 30, 2025.

On June 11, 2025, the Company entered into a convertible promissory note in the amount of $25,000 with an interest rate of 10% per annum and a maturity date of June 11, 2026. The note carries a prepayment feature or is convertible 14 days from the date of the note, at a fixed price of $2.50 per share of common stock. The outstanding balance on the note was $25,000 as of June 30, 2025.

Total accrued interest on the above notes for June 30, 2025 and December 31, 2024 was $394,839 and $246,243, respectively.

NOTE 10 - COMMITMENTS AND CONTINGENCIES

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company or any of our subsidiaries, threatened against or affecting our Company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

The Company discovered in September of 2021 that ~~BYLT~~Bylt Basics, a party that it settled a previous trademark litigation case with, is in breach of its settlement agreement and sent a notice of breach to said party. The underlying matter iswas for trademark infringement, ~~confusion~~ and ~~cybersquatting~~confusion of the Company’s mark B.Y.L.T. (Reg 6548069). ~~BYLT~~The ~~Basics~~parties ~~and the Company~~ filed ~~claims~~a ~~against~~Notice ~~each~~of ~~other~~Settlement, ~~surrounding this mark~~ and ~~its~~the ~~use.~~Court ~~Attorneys~~is ~~are~~to indismiss ~~contact~~the ~~and~~case ~~discovery~~or ~~proceedings~~move ~~have~~to ~~already~~reopen ~~started~~the tocase ~~take~~if ~~place~~settlement ~~with~~has ~~trial~~not ~~set~~been toconsummated ~~take~~within ~~place~~the intime ~~February~~frame ~~2026~~allowed.

NOTE 11 - SUBSEQUENT EVENTS

In accordance with ASC 855-10, we have analyzed events and transactions that occurred subsequent to ~~March~~June 3130, 2025 through the date these financial statements were issued and have determined that we do not have any other material subsequent events to disclose or recognize in these financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements and Associated Risks.

This form 10-Q contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate, or “continue” or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control. These factors include but are not limited to economic conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition from much larger competitors; technological advances and failure to successfully develop business relationships.

Based on our financial history since inception, our auditor has expressed substantial doubt as to our ability to continue as a going concern. As reflected in the accompanying consolidated financial statements, as of ~~March~~June 3130, 2025, we had an accumulated deficit totaling ($11,~~480~~803,~~325~~422). This raises substantial doubts about our ability to continue as a going concern.

Business

The Company is currently producing a sports beverage like no other available on the market. Beyond Your Limit Training (B.Y.L.T.) is the first ready to drink (RTD) beverage of its kind to combine the benefits of hydration, endurance, mental focus, fat oxidation, and muscle recovery all-in-one great tasting beverage. BYLT (pronounced built) uses a proven proprietary formula that simultaneously hydrates, helps improves performance, promotes fat burning during exercise, and aids in muscle recovery after exertion. Whether you are looking to achieve optimal performance on the baseball field, basketball court, soccer field, in the gym or any competitive sport, BYLT provides the competitive edge every athlete actively seeks. This unique product is designed with scientifically dosed key ingredients to bridge the gap between energy drinks, hydration beverages and dietary supplements, without the sugars and jitters from caffeine which eventually cause athletes to crash. BYLT is not only designed to help enhance performance and support the intense physical demand of athletes but is safe and backed by science.

The Company’s operations have been and continue to be affected by the recent and ongoing outbreak of the coronavirus disease (COVID-19) which in March 2020, was declared a pandemic by the World Health Organization (WHO.) The ultimate disruption which may be caused by the outbreak is uncertain; However, it may result in a material adverse impact on the Company’s financial position, operations, and cash flows. Possible areas that may be affected include, but are not limited to, disruption to the Company’s customers and revenue, labor workforce, unavailability of products and supplies used in operations, and the decline in value of assets held by the Company, including ingredient material, property and equipment.

Our future operations are contingent upon increasing revenues and raising capital for on-going operations and the anticipated expansion of our product lines. Because we have a limited operating history, you may experience difficulty in evaluating our business and future prospects.

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Sales and Marketing

With its all-encompassing benefits and better-for-you ingredients, BYLT is positioned to succeed in a highly lucrative market due to being first to market, its superior product offering and an ideal market opportunity. The breakdown of favorable market trends that will help fuel the initial growth and long-term success of the Company include:

	✓	Healthy living trends and lifestyles are continuing, creating a drive for better-for-you trends, active lifestyles, and a growing demand for industry products from everyday consumers.

	✓	There are currently no other RTD beverages that combine the benefits of BYLT that athletes seek out. In order to achieve optimal nutrients, an athlete must take 3-4 supplements that are often packed with unhealthy additives such as sugars and caffeine.

	✓	Sports Drinks accounted for 70% of the entire Fortified/Functional beverage industry and is expected to continue its growth during the next five years to become a $15 billon market by 2027.

	✓	BYLT is also positioned in the Nutrition and Performance Drink Industry which generated a total revenue of $9 billion. Mintel estimates sales of the category to continue to grow reaching $15 billion by 2027.

	✓	According to Statista, 36% of individuals in the U.S. purchase a ready to drink sports drink 1 – 2 times a week, while 15% purchase one over 10 times a week.

	✓	There is high potential for customer loyalty in the industry and brands that deliver on their promised functional and health benefits usually keep loyal core consumers.

The Company retained key executives for nationwide sales and distribution of their first to market sports drink. The executive team is comprised of former seasoned Coca-Cola, PepsiCo and Dr. Pepper executives that have over 120 years of combined experience in the beverage industry. Previous clients include: Coca-Cola, Bolthouse Farms, Cinnabon, Nestle Waters, Honest, Celsius and others. The Company will launch its products in a series of region expansions, as shown in the figure below.

Figure 1: Map of BYLT Roll Out Strategy

Corporate Information

Elite Performance Holding Corp

3301 NE 1^st Ave. Suite M704

Miami, FL 33137

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Corporate History

Elite Performance Holding Corp. (the “Company”) was originally incorporated on January 30, 2018 in the State of Nevada. On February 2, 2018, Joey Firestone and Jon McKenzie each assigned 5,000,000 shares of Elite Beverage International Corp. to the Company, via a Contribution and Assignment Agreement, making Elite Beverage International Corp. our wholly owned operating subsidiary.

The Company effected a one-for-ten reverse stock split on March 17, 2025 (the “Reverse Stock Split”). All share and per share information in this Annual Report on Form 10-K, including the consolidated financial statements and related notes thereto, has, where applicable, been retroactively adjusted to reflect the Reverse Stock Split.

Results for the Three Months Ended ~~March~~June 3130, 2025 Compared To The Three Months Ended ~~March~~June 3130, 2024.

Operating Revenues

The Company’s revenues were $0 and $70611 for the three months ended ~~March~~June 3130, 2025 and 2024, respectively.

Gross Profit (Loss)

For the three months ended ~~March~~June 3130, 2025 and 2024, the Company’s gross profit (loss) was ($0651) and ($704,949), respectively.

Our gross profit (loss) could vary from period to period and is affected by a number of factors, including product mix, production efficiencies, component availability and costs, pricing, competition, customer requirements and unanticipated restructuring or inventory charges and potential scrap of materials.

General and Administrative Expenses

For the three months ended ~~March~~June 3130, 2025, general and administrative expenses were $6288,~~135~~049 compared to $85138,~~217~~402 for the three months ended ~~March~~June 3130, 2024, a decrease of $2350,~~082~~353. This decrease was due to a decrease in operations.

Advertising Expense

For the three months ended ~~March~~June 3130, 2025, advertising expenses were $2,~~521~~875 compared to $35,~~030~~467 for the three months ended ~~March~~June 3130, 2024, a decrease of $~~509~~2,592.

Legal and Accounting Expense

For the three months ended ~~March~~June 3130, 2025, Legal and Accounting expenses were ~~120~~$88,~~904~~680 compared to $6051,~~417~~084 for the three months ended ~~March~~June 3130, 2024, aan ~~decrease~~increase of $6037,~~487~~596. This increase was due to an increase in accounting and legal filings associated with the registration statement filing.

Consulting expense

For the three months ended ~~March~~June 3130, 2025, Consulting expenses were $48112,~~126~~426 compared to ($~~306~~11,~~400~~983) for the three months ended ~~March~~June 3130, 2024, aan ~~decrease~~increase of $~~258~~124,~~274~~409. This ~~decrease~~increase was due to an adjustment in value of shares and warrants issued for consulting in 2024.

Interest Expense

For the three months ended ~~March~~June 3130, 2025, Interest expenses were $6269,~~865~~764 compared to $4147,~~625~~893 for the three months ended ~~March~~June 3130, 2024, an increase of $1921,~~795~~871. This increase was due to additional notes outstanding.

Our net loss for the three months ended ~~March~~June 3130, 2025, was $~~296~~362,~~551~~445 compared to $~~496~~235,~~619~~012 for the three months ended ~~March~~June 3130, 2024, aan ~~decrease~~increase of $~~200~~127,~~068~~433. This ~~decrease~~increase was due primarily from ~~the~~consulting ~~shares~~expenses ~~and warrants issued for services to consultants~~ in ~~2024~~2025.

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Results for the Six Months Ended June 30, 2025 Compared To The Six Months Ended June 30, 2024.

Operating Revenues

The Company’s revenues were $0 for the six months ended June 30, 2025 compared to $681 for the six months ended June 30, 2024.

Gross Profit (Loss)

For the six months ended June 30, 2025, the Company’s gross profit (loss) was ($651) compared to ($4,879) for the six months ended June 30, 2024.

General and Administrative Expenses

For the six months ended June 30, 2025, general and administrative expenses were $150,186 compared to $222,710 for the six months ended June 30, 2024, a decrease of $72,524. This decrease was due to a decrease in operations.

Advertising Expense

For the six months ended June 30, 2025, advertising expenses were $5,396 compared to $8,497 for the six months ended June 30, 2024, a decrease of $3,101.

Legal and Accounting Expense

For the six months ended June 30, 2025, Legal and Accounting expenses were $209,584 compared to $111,501 for the six months ended June 30, 2024, an increase of $98,083. This increase was due to an increase in accounting and legal filings.

Consulting expense

For the six months ended June 30, 2025, Consulting expenses were $145,547 compared to $294,417 for the six months ended June 30, 2024, a decrease of $148,870. This decrease was due to shares and warrants issued for consulting in 2024.

Interest Expense

For the six months ended June 30, 2025, Interest expenses were $132,628 compared to $91,872 for the six months ended June 30, 2024, an increase of $40,756.

Our net loss for the six months ended June 30, 2025, was $643,992 compared to $731,631 for the six months ended June 30, 2024, a decrease of $87,639. This decrease was due primarily from the shares and warrants issued for services to consultants in 2024.

Liquidity and Capital Resources

The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. Since its inception, the Company has been funded by related parties through capital investment and borrowing of funds.

At ~~March~~June 3130, 2025, the Company had total current assets of $2028,~~804~~008 compared to $14,069 at December 31, 2024.

At ~~March~~June 3130, 2025, the Company had total current liabilities of $3,~~009~~280,~~130~~828 compared to $2,718,734 at December 31, 2024.

We had working capital deficit of $23,~~988~~252,~~326~~820 as of ~~March~~June 3130, 2025, compared to $2,704,665 as of December 31, 2024.

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Cashflow from Operating Activities

During the ~~three~~six months ended ~~March~~June 3130, 2025, cash provided by (used in) operating activities was ($79341,~~594~~383) compared to ($~~102~~349,~~348~~731) for ~~three~~six months ended ~~March~~June 3130, 2024. Cash used in operating activities for the ~~three~~six months ended ~~March~~June 3130, 2025 was primarily the result of a $~~296~~643,~~551~~992 net loss.

Cashflow from Investing Activities

During the six months ended June 30, 2025, cash provided by (used in) investing activities was ($2,573) compared to $0 for six months ended June 30, 2024. Cash used in investing activities for the six months ended June 30, 2025 was primarily the result of property and equipment purchased totaling $2,573.

Cashflow from Financing Activities

During the ~~three~~six months ended ~~March~~June 3130, 2025, cash provided by financing activities was $79356,~~594~~909 compared to $~~102~~349,~~408~~701 for the ~~three~~six months ended ~~March~~June 3130, 2024. Cash provided by financing activities for the ~~three~~six months ended ~~March~~June 3130, 2025 was primarily the result of proceeds from convertible notes payable.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Going Concern

Our consolidated financial statements for the period ended ~~March~~June 3130, 2025, have been prepared on a going concern basis and Note 2 to the financial statements identifies issues that raise substantial doubt about our ability to continue as a going concern. Our consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Recently Issued Accounting Pronouncements

Accounting Standards Issued

Segment reporting policy

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The CODM assesses financial performance based on revenue, operating profit, and key operating expenses.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to management including our principal executive officer/principal financial officer as appropriate, to allow timely decisions regarding required disclosure.

Management has carried out an evaluation of the effectiveness of the design and operation of our company’s disclosure controls and procedures. Due to the lack of personnel and outside directors, management acknowledges that there are deficiencies in these controls and procedures. The Company anticipates that with further resources, the Company will expand both management and the board of directors with additional officers and independent directors in order to provide sufficient disclosure controls and procedures.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)) during the ~~quarter~~six months ended ~~March~~June 3130, 2025 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

There were no material changes during the period covered by this report to the risk factors previously disclosed in our S-1 Registration filed on October 2, 2018 (as amended) and declared Effective on April 23, 2019. Additional risks not presently known, or that we currently deem immaterial, also may have a material adverse effect on our business, financial condition and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

For the ~~quarter~~six months ended ~~March~~June 3130, 2025, the Company issued 500,000 shares in the amount of $500,000 for the conversion of accounts payable.

For the ~~quarter~~six months ended ~~March~~June 3130, 2025, the Company issued 68,992 shares for the conversion of a convertible note payable made within the terms of the agreement.

For the six months ended June 30, 2025, the Company retired 243,230 shares issued for services.

As of June 30, 2025, the Company had 12,419,646 common shares outstanding.

For the year ended December 31, 2024, the Company issued 1,059,257 shares in the amount of $1,059,257 valued at $1.00 per share for consulting services.

For the year ended December 31, 2024, the Company issued 299,572shares in the amount of $774,267 for the conversion of principal and accrued interest of convertible notes payable made within the terms of the agreement and no gain or loss results from it.

For the year ended December 31, 2024, the Company issued 160,300 shares in the amount of $663,000 for conversion of accounts payable.

For the year ended December 31, 2024, the Company issued 5,000 common shares in the amount of $5,000 as debt issuance cost.

For the year ended December 31, 2024, the Company retired 2,500,000 founder shares.

As of December 31, 2024, the Company had 12,063,884 common shares outstanding.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURE

Not Applicable.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K.

31.1			Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of Sarbanes Oxley Act of 2002.
31.2			Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of Sarbanes Oxley Act of 2002.
32.1			Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes Oxley Act of 2002.
101.INS			XBRL Instance Document (1)
101.SCH			XBRL Taxonomy Extension Schema Document (1)
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document (1)
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document (1)
101.LAB			XBRL Taxonomy Extension Label Linkbase Document (1)
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document (1)

(1)

Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ELITE PERFORMANCE HOLDING CORP.
	(Registrant)
Dated: May 19, 2025	By:	/s/ Joey Firestone
Dated: August 14, 2025	By:	/s/ Joey Firestone
		Joey Firestone

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