Elite Performance Reports Zero Revenue, Deepening Deficit Amid Going Concern Doubts

TL;DR

**Elite Performance is a zombie company with no revenue and a 'going concern' warning; steer clear.**

AI Summary

Elite Performance Holding Corp. reported no revenue for the three and nine months ended September 30, 2025, a significant decline from $681 in revenue for the nine months ended September 30, 2024. The company's net loss decreased to $(305,119) for the three months ended September 30, 2025, from $(358,322) in the prior year, and to $(949,111) for the nine months ended September 30, 2025, from $(1,089,953) in the prior year. Operating expenses for the nine months ended September 30, 2025, were $841,455, down from $912,075 in the same period last year, primarily due to reduced consulting and general and administrative expenses. The company's accumulated deficit grew to $(12,132,885) as of September 30, 2025, from $(11,183,774) at December 31, 2024. Current liabilities increased to $3,130,944 from $2,718,734, driven by a rise in convertible notes payable to $1,621,692 from $1,272,216. The company filed a new U.S. Provisional Patent Application No. 63/831,615 on June 27, 2025, for a dual-phase SmartCarb system, aiming to improve its BYLT Drinks formula and protect intellectual property. The filing explicitly states substantial doubt about the company's ability to continue as a going concern due to significant losses and negative working capital.

Why It Matters

This filing paints a grim picture for investors, highlighting Elite Performance Holding Corp.'s inability to generate revenue and its growing accumulated deficit of over $12 million. The explicit 'going concern' warning signals severe financial distress, indicating a high risk of business failure without significant external funding. For employees and customers, this raises questions about the company's long-term viability and its ability to deliver on product promises, especially given the lack of sales for its BYLT Drinks. In a competitive sports nutrition market, Elite Performance's zero revenue and reliance on patent filings without commercialization suggest it's falling far behind established players, making it a highly speculative investment.

Risk Assessment

Risk Level: high — The company explicitly states 'substantial doubt regarding the Company's ability to continue as a going concern' due to an accumulated deficit of $(12,132,885) as of September 30, 2025, and negative working capital. Furthermore, Elite Performance Holding Corp. reported $0 in revenue for both the three and nine months ended September 30, 2025, indicating a complete lack of commercial operations.

Analyst Insight

Investors should avoid Elite Performance Holding Corp. given its zero revenue, substantial accumulated deficit, and explicit 'going concern' warning. The company's reliance on future debt or equity financing without a clear path to profitability makes it an extremely high-risk, speculative investment with a high probability of capital loss.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$96,253

total Debt

$3,271,955

net Income

$(-949,111)

eps

N/A

gross Margin

N/A

cash Position

$0

revenue Growth

-100.0%

Revenue Breakdown

Key Numbers

• $0 — Revenue (for the three and nine months ended September 30, 2025, indicating no sales)
• $(949,111) — Net Loss (for the nine months ended September 30, 2025, a decrease from $(1,089,953) in 2024)
• $(12,132,885) — Accumulated Deficit (as of September 30, 2025, up from $(11,183,774) at December 31, 2024)
• $3,130,944 — Total Current Liabilities (as of September 30, 2025, an increase from $2,718,734 at December 31, 2024)
• $1,621,692 — Convertible Notes Payable (as of September 30, 2025, up from $1,272,216 at December 31, 2024)
• 12,429,646 — Common Shares Outstanding (as of November 14, 2025)
• $841,455 — Total Operating Expenses (for the nine months ended September 30, 2025, down from $912,075 in 2024)
• $116,000 — Other Income (for the nine months ended September 30, 2025, significantly higher than $4,945 in 2024)
• $0 — Cash at End of Period (as of September 30, 2025, indicating no liquid assets)
• 2,670,633 — Potential Common Shares from Convertible Notes (as of September 30, 2025, indicating significant potential dilution)

Key Players & Entities

• Elite Performance Holding Corp. (company) — registrant and holding company
• Elite Beverage International Corp. (company) — wholly-owned subsidiary of Elite Performance Holding Corp.
• BYLT Performance, LLC (company) — wholly-owned subsidiary holding trademarks and intellectual property
• Bruce Kneller (person) — inventor of SmartCarb technology
• Joseph Firestone (person) — assignor of Elite Beverage International Corp. shares
• Jon McKenzie (person) — assignor of Elite Beverage International Corp. shares
• SEC (regulator) — Securities and Exchange Commission
• $12,132,885 (dollar_amount) — accumulated deficit as of September 30, 2025
• $0 (dollar_amount) — revenue for the three and nine months ended September 30, 2025
• $1,621,692 (dollar_amount) — convertible notes payable as of September 30, 2025

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company has filed a new U.S. Provisional Patent Application, but reported $0 revenue for the nine months ended September 30, 2025. Significant accumulated deficit of $(12,132,885) and negative working capital raise substantial doubt about its ability to continue as a going concern.
• Increasing Convertible Debt [high — financial]: Total current liabilities increased to $3,130,944 from $2,718,734, primarily driven by a rise in convertible notes payable to $1,621,692 from $1,272,216. This indicates increasing reliance on debt financing.
• Zero Cash Position [high — financial]: The company reported $0 cash at the end of the period as of September 30, 2025. This lack of liquidity poses an immediate operational risk and limits the company's ability to meet short-term obligations.
• Dependence on Intellectual Property [medium — operational]: The company's strategy appears to heavily rely on intellectual property, as evidenced by the new patent filing for its SmartCarb system. However, the lack of revenue generation suggests challenges in commercializing its innovations.
• Declining Operating Expenses [medium — financial]: While operating expenses decreased to $841,455 for the nine months ended September 30, 2025, from $912,075 in the prior year, this reduction was primarily due to lower consulting and G&A expenses. This could indicate cost-cutting measures in response to financial distress.
• Growing Accumulated Deficit [high — financial]: The accumulated deficit has grown to $(12,132,885) as of September 30, 2025, an increase from $(11,183,774) at December 31, 2024. This trend highlights persistent unprofitability.

Industry Context

The beverage industry, particularly functional drinks like BYLT, is highly competitive with established players and numerous startups. Innovation in ingredients and delivery systems, such as Elite Performance Holding Corp.'s SmartCarb system, is crucial for differentiation. However, success hinges on effective market penetration and revenue generation, which the company has not yet demonstrated.

Regulatory Implications

The company's financial distress and going concern warning may attract scrutiny from regulatory bodies like the SEC, especially if it seeks further funding. Compliance with disclosure requirements regarding financial health and future prospects is paramount. The patent filing suggests an effort to comply with IP protection regulations.

What Investors Should Do

1. Monitor cash burn and funding sources.
2. Evaluate the commercial viability of the SmartCarb system.
3. Assess the risk of dilution.
4. Consider the going concern warning.

Key Dates

• 2025-09-30: End of Q3 2025 — Reported $0 revenue, $(949,111) net loss for the nine months, and $0 cash. Accumulated deficit reached $(12,132,885).
• 2025-06-27: Provisional Patent Application Filed — Filed U.S. Provisional Patent Application No. 63/831,615 for a dual-phase SmartCarb system, indicating focus on IP development.
• 2024-09-30: End of Q3 2024 — Reported $681 in revenue for the nine months ended September 30, 2024, and a net loss of $(1,089,953).
• 2024-12-31: End of Fiscal Year 2024 — Accumulated deficit was $(11,183,774) and total current liabilities were $2,718,734.

Glossary

Accumulated deficit

The total net losses of a company since its inception, minus any net profits. It represents a deficit in the company's equity. (Indicates the company's historical unprofitability, which has grown to $(12,132,885).)

Convertible notes payable

Debt instruments that can be converted into a predetermined amount of the issuer's equity at certain times during their life. (These notes have increased to $1,621,692, contributing to higher current liabilities and potential future dilution.)

Going concern

An assumption that a company will continue to operate for the foreseeable future, typically at least the next 12 months. (The filing explicitly states substantial doubt about Elite Performance Holding Corp.'s ability to continue as a going concern.)

Provisional Patent Application

A type of patent application that establishes an early filing date for an invention but does not mature into a granted patent unless a formal non-provisional application is filed within 12 months. (The company filed one for its SmartCarb system, aiming to protect its intellectual property.)

Working capital

The difference between a company's current assets and current liabilities. Positive working capital indicates a company can meet its short-term obligations. (The company has negative working capital due to $0 cash and significant current liabilities, contributing to going concern doubts.)

Year-Over-Year Comparison

Elite Performance Holding Corp. shows a stark deterioration in its financial performance compared to the prior year. Revenue has plummeted from $681 to $0 for the nine-month period ended September 30, 2025. While net losses have narrowed slightly to $(949,111) from $(1,089,953), this is accompanied by a zero cash position and a growing accumulated deficit of $(12,132,885). Current liabilities have increased, driven by higher convertible notes payable, and the company now explicitly states substantial doubt about its ability to continue as a going concern, a significant new risk.

Key Financial Figures

• $0.0001 — hares of the registrant's common stock, $0.0001 par value, issued and outstanding. FIN

Filing Documents

• elite_10q.htm (10-Q) — 759KB
• elite_ex311.htm (EX-31.1) — 10KB
• elite_ex312.htm (EX-31.2) — 10KB
• elite_ex321.htm (EX-32.1) — 4KB
• elite_10qimg2.jpg (GRAPHIC) — 28KB
• 0001477932-25-008346.txt ( ) — 3950KB
• elite-20250930.xsd (EX-101.SCH) — 43KB
• elite-20250930_lab.xml (EX-101.LAB) — 258KB
• elite-20250930_cal.xml (EX-101.CAL) — 36KB
• elite-20250930_pre.xml (EX-101.PRE) — 207KB
• elite-20250930_def.xml (EX-101.DEF) — 114KB
• elite_10q_htm.xml (XML) — 441KB

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. C O N T E N T S Elite Performance Holding Corp. Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited) 4 Consolidated Statements of Stockholders Deficit for the three and nine months ended September 30, 2025 and 2024 (unaudited) 5 Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2025 and 2024 (unaudited) 6 Notes to the Consolidated Financial Statements 7 2 Table of Contents Elite Performance Holding Corp. Consolidated Balance Sheets September 30, December 31, 2025 2024 (Unaudited) ASSETS CURRENT ASSETS Cash $ - $ - Prepaid expenses 14,075 14,069 Total Current Assets 14,075 14,069 Property and equipment, net 21,683 27,515 Right of use asset 60,495 78,075 TOTAL ASSETS $ 96,253 $ 119,659 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable $ 853,045 $ 835,695 Accounts payable and accrued expenses related party 130,209 268,140 Accrued expenses 482,714 309,573 Lease liability - current 22,284 22,110 Advances 21,000 11,000 Convertible notes payable, net 1,621,692 1,272,216 Total Current Liabilities 3,130,944 2,718,734 Longterm Liabilities Lease liability - long-term 45,526 60,364 PPP Loan 95,485 95,485 Total Long-Term Liabilities 141,011 155,849 Total Liabilities 3,271,955 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 September 30, 2025 and December 31, 2024, respectively 1,000 1,000 Common stock; $ 0.0001 par value, 465,000,000 shares authorized, 12,429,646 and 12,063,884 issued and outstanding as of September 30, 2025 and December 31, 2024, respectiv

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View this 10-Q filing on SEC EDGAR