ELITE GROUP INC.

CIK:0001607281|SEC Filings

ELITE GROUP INC. - Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
ELITE GROUP INC. - Statements of Operations - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Statement
Operating expenses	$ 14,500	$ 67,257	$ 26,050	$ 14,259
Professional Fees	44,204	31,920	96,958	94,294
General and Administrative	49,330	35,337	158,672	115,892
TOTAL OPERATING EXPENSES	108,034	67,257	281,680	224,445
LOSS FROM OPERATIONS	(108,034)	(67,257)	(281,680)	(224,445)
OTHER INCOME (EXPENSE)
Interest expense	(696,393)	(143,204)	(1,633,264)	(371,676)
Financing costs	(22,353)	(28,893)	(76,084)	(122,447)
Stock-based financing costs	(75,655)	(32,063)	(76,019)	(134,058)
Loss on settlement of accounts payable and debt extinguishment	(227,457)	(81,883)	(499,685)	(150,696)
Amortization of debt discount	(270,241)	(81,336)	(469,059)	(114,191)
Change of derivative liability	(1,120,578)	311,240	(983,596)	(203,971)
TOTAL OTHER INCOME (EXPENSES)	(2,412,677)	(56,139)	(3,737,707)	(1,097,039)
NET LOSS FROM OPERATIONS	(2,520,711)	(123,396)	(4,019,387)	(1,321,484)
PROVISION FOR INCOME TAXES
Net loss	$ (2,520,711)	$ (123,396)	$ (4,019,387)	$ (1,321,484)
NET LOSS PER SHARE BASIC AND DILUTED	$ (0.01)	$ (0.00)	$ (0.02)	$ (0.09)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED	370,711,300	36,168,150	194,919,277	15,346,244

ELITE GROUP INC. - Statements of Cash Flows - USD ($)	9 Months Ended
ELITE GROUP INC. - Statements of Cash Flows - USD ($)	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net loss	$ (4,019,387)	$ (1,321,484)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2,480
Stock based financing cost	1,063	134,058
Stock issued for services	23,200	51,000
Amortization of original issue discount interest	38,241	15,921
Amortization of debt discount	469,059	177,914
Change in derivative liability	983,596	203,971
Day one loss on derivative	1,467,605	289,118
Loss on extinguishment of debt	354,885	150,696
Loss on accounts payable settlement	144,800
Financing fees - penalty	74,956
Changes in operating assets and liabilities:
Increase in prepaid and other		(25,540)
Increase in accounts payable and accrued expense	30,109	71,386
(Decrease) increase in accrued officer salary	8,900	70,010
Increase in accrued interest	99,655	64,923
Net cash used in operating activities	(320,838)	(118,027)
Investing Activities
Office equipment & computers	(30,573)
Deposit for pending acquisition	(20,000)
Net cash used in investing activities	(50,573)
FINANCING ACTIVITIES
Proceeds from Bank overdraft		147
Proceeds from Convertible Debentures	342,163	108,540
Financing costs		(6,500)
Loans from related party	5,407	15,823
Net cash provided by financing activities	347,570	118,010
NET INCREASE (DECREASE) IN CASH	(23,841)	(17)
Cash, beginning of period	27,222	17
Cash, end of period	3,381
Supplemental Disclosure of Cash Flow Information
Interest paid
Income taxes paid
NONCASH INVESTING
Conversion of note payable to common stock	174,883
Note issued for deposit of pending acquisition	105,000
Issuance of common stock payable	11,250
Discount on convertible debt	650,481	79,401
Settlement of accounts payable with common stock	101,000	56,000
Resolutions of derivative liability	514,681	$ 78,556
Common stock issued for cashless warrant exercise	$ 54,349

ELITE GROUP INC. - Balance Sheets - USD ($)

Dec. 31, 2017

Mar. 31, 2017

Current Assets:

Cash

$ 3,381

$ 27,222

Total Current Assets

3,381

27,222

Deposit

^[1]

125,000

Fixed assets

^[2]

97,093

69,000

TOTAL ASSETS

225,474

96,222

Current liabilities:

Accounts payable and accrued expenses

23,724

94,615

Convertible debenture and accrued interest

^[3]

1,001,166

697,456

Derivative liability

3,938,130

1,351,129

Accrued officer salary

103,910

95,010

Advances, related party

30,324

24,917

TOTAL LIABILITIES

5,097,254

2,263,127

Stockholders' Deficit

Series A Preferred stock

^[4]

22,240

Common stock

^[5]

460,312

89,960

Common stock payable

249,931

260,118

Additional paid-in capital

17,133,242

16,178,895

Accumulated deficit

(22,737,505)

(18,718,118)

Total Stockholders' Deficit

(4,871,780)

(2,166,905)

Total Liabilities and Stockholders' Deficit

$ 225,474

$ 96,222

[1]	For pending acquisition
[2]	Net of accumulated depreciation
[3]	Net, as of December 31, 2017 and March 31, 2017, respectively.
[4]	$0.001 par value, 1,000,000 shares authorized, 1,000 shares issued and outstanding as of December 31, 2017 and March 31, 2017, respectively.
[5]	$0.001 par value, 9,999,000,000 shares authorized, 460,312,687 and 89,960,093 shares issued and outstanding as of December 31, 2017 and March 31, 2017, respectively.