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RELATED PARTIES
12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 8 - RELATED PARTIES

 

On May 15, 2019, the Company issued two unsecured promissory notes (each, a “Note” and collectively the “Notes”) in the aggregate principal amount of $100,000 to two related parties. $20,000 and $30,000 of the funds were received by the Company on March 22, 2019, and April 4, 2019, respectively. The balance of the funds was received in May 2019. Each Note accrues interest at a rate of 6% per annum until the Note is repaid in full. All payments of principal, interest and other amounts under each Note are payable by June 30, 2021 In addition, On November 4, 2021, the Company issued an unsecured promissory notes (each, a “Subsequent Note” and collectively the “Subsequent Notes”) in the aggregate principal amount of $30,000, with original issuance date of August 15, 2021. Each Note accrues interest at a rate of 10% per annum until the Note is repaid in full. All payments of principal, interest and other amounts under each Note are payable by December 19, 2021. The proceeds of the Notes were used by the Company for general working capital purposes. Related parties also includes $14,000 of Company operating expenses which were paid for by Nadav Kidron.