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Related Party Transactions
6 Months Ended
Jun. 30, 2019
Related Party Transactions  
Related Party Transactions

NOTE 8 – RELATED PARTY TRANSACTIONS

 

As of June 30, 2019 and 2018, advances and accrued salary of $185,160 and $52,671, respectively, were due to Nadav Elituv, the Company's Chief Executive Officer. The balance is non-interest bearing, unsecured and have no specified terms of repayment.

 

Employment Agreements

 

On July 1, 2017, the Company executed an employment agreement for the period from July 1, 2017 to June 30, 2018 with Nadav Elituv, the Chief Executive Officer of the Company whereby the Company shall pay 20,000 shares of Common Stock of the Company with a fair value of $926,000 ($46.30 per share).

 

On September 10, 2018, the Company executed an employment agreement for the period from July 1, 2018 to June 30, 2019 with Nadav Elituv, the Chief Executive Officer of the Company whereby the Company shall pay 50,000,000 shares of Common Stock of the Company and an annual salary of $151,200 payable monthly on the first day of each month from available funds.

 

Stock-based compensation – salaries expense related to these employment agreements for the six months ended June 30, 2019 and 2018 is $557,826 and $463,000, respectively. Stock-based compensation – salaries expense is recognized ratably over the requisite service period.