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Related Party Transactions
6 Months Ended
Jun. 30, 2020
Related Party Transactions  
Related Party Transactions

NOTE 9 – RELATED PARTY TRANSACTIONS

 

As of June 30, 2020, and December 31, 2019, advances and accrued salary of $54,978 and $17,840, 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. During the six months ended June 30, 2020, the Company issued advances due to related party of $55,758 for expenses paid on behalf of the Company, cash received of $5,195, and Company repaid advance due to related party with $23,815 in cash.

 

Employment Agreements

 

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 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.

 

On September 10, 2019, the Company executed an employment agreement for the period from July 1, 2019 to June 30, 2020 with Nadav Elituv, the Chief Executive Officer of the Company whereby the Company shall pay 50,000 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. On November 1, 2019, this employment agreement was amended to include additional stock-based compensation comprising of 30,000 shares of Series A Convertible Preferred Stock. On December 20, 2019, January 29, 2020, February 28, 2020, March 30, 2020 and April 30, 2020 the employment agreement was further amended to include additional stock-based compensation comprising of 873,609 shares, 1,000,000 shares, 1,000,000 shares, 2,500,000 shares and 2,000,000 shares of common stock of the Company, respectively.

 

Stock-based compensation – salaries expense related to these employment agreements for the six months ended June 30, 2020 and 2019 is $334,200 and $557,826, respectively. Stock-based compensation – salaries expense was recognized ratably over the requisite service period.