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Promissory Notes
3 Months Ended
Mar. 31, 2021
Promissory Notes  
Promissory Notes

NOTE 5 – PROMISSORY NOTES

 

Promissory Note

 

As of March 31, 2021 and December 31, 2020, promissory notes of $130,089 (principal $118,527 and interest of $11,562) and $85,796 (principal $76,263 and interest of $9,533), respectively, were outstanding. The promissory notes bears interest of 10% per annum, are unsecured and mature on December 31, 2021 and December 31, 2022. During the three months ended March 31, 2021, the Company issued promissory notes of $19,217 for cash and $23,047 to settle notes payable.

Promissory Notes – Related Party

 

As of March 31, 2021 and December 31, 2020, promissory notes – related party of $198,807 (principal $172,876 and interest of $25,931) and $194,485 (principal $172,876 and interest of $21,609), respectively, were outstanding. The promissory notes – related party bear interest of 10% per annum, are unsecured, mature on December 31, 2021 and are due to Nadav Elituv, the Company's Chief Executive Officer.