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PROMISSORY NOTES
9 Months Ended
Sep. 30, 2021
PROMISSORY NOTES  
NOTE 5 - PROMISSORY NOTES

NOTE 5 – PROMISSORY NOTES

 

Promissory Notes

 

As of September 30, 2021 and December 31, 2020, promissory notes of $232,561 (principal $212,722 and interest of $19,839) 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, 2025.  

 

During the nine months ended September 30, 2021, the Company issued promissory notes of $136,459 for $19,217 of cash advanced to the Company and $91,192 to settle notes payable and $26,050 to settle accounts payable. Promissory notes holders on June 29, 2021 agreed to extend the maturity of notes to December 31, 2025.

 

Promissory Notes – Related Party

 

As of September 30, 2021 and December 31, 2020, promissory notes – related party of $227,512 (principal $192,447 and interest of $35,065) 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, 2025 and are due to Nadav Elituv, the Company's Chief Executive Officer.

 

During the nine months ended September 30, 2021, the Company issued promissory notes – related party of $19,572 for $3,400 to settle accrued liabilities and $16,172 of expenses paid on behalf of the Company. Promissory notes - related party holder on June 29, 2021 agreed to extend the maturity of notes to December 31, 2025.