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PROMISSORY NOTES
12 Months Ended
Dec. 31, 2021
Promissory Notes  
PROMISSORY NOTES

NOTE 6 – PROMISSORY NOTES

 

Promissory Notes

 

As of December 31, 2021 and 2020, promissory notes of $210,527 (principal $186,672 and interest of $23,855) 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 year ended December 31, 2021, the Company issued promissory notes of $136,379 for $19,137 of cash advanced to the Company and $91,192 to settle notes payable and $26,050 to settle accounts payable. The Company issued shares of Series B Convertible Preferred Stock with a fair value of $27,022 to settle a promissory note and accrued interest. Promissory note holders on June 29, 2021 agreed to extend the maturity of notes to December 31, 2025.

Promissory Notes – Related Party

 

As of December 31, 2021 and 2020, promissory notes – related party of $0 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. The Company issued shares of Series A Convertible Preferred Stock with a fair value of $229,885 to settle promissory notes and accrued interest.

 

During the year ended December 31, 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.