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PROMISSORY NOTES
3 Months Ended
Mar. 31, 2022
Promissory Notes  
PROMISSORY NOTES

NOTE 6 – PROMISSORY NOTES

 

Promissory Notes

 

As of March 31, 2022 and December 31, 2021, promissory notes of $215,194 (principal $186,672 and interest of $28,522) and $210,527 (principal $186,672 and interest of $23,855), respectively, were outstanding. The promissory notes bears interest of 10% per annum, are unsecured and mature on December 31, 2025.

 

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 Note – Related Party

 

As of March 31, 2022, promissory note – related party of $85,285 (principal $85,285 and interest of $0) and $0, 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 2130555 Ontario Limited, a Company controlled by Nadav Elituv, the Company's Chief Executive Officer.

 

During the three months ended March 31, 2022, the Company issued promissory notes – related party of $85,285 to settle accrued liabilities for consulting fees due to 2130555 Ontario Limited.