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PROMISSORY NOTES
6 Months Ended
Jun. 30, 2022
Promissory Notes  
PROMISSORY NOTES

NOTE 7 – PROMISSORY NOTES

 

Promissory Notes

 

As of June 30, 2022 and December 31, 2021, promissory notes of $219,854 (principal $186,672 and interest of $33,182) 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 six months ended June 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 Note – Related Party

 

As of June 30, 2022, promissory note – related party of $84,808 (principal $82,740 and interest of $2,068) 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 six months ended June 30, 2021, the Company issued promissory notes – related party of $19,571 for $3,400 to settle accrued liabilities and $16,171 of expenses paid on behalf of the Company.