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PROMISSORY NOTES
3 Months Ended
Mar. 31, 2023
Promissory Notes  
PROMISSORY NOTES

NOTE 7 – PROMISSORY NOTES

 

Promissory Notes

 

As of March 31, 2023 and December 31, 2022, promissory notes of $233,861 (principal $186,672 and interest of $47,189) and $229,194 (principal $186,672 and interest of $42,522), respectively, were outstanding. The promissory notes bears interest of 10% per annum, are unsecured and mature on December 31, 2025.

 

Promissory Notes – Related Party

 

As of March 31, 2023 and December 31, 2022, promissory note – related party of $712 (principal $0 and interest of $712) and $84,377 (principal $78,490 and interest of $5,887), 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. On February 2, 2023, the Company issued common stock to settle promissory note – related party and interest with a carrying value $85,922 (Note 10).