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PROMISSORY NOTES
3 Months Ended
Mar. 31, 2024
Promissory Notes  
PROMISSORY NOTES

NOTE 7 – PROMISSORY NOTES

 

Promissory Notes

 

As of March 31, 2024 and December 31, 2023, promissory notes of $252,528 (principal $186,672 and interest of $65,856) and of $247,862 (principal $186,672 and interest of $61,190), 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, 2024 and December 31, 2023, promissory note – related party 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. On February 2, 2023, the Company issued common stock to settle debt – related party with a carrying value of $274,793.