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PROMISSORY NOTES
9 Months Ended
Sep. 30, 2024
Promissory Notes  
PROMISSORY NOTES

NOTE 7 – PROMISSORY NOTES

 

Promissory Notes

 

On September 9, 2024, the Company issued promissory notes with principal of $240,926 to settle notes payable, promissory notes and accrued interest. The promissory notes bears interest of 10% per annum, are unsecured and mature on December 31, 2025. At the option of the Company, outstanding principal and interest may be paid in cash or in shares of common stock of the Company valued at the closing price OTC Pink markets prior to the date of conversion. During the nine months ended September 30, 2024, the Company elected to settle $17,500 of principal and interest of promissory notes by issuing 175,000,000 shares of common stock of the Company with a fair value of $17,500. As of September 30, 2024 and December 31, 2023, promissory notes of $224,801 (principal $223,426 and interest of $1,375) and of $0 (principal $0 and interest of $0), respectively, were outstanding.

 

As of September 30, 2024 and December 31, 2023, promissory notes of $26,064 (principal $19,217 and interest of $6,847) 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. On September 9, 2024, promissory notes which totaled $234,843 (principal $167,455 and interest of $67,388) were settled by exchanging these promissory notes for new promissory notes.

 

Promissory Notes – Related Party

 

As of September 30, 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 promissory note – related party and interest with a carrying value of $85,922.