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Note 5 - Related Party Transactions
9 Months Ended
Sep. 30, 2017
Notes  
Note 5 - Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

 

As of September 30, 2017 and December 31, 2016 advances of $43,878 and $14,799, respectively, were due to Nadav Elituv, the Company's Chief Executive Officer. The balance is non-interest bearing, unsecured and have no specified terms of repayment.

 

Employment Agreements

 

On July 1, 2015, the Company executed an employment agreement with Nadav Elituv, the Chief Executive Officer of the Company whereby the Company shall pay 50,000,000 shares of Common Stock with a fair value of $5,000 ($0.0001 per share) of the Company and an annual salary of $360,000 payable monthly on the first day of each month from available funds.

 

On July 1, 2015, the Company executed an employment agreement for the period from July 1, 2015 to June 30, 2016 with Nadav Elituv, the Chief Executive Officer of the Company whereby the Company shall pay 50,000,000 shares of Common Stock of the Company with a fair value of $5,000 ($0.0001 per share) and an annual salary of $360,000 payable monthly on the first day of each month from available funds.

 

On July 1, 2016, the Company executed an employment agreement for the period from July 1, 2016 to June 30, 2017 with Nadav Elituv, the Chief Executive Officer of the Company whereby the Company shall pay 15,000,000 shares of Common Stock of the Company with a fair value of $1,500 ($0.0001 per share) and an annual salary of $360,000 payable monthly on the first day of each month from available funds.

 

On July 1, 2017, the Company executed an employment agreement for the period from July 1, 2017 to June 30, 2018 with Nadav Elituv, the Chief Executive Officer of the Company whereby the Company shall pay 10,000,000 shares of Common Stock of the Company with a fair value of $926,000 ($0.0926 per share).

 

Stock-based compensation – salaries expense related to these employment agreements for the three and nine months ended September 30, 2017 and 2016 is $231,500 and $375 and $232,250 and $2,875, respectively. Stock-based compensation – salaries expense is recognized ratably over the requisite service period.