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Note 5 - Due To Related Party
12 Months Ended
Dec. 31, 2017
Notes  
Note 5 - Due To Related Party

NOTE 5 – DUE TO RELATED PARTY

 

As of December 31, 2017 and December 31, 2016 advances of $41,734 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 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 25,000 shares of Common Stock of the Company with a fair value of $5,000 ($0.20 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 7,500 shares of Common Stock of the Company with a fair value of $1,500 ($0.20 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 years ended December 31, 2017 and 2016 is $463,750 and $3,250, respectively. Stock-based compensation – salaries expense is recognized ratably over the requisite service period.