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Note 5 - Related Party Transactions
3 Months Ended
Mar. 31, 2018
Notes  
Note 5 - Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

 

As of March 31, 2018 and December 31, 2017 advances of $23,359 and $41,734, 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, 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 three months ended March 31, 2018 and 2017 is $231,500 and $375, respectively. Stock-based compensation – salaries expense is recognized ratably over the requisite service period.