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Current Liabilities
9 Months Ended
Sep. 30, 2024
Current Liabilities [Abstract]  
CURRENT LIABILITIES

NOTE 6. CURRENT LIABILITIES

 

Accounts Payable

 

Current liabilities with a total of $5,303K as of September 30, 2024, include accounts payable of $1,818K with aging as per below and related parties amounting to $203K.  

 

Accounts Payables Ageing  September 30,
2024
(Not Reviewed)
(U.S. dollars in
thousands)
 
     
0-30 days   93 
31-60 days   44 
61-90 days   30 
+90 days   1,651 
Total   1,818 

 

Related Parties Payable

 

   September 30,
2024
   December 31,
2023
 
   (U.S. dollars in thousands) 
Ilustrato Pictures International Inc.   217    0 
Related parties payable due to previous CEO   (14)   193 
Total   203    193 

  

On March 28, 2024, the company entered into an Asset Purchase Agreement of the luggage company’s legacy assets with Atara Feiglin Dzikowski. The legacy assets had an audited book value of $78,754.69 as of December 31, 2023, consisting of luggage inventory and cash or cash equivalents. The consideration paid by the Buyer for the sale of the legacy assets was a cancellation of 1,666,666 common stock granted for consultancy in an agreement dated January 8, 2024. Further, a liability of $186,200 to Ms. Dzikowski was settled as part of the consideration for the legacy assets purchase and removal of liability for design boxes amounting to $7,500.