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NOTE 5 –LOANS PAYABLE
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
NOTE 5 –LOANS PAYABLE

NOTE 5 –LOANS PAYABLE

 

Loans payable at June 30, 2021 and December 31, 2020 consisted of the following:

 

  June 30,
 2021		  December 31,
2020		  Term 

Interest

 rate

Unique Funding Solutions_2 $—     $2,000   Note was issued on October 12, 2018 and due on January 17, 2019   28.6%
YES LENDER LLC 3  —      5,403   Note was issued on August 3, 2020 and due on January 12, 2021   26.0%
Advance Service Group LLC  —      12,143   Note was issued on October 20, 2020, 2020 and due on February 19, 2021   29.0%
Apollo Management Group, Inc  —      63,158   Note was issued on March 18, 2020 and due on December 15, 2020   12.0%
Apollo Management Group, Inc 2  —      68,421   Note was issued on March 25, 2020 and due on December 15, 2020   12.0%
Apollo Management Group, Inc 3  —      66,316   Note was issued on April 1, 2020 and due on October 1, 2021   12.0%
Apollo Management Group, Inc 4  —      73,684   Note was issued on April 2, 2020 and due on October 2, 2021   12.0%
Apollo Management Group, Inc 5  —      36,842   Note was issued on April 7, 2020 and due on October 7, 2021   12.0%
Apollo Management Group, Inc 6  —      84,211   Note was issued on April 15, 2020 and due on October 15, 2021   12.0%
Apollo Management Group, Inc 7  —      55,000   Note was issued on April 20, 2020 and due on December 15, 2020   12.0%
Apollo Management Group, Inc 14  —      32,432   Note was issued on December 4, 2020 and due on January 4, 2021   12.0%
Labrys Fund  —      280,000   Note was issued on June 26, 2020 and due on April 1, 2021   12.0%
M2B Funding Corp  —      300,000   Note was issued on September 1, 2020 and due on September 1, 2021   12.0%
M2B Funding Corp 1  —      77,778   Note was issued on December 10, 2020 and due on January 9, 2021   22.0%
M2B Funding Corp 2  —      27,778   Note was issued on December 18, 2020 and due on January 17, 2021   22.0%
M2B Funding Corp 3  —      55,556   Note was issued on December 24, 2020 and due on January 23, 2021   22.0%
M2B Funding Corp 4  —      111,111   Note was issued on December 30, 2020 and due on January 29, 2021   22.0%
Martus  103,824    108,609   Note was issued on October 23, 2018 and due on January 3, 2022   5.0%
Swisspeers AG  28,546    49,187   Note was issued on April 8, 2019 and due on October 4, 2022   7.0%
Darlene Covid19  108,060    113,040   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Total  240,430    1,622,669        
Less: Unamortized debt discount  —      (19,221)       
Total loans payable  240,430    1,603,448        
Less: Current portion of loans payable  (103,824)   (1,332,612)       
Long-term loans payable $136,606   $270,836        

 

 

Loans payable to related parties at June 30, 2021 and December 31, 2020 consisted of the following:

 

  June 30,  December 31,     Interest
  2021  2020  Term  rate
Alonso Van Der Biest $30,000   $80,200   Note was issued on June 12, 2015 and due on July 31, 2021   16.5%
Alvaro Quintana  —      10,587   Note was issue on September 30, 2016 and due on September 29, 2019   0%
49% of Shareholder of SwissLink  883,068    1,737,512   Note is due on demand   0%
49% of Shareholder of SwissLink  216,120    226,080   Note is due on demand   5%
Total  1,129,188    2,054,379        
Less: Current portion of loans payable  1,129,188    2,054,379        
Long-term loans payable $—     $—          

 

 

During the six months ended June 30, 2021, the related party loan of $807,103 (Euro 735,000) was forgiven and the Company recorded it as additional paid in capital.

 

During the six months ended June 30, 2021 and 2020, the Company borrowed from third parties totaling $444,444 and $760,139, which includes original issue discount and financing costs of $44,444 and $28,579 and repaid the principal amount of $321,609 and $321,609, respectively.

 

During the six months ended June 30, 2021 and 2020, the Company recorded interest expense of $172,701 and $85,172 and recognized amortization of discount, included in interest expense, of $63,666 and $18,877, respectively.

 

During the six months ended June 30, 2021, the Company settled loans payable of $1,516,667 by 2,230,394 shares of common stock valued at $2,056,530. As a result, the Company recorded loss on settlement of debt of $539,863.