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

NOTE 5 – LOANS PAYABLE

 

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

 

   September 30,  December 31,      
   2021  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   102,911    108,609   Note was issued on October 23, 2018 and due on January 3, 2022   5.0%
Swisspeers AG   18,913    49,187   Note was issued on April 8, 2019 and due on October 4, 2022   7.0%
Darlene Covid19   107,111    113,040   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Total   228,935    1,622,669        
Less: Unamortized debt discount   —      (19,221)       
Total loans payable   228,935    1,603,448        
Less: Current portion of loans payable   (102,911)   (1,332,612)       
Long-term loans payable  $126,024   $270,836        

 

 

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

 

   September 30,  December 31,
   2021  2020
Alonso Van Der Biest  $—     $80,200
Alvaro Quintana   —      10,587
49% of Shareholder of SwissLink   879,682    1,737,512
49% of Shareholder of SwissLink   214,220    226,080
Total   1,093,902    2,054,379
Less: Current portion of loans payable   1,093,902    2,054,379
Long-term loans payable  $—     $—  

 

During the nine months ended September 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 nine months ended September 30, 2021 and 2020, the Company borrowed from third parties totaling $444,444 and $967,596, which includes original issue discount and financing costs of $44,444 and $34,316 and repaid the principal amount of $331,150 and $607,447, respectively.

 

During the nine months ended September 30, 2021 and 2020, the Company recorded interest expense of $179,504 and $180,843 and recognized amortization of discount, included in interest expense, of $63,666 and $33,842, respectively.

 

During the nine months ended September 30, 2021, the Company settled loans payable of $1,516,667 by issuing 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.