XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.1
NOTE 5 –LOANS PAYABLE
 3 Months Ended
Mar. 31, 2022
Note 5 Loans Payable  
NOTE 5 –LOANS PAYABLE

NOTE 5 –LOANS PAYABLE

 

Loans payable at March 31, 2022 and December 31, 2021 consisted of the following:

 

   March 31,  December 31,     Interest
   2022  2021  Term  rate
Bridge Loan  $—     $222,222   Note was issued on November 1, 2020 and due on January 30, 2022   18.0%
Martus   99,488    100,634   Note was issued on October 23, 2018 and due on January 3, 2023   5.0%
Swisspeers AG   —      9,605   Note was issued on April 8, 2019 and due on October 4, 2022   7.0%
Darlene Covid19   108,440    109,690   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Total   207,928    442,151        
Less: Unamortized debt discount   —      (7,406)       
Total loans payable   207,928    434,745        
Less: Current portion of loans payable   (99,488)   (315,450)       
Long-term loans payable  $108,440   $119,295        

 

 

During the three months ended March 31, 2022 and 2021, the Company borrowed from third parties totaling $0 and $444,444, which includes original issue discount and financing costs of $0 and $44,444 and repaid the principal amount of $232,018 and $309,082, respectively.

 

During the three months ended March 31, 2022 and 2021, the Company recorded interest expense of $7,481 and $162,459 and recognized amortization of discount, included in interest expense, of $7,407 and $63,666, respectively.

 

Loans payable to related parties at March 31, 2022 and December 31, 2021 consisted of the following:

 

   March 31,  December 31,     Interest
   2022  2021  Term  rate
49% of Shareholder of SwissLink  $19,701   $19,929   Note is due on demand   0%
49% of Shareholder of SwissLink   216,880    219,379   Note is due on demand   5%
Total   236,581    239,308        
Less: Current portion of loans payable   236,581    239,308        
Long-term loans payable  $—     $—