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NOTE 6 –LOANS PAYABLE
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
NOTE 6 –LOANS PAYABLE

NOTE 6 –LOANS PAYABLE

 

Loans payable at June 30, 2022 and December 31, 2021 consisted of the following:

 

   June 30,  December 31,    
   2022  2021  Term  Interest rate
Bridge Loan  $—     $222,222   Note was issued on November 1, 2020 and due on January 30, 2022   18.0%
Martus   96,185    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   104,840    109,690   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Total   201,025    442,151        
Less: Unamortized debt discount   —      (7,406)       
Total loans payable   201,025    434,745        
Less: Current portion of loans payable   (96,185)   (315,450)       
Long-term loans payable  $104,840   $119,295        

 

During the six months ended June 30, 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 $321,609, respectively.

 

During the six months ended June 30, 2022 and 2021, the Company recorded interest expense of $18,724 and $172,701 and recognized amortization of discount, included in interest expense, of $7,407 and $63,666, respectively. In 2021, the Company recorded interest expense from convertible notes of $33,430 and recognized amortization of discount, included in interest expense, of $372,290.

 

Loans payable to related parties at June 30, 2022 and December 31, 2021 consisted of the following:

 

   June 30,  December 31,    
   2022  2021  Term  Interest rate
49% of Shareholder of SwissLink  $19,047   $19,929   Note is due on demand   0%
49% of Shareholder of SwissLink   209,680    219,379   Note is due on demand   5%
Total   228,727    239,308        
Less: Current portion of loans payable   228,727    239,308        
Long-term loans payable  $—     $—