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

NOTE 6 –LOANS PAYABLE

 

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

 

   September 30,  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   93,204    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 originally due on October 4, 2022   7.0%
Darlene Covid19   101,590    109,690   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Total   194,794    442,151        
Less: Unamortized debt discount   —      (7,406)       
Total loans payable   194,794    434,745        
Less: Current portion of loans payable   (93,204)   (315,450)       
Long-term loans payable  $101,590   $119,295        

 

 

During the nine months ended September 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 $331,150, respectively.

 

During the nine months ended September 30, 2022 and 2021, the Company recorded interest expense of $22,417 and $179,504 and recognized amortization of discount, included in interest expense, of $7,406 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.

 

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

 

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

 

   September 30,  December 31,
   2022  2021
49% of Shareholder of SwissLink  $18,457   $19,929 
49% of Shareholder of SwissLink   203,180    219,379 
Total   221,637    239,308 
Less: Current portion of loans payable –related parties   221,637    239,308 
Long-term loans payable – related parties  $—     $—