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NOTE 7 –LOANS PAYABLE
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
NOTE 7 –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  $—     $—   

 

 

NOTE 7 –LOANS PAYABLE

 

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

                           
    December 31,    December 31,       Interest
    2021    2020   Term  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, 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%
Bridge Loan   222,222    —     Note was issued on November 1, 2021 and due on January 30, 2022   18.0%
Martus   100,634    108,609   Note was issued on October 23, 2018 and due on January 3, 2022   5.0%
Swisspeers AG   9,605    49,187   Note was issued on April 8, 2019 and due on October 4, 2022   7.0%
Darlene Covid19   109,690    113,040   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Total   442,151    1,622,669        
Less: Unamortized debt discount   (7,406)   (19,221)       
Total loans payable   434,745    1,603,448        
Less: Current portion of loans payable   315,450    1,332,612        
Long-term loans payable  $119,295   $270,836        

 

 

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

                 
   December 31,  December 31,
   2021  2020
Alonso Van Der Biest  $—     $80,200 
Alvaro Quintana   —      10,587 
49% of Shareholder of SwissLink   19,929    1,737,512 
49% of Shareholder of SwissLink   219,379    226,080 
Total   239,308    2,054,379 
Less: Current portion of loans payable   239,308    2,054,379 
Long-term loans payable  $—     $—   

 

During the years ended December 31, 2021 and 2020, the Company borrowed from third parties totaling $600,000 and $1,239,620, which includes original issue discount and financing costs of $66,666 and $63,970 and repaid the principal amount of $344,483 and $969,664, respectively.

 

During the years ended December 31, 2021 and 2020, the Company recorded interest expense of $191,281 and $77,101 and recognized amortization of discount, included in interest expense, of $78,481 and $44,749, respectively.

 

During the year ended December 31, 2021, the related party loan of $1,647,150 (CHF 1,518,909) was swapped into capital and the Company recorded it as additional paid in capital.

 

During the year ended December 31, 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.