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NOTE 7 –LOANS PAYABLE
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
NOTE 7 –LOANS PAYABLE

NOTE 7 –LOANS PAYABLE

 

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

 

   December 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   94,342    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   108,150    109,690   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Total   202,492    442,151         
Less: Unamortized debt discount   —      (7,406)        
Total loans payable   202,492    434,745         
Less: Current portion of loans payable   (94,342)   (315,450)        
Long-term loans payable  $108,150   $119,295         

 

 

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

 

   December 31,  December 31,     Interest
   2022  2021  Term  rate
49% Shareholder of SwissLink  $19,649   $19,929   Note is due on demand   0%
49% Shareholder of SwissLink   216,300    219,379   Note is due on demand   5%
Total   235,949    239,308         
Less: Current portion of loans payable   (235,949)   (239,308)        
Long-term loans payable  $—     $—           

 

During the years ended December 31, 2022 and 2021, the Company borrowed from third parties totaling $0 and $600,000, which includes original issue discount and financing costs of $0 and $66,666 and repaid the principal amount of $232,018 and $344,483, respectively.

 

During the years ended December 31, 2022 and 2021, the Company recorded interest expense of $22,234 and $191,281 and recognized amortization of discount, included in interest expense, of $7,407 and $78,481, respectively.

 

During the year ended December 31, 2021, a $1,647,150 (CHF 1,518,909) related party loan was forgiven 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.