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NOTE 6 –LOANS PAYABLE
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
NOTE 6 –LOANS PAYABLE

NOTE 6 –LOANS PAYABLE

 

Loans payable as of June 30, 2023 and December 31, 2022 consisted of the following:

 

   June 30,  December 31,     Interest
   2023  2022  Term  rate
Martus  $97,465   $94,342   Note was issued on October 23, 2018 and due on January 2, 2024   5.0%
Darlene Covid19   102,418    108,150   Note was issued on April 1, 2020 and due on March 31, 2025   0.0%
Promissory note payable   165,000    —     Note was issued April 4, 2023 and due on April 4, 2024   24.0%
Total   364,883    202,492         
Less: Unamortized debt discount   (11,250)   —           
Total loans payable   353,633    202,492         
Less: Current portion of loans payable   (251,215)   (94,342)        
Long-term loans payable  $102,418   $108,150         

 

 

Loans payable - related parties as of June 30, 2023 and December 31, 2022 consisted of the following:

 

   June 30,  December 31,     Interest
   2023  2022  Term  rate
49% of Shareholder of SwissLink  $20,299   $19,649   Note is due on demand   0%
49% of Shareholder of SwissLink   223,460    216,300   Note is due on demand   5%
Total   243,759    235,949         
Less: Current portion of loans payable   243,759    235,949         
Long-term loans payable  $—     $—           

 

 

During the six months ended June 30, 2023, the Company borrowed from a third party totaling $165,000, which includes original issue discount and financing costs of $15,000.

 

During the six months ended June 30, 2023 and 2022, the Company recorded interest expense of $9,460 and $18,724 and recognized amortization of discount, included in interest expense, of $3,750 and $7,407, respectively.