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

NOTE 6 –LOANS PAYABLE

 

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

 

   September 30,  December 31,    
   2023  2022  Term  Interest rate
Martus  $95,279   $94,342   Note was issued on October 23, 2018 and due on January 2, 2024   5.0%
Darlene Covid19   91,018    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   351,297    202,492         
Less: Unamortized debt discount   (7,500)    —          
Total loans payable   343,797    202,492         
Less: Current portion of loans payable   (252,779)   (94,342)        
Long-term loans payable  $91,018   $108,150         

  

 

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

 

   September 30,  December 31,    
   2023  2022  Term  Interest rate
49% of Shareholder of SwissLink  $19,844   $19,649   Note is due on demand   0%
49% of Shareholder of SwissLink   218,447    216,300   Note is due on demand   5%
Total   238,291    235,949         
Less: Current portion of loans payable   238,291    235,949         
Long-term loans payable  $—     $—           

 

 

During the nine months ended September 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 nine months ended September 30, 2023 and 2022, the Company recorded interest expense of $19,250 and $22,417 and recognized amortization of discount, included in interest expense, of $7,500 and $7,406, respectively.