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NOTE 7 –LOANS PAYABLE
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
NOTE 7 –LOANS PAYABLE

NOTE 6 –LOANS PAYABLE

 

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

 

   March 31,  December 31,     Interest
   2023  2022  Term  rate
Martus  $95,407   $94,342   Note was issued on October 23, 2018 and due on January 2, 2024   5.0%
Darlene Covid19   100,255    108,150   Note was issued on April 1, 2020 and due on March 31, 2025   

0.0%

Total   195,662    202,492        
Less: Unamortized debt discount   —      —          
Total loans payable   195,662    202,492        
Less: Current portion of loans payable   (95,407)   (94,342)       
Long-term loans payable  $100,255   $108,150        

 

 

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

 

   March 31,  December 31,     Interest
   2023  2022  Term  rate
49% of Shareholder of SwissLink  $19,870   $19,649   Note is due on demand   0%
49% of Shareholder of SwissLink   218,740    216,300   Note is due on demand   5%
Total   238,610    235,949        
Less: Current portion of loans payable   238,610    235,949        
Long-term loans payable  $—     $—          

 

During the three months ended March 31, 2023 and 2022, the Company recorded interest expense of $3,645 and $7,481 and recognized amortization of discount, included in interest expense, of $0 and $7,407 , respectively.

 

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.