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NOTE 6 –LOANS PAYABLE
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
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.

 

 

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.