XML 25 R12.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
NOTE 6 –LOANS PAYABLE
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
NOTE 6 –LOANS PAYABLE

NOTE 6 –LOANS PAYABLE

 

Loans payable at March 31, 204 and December 31, 2023 consisted of the following:

 

   March 31,  December 31,     Interest
   2024  2023  Term  rate
Martus  $103,738   $103,738   Note was issued on October 23, 2018 and due on June 30, 2024   5.0%
Darlene Covid19   90,214    99,099   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 paid in full in March 2024   24.0%
Total   193,952    367,837         
Less: Unamortized debt discount   —      (3,750)        
Total loans payable   193,952    364,087         
Less: Current portion of loans payable   (103,738)   (264,988)        
Long-term loans payable  $90,214   $99,099         

 

 

During the three months ended March 31, 2024 and 2023, the Company repaid the principal amount of $8,885 and $9,006, respectively.

 

During the three months ended March 31, 2024, the Company settled principal amount and accrued interest of a note payable issued in April 2023 by issuing 1,770,000 shares of common stock. As a result, the Company recorded a loss on settlement of debt of $102,660.

  

Loans payable - related parties at March 31, 204 and December 31, 2023 consisted of the following:

 

   March 31,  December 31,     Interest
   2024  2023  Term  rate
49% of Shareholder of SwissLink  $21,606   $21,606   Note is due on demand   0%
49% of Shareholder of SwissLink   237,841    237,841   Note is due on demand   5%
Total   259,447    259,447         
Less: Current portion of loans payable - related parties   259,447    259,447         
Long-term loans payable - related parties  $—     $—           

 

During the three months ended March 31, 2024 and 2023, the Company recorded interest expense of $9,053 and $3,645 and recognized amortization of discount, included in interest expense, of $3,750 and $0, respectively.