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NOTE 6 –LOANS PAYABLE | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
NOTE 6 –LOANS PAYABLE | NOTE 6 –LOANS PAYABLE Loans payable at June 30, 2024 and December 31, 2023 consisted of the following:
|  | June 30, |  | December 31, |  |  |  | Interest
|  | 2024 |  | 2023 |  | Term |  | rate
Martus |  | $ | 103,738 |  |  | $ | 103,738 |  |  | Note was issued on October 23, 2018 and due on January 2, 2025 |  |  | 5.0 | %
Darlene Covid19 |  |  | 89,866 |  |  |  | 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 due on April 4, 2024 |  |  | 24.0 | %
Future receipts loan |  |  | 552,080 |  |  |  | — |  |  | Loan was issued April 23, 2023 and due in February 26, 2025 |  |  | Effective rate (1) 98.9 | %
Promissory note payable |  |  | 217,391 |  |  |  | — |  |  | Note was issued June 11, 2024 and due on June 11, 2025 |  |  | 2.0 | %
Promissory note payable - acquisition of QXTEL |  |  | 1,725,000 |  |  |  | — |  |  | Note was issued April 1, 2024 and due on June 30, 2025 |  |  | 4.89 | %
Total |  |  | 2,688,075 |  |  |  | 367,837 |  |  |  |  |  |  |
Less: Unamortized debt discount |  |  | (143,197 | ) |  |  | (3,750 | ) |  |  |  |  |  |
Total loans payable |  |  | 2,544,878 |  |  |  | 364,087 |  |  |  |  |  |  |
Less: Current portion of loans payable |  |  | (2,544,878 | ) |  |  | (264,988 | ) |  |  |  |  |  |
Long-term loans payable |  | $ | — |  |  | $ | 99,099 |  |  |  |  |  |  |
| (1) | The purchase price is $504,575, net of financing fee of $10,425, and the amount to be paid is $690,100. The monthly payment amount is $69,010.
During the six months ended June 30, 2024 and 2023, the Company repaid the principal amount of $147,253 and $9,006, respectively. During the six months ended June 30, 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 June 30, 2024 and December 31, 2023 consisted of the following:
|  | June 30, |  | 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 | %
Minority Shareholder of QXTEL |  |  | 833,319 |  |  |  | — |  |  | Note is due on October 1, 2025 |  |  | 4.89 | %
Total |  |  | 1,092,766 |  |  |  | 259,447 |  |  |  |  |  |  |
Less: Current portion of loans payable - related parties |  |  | 1,092,766 |  |  |  | 259,447 |  |  |  |  |  |  |
Long-term loans payable - related parties |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
During the six months ended June 30, 2024 and 2023, the Company recorded interest expense of $47,665 and $9,460 and recognized amortization of discount, included in interest expense, of $68,519 and $3,750, respectively.

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