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NOTE 6 –LOANS PAYABLE
 6 Months Ended
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.