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NOTE 6 –LOANS PAYABLE | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
NOTE 6 –LOANS PAYABLE | NOTE 6 –LOANS PAYABLE Loans payable at September 30, 2024 and December 31, 2023 consisted of the following:
|  | September 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 |  |  | 80,019 |  |  |  | 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 | %
Promissory note payable |  |  | 217,391 |  |  |  | — |  |  | Note was issued June 11, 2024 and due on June 11, 2025 |  |  | 2.0 | %(2)
Promissory note payable - acquisition of QXTEL |  |  | 1,500,000 |  |  |  | — |  |  | Note was issued April 1, 2024 and due on June 30, 2025 |  |  | 4.89 | %
Promissory note payable |  |  | 271,739 |  |  |  | — |  |  | Note was issued July 16, 2024 and due on July 16, 2025 |  |  | 2.0 | %(2)
Promissory note payable |  |  | 271,739 |  |  |  | — |  |  | Note was issued July 31, 2024 and due on July 31, 2025 |  |  | 2.0 | %(2)
Promissory note payable |  |  | 190,217 |  |  |  | — |  |  | Note was issued September 23, 2024 and due on September 23, 2025 |  |  | 2.0 | %(2)
Future receipts loan |  |  | 891,650 |  |  |  | — |  |  | Loan was issued September 9, 2024 and due in August 2025 |  |  | Effective rate 92.2 | %(1)
Total |  |  | 3,526,493 |  |  |  | 367,837 |  |  |  |  |  |  |
Less: Unamortized debt discount |  |  | (294,484 | ) |  |  | (3,750 | ) |  |  |  |  |  |
Total loans payable |  |  | 3,232,009 |  |  |  | 364,087 |  |  |  |  |  |  |
Less: Current portion of loans payable |  |  | (3,232,009 | ) |  |  | (264,988 | ) |  |  |  |  |  |
Long-term loans payable |  | $ | — |  |  | $ | 99,099 |  |  |  |  |  |  |
(1) | The purchase price is $665,000, net of financing fee of $13,425, and the amount to be paid is $651,575. The monthly payment amount is $81,009.
(2) | monthly interest rate.
During the nine months ended September 30, 2024 and 2023, the Company repaid the principal amount of $669,121 and $9,006, respectively. During the nine months ended September 30, 2024, the Company settled 2 loans as follows:
| • | 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. |
| • | Principal amount of future receipts loan issued in April 2024 by early settlement. As a result, the Company recorded a loss on settlement of debt of $27,537. |
Loans payable - related parties at September 30, 2024 and December 31, 2023 consisted of the following:
|  | September 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 |  |  | 666,622 |  |  |  | — |  |  | Note is due on October 1, 2025 |  |  | 4.89 | %
Total |  |  | 926,069 |  |  |  | 259,447 |  |  |  |  |  |  |
Less: Current portion of loans payable - related parties |  |  | 926,069 |  |  |  | 259,447 |  |  |  |  |  |  |
Long-term loans payable - related parties |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
During the nine months ended September 30, 2024 and 2023, the Company recorded interest expense of $121,806 and $22,417, respectively, and recognized amortization of discount, included in interest expense, of $163,406 and $7,406, respectively.

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