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NOTE 6 –LOANS PAYABLE
 9 Months Ended
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.