XML 27 R15.htm IDEA: XBRL DOCUMENT v3.25.1
NOTE 9 - LOANS PAYABLE
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
NOTE 9 - LOANS PAYABLE

NOTE 9 - LOANS PAYABLE

 

Loans payable at December 31, 2024 and 2023 consisted of the following:

 

   December 31,  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%
Promissory note payable - acquisition of QXTEL   1,275,000    —     Note was issued April 1, 2024 and due on June 30, 2025   4.9%
Promissory note payable   271,739    —     Note was issued July 16, 2024 and due on July 16, 2025   2.0%
Promissory note payable   271,739    —     Note was issued July 31, 2024 and due on July 31, 2025   2.0%
Promissory note payable   190,217    —     Note was issued September 23, 2024 and due on September 23, 2025   2.0%
Promissory note payable   108,696    —     Note was issued October 4, 2024 and due on September 23, 2025   2.0%
Total   2,518,539    367,837         
Less: Unamortized debt discount   (62,898)   (3,750)        
Total loans payable   2,455,641    364,087         
Less: Current portion of loans payable   (2,455,641)   (264,988)        
Long-term loans payable  $—     $99,099         

 

Loans payable - related parties at December 31, 2024 and 2023 consisted of the following:

 

   December 31,  December 31,     Interest
   2024  2023  Term  rate
49% of Shareholder of SwissLink  $21,606   $21,606   Note is due on demand   0.0%
49% of Shareholder of SwissLink   219,894    237,841   Note is due on demand   5.0%
Minority Shareholder of QXTEL   478,985    —     Note is due on October 1, 2025   4.9%
Total   720,485    259,447         
Less: Current portion of loans payable - related parties   720,485    259,447         
Long-term loans payable - related parties  $—     $—          

 

During the years ended December 31, 2024 and 2023, the Company borrowed from third parties totaling $5,041,532 and $421,760, which includes original issue discount and financing costs of $546,680 and $46,760 and repaid the principal amount of $2,571,139 and $18,559, respectively.

 

During the years ended December 31, 2024 and 2023, the Company recorded interest expense of $293,671 and $32,231 and recognized amortization of discount, included in interest expense, of $300,303 and $14,426, respectively.