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NOTE 8 - LOANS PAYABLE
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
NOTE 8 - LOANS PAYABLE

NOTE 8 - LOANS PAYABLE

 

Loans payable at June 30, 2025 and December 31, 2024 consisted of the following:

 

   June 30,  December 31,     Interest
   2025  2024  Term  rate
Martus  $97,401   $103,738   Note was issued on October 23, 2018 and due on January 2, 2026   5.0%
Darlene Covid19   70,579    80,019   Note was issued on April 1, 2020 and due on March 31, 2026   0.0%
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   212,500    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%
Promissory note payable   543,478    —     Note was issued January 15, 2025 and due on January 15, 2026   2.0%
Promissory note payable - acquisition of QXTEL   817,714    —     Note was issued February 3, 2025 and due on September 30, 2025   4.9%
Promissory note payable   269,474    —     Note was issued April 24, 2025 and due on December 5, 2025   24.0%
Promissory note payable   269,474    —     Note was issued May 9, 2025 and due on December 20, 2025   24.0%
Promissory note payable   269,474    —     Note was issued May 27, 2025 and due on January 7, 2026   24.0%
Promissory note payable   526,316    —     Note was issued June 5, 2025 and due on January 16, 2026   24.0%
Promissory note payable   768,421    —     Note was issued June 9, 2025 and due on January 20, 2026   24.0%
Promissory note payable   794,737    —     Note was issued June 27, 2025 and due on February 7, 2026   24.0%
Total   4,639,568    2,518,539         
Less: Unamortized debt discount   (183,693)   (62,898)        
Total loans payable   4,455,875    2,455,641         
Less: Current portion of loans payable   (4,455,875)   (2,455,641)        
Long-term loans payable  $—     $—           

 

Loans payable - related parties at June 30, 2025 and December 31, 2024 consisted of the following:

 

   June 30,  December 31,     Interest
   2025  2024  Term  rate
49% of Shareholder of SwissLink  $21,606   $21,606   Note is due on demand   0.0%
49% of Shareholder of SwissLink   163,712    237,841   Note is due on demand   5.0%
Minority Shareholder of QXTEL   166,689    461,038   Note is due on October 1, 2025   4.9%
Total   352,007    720,485         
Less: Current portion of loans payable - related parties   352,007    720,485         
Long-term loans payable - related parties  $—     $—           
                   

During the six months ended June 30, 2025 and 2024, the Company borrowed from third parties totaling $3,215,000 and $699,525, which includes original issue discount and financing costs of $226,374 and $0 and repaid the principal amount of $1,260,562 and $147,253, respectively.

 

During the six months ended June 30, 2025, the Company issued a note payable of $1,000,000 for the earn out payment related to the April 1, 2024 acquisition of a subsidiary.

 

During the six months ended June 30, 2025 and 2024, the Company recorded interest expense of $169,502 and $47,665 and recognized amortization of discount, included in interest expense, of $77,883 and $68,519, respectively.

 

During the six months ended June 30, 2025, the Company settled the principal amount and accrued interest of notes payable issued in June through October 2024 by issuing 264,980 shares of common stock. As a result, the Company recorded a loss on settlement of debt of $801,255.

 

During the six months ended June 30, 2024, the Company settled the principal amount and accrued interest of a note payable issued in April 2023 by issuing 22,125 shares of common stock. As a result, the Company recorded a loss on settlement of debt of $102,660.