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

NOTE 8 - LOANS PAYABLE

 

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

 

   September 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   60,703    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   —      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 - acquisition of QXTEL   226,810    —     Note was issued February 3, 2025 and due on September 30, 2025   4.9%
Promissory note payable   794,737    —     Note was issued July 16, 2025 and due on February 26, 2026   24.0%
Promissory note payable   794,737    —     Note was issued August 8, 2025 and due on March 21, 2026   24.0%
Promissory note payable   794,737    —     Note was issued September 11, 2025 and due on April 24, 2026   24.0%
Financing loan   44,865    —     Loan was issued in July 2025 and the monthly payment amount is $1,149 for 48 months   7.87%
Total   2,813,990    2,518,539         
Less: Unamortized debt discount   (105,323)   (62,898)        
Total loans payable   2,708,667    2,455,641         
Less: Current portion of loans payable   (2,674,548)   (2,455,641)        
Long-term loans payable  $34,118   $—           

 

 

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

 

   September 30,  December 31,
   2025  2024
49% of Shareholder of SwissLink  $21,606   $21,606 
49% of Shareholder of SwissLink   133,865    219,894 
Minority Shareholder of QXTEL   55,579    478,985 
Total   211,050    720,485 
Less: Current portion of loans payable - related parties   211,050    720,485 
Long-term loans payable - related parties  $—     $—   

 

During the nine months ended September 30, 2025 and 2024, the Company borrowed from third parties totaling $5,825,583 and $2,011,100, which includes original issue discount and financing costs of $360,583 and $0 and repaid the principal amount of $2,076,404 and $669,121, respectively.

 

During the nine months ended September 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 nine months ended September 30, 2025, the Company issued a note payable of $100,000 for the consideration related to the July 1, 2025 acquisition of a subsidiary. These notes were fully repaid during the nine months ended September 30, 2025.

 

During the nine months ended September 30, 2025 and 2024, the Company recorded interest expense of $353,964 and $121,806 and recognized amortization of discount, included in interest expense, of $106,770 and $163,406, respectively.

 

During the nine months ended September 30, 2025, the Company settled loans as follows;

 

  • Principal amount and accrued interest of 5 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.  
  • Principal amount and accrued interest of 3 notes payable issued in June 2025 by issuing 22,131 shares of Series D Preferred Stock. As a result, the Company recorded a loss on settlement of debt of $804,599.  
  • Principal amount and accrued interest of 4 notes payable issued in January through May 2025 by issuing 14,979 shares of common stock. As a result, the Company recorded a loss on settlement of debt of $541,290.  
       

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.