LOANS PAYABLE TO RELATED PARTIES

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LOANS PAYABLE TO RELATED PARTIES

NOTE 7 – LOANS PAYABLE TO RELATED PARTIES

The Company had the following loans payable to related parties:

	June 30,		December 31,
	2024		2023
Beginning balance Loan 1 (January 16, 2022) –payable to Stephen Morris	$	125,910	$	374,018
Fourth amendment (December 27, 2023)
Additions		-		573,324
Loan resolution		-		(821,432	)
Fifth amendment (June 30, 2024)
Additions		159,820		-
Ending balance Loan 1 (January 16, 2022) –payable to Stephen Morris		285,730		125,910
Loan 2 (September 7, 2022) – payable to Stephen Morris		549,079		552,639
Related party loan (September 8, 2023) – payable to Director		-		32,337
Total loan payable to related parties		834,809		710,886
Less – current portion		285,730		158,248
Total – noncurrent	$	549,079	$	552,639

● Loan 1 (January 16, 2016) - Stephen Morris, Founder, CTO and Chair.

On December 20, 2022, the Company entered into a third amendment (the “Amendment”) with Bubblr Limited and Mr. Morris to reduce the outstanding principal amount of the loan by $71,540 (£59,543) in exchange for the Company assigning advances receivables of $71,540 (£59,543) whereon Mr. Morris is entitled to amounts received pursuant to such receivables and will bear the risk of non-payment with respect to such receivables. The outstanding loan balance is $374,018 (£309,080). After this assignment, the Company will have no right to receive any amounts collected with respect to such receivables. It will have no liability for non-payment of the receivables or any collections cost.

On December 27, 2023, the Company entered into a fourth amendment with Mr. Morris to add $573,324 (£434,764) in principal for working capital purposes. Mr. Morris converted $821,432 (£645,044) in principal due to him from the Company into 2,489,186 shares of Common Stock. The conversion price for the Common Stock was $0.33 per share.

On June 30, 2024, the Company entered into a fifth amendment with Mr. Morris to add $159,820 (£126,991) in principal for working capital purposes.

● Loan 2 (September 7, 2022) - Stephen Morris, Founder, CTO and Chair.

On September 7, 2022, our wholly owned subsidiary, Bubblr Limited, entered into a new loan agreement (the “Loan Agreement”) with Mr. Morris for $501,049 (£434,060). The Loan Agreement is unsecured, carries no interest, is non-convertible, and is due upon maturity, which is three years after the date of the agreement.

● Related Party Loan – Professor Paul Morrissey, Director.

On September 8, 2023, the Company entered into a new loan agreement with Professor Paul Morrissey for $28,899 (£22,700). The Loan had an original issue discount of $7,257 (£5,700). The Loan Agreement is unsecured, non-convertible, and carries a fixed interest rate of 2.85% every four weeks on the original principal. It is non-convertible and was payable 4 weeks after the date of the agreement. The loan outstanding on June 30, 2024, and December 31, 2023, is $0 (£0) and $32,337 (£25,401) respectively. Total interest expense was $4,847 (£3,832) and $3,438 (£2,701) for the six months ended June 30, 2024, and the year ended December 31, 2023, respectively. The loan was fully paid in May 2024.