NOTE 10 - RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

NOTE 10 - RELATED PARTY TRANSACTIONS

NOTE 10 - RELATED PARTY TRANSACTIONS

Loans from Related Parties

The Company has a loan from our founder, Stephen Morris, with a balance of $899,309 and $428,177 at December 31, 2022 and 2021, respectively.

Loan 1.

On May 23, 2022, the Company entered an amendment to the Loan Agreement between Bubblr Limited and Mr. Morris to change the loan from a demand loan to have maturity date on the earlier of (i) the completion of an offering by Bubblr, Inc., in the amount of no less than $7,500,000 in a public offering, or (ii) two years from the date of the amendment.

In addition, on a date no later than five (5) business days from the completion of bridge financing of no less than $1.5 million USD the Company shall pay to Mr. Morris an amount equal to £115,000 GBP as an installment payment on the principal of the Loan, and the balance of the principal of the Loan shall be paid at the Maturity Date

On September 6, 2022, the Company entered into a second amendment (the “Amendment”) with Bubblr Limited and Mr. Morris to add $60,000 (£52,088) to the principal of the loan in exchange for Mr. Morris cancelling his Special 2019 Series A Preferred Stock, which has super voting rights.

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. After this assignment, the Company will have no right to receive any amounts collected with respect to such receivables and will have no liability for non-payment of the receivables or any costs of collections.

Loan 2.

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 3 years after the date of the agreement.

The Company received $501,049 and $0 proceeds and made repayments of $0 and $0 during the years ended December 31, 2022 and 2021. The loan principal due was decreased by $11,540 and $66,000 during the year ended December 31, 2022 and 2021, respectively, in regards the sale of the Special 2019 Series A Preferred Stock to Mr. Morris in 2021, and the Company’s subsequent repurchase and cancellation of preferred stock and the assignment of debt during 2022. Activity on this loan to arrive at the December 31, 2022 and 2021 balances is as follows:

	Year Ended December 31,			Year Ended December 31,
	2022			2021
Beginning balance	$	428,177		$	500,915
Effects of currency translation		(42,619	)		(6,738	)
Loan Payable		385,558			494,177
Conversions from (into) preferred stock		60,000			(66,000	)
Assignment of advances receivable		(71,540	)
Balance – current	$	374,018		$	428,177
Add: additions – non-current	$	501,049		$	—
Effects of currency translation		24,242			—
Balance – non-current	$	525,291		$	—
Ending balance	$	899,309		$	428,177

At December 31, 2020, the Company had loans from two minority shareholders totaling $297,006. During the fourth quarter of 2021, the Company received an additional loan from one of these minority shareholders totalling $81,162. The loan is non-interest bearing and due for repayment on February 28, 2022. Agreement was reached to extend repayment of the loan to April 30, 2022, with no penalties. All outstanding amounts were paid by this date. On February 15, 2022 the Company received a loan from a minority shareholder for $19,709. The loan bears interest at a rate of 20% and is due for repayment before February 15, 2023. During the years ended December 31, 2022 and 2021, the Company received proceeds on these loans of $19,709 and $81,162, respectively, made repayments of $77,940 and $303,068, respectively, and accrued interest of $3,143 and $0, respectively. Activity on this loan to arrive at the December 31, 2022 and 2021 balances is as follows:

	December 31,			December 31,
	2022			2021
Beginning balance	$	81,162		$	297,006
Effects of currency translation		(4,779	)		6,062
Loan Payable		76,383			303,068
Add: additions		19,709			81,162
Less: repayments		(77,940	)		(303,068	)
Ending balance	$	18,152		$	81,162