iQSTEL Inc 8-K, filed Apr 18, 2022
iQSTEL Inc (IQST)
About this 8-K
iQSTEL Inc filed this 8-K on April 18, 2022, reporting on events of March 3, 2022.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
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________________________________________________ (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
SECTION 2 – Financial Information
| Item 2.02 | Results of Operations and Financial Condition. |
We have issued a shareholder letters concerning our revenue results, our anticipated revenue results for 2022, our plans to list on Nasdaq, potential acquisitions and other matters.
The shareholder letters are furnished with this Current Report on Form 8-K as Exhibits 99.1-99.4. The information furnished under this Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibits 99.1-99.4, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other filing under the Securities Act of 1933, as amended, regardless of any general incorporation by reference language in such filing, except as shall be expressly set forth by specific reference in any such filing.
SECTION 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
iQSTEL Inc.
/s/ Leandro Iglesias
Leandro Iglesias
Chief Executive Officer
Date April 18, 2022
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IQST – iQSTEL Connectivity And Mobility Services Are More Valuable Than Ever
New York, NY, March 03, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today released a special letter to shareholders addressing prevailing world events in conjunction with the company’s unhampered Nasdaq uplisting objective. The shareholder updates from CEO Leandro Iglesias are included in their entirety below.
Dear Shareholders:
While the conflict in Ukraine
is dominating headlines, iQSTEL remains on track to achieving its 2022 revenue and Nasdaq uplisting goals and we remain optimistic about
the future. Let me share with you the cause for my optimism.
iQSTEL is in the business of providing connectivity and mobility. Connectivity and mobility are essential to the foundation of individual
freedom. In light of world events, iQSTEL’s business is more valuable than ever.
The global immigrant population is underserved by traditional telecommunications carriers. Today’s immigrants, more than ever,
need to be in touch with families and loved ones. Again, iQSTEL’s voice and SMS services, built with the immigrant population
in mind, are more valuable than ever.
Likewise, international remittances are more critical than ever for the immigrant population, as is the ability to top-up mobile service
balances. Accordingly, iQSTEL’s new Global Money One MAXMO fintech ecosystem is an even more timely product.
As world events drive up petroleum costs, the importance of affordable electric transportation is highlighted and iQSTEL’s EVOSS
EV Motorcycle rollout out could not be better timed.
Ultimately, the value iQSTEL’s connectivity and mobility services are more clear than ever in light of world events.
Recently, I’ve had the opportunity to participate in the Mobile World Congress in Barcelona and check in on the latest technological
trends for the near and long-term future. In reaction to my participation, I’m ever more confident in iQSTEL’s position
in the global market.
SMS communications remain a vital component of the global communications market and are expected to remain a vital component for some
time to come. Trends for SMS communications call for an increase in “value and intelligence” to be integrated into the
service. With more than 50% of iQSTEL’s revenue coming from SMS services, I am confident we are on the right path.
Voice services remain important for critical communications and emotional connection. With more than 20 years of experience in voice
communications, iQSTEL is well established to maintain a steady foothold in the voice market.
Fintech solutions are capturing more and more market share in the global financial services market. iQSTEL’s MAXMO offering is an
amazing product that I am confident will stand apart from other Fintech solutions. We are accelerating our global launch.
EV connectivity was also featured at the Mobile World Congress. As a telecommunications company entering the EV market, I assure
you, our EV connectivity is among the best of the best. Our first connected EVOSS EV motorcycles are arriving in Miami today where
we will be producing videos featuring our connected EV solution to support the expansion of our distribution network.
Lastly, let me present updates on three key business development fronts:
1) M&A Campaign: We are currently drafting two separate acquisition agreements. Final terms on both have been agreed to and
we anticipate closing both acquisitions soon. We expect the revenue from both acquisitions to augment our organic 2022 Q2 revenues.
2) Nasdaq Uplisting: The next step in our uplisting path is to complete the 2021 audited financial report. In addition to technically
supporting our Nasdaq application, I anticipate the publication of our 10k annual report to validate iQSTEL’s, as of yet, unrecognized
value. In so doing, I remain optimistic that iQSTEL’s share price will organically rise to meet the Nasdaq listing requirement and
support our uplisting within the first half of 2022.
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3) $1 Billion Objective: On behalf of all iQSTEL Management and all members of the Independent Board of Directors, I know our Nasdaq uplisiting
is an important milestone. However, I want to keep this milestone in perspective as one small part of iQSTEL’s overall objective
of reaching and surpassing a $1 Billion valuation.
Thanks for your support. Please know that management and the Independent Board of
Directors remain committed to working every single day to achieve our business and
corporate objectives.
Sincerely,
Leandro Iglesias
CEO
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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IQST – iQSTEL Initiates Nasdaq Application Process On Schedule
New York, NY, March 17, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today released an update highlighting the company’s latest progress toward its 2022 objectives to include reaching a $90 million revenue forecast and uplisting to Nasdaq in the first half of this year. The shareholder updates from CEO Leandro Iglesias are included in their entirety below.
Dear Shareholders:
Leading news headlines continue to impact investor sentiment and weigh on the overall market. There is no need for me to review the news here. We all get enough of it elsewhere.
In spite of all the prevailing headlines, iQSTEL is proceeding in 2022 as planned. We remain on course to achieve our $90 million annual revenue projection and realize our planned uplisting to Nasdaq within the first half of this year.
We are optimistic the global events currently dominating headlines will be curtailed by the resilience of our global community that has historically endured and overcome time and time again.
Here at iQSTEL, we will do our part by maintaining a steady course. We have no doubt that optimism will soon begin to return and be reflected in the overall market.
As part of our efforts to remain on course, we continue in the performance testing of our EVOSS electric motorcycles in Miami. Look for an announcement coming soon on the final results.
The EVOSS is designed to compete with the 125 cc combustion engine motorcycle. Our EVOSS comes with three motor options – 2 Kw, 3 Kw, and 4 Kw. We expect our performance test results to demonstrate the overall reliability of the EVOSS to include exceptional autonomy supported by our battery solution, and all at a competitive price.
In addition to sharing the performance test results, we plan to soon release a full set of pictures and videos featuring the EVOSS.
We are enjoying high demand from dealers for the EVOSS in response to our initial product introductions. We are following up with a digital product brochure in Spanish and English to soon be delivered to potential dealers via our YouTube Channel. We expect to soon report our first pre-orders and overall sales projections for Latin America, Europe and Africa.
With our sights set on competing as a long-term and comprehensive EV solution provider, our product development department is hard and work on the design of our next generation of EV products to expand our overall EV market sector reach.
On the fintech front, look for iQSTEL to execute a global product launch by the end of this month to include an announcement of the MAXMO contest winners.
On behalf of all here working at iQSTEL, we are grateful to our shareholders for their continued confidence and support as we continue steadfastly on our planned path for 2022 with any fanfare for our continued successes being otherwise upstaged by world events. Your loyalty is more valuable than ever, and we are committed to rewarding your loyalty.
We have initiated the Nasdaq application process engaging the Nasdaq compliance department. We will keep you up to date every step of the way. The process will take several weeks.
We will also continue to keep you up to date on our continued operational performance. Soon you will see our 2021 annual report on Form 10k. I remain confident that our continued march toward Nasdaq, ongoing operational progress toward our $90 million 2022 revenue forecast, and the upcoming filling or our audited 2021 financial performance will support an organic increase in our share price bringing us in compliance with our Nasdaq uplisting objective.
Finally, look for another management interview coming soon to hear even more details on our overall progress.
Until then, Sincerely,
Leandro Iglesias
CEO
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
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Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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IQST – iQSTEL Announces 3 Target Acquisitions Expected To Close Next Month
New York, NY, March 24, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the company expects to close three acquisitions prior to the end of April 2022. CEO Leandro Iglesias has issued a update today as part of his regular series of updates detailing the company’s ongoing progress toward its $90 million 2022 annual revenue forecast and uplisting to Nasdaq in the first half of this year. The update is included in its entirety below:
Dear Shareholders:
The first fiscal quarter of 2022 is drawing to a conclusion and in spite of the prevailing market conditions and world events, I am pleased to share that iQSTEL is well on track to achieve its 2022 objectives. Nothing is standing in the way of our $90 million 2022 annual revenue forecast or Nasdaq uplisting.
Permit me to share some highlights.
Our new electric vehicle program is really gaining traction. Our dealer evaluation program is underway and our EVOSS EV Motorcycle is winning hearts and minds. The feedback on the bike’s look and feel and performance is all positive. Dealers are responding enthusiastically overall.
Our opportunity for the EVOSS EV Motorcycle is already growing beyond Latin America. We had a dealer from Nigeria come to evaluate the EVOSS EV Motorcycle in Miami. The interest was high. Nigeria is a country with more than 200 million people and is an overall good fit for our EVOSS EV Motorcycle.
On the Fintech front, I am proud to announce the launch of our MAXMO product. MAXMO is the first product in our coming line of Global Money One products. Learn more about MAXMO from our digital brochure in our Global Money One Official Channel on YouTube:
https://bit.ly/IQST-MAXMO
We are in the home stretch of developing an instrumental partnership in Latin America for our MAXMO product that alone might guarantee we reach our 2022 end user and revenue forecast for our Fintech business line.
Our Fintech product line is one of iQSTEL’s primary strategies over the next 5 years expected to capture over $100 million in revenue with an estimated 30% profit margin.
I have mentioned before that our M&A efforts are ongoing, and they have continued with little fanfare until today. Now, I am pleased to announce that we expect to finalize and close three acquisitions prior to April 30, 2022. Look for more details as the closing date approaches.
Finally, following up on my
letter last week, we have exchanged information with Nasdaq and our application process is underway. I remain confident in achieving
our uplisting in the first six months of 2022. I am also optimistic that our upcoming audited annual report for 2021 will support
the opportunity for our share price to increase organically to reach the minimum Nasdaq listing requirement.
Sincerely,
Leandro Iglesias
CEO
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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IQST - iQSTEL Anticipates April Inflection Point
NEW YORK, March 31, 2022 /PRNewswire/ -- iQSTEL, Inc. (OTCQX: IQST) today announced a new agreement that substantially expands the company's fintech service offering reach. CEO Leandro Iglesias characterizes the agreement as the beginning of what he anticipates as an overall inflection point for iQSTEL in his shareholder update included in its entirety below:
Dear shareholders:
I see April as a very big month for iQSTEL as we continue on track toward our $90 million annual revenue forecast and Nasdaq uplisting within the first six months of this year. Soon, our audited financial report will be published for 2021 verifying our monumental financial performance last year and offering further credibility to our forecast for this year. Our Q1 2022 results will not be far behind further bolstering confidence in our 2022 forecast. To kick-off what I believe will be an inflection point for the company in April, I'm pleased to announce a new agreement that substantially expands the reach of our fintech services.
iQSTEL, through our Global Money One subsidiary, has entered into a partnership agreement with COOITZA RL, one of the largest and most innovative cooperatives in Guatemala.
iQSTEL will be backing COOITZA RL with our Global Money One fintech technology solution that founded our MAXMO (www.maxmo.vip) service offering to create for COOITZ RL their own MAXMO-like branded offering.
MAXMO Digital Brochure in English: https://www.youtube.com/watch?v=SeBxQeFpV1M&t=6s
MAXMO Digital Brochure in Spanish: https://www.youtube.com/watch?v=mc8bZr7qxAU
Cooperatives are common financial services organizations in Central America comparable to Credit Union organizations in North America. COOITZA RL is an autonomous association of individuals united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned enterprise where board members are democratically elected by the COOITZA RL individual members.
Specifically, COOITZA RL provides its members with financing to acquire homes, working capital for their businesses, savings accounts, and micro-loans not typically offered by banks in Central America.
COOITZA RL's services extend beyond the Guatemalan borders. Through the partnership agreement with COOITZA RL, we anticipate servicing 20,000 member cardholders in the USA within the first year of launching. The COOITZA RL partnership alone has the potential to meet iQSTEL's entire fintech services forecast for 2022. COOITZA RL and iQSTEL plan to launch a co-branded fintech service offering by April 30, 2022.
I think the COOITZA RL partnership will ignite an April inflection for iQSTEL further fueled by our soon to be published audited financial results for 2021 and our ongoing Nasdaq uplisting progress.
We do plan to file an extension in order to thoroughly review what we believe are landmark results. We expect to publish the 2021 annual financial report within the extension period. I believe you will consider the extra few days worth the wait, when you review the report.
In response to our ongoing Nasdaq application process, our latest efforts are focused on the creation of code of conduct and ethics required by Nasdaq. We expect to have this completed and published shortly.
On behalf of all iQSTEL management, employees and board members, I want to extend my thanks to all shareholders for your confidence in our journey over the last few years that has brought us to what I expect to be a history making year for our company. In that history, I believe April 2022 will be seen as the inflection point where our share price not only began to connect with our past performance, but also to reflect our achievable future.
Sincerely,
Leandro Iglesias
CEO
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets.
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The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
This press release does not constitute a public offer of any securities for sale.
Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com
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IQST – iQSTEL Announces 37% Revenue Growth In Q1 To $19.3 Million Based On Preliminary Results
New York, NY, April 07, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced preliminary results for the first quarter of 2022 with estimated revenue reaching $19.3 million. This is a 37% increase over the $14.2 million reported in for the same period the previous year.
The company expects to imminently publish the audited financial report for 2021 verifying exceptional year of year growth and improving profitability. The 2021 audited financial report is expected to be one of the essential last steps towards the company’s Nasdaq uplisting objective.
See CEO Leandro Iglesias latest shareholder letter update reporting on the company’s progress in advancing on its Nasdaq uplisting objective and 2022 $90 million revenue forecast. The letter is included in its entirety below:
Dear Shareholders:
iQSTEL continues to thrive in 2022. Pending the final release of our audited financial results for FY-2021, I am pleased to share with you the company’s preliminary results for Q1 2022.
The preliminary revenue for Q1 2022 is $19.3 million. That is a 9.5% increase over the $17.8 million in estimated revenue reported in Q4 2021 and a 37% increase over the revenue reported in Q1-2021.
iQSTEL is well on track to reach or surpass our $90 million 2022 revenue forecast. Historically, iQSTEL’s revenue in the second half of the year is always higher than in the first half of the year. This historical pattern provides further confidence in our trajectory toward the $90 million 2022 revenue forecast.
We continue to improve operational efficiencies to affect profit improvements. Our ongoing cost reductions in our Telecom Division achieved by taking advantage of operational synergies are not only improving profitability but resulting in service delivery improvements and increased customer satisfaction.
We intend to publish our FY 2021 audited financial results next week prior to March 15th, the amended due date after the company filed an extension last week. iQSTEL’s Independent Audit Committee will review the results prior to release and our Independent Board of Directors will approve the results prior to release.
I remain confident in my statement last week that I expect April to be an inflection point for iQSTEL. I encourage readers here to review my shareholder letter form last week. I anticipate the publication of iQSTEL’s audited financial report for FY 2021 to validate the company’s growth curve and unlock market awareness that in turn brings institutional investment interest supporting an organic increase in share price that can bring iQSTEL in line with the minimum Nasdaq listing requirement.
Thank you for your ongoing interest in iQSTEL and your support.
Sincerely,
Leandro Iglesias
CEO
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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IQST – iQSTEL Announces 44% Year Over Year Revenue Growth To $64.7 Million With 59% Gross Profit Increase
New York, NY – April 18, 2022 - iQSTEL, Inc. (OTCQX: IQST) today announced the company has published its 2021 annual report with an audited financial statement on SEC Form 10K. In 2021, iQSTEL realized a 44% increase in revenue over 2020 reaching $64.7 million compared $44.9 million the year prior. The company also realized a year over year 59% increase in gross profit.
CEO Leandro Iglesias has published a shareholder letter included in its entirety below to address the higlights of the 2021 annual report. Mr. Iglesias plans to publish a second letter on Thursday, April 21, 2022 to provide shareholders with the latest updates on iQSTEL’s continuing progress toward its 2022 objectives in light of the momentum the company achieved in 2021.
Dear Shareholders:
On behalf of everyone working at iQSTEL to dilligently advance the company, I’m proud to highlight here the exceptional results of their dedicated efforts. I believe the 2021 audited financial results are a meaningful indication of the company’s potential to achieve our stated 2022 objectives. Today, will focus on the 2021 results and in a follow up letter later this week, I will address how I feel these results substantiate our potential to achieve our 2022 objectives.
iQSTEL’s 2021 revenue increased 44% year over year to $64.7 million, and the gross profit increased 59%. Increasing revenues and improving gross margins contributed to a substantial bottom line improvement with the company’s consolidated net loss decreasing 42% year over year. The company’s balance sheet also improved dramatically resulting in an overall 368% increase in shareholder equity.
Below I have included a chart summarizing the year over year operating performance and balance sheet improvements.
| Summary Financials 2021 vs 2022 | ||||
| Statements of Operation | 2021 | 2020 | % | Direction |
| Revenues | $64.70 Million | $44.91 Million | 44% | Increase |
| Gross Profit | $1.53 Million | $0.96 Million | 59% | Increase |
| Operating Loss | -$2.98 Million | -$3.21 Million | -7% | Reduction |
| Consolidated Net Loss | -$3.86 Million | -$6.69 Million | -42% | Reduction |
| Balance Sheet | 2021 | 2020 | % | Direction |
| Cash | $3.33 Million | $0.75 Million | 343% | Increase |
| Assets | $9.06 Million | $5.95 Million | 52% | Increase |
| Liabilities | $2.64 Million | $8.35 Million | -68% | Reduction |
| Stockholders´ Equity | $6.42 Million | -$2.40 Million | 368% | Increase |
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At the following link, you can see more visual analysis of the company’s year over year performance in graphs and charts constructed from the published annual report.
https://bit.ly/IQSTELFINANCIALEVOLUTION
On behalf of the Independent Board of Directors, I want to extend a gracious thanks to all the employees of iQSTEL that have contributed to the delivery of these outstanding results. I also want to thank the iQSTEL shareholders for their continued confidence and support. Look for more from me later this week in a second letter discussing our future in light of these results.
Sincerely,
Leandro Iglesias
CEO
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
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Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
This press release does not constitute a public offer of any securities for sale.
Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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