iQSTEL Inc 8-K, filed Aug 20, 2021
iQSTEL Inc (IQST)
About this 8-K
iQSTEL Inc filed this 8-K on August 20, 2021, reporting on events of August 17, 2021.
Items reported
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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)
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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)) | |
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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. |
On August 17, 2021 and August 19, 2021, we issued press releases concerning our results of operations for the period ended June 30, 2021, our revenue forecast for the balance of the year, and other matters.
The press releases are furnished with this Current Report on Form 8-K as Exhibits 99.1 and 99.2. The information furnished under this Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibitst 99.1 and 99.2, 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. |
| Exhibit No. | Description |
| 99.1 | Press release, dated August 17, 2021 |
| 99.2 | Press release, dated August 19, 2021 |
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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 August 20, 2021
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IQST - IQSTEL Reports 88 Percent Growth To $30.3 Million YTD
NEWS PROVIDED BY
iQSTEL, Inc.
Aug 17, 2021, 09:40 ET
NEW YORK, Aug. 17, 2021 /PRNewswire/ -- iQSTEL, Inc. (OTCQB: IQST) today announced publishing its Q2 financial statement for FY-2021 on Form 10Q. CEO Leandro Iglesias has summarized highlights of the report in a letter to shareholders below. Later this week, on Thursday, August 19, 2021 the company will publish a comprehensive Earnings Review and Outlook.
Letter To Shareholders Q2 Summary
Dear Shareholders:
The purpose of this letter is to highlight key aspects of financial performance in Q2.
In general:
1) The Company continues to operate completely free of any dilutive debt. There are no outstanding convertible notes nor warrants (See Note 6 to the Consolidated Financial Statements).
2) Our business is growing and gaining market share on track to achieve our revenue forecast of $60.5 Million for FY-2021 compared to $44.9 Million in FY-2020. The Company achieved $30.3 Million in revenue year to date (YTD) compared to $16.1ion the first half of FY2020 representing an increase of 88%.
3) Our new business divisions are successfully launching products that will create new revenue streams with high EBITDA, for example:
a. itsBchain (Blockchain): Mobile Number Portability Application (MNPA).
b. IoT Labs (Internet of Things): Initial deployment of 2,500 IoTsmartTank devices and platform project for a Fortune 500 Chemical Company.
c. Global Money One (Mastercard Fintech Ecosystem): We have in place a Launch Promo for the iQSTEL Shareholders.
4) Our Electric Vehicle Division (EVoss) continues to work toward the delivery of the Batteries and IoT connectivity devices and displays for the Revolt Electric Motorcycles project in addition to working on the launc of our EVoss Electric Motorcycles ecosystem for Latin America this FY-2021.
5) We continue to make progress toward our Nasdaq Up-listing objective with our recent QB certification on OTCMarkets, and the addition of three new independent members to our Board of Directors.
Reviewing some figures in detail:
1) Consolidated revenue in Q2 reached $16.1 Million compared to $14.1 Million in Q1, 14% increase in a three-months period.
2) The Total Operating Expenses decreased 19% in the second quarter of the year compared to the first quarter, from $1.5 million to $1.2 million.
3) An overall increase of 33% in our current assets Year over Year to include a 145% increase in cash Year over Year.
4) For the first time the Company has a positive working capital of $1,375,542 compared with the working capital deficit of $4,330,355 reported December 31, 2020. This increase in working capital is primarily the result of an increase of $1,096,154 in cash and a liability reduction of $3,433,224 (loans, convertible notes and derivatives).
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5) As of June 30, 2021, the Company has a positive Stockholders' Equity of $3,456,605 compared to a deficit of $2,395,036 reported December 31, 2020.
In conclusion:
Our revenues are growing, and our balance sheet is getting stronger. We continue to make progress toward our Nasdaq uplisitng objective.
This Thursday we will publish a more comprehensive report taking a deeper dive into our recent financial report in addition to taking a look forward to our future performance expectations.
Thanks for your support.
Leandro Iglesias, CEO
iQSTEL Inc (OTCQB: IQST) (www.iQSTEL.com) is a US-based publicly-listed company with an Independent Board of Directors offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 15 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. iQSTEL has 5 Business Divisions: Telecom, Electric Vehicle (EV), Fintech, Technology and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, Global Money One, IoT Labs and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, international fiber-optic connectivity for 5G, Cloud-PBX, OmniChannel Marketing, EV Batteries, EV Chargers, EV Battery Management System, EV IoT Connectivity, Mobile App For EV Connectivity, EV Dashboard Display, Visa/Mastercard Debit Card, Cryptocurrency Exchange Services, Money Remittance, Mobile Top Up, IoT Smart Gas Platform, IoT Smart Tank Platform, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace SPM (Blockchain Platform).
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.
iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
SOURCE iQSTEL, Inc.
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IQST – IQSTEL Publishes Earnings Review And Outlook After Reporting 88% Growth To $30.3 Million YTD
August 19, 2021 09:37 ET | Source: iQSTEL Inc.
New York, NY, Aug. 19, 2021 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQB: IQST) today published an Earnings Review and Outlook Update from CEO Leandro Iglesias.
The update follows the release of the Company’s Q2 financial statement for FY-2021 on Form 10Q reporting 88% revenue growth to $30.3 Million in revenue year to date (YTD) compared to $16.1 for the same period FY-2020. The company has forecasted achieving $60.5 Million in revenue for the full FY-2021.
In the Update included its entirety below, Mr. Iglesias highlights key YTD performance achievements and discusses the company’s plans moving forward emphasizing new product developments and operational efficiencies expected to both increase margins and grow sales potentially exceeding the company’s current $60.5 million revenue forecast.
CEO Earnings Review and Outlook Update
iQSTEL has experienced rapid organic growth over the last two years combined with growth from an ongoing merger and acquisition (M&A) campaign. The company has expanded and transformed its core business to business (B2B) telecommunication services base operation to become a multifaceted, diversified high-tech telecom applications company servicing both business (B2B) and consumer (B2C) clients.
Our current business is running even better than forecasted. Our current revenue forecast of $60.5 million is based on revenue from existing services. It does not include revenue we anticipate generating from new products we are developing and implementing. Any new products introduced this year will likely push us past the $60.5 million forecast.
We continue to pursue M&A activity, and the execution of one or more mergers or acquisitions this year could also push us past the $60.5 million revenue forecast.
As a result of past mergers and acquisitions we have certain operating redundancies. We are in the process of consolidating operations which we expect to both reduce overhead by making operations more efficient, and, at the same time, increase sales. Not only does the combination of companies through merger and acquisition create operation redundancy. It also combines complimentary services. We can increase the sale of complimentary services by cross selling services from one operation into the customer base of another.
iQSTEL has expanded and transformed its base business from providing telecommunication services to other telecom companies in a business to business (B2B) relationship to now provide a wide host of telecom applications to both businesses, in and ongoing B2B relationship and a business to consumer (B2C) relationship.
To optimize our business for both business and consumer clients, pursuing increase the Revenue Growth Trend and improve our EBITDA, we are implementing an organizational strategy around our various product development and business development efforts according to their business or consumer targets.
We plan to organize the company into two divisions – A B2B Division and a B2C Division, with some brand, management, budget, marketing, and commercial strategy independence of each other.
The B2B Division will focus on the Telecom, Internet of Things, Blockchain market sectors and consist of our Etelix, SwissLink, QGlobal, Smsdirectos, Iot Labs, and itsBchain operating units.
The B2C Division will focus the Electric Vehicle and Fintech market sectors and consist of our EVoss and Global Money One operating units.
Through our operating units mentioned above, iQSTEL continues to develop new products expected to increase sales with high margins, as we have done in the first half of the year with MNPA (Blockchain), IoTSmartTank (2,500 devices for 500 fortune chemical corporation), and MAXMO (MasterCard FinTech Ecosystem). We expect sales in the second half of 2021 from our current and new products that include our Enhanced Batteries, Internet of Things, and Heads Up Display for the Revolt Ecosystem, in addition to our independent EVoss Electric Motorcycle products for Latin America, our Visa Money One (VIMO) offering, and our IoT Smart Gas and Tank device rolling out now with a Fortune 500 client.
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In addition to adding high margin sales from new products that have the potential to take us past our $60.5 Million revenue forecast, we also intend to expand through our ongoing M&A campaign and add yet further sales. We expect to make some M&A announcements in the coming months.
All of the above here mentioned contributes to our uplisting objective. We remain committed to an uplisting and will keep you up to date on our progress.
Leandro Iglesias, CEO
iQSTEL Inc. (OTCQB: IQST) (www.iQSTEL.com) is a US-based publicly listed company with an Independent Board of Directors offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 15 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. iQSTEL has 5 Business Divisions: Telecom, Electric Vehicle (EV), Fintech, Technology and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, Global Money One, IoT Labs and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, international fiber-optic connectivity for 5G, Cloud-PBX, OmniChannel Marketing, EV Batteries, EV Chargers, EV Battery Management System, EV IoT Connectivity, Mobile App For EV Connectivity, EV Dashboard Display, Visa/Mastercard Debit Card, Cryptocurrency Exchange Services, Money Remittance, Mobile Top Up, IoT Smart Gas Platform, IoT Smart Tank Platform, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace SPM (Blockchain Platform).
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.
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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