iQSTEL Inc 8-K, filed Nov 16, 2022
iQSTEL Inc (IQST)
About this 8-K
iQSTEL Inc filed this 8-K on November 16, 2022, reporting on events of November 14, 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)
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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:
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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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. |
On November 14, 2022 and November 16, 2022, we issued press releases announcing the results of operations for the quarter ended September 30, 2022 and other matters. The press releases are furnished with this Current Report on Form 8-K as Exhibits 99.1 and 99.2.
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 November 14, 2022 |
| 99.1 | Press release, dated November 16, 2022 |
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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 November 16, 2022
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IQST – iQSTEL Reaches Profitability Ahead Of Forecast On 33% Q3 Revenue Growth To $21.94M On Track To Meet Or Exceed $90M In Revenue By Yearend
New York, NY, Nov. 14, 2022 -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q3 financial report for FY 2022. The company realized a 33% increase in revenue to $21.94 million in Q3 compared to the same period in 2021. YTD revenue through September 30, 2022, is over $65 million keeping the company well on track to meet or exceed its $90 million 2022 annual revenue forecast. Notably, iQSTEL reported its first operating and consolidated income positive period in Q3 achieving one of the company´s financial objectives for FY-2022 earlier than anticipated. Stockholder’s equity increased 172% to $9.2 million compared to Q3 2021 surpassing the Nasdaq minimum listing requirement and further supporting the company’s Nasdaq up-listing intentions.
| Summary Financials Q3 2021 vs Q3 2022 | ||||
| Statements of Operations | Q3 2021 | Q3 2022 | % | Direction |
| Revenues (Million US$) | 16.52 | 21.94 | 33% | Increase |
| Gross Profit (Revenue %) | 5.09% | 5.99% | 18% | Increase |
| Gross Profit (US$) | 841,052 | 1,314,960 | 56% | Increase |
| Operating (Loss) Income (US$) | (116,143) | 58,813 | -151% | Reduction |
| Consolidated Net (Loss) Income (US$) | (111,218) | 27,312 | -125% | Reduction |
| Balance Sheet | Q2 2021 | Q2 2022 | Variation | Direction |
| Cash (US$) | 1,190,804 | 1,294,981 | 9% | Increase |
| Assets (Million US$) | 7.58 | 12.22 | 61% | Increase |
| Liabilities (Million US$) | 4.20 | 3.02 | -28% | Reduction |
| Stockholders´ Equity (Million US$) | 3.38 | 9.20 | 172% | Increase |
The company continues to demonstrate positive financial and commercial trends quarter to quarter and year to year. Management anticipates the company’s growth trends to continue.
| Summary Financials Q2 2022 vs Q3 2022 | |||||
| Statements of Operations | Q2 2022 | Q3 2022 | % | Direction | |
| Revenues (Million US$) | 23.70 | 21.94 | -7% | Reduction | |
| Gross Profit (Revenue %) | 3.57% | 5.99% | 68% | Increase | |
| Gross Profit (US$) | 846,274 | 1,314,960 | 55% | Increase | |
| Operating (Loss) Income (US$) | (298,178) | 58,813 | -120% | Reduction | |
| Consolidated Net (Loss) Income (US$) | (285,457) | 27,312 | -110% | Reduction | |
| Balance Sheet | Q2 2022 | Q3 2022 | % | Direction | |
| Cash (US$) (See Notes) | 1,645,937 | 1,294,981 | -21% | Reduction | |
| Assets (Million US$) | 12.90 | 12.22 | -5% | Reduction | |
| Liabilities (Million US$) | 3.86 | 3.02 | -22% | Reduction | |
| Stockholders´ Equity (Million US$) | 9.04 | 9.20 | 2% | Increase | |
| Notes: | |||||
| 1) The Cash reduction includes the effects of Whisl and Smartbiz acquisitions | |||||
| 2) The company reached break-even point in Q3. | |||||
A full analysis of the company’s overall improving financial performance displayed in a variety of charts and graphs is available at the following link:
http://bit.ly/IQSTELFinancialEvolutionQ3_2022
About iQSTEL Inc.:
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (www.globalmoneyone.com) (www.maxmo.vip) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up, Buy/Sell Crypto). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (www.itsbchain.com) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (www.evoss.net) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.
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 information 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 partly 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 83% Revenue Increase For October To $9.4M After Reporting First Profitable Quarter With 33% Revenue Increase To $21.94M
New York, NY, Nov. 16, 2022 -- iQSTEL, Inc. (OTCQX: IQST) today announced revenue in October 2022 reached $9.4 million based on preliminary accounting. This represents an 83% increase over the $5.1 recorded in October 2021.
On Monday this week, iQSTEL filed its Q3 financial report for FY 2022. The company reported Q3 revenue of $21.94 million realizing a 33% increase compared to the same period in 2021. YTD revenue through September 30, 2022, is over $65 million. The highlight of the Q3 financial statement was iQSTEL reporting its first operating and consolidated income positive period achieving one of the company´s financial objectives for FY-2022 earlier than anticipated.
Between the $65 million in revenue reported YTD through September 30, 2022, and the $9.4 million in revenue recorded for October totaling $74.4 million in revenue YTD though October 2022 based on preliminary accounting, management is confident iQSTEL will meet or exceed its $90 million annual revenue forecast for 2022.
Stockholder’s equity as of September 30, 2022, is $9.2 million representing an increase 172% compared to Q3 2021. The reported Stockholder’s equity surpasses the Nasdaq minimum listing requirement and further supports the company’s Nasdaq up-listing objective.
A full analysis of the company’s overall improving financial performance displayed in a variety of charts and graphs is available at the following link:
http://bit.ly/IQSTELFinancialEvolutionQ3_2022
About iQSTEL Inc.:
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (www.globalmoneyone.com) (www.maxmo.vip) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up, Buy/Sell Crypto). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (www.itsbchain.com) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (www.evoss.net) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.
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 information 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 partly 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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