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Correct for the K. Q1 is due 5/15. K covers the Q4.
Q is due 5/15
IQST – iQSTEL Publishes Pro Forma Financial Statement in Conjunction with QXTEL Acquisition
iQSTEL_Logo
NEW YORK, February 8, 2024 -- iQSTEL Inc. (OTC-QX: IQST) today announced the company has published a Pro Forma financial statement on SEC Form 8K/A in conjunction with the recently announced acquisition of QXTEL making iQSTEL’s revenue a Quarter Billion on an annual basis.
The 8K/A Pro Forma disclosure (Super 8K) that represents the combination of the financial results of iQSTEL and QXTEL from January 1, 2023, through September 30, 2023 (nine months), was based on work initiated last September when iQSTEL’s audit firm began work to review QXTEL’s financial records and bring them into compliance with US GAAP accounting standards.
Financial Highlights from the 8K/A Pro Forma Disclosure (Super 8K)
Balance Sheet:
iQSTEL Total Assets increase from $18.1 million to $30.3 million
iQSTEL Stockholders’ Equity increase from $7.9 million to $9.2 million
Statement of Operation:
iQSTEL Net Revenues increase from $97.2 million to $156.9 million
iQSTEL Gross Profit increase from $3.0 million to $6.1 million
We also can highlight that over the 9 months from January 1, 2023, to September 30, 2023, QXTEL contributed $0.98 million in Operating Income and $0.78 million in Net Income.
“Taking into consideration that iQSTEL achieved positive operating income last year in Q3 earlier than forecasted, and recently announced $17 million in revenue for January of 2024 before the benefit of any QXTEL contribution, it is safe to say, we expect iQSTEL’s financial performance in 2024 to be the best ever,” said Leandro Iglesias, CEO of iQSTEL.
Materials of the recent Shareholder meeting conducted January 31, 2024
Video
Slides
Replay of entire meeting
Results of the Proxy Vote
About IQSTEL (updated August 2023):
iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $120 million revenue forecast. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity. iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.
The Enhanced Telecommunications Services Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
The Fintech Division (Financial Freedom) includes remittances services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App.
The Electric Vehicles (EV) Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Cars.
The Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) includes an enriched and immersive white label proprietary AI-Enhanced Metaverse platform to access products, services, content, entertainment, information, customer support, and more in a virtual 3D interface.
The company continues to grow and expand its suite of products and services both organically and through mergers and acquisitions. iQSTEL has completed 10 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.
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
Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com
Company Website
www.iqstel.com
Well at least it didn't close at the low of the day.
250k on the ask.
Trading seems to of slowed down. That may be the end of the profit taking.
Unsettled trades from the day.
If they place an all or nothing bid it is very common to skip the bid if the seller is not selling enough to fill the bid.
That was e-mailed to you. If you can not find it sign in as a guest.
https://east.virtualshareholdermeeting.com/vsm/web?pvskey=IQST2024
Green all day just to close red. WTH.
You must not be reading it the same as I am. The PR/shareholder letter states it is done. The 8K states it has until the end of April to close. One of the two is a lie. Leo stated it was done and the terminology was just standard jargon.
Acquisition Status: The acquisition of 51% of QXTEL by iQSTEL has been successfully executed. The due diligence process was completed effectively.
From 8K
At closing, which must occur before April 30, 2024, we have agreed to enter into a shareholder’s agreement with Seller that, among other things, establishes a first of first refusal for us to repurchase the shares from Seller.
Our obligation to close the transactions contemplated by the Purchase Agreement is contingent upon the closing of debt and/or equity financing of up to an additional US $1,500,000 on terms reasonably satisfactory to us.
The closing of the Purchase Agreement is subject to, among other things, the Company having prepared all accounting information in accordance with SEC standards in such manner that any audit of the Company, if required, may be performed.
I am sure that is all just part of the DD. My concern is the lies about LDA, and the completion of the acquisition. Then entering into another toxic convertible note selling shares at .11, Heck that is worse than the Apollo deal.
So what is this then?
Hello iQSTEL Community,
We understand there has been some confusion regarding the 60-day period mentioned in our recent announcement about the acquisition of QXTEL. We want to clarify this for our shareholders and stakeholders:
✅ Acquisition Status: The acquisition of 51% of QXTEL by iQSTEL has been successfully executed. The due diligence process was completed effectively.
✅ 60-Day Period: The mentioned 60-day period is not for due diligence or finalizing the agreement. Instead, it is a standard procedural period where both iQSTEL and QXTEL ensure all aspects of the agreement's representations are meticulously managed and adhered to. This is a normal part of such strategic transactions.
✅ Moving Forward: This acquisition is a significant step in our journey to becoming a leading international wholesale telecommunications operator. It aligns with our strategy to boost our annual revenue significantly, aiding in our aim to list on the NASDAQ market.
🔗 Partner's Confirmation: For further assurance, our new partners at QXTEL have also shared a LinkedIn post confirming the agreement and expressing enthusiasm for our future collaboration.
https://www.linkedin.com/posts/qxtel-limited_iqstel-and-qxtel-announce-a-deal-to-become-activity-7155312271601127424-lAbe/?utm_source=share&utm_medium=member_ios
We hope this clears up any misunderstandings. We are thrilled about this development and look forward to a prosperous future together with QXTEL.
Thank you for your continued support.
— iQSTEL Team
Read the 8K. Will close end of April.
And the acquisition is not closed yet. A flat out lie.
8K out. Looks like LDA is out and they entered another deal equal to the Apollo deal. 5 million dollar note at .11 cents a share.
This just can not keep it's head above water.
Gross margin. Back to how much did it cost to make. I.E. net profit.
Gross margin of approximately $160,000 per week
So is the acquisition done or not. Kind of conflicting when the pr says one thing but the company says it is complete,
iQSTEL and QXTEL have entered into a binding agreement for iQSTEL to acquire 51% of the capital stock of QXTEL. We expect all terms and conditions of this binding purchase agreement to be executed within no more than 60 days at which time 51% of QXTEL’s shares will be transfer to IQSTEL.
Hello iQSTEL Community,
We understand there has been some confusion regarding the 60-day period mentioned in our recent announcement about the acquisition of QXTEL. We want to clarify this for our shareholders and stakeholders:
✅ Acquisition Status: The acquisition of 51% of QXTEL by iQSTEL has been successfully executed. The due diligence process was completed effectively.
✅ 60-Day Period: The mentioned 60-day period is not for due diligence or finalizing the agreement. Instead, it is a standard procedural period where both iQSTEL and QXTEL ensure all aspects of the agreement's representations are meticulously managed and adhered to. This is a normal part of such strategic transactions.
✅ Moving Forward: This acquisition is a significant step in our journey to becoming a leading international wholesale telecommunications operator. It aligns with our strategy to boost our annual revenue significantly, aiding in our aim to list on the NASDAQ market.
🔗 Partner's Confirmation: For further assurance, our new partners at QXTEL have also shared a LinkedIn post confirming the agreement and expressing enthusiasm for our future collaboration.
https://www.linkedin.com/posts/qxtel-limited_iqstel-and-qxtel-announce-a-deal-to-become-activity-7155312271601127424-lAbe/?utm_source=share&utm_medium=member_ios
We hope this clears up any misunderstandings. We are thrilled about this development and look forward to a prosperous future together with QXTEL.
Thank you for your continued support.
— iQSTEL Team
IQST – iQSTEL CEO Presents Acquisition of QXTEL as Hockey Stick Growth Curve Event
iQSTEL_Logo
NEW YORK, January 24, 2024 -- iQSTEL Inc. (OTC-QX: IQST) today released a letter to shareholders form the iQSTEL CEO, Leandro Iglesias, following the acquisition of QXTEL (www.qxtel.com) announced yesterday. The letter is intended to provide further details on the acquisition and highlight the benefits of the acquisition. The letter is included in its entirety below:
Dear Shareholders:
Yesterday we announced a major milestone resulting in a hockey stick growth curve event, the acquisition of QXTEL.
iQSTEL and QXTEL Announce A Deal To Become Quarter Billion Revenue Corporation
iQSTEL and QXTEL have entered into a binding agreement for iQSTEL to acquire 51% of the capital stock of QXTEL. We expect all terms and conditions of this binding purchase agreement to be executed within no more than 60 days at which time 51% of QXTEL’s shares will be transfer to IQSTEL.
To further demonstrate the commitment of all parties involved, see QXTEL’s post yesterday on LinkedIn:
IQSTEL AND QXTEL ANNOUNCE A DEAL TO BECOME QUARTER BILLION REVENUE CORPORATION
As I noted in the first line of my letter here today, this agreement is a major milestone resulting in a hockey stick growth curve. Let me highlight some of the key aspects driving the momentum behind this milestone.
The addition of QXTEL’s revenue alone nearly doubles iQSTEL’s annual revenue before the acquisition, but that is barely the tip of the iceberg on the list of contributions QXTEL brings to the vision of iQSTEL becoming a $1 Billion company.
QXTEL’s commercial value is far greater than its revenue contributions alone. QXTEL adds improved operating margins with the addition of further operating efficiencies and synergies to be cross leveled across the combined operations. QXTEL brings new and unique customers, and expanded executive talent and experience. The combination of QXTEL with iQSTEL is one of those situations where 1 + 1 > 2.
Here are some of the stunning numerical metrics of iQSTEL resulting from the acquisition that illustrate the value of the QXTEL acquisition:
Revenue of approximately $700,000 per day
Gross margin of approximately $160,000 per week
Telecom Division Operating income of approximately $60,000 per week
Revenue Per Share (RPS) increase of 75% from $0.81 per share EOY 2023 to $1.40 per share applied to the same EOY 2023 capitalization structure.
In addition to the improved financial metrics, QXTEL brings to iQSTEL new and active top 10 incumbent wholesale telecom customers that own their own networks and bring end users from the Middle East, UK, Belgium, France, Italy, Germany, Turkey, Africa, the Caribbean, and India. QXTEL is also a member of the GSMA association and the GLF Community (The ITW Global Leaders’ Forum), and they have a global presence, with offices in Miami, Buenos Aires, Istanbul, London, Belgrade and Dubai.
The highest value of this acquisition is the top telecommunication executive talent at QXTEL which is one of the key features that makes the acquisition so compelling for iQSTEL. The names of the QXTEL executives are essentially independent brand names well recognized within the international telecom industry.
It is important to remark that the acquisition agreement is intended to maintain QXTEL operational continuity ensuring a seamless transition for all QXTEL customers.
We are delighted to have Tolga Alemdar retain his role as the Chief Executive Officer and Managing Director of QXTEL. We are also pleased to have Fernando Diaz Romero, Gonzalo Henschien, and Rami Herzallah, remain on board as Chief members of the QXTEL management team continuing in their respective roles at QXTEL.
The leadership of both iQSTEL and QXTEL have the same vision to become one of the 10 largest wholesale telecommunication service providers in the world. This deal graduates us on to that top ten list.
With the execution of the purchase agreement finalized, we will now begin to integrate operations to achieve operational efficiencies and seize market synergies. Our focus is now on the horizon beyond a quarter billion in annual revenue.
Our Independent Board of Directors and the Management want to thank all our shareholders and investors for their support which has led to our stunning growth.
The best is yet to come,
Leandro Iglesias
CEO and Chairman
iQSTEL, Inc.
Guess I misread it. Not expecting an 8K today. Hopefully it is not the last we here about this. They do not have a good track record for updates.
iQSTEL management indicates an 8-K disclosure detailing of the agreement announced today and the financing will be forthcoming imminently. The two companies expect to finalize and close the acquisition agreement within the next 60 days. The companies expect to release additional details on the transaction before the IQSTEL shareholders meeting.
They stated an 8K would be out by end of day with all the details.
Back down. Consolidation or more bag holders? I personally would wait to sell till after the 8K promised today with details.
8K due before before end of day with details according to company. I would wait till then to sell.
IQST great news out up 38%.
IQST up 38% also.
1.6 million traded not bad.
Just one question. Will there be any follow up on this or will it be like all the rest?
He may not be involved in this stock but what he does affects the stock market which has been in ruins for the last 3 years. And he has done nothing but give away money since he was elected. He has shamed the US with his actions.
Just have to wait it out until Biden is gone, hopefully next year, then stocks will trade correctly. Everyone here is in the red.
Strange took it out pre market. Must either be more games or just a trade not reported yesterday.
Looking to gap up this morning and OTCN has a large bid in after all the selling and no buying.
Only two things that will give it a push. 10K showing profit and preferably enough to show profit for the year we will see in 3 months, And the LDA deal which in my opinion is already off the table hopefully wrong but with the way they pump hopes and dreams and then hearing nothing again as with all in the past just my opinion.
Well with that ask size and no interest expect another red day. Hopefully it can at least hold .15
Closed even yesterday so I guess it is fair to take it down today.
300 Aragon Avenue, Suite 375, Coral Gables Fl. This comes up for the address of DCC Accounting and also IQSTEL. Which company is in that Suite?
Got 3 MM's taking it down today. Really needs some interest here but nothing to share other than revenue.
We will find out in 3 months. Unless we are lucky enough and they tell you in the shareholders meeting.