Yes, basically up to them. But having seen the process on several otc companies and trading a lot of small cap nasdaq, IQST is in a good position in my opinion for approval if they can get the share price in that range. Probably one of the best I have seen, just my opinion.. For example, when ALPP uplisted I think their revenue was around 30M with around 6M net loss. Many I trade make little to no revenue and with big losses.
OTC has been dead for 8 months, very little to no runners. Absolutely none moving from 50c to the uplist price. No sub-penny runners, no dollar runners, just nothing, but every stock in a down trend. So IQST has been in a very dead OTC market to do anything for share price. But I see some ice thawing over the last couple of weeks, a few runners starting. Hopefully that is a sign of things to come.