IQST - iQSTEL Publishes Pro Forma Financial Statement in Conjunction with QXTEL Acquisition

Rhea-AI Summary

iQSTEL Inc. announced the publication of a Pro Forma financial statement on SEC Form 8K/A in relation to the acquisition of QXTEL, resulting in an annual revenue of a quarter billion. The Super 8K represents the combination of financial results of iQSTEL and QXTEL from January 1, 2023, through September 30, 2023, showing significant increases in total assets, stockholders' equity, net revenues, and gross profit. QXTEL contributed $0.98 million in Operating Income and $0.78 million in Net Income over the 9 months. The CEO expects 2024 to be the company's best year financially, with $17 million in revenue for January 2024 before QXTEL's contribution.

Positive

• Annual revenue of a quarter billion announced
• Significant increases in total assets, stockholders' equity, net revenues, and gross profit
• QXTEL contributed $0.98 million in Operating Income and $0.78 million in Net Income over the 9 months
• CEO expects 2024 to be the company's best year financially

Negative

• None.

NEW YORK, Feb. 8, 2024 /PRNewswire/ -- 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:

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 $140 million revenue based on preliminary accounting. 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

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SOURCE iQSTEL Inc.

FAQ

What is the annual revenue announced by iQSTEL Inc.?

iQSTEL Inc. announced an annual revenue of a quarter billion.

What are the financial highlights from the 8K/A Pro Forma Disclosure?

The financial highlights include significant increases in total assets, stockholders' equity, net revenues, and gross profit, as well as QXTEL contributing $0.98 million in Operating Income and $0.78 million in Net Income over the 9 months.

What did the CEO expect for iQSTEL's financial performance in 2024?

The CEO expects 2024 to be the company's best year financially, with $17 million in revenue for January 2024 before QXTEL's contribution.