iQSTEL Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>iQSTEL Inc. has filed its annual report for the fiscal year ending December 31, 2023.</b>

AI Summary

iQSTEL Inc (IQST) filed a Annual Report (10-K) with the SEC on April 1, 2024. iQSTEL Inc. filed its 2023 10-K report on April 1, 2024. The company is incorporated in Nevada and its fiscal year ends on December 31. Its principal business address is in Coral Gables, Florida. The filing covers the fiscal year ended December 31, 2023. iQSTEL Inc. was formerly known as PURESNAX INTERNATIONAL, INC.

Why It Matters

For investors and stakeholders tracking iQSTEL Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and business operations for the past fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: — iQSTEL Inc shows moderate risk based on this filing. The company's financial statements and disclosures in this 10-K filing will require careful review to understand its financial health and operational risks, as specific financial figures and performance metrics are not detailed in the provided header information.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management's discussion and analysis, and risk factors to assess iQSTEL Inc.'s performance and outlook.

Key Players & Entities

• iQSTEL Inc. (company) — Filer
• 300 ARAGON AVENUE, SUITE 375 (location) — Business Address
• CORAL GABLES (location) — Business Address City
• FL (location) — Business Address State
• PURESNAX INTERNATIONAL, INC. (company) — Former Company Name

FAQ

Industry Context

iQSTEL Inc. operates within the telecommunications sector, specifically in telephone communications excluding radio telephone services.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Assess the management's discussion and analysis for strategic initiatives and outlook.
3. Review the risk factors section for potential challenges and uncertainties.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date the 10-K report was submitted to the SEC.

Year-Over-Year Comparison

This is the 2023 annual report filing, following previous filings for prior fiscal years.

Key Financial Figures

• $0.001 — each class Common Stock, par value of $0.001 Indicate by check mark if the registr
• $67,698,574 — 5% of the total revenue of the company ($67,698,574 out of the total $144,502,351) while in
• $144,502,351 — e company ($67,698,574 out of the total $144,502,351) while in year 2022 voice services repr
• $39,614,081 — epresented 42.50% of the total revenue ($39,614,081 out of the total $93,203,532). All our
• $93,203,532 — l revenue ($39,614,081 out of the total $93,203,532). All our subsidiaries carried 4.2 bil
• $86 million — es under our analysis is estimated over $86 million per year. This is based in the actual c
• $626 billion — ow- and middle-income countries reached $626 billion in 2022. The brief also stated the remi
• $142 billion — estimated to have grown 9.3% in 2022 to $142 billion; with increments of 45% for Nicaragua,

Filing Documents

• iqst10k_123123.htm (10-K) — 1400KB
• image_001.jpg (GRAPHIC) — 14KB
• ex31_1.htm (EX-31.1) — 9KB
• ex31_2.htm (EX-31.2) — 9KB
• ex32_1.htm (EX-32.1) — 5KB
• 0001663577-24-000092.txt (&nbsp;) — 6204KB
• iqst-20231231.xsd (EX-101.SCH) — 39KB
• iqst-20231231_cal.xml (EX-101.CAL) — 56KB
• iqst-20231231_def.xml (EX-101.DEF) — 189KB
• iqst-20231231_lab.xml (EX-101.LAB) — 324KB
• iqst-20231231_pre.xml (EX-101.PRE) — 299KB
• iqst10k_123123_htm.xml (XML) — 847KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [ Reserved ] 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 26 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 27 Item 9A.

Controls and Procedures

Controls and Procedures 27 Item 9B. Other Information 28 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 28 PART III Item 10. Directors, Executive Officers and Corporate Governance 29 Item 11.

Executive Compensation

Executive Compensation 33 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 Item 13. Certain Relationships and Related Transactions, and Director Independence 37 Item 14. Principal Accountant Fees and Services 37 PART IV Item 15. Exhibits, Financial Statement Schedules 38 Item 16. Form 10-K Summary 39 2 PART I Forward-Looking This Annual Report on Form 10-K contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects on a consolidated basis include but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Business

Item 1. Business Company Description iQSTEL Inc. (the "Company") (OTCQX: IQST) (www.iqstel.com) is a technology company with presence in 19 countries and 70 employees that is offering leading-edge services through its business divisions. Our Telecom Division, which represents the majority of current operations and which also represents the source for all of our revenues for the financial periods presented, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions (www.iotsmartgas.com and www.iotsmarttank.com), and international fiber-optic connectivity through its subsidiaries: Etelix (www.etelix.com), SwissLink Carrier (www.swisslink-carrier.com), Smartbiz Telecom (www.smartbiztel.com), Whisl Telecom (www.whisl.com), IoT Labs (www.iotlabs.mx), and QGlobal SMS (www.qglobalsms.com). Our developing 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). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that makes it easier to manage their money and stay connected with their families back home. Our developing 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. Our developing Electric Vehicle (EV) Business Line (www.evoss.net) offers electric motorcycles for work and recreational use 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. Our Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) is currently developing a groundbreaking white-label solution designed specifically for corporations, businesses, and the telecommunications industry. Delivering a full suite

View Full Filing

View this 10-K filing on SEC EDGAR