iQSTEL Inc. Files 8-K with Material Definitive Agreement
Ticker: IQST · Form: 8-K · Filed: May 10, 2024 · CIK: 1527702
Sentiment: neutral
Topics: material-agreement, filing
TL;DR
iQSTEL signed a material definitive agreement, filing an 8-K on May 10, 2024.
AI Summary
On May 10, 2024, iQSTEL Inc. filed an 8-K report detailing a material definitive agreement. The filing also includes other events and financial statements/exhibits. The company, formerly known as Puresnax International, Inc., is incorporated in Nevada and operates in the telephone communications sector.
Why It Matters
This filing indicates a significant new agreement for iQSTEL Inc., which could impact its business operations and financial performance.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's stock price.
Key Players & Entities
- iQSTEL Inc. (company) — Registrant
- Puresnax International, Inc. (company) — Former company name
- May 10, 2024 (date) — Date of report and earliest event
- Nevada (jurisdiction) — State of incorporation
- 300 Aragon Avenue, Suite 375 (address) — Business and mailing address
- Coral Gables, FL 33134 (address) — City, State, and Zip of business address
FAQ
What is the nature of the material definitive agreement filed by iQSTEL Inc.?
The filing indicates the entry into a material definitive agreement, but the specific details of the agreement are not provided in the provided text.
When was this 8-K filing submitted?
The 8-K filing was submitted on May 10, 2024.
What was iQSTEL Inc. formerly known as?
iQSTEL Inc. was formerly known as Puresnax International, Inc.
In which state is iQSTEL Inc. incorporated?
iQSTEL Inc. is incorporated in Nevada.
What is the business address of iQSTEL Inc.?
The business address of iQSTEL Inc. is 300 Aragon Avenue, Suite 375, Coral Gables, FL 33134.
Filing Stats: 1,411 words · 6 min read · ~5 pages · Grade level 13.5 · Accepted 2024-05-10 16:04:40
Key Financial Figures
- $1,500,000 — mbership interests of the Company is US $1,500,000, and this amount will be paid by the Se
- $100,000 — the Company, in installments of up to US$100,000 per month, to be used solely for market
- $200,000 — objective of generating a minimum of US$200,000 in operating income per month, with int
- $500,000 — at least three stages, each of up to US$500,000 per year to help accelerate the amortiz
Filing Documents
- iqst8k051024.htm (8-K) — 31KB
- ex2_1.htm (EX-2.1) — 113KB
- ex99_1.htm (EX-99.1) — 14KB
- 0001663577-24-000127.txt ( ) — 356KB
- iqst-20240510.xsd (EX-101.SCH) — 3KB
- iqst-20240510_lab.xml (EX-101.LAB) — 33KB
- iqst-20240510_pre.xml (EX-101.PRE) — 22KB
- iqst8k051024_htm.xml (XML) — 3KB
01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On May 10, 2024, we entered into a Purchase Company Agreement ("Purchase Agreement") with Omar Luna and Lynk Holding LLC (together, the "Seller") concerning the sale by Seller and the purchase by us of 51% of the membership interests the Seller holds in Lynk Telecom, LLC, a Virginia limited liability company (the "Company"). The closing of the Purchase Agreement is expected to occur no later than July 1, 2024, once due diligence has been completed. The Company provides certified business telephony, SMS, connectivity, and networking services across various sectors in the United States. Lynk Holding LLC recently acquired selected assets from a company known as Voyce Telecom, and Lynk Holding LLC has the obligation to pay the shareholders of Voyce Telecom the purchase price in that acquisition, which is outstanding. The Purchase Price for 51% of the membership interests of the Company is US $1,500,000, and this amount will be paid by the Seller to the Buyer in 12 consecutive monthly cash payments of US$ 125,000 each. The Seller agrees to use these funds for the amortization of the payments that it owes to Voyce in relation to the goodwill acquisition contract between Lynk Holding and Voyce Telecom. Once we have paid the $1,500,000 for the acquisition of the Company, and the Company has achieved the business goals outlined in the Purchase Agreement, under what we refer to as "Phase I," we have agreed to lend up to US$1,500,000 to the Company, in installments of up to US$100,000 per month, to be used solely for marketing campaigns, promotion and development of the retail services of the Company, according to a business plan that has to be approved by the Company's board of directors. The disbursements of this loan will be subject to the achievements of the quarterly goals set in the business plan of the Company. This retail business plan will have the aim of achieving the objective of generating a minimum of US
01
Item 8.01 Other Events On May 10, 2024, we issued a press release concerning the Purchase Agreement with the Company. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in Item 8.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing. SECTION 9 – Financial
01 Financial Statements
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 2.1 Purchase Agreement, dated May 10, 2024 99.1 Press Release, dated May 10, 2024 3
SIGNATURES
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 May 10, 2024 4