iQSTEL Inc. Files 8-K for Material Definitive Agreement
Ticker: IQST · Form: 8-K · Filed: Oct 22, 2024 · CIK: 1527702
Sentiment: neutral
Topics: material-agreement, financial-obligation, 8-k
TL;DR
iQSTEL just signed a big deal, creating a new financial obligation. Keep an eye on this.
AI Summary
On October 18, 2024, iQSTEL Inc. entered into a Material Definitive Agreement, creating a direct financial obligation. The company, incorporated in Nevada, filed this 8-K report on October 22, 2024, detailing the event. The filing also includes other events and financial statements.
Why It Matters
This filing indicates a significant new financial commitment or obligation for iQSTEL Inc., which could impact its financial health and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet them.
Key Players & Entities
- iQSTEL Inc. (company) — Registrant
- October 18, 2024 (date) — Date of earliest event reported
- October 22, 2024 (date) — Date of report filing
- Nevada (jurisdiction) — State of incorporation
FAQ
What is the nature of the Material Definitive Agreement entered into by iQSTEL Inc. on October 18, 2024?
The filing states that iQSTEL Inc. entered into a Material Definitive Agreement on October 18, 2024, which resulted in the creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Specific details of the agreement are not provided in this summary.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on October 22, 2024.
What is iQSTEL Inc.'s state of incorporation?
iQSTEL Inc. is incorporated in Nevada.
What are the main items reported in this 8-K filing?
This 8-K filing reports on the Entry into a Material Definitive Agreement, the Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, Other Events, and Financial Statements and Exhibits.
What was iQSTEL Inc.'s former company name?
iQSTEL Inc. was formerly known as PURESNAX INTERNATIONAL, INC. (name change on 20151124), PURE SNAX INTERNATIONAL, INC. (name change on 20150813), and B-MAVEN, INC. (name change on 20110810).
Filing Stats: 703 words · 3 min read · ~2 pages · Grade level 10 · Accepted 2024-10-22 11:30:19
Key Financial Figures
- $1,888,888 — 1, 2025, with an outstanding amount of $1,888,888.89, now extended to January 1, 2026.
- $1,111,111 — 12, 2025, with an outstanding amount of $1,111,111.11, now extended to March 12, 2026. T
- $555,555 — 25, 2025, with an outstanding amount of $555,555.56, now extended to March 25, 2026. I
Filing Documents
- iqst8k101824.htm (8-K) — 27KB
- ex10_1.htm (EX-10.1) — 19KB
- ex99_1.htm (EX-99.1) — 18KB
- 0001663577-24-000265.txt ( ) — 239KB
- iqst-20241018.xsd (EX-101.SCH) — 3KB
- iqst-20241018_lab.xml (EX-101.LAB) — 33KB
- iqst-20241018_pre.xml (EX-101.PRE) — 22KB
- iqst8k101824_htm.xml (XML) — 3KB
01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On October 18, 2024, we entered into a Memorandum of Understanding (the "Agreement") with M2B Funding Corp. to extend the maturity date on three promissory notes in exchange for stock consideration. Pursuant to the Agreement, the following promissory notes were extended by 12 months from their original date of maturity: First Note: Originally due January 1, 2025, with an outstanding amount of $1,888,888.89, now extended to January 1, 2026. Second Note: Originally due March 12, 2025, with an outstanding amount of $1,111,111.11, now extended to March 12, 2026. Third Note: Originally due March 25, 2025, with an outstanding amount of $555,555.56, now extended to March 25, 2026. In consideration for this extension, we agreed to issue 646,467 restricted common shares to M2B Funding Corp. The foregoing description is qualified in its entirety by reference to the Agreement, a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference. Section 2 - Financial Information
03 - Creation of a Direct
Item 2.03 - Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant. The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03. SECTION 8 – OTHER EVENTS
01
Item 8.01 Other Events On October 21, 2024, we issued a press release announcing the extension. 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 10.1 Memorandum of Understanding, dated October 18, 2024 99.1 Press Release, dated October 21, 2024 2
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 October 22, 2024 3