iQSTEL Inc. Files 8-K with Material Agreement Details
Ticker: IQST · Form: 8-K · Filed: Nov 4, 2024 · CIK: 1527702
Sentiment: neutral
Topics: material-agreement, filing, company-update
TL;DR
iQSTEL filed an 8-K on Nov 1st covering a material agreement and financials.
AI Summary
On November 1, 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 8-K filing provides crucial updates on iQSTEL Inc.'s business dealings and financial status, which could impact investor decisions.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which can introduce new risks or opportunities for the company.
Key Players & Entities
- iQSTEL Inc. (company) — Registrant
- PURESNAX INTERNATIONAL, INC. (company) — Former company name
- November 1, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
FAQ
What is the nature of the material definitive agreement filed by iQSTEL Inc.?
The provided text does not specify the details of the material definitive agreement, only that it was entered into on or before November 1, 2024.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on November 1, 2024.
What was iQSTEL Inc.'s former company name?
iQSTEL Inc. was formerly known as PURESNAX INTERNATIONAL, INC.
In which state is iQSTEL Inc. incorporated?
iQSTEL Inc. is incorporated in Nevada.
What is iQSTEL Inc.'s primary business sector?
iQSTEL Inc. operates in the TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) sector.
Filing Stats: 992 words · 4 min read · ~3 pages · Grade level 11.5 · Accepted 2024-11-04 16:18:19
Key Financial Figures
- $750,000 — nership interest in SwissLink is set at $750,000 USD. The term of this agreement will
Filing Documents
- iqst8k110124.htm (8-K) — 30KB
- ex10_1.htm (EX-10.1) — 31KB
- ex99_1.htm (EX-99.1) — 16KB
- 0001663577-24-000273.txt ( ) — 256KB
- iqst-20241101.xsd (EX-101.SCH) — 3KB
- iqst-20241101_lab.xml (EX-101.LAB) — 33KB
- iqst-20241101_pre.xml (EX-101.PRE) — 22KB
- iqst8k110124_htm.xml (XML) — 3KB
01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On November 1, 2024, we entered into a binding Memorandum of Understanding (the "Agreement") with Mr. Ralf Koehler ("Ralf"), SwissLink Carrier Ltd., ("SwissLink") and Impact Trading & Consulting LLC ("Impact") for the purpose of outlining the understanding regarding the exchange of 49% ownership in SwissLink for our shares. Pursuant to the Agreement, the parties agreed that the execution of the final agreement will be subject to mutual consent and negotiations based on the terms already agreed below: The agreed valuation to purchase Ralf's 49% ownership interest in SwissLink is set at $750,000 USD. The term of this agreement will be for five (5) years plus six (6) months ("Termination Date"), commencing on the date of the execution of the final agreement ("Final Agreement"). to us in tranches, with each tranche comprising up to 10% of ownership per year. The option to execute each tranche can be initiated by Ralf within each one-year period through the submission of a "trigger letter" by e-mail to us. If Ralf does not exercise his right to trigger the agreement during any year, we reserve the right to initiate the tranche execution at any point thereafter. Share Calculation: The number of iQSTEL shares to be provided in exchange for each tranche will be determined based on the lowest closing price of iQSTEL shares over the 90 days preceding the delivery of the trigger letter. Discount: Ralf will receive a 20% discount on the above calculated share price; provided however, that the above calculated share price, without the discount, shall count toward the purchase price in determining whether Ralf has received the full $750,000 USD valuation for his 49% ownership interest in SwissLink. If, after the execution of all tranches, Ralf has not received the full $750,000 USD valuation, we or our legal successor will pay the difference in cash until the full valuati
01
Item 8.01 Other Events On November 4, 2024, we issued a press release announcing the Agreement with the parties. 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. 2 SECTION 9 – Financial
01 Financial Statements
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Memorandum of Understanding, dated November 1, 2024 99.1 Press Release, dated November 4, 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 November 4, 2024 4