10-Q Filing

IQSTEL INC CIK: 1527702 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001078782-18-001332`
Period End Date	20180930
Filing Date	20181116
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	iqst-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 33 Cash Flow Statement 54

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Debt Instrument, Unamortized Discount	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Debt Instrument, Unamortized Discount	`DebtInstrumentUnamortizedDiscount`	$61.55K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.31K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$25.36K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$61.26K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.07K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	15.01M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.14M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.94M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	15.00M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	15.00M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	15.01M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$181.54K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.15M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.14M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentGross`	$301.76K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentGross`	$283.73K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.44M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.33M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$23.19K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$26.59K	USD	Point-in-time
Loans payable - current portion	`ShortTermBorrowings`	$233.70K	USD	Point-in-time
Loans payable - current portion	`ShortTermBorrowings`	$208.35K	USD	Point-in-time
Convertible notes - net of discount of $61,553	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Convertible notes - net of discount of $61,553	`ConvertibleDebtCurrent`	$13.45K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$257.08K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$450.38K	USD	Point-in-time
Derivative Liability, Current	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative Liability, Current	`DerivativeLiabilitiesCurrent`	$520.72K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.29M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.85M	USD	Point-in-time
Long-term loans payable - related parties	`DueToRelatedPartiesNoncurrent`	$90.79K	USD	Point-in-time
Long-term loans payable - related parties	`DueToRelatedPartiesNoncurrent`	$91.59K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.94M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$2.38M	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$15.00K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$15.01K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$987.24K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.04M	USD	Point-in-time
Stock subscription receivable	`ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock`	$8.75K	USD	Point-in-time
Stock subscription receivable	`ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock`	$1.25K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-995.95K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-492.35K	USD	Point-in-time
Total Stockholder's Equity	`StockholdersEquity`	$501.14K	USD	Point-in-time
Total Stockholder's Equity	`StockholdersEquity`	$60.04K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.44M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.44M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.90M	USD	1 Quarter
Revenues	`Revenues`	$3.79M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$1.83M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$3.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$64.97K	USD	1 Quarter
Gross profit	`GrossProfit`	$262.48K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$197.95K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$195.88K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$195.88K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$197.95K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-132.97K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$66.60K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$7.13K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$164.00	USD	1 Quarter
Interest expense	`InvestmentIncomeInterest`	$-119.75K	USD	1 Quarter
Interest expense	`InvestmentIncomeInterest`	$-96.92K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$4.47K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$448.47K	USD	1 Quarter
Gain on settlement of debt	`GainOnSettlementOfDebt`	-	USD	1 Quarter
Gain on settlement of debt	`GainOnSettlementOfDebt`	$2.34K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-89.80K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-570.19K	USD	1 Quarter
Net loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-222.77K	USD	1 Quarter
Net loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-503.60K	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-222.77K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-503.60K	USD	1 Quarter
Basic and dilutive loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and dilutive loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	10.25M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.00M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-222.77K	USD	1 Quarter
Net loss	`ProfitLoss`	$-503.60K	USD	1 Quarter
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$25.00K	USD	1 Quarter
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.45K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$23.86K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$13.45K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$448.47K	USD	1 Quarter
Gain on settlement of debt	`GainOnSettlementOfDebt`	-	USD	1 Quarter
Gain on settlement of debt	`GainOnSettlementOfDebt`	$2.34K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$198.74K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$621.49K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherReceivables`	$-181.54K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherReceivables`	$204.34K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-263.18K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$645.63K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$251.97K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$192.30K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-127.14K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-88.66K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$426.00	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-426.00	USD	1 Quarter
Proceeds from loans payable	`ProceedsFromOtherDebt`	$202.89K	USD	1 Quarter
Proceeds from loans payable	`ProceedsFromOtherDebt`	$225.34K	USD	1 Quarter
Repayments of loans payable	`RepaymentsOfOtherDebt`	$228.25K	USD	1 Quarter
Repayments of loans payable	`RepaymentsOfOtherDebt`	$171.16K	USD	1 Quarter
Proceeds from loans payable - related parties	`ProceedsFromOtherShortTermDebt`	-	USD	1 Quarter
Proceeds from loans payable - related parties	`ProceedsFromOtherShortTermDebt`	$800.00	USD	1 Quarter
Capital contribution	`ProceedsFromDepositsAppliedToDebtRetirements`	-	USD	1 Quarter
Capital contribution	`ProceedsFromDepositsAppliedToDebtRetirements`	$30.00K	USD	1 Quarter
Due to related parties	`RepaymentsOfLongtermLoansFromVendors`	$3.40K	USD	1 Quarter
Due to related parties	`RepaymentsOfLongtermLoansFromVendors`	-	USD	1 Quarter
Common stock issued	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Common stock issued	`ProceedsFromIssuanceOfCommonStock`	$30.00K	USD	1 Quarter
Subscription receivable	`ProceedsFromOtherEquity`	-	USD	1 Quarter
Subscription receivable	`ProceedsFromOtherEquity`	$7.50K	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromRepaymentsOfNotesPayable`	$72.25K	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$81.79K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$84.18K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.29K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-42.96K	USD	1 Quarter
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$18.31K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$25.36K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$61.26K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$18.07K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$18.31K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$25.36K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$61.26K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$18.07K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.