10-K Filing

IQSTEL INC CIK: 1527702 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001078782-19-000319`
Period End Date	20181231
Filing Date	20190410
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	iqst-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 33 Cash Flow Statement 70 Stockholders Equity 14

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Debt Instrument, Unamortized Discount, Current	`DebtInstrumentUnamortizedDiscountCurrent`	$158.70K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	8.50M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	8.50M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.27K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.57K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$17.89K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.10M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.83M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from related parties	`DueFromRelatedParties`	-	USD	Point-in-time
Due from related parties	`DueFromRelatedParties`	$258.02K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$17.50K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$132.58K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.26M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.11M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	15.02M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	11.09M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentGross`	$305.03K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentGross`	$285.11K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.39M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	15.02M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.56M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	11.09M	shares	Point-in-time
Bank overdraft	`BankOverdrafts`	$82.00	USD	Point-in-time
Bank overdraft	`BankOverdrafts`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$748.54K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$23.19K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Loans payable - current portion	`ShortTermBorrowings`	$194.56K	USD	Point-in-time
Loans payable - current portion	`ShortTermBorrowings`	$227.96K	USD	Point-in-time
Convertible notes	`ConvertibleNotesPayableCurrent`	$63.20K	USD	Point-in-time
Convertible notes	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$436.76K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$262.58K	USD	Point-in-time
Derivative Liability, Current	`DerivativeLiabilitiesCurrent`	$1.79M	USD	Point-in-time
Derivative Liability, Current	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.90M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.24M	USD	Point-in-time
Long-term loans payable - related parties	`DueToRelatedPartiesNoncurrent`	$90.79K	USD	Point-in-time
Long-term loans payable - related parties	`DueToRelatedPartiesNoncurrent`	$136.04K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.38M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.99M	USD	Point-in-time
Preferred Stock, Value	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, Value	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$11.09K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$15.02K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$737.43K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-563.23K	USD	Point-in-time
Total Stockholder's Equity (Deficit)	`StockholdersEquity`	$-1.60M	USD	Point-in-time
Total Stockholder's Equity (Deficit)	`StockholdersEquity`	$185.29K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$2.39M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$1.56M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$13.78M	USD	Annual
Revenues	`Revenues`	$7.51M	USD	Annual
Cost of goods sold	`CostOfRevenue`	$12.58M	USD	Annual
Cost of goods sold	`CostOfRevenue`	$6.90M	USD	Annual
Gross profit	`GrossProfit`	$1.19M	USD	Annual
Gross profit	`GrossProfit`	$618.05K	USD	Annual
General and administration	`GeneralAndAdministrativeExpense`	$692.05K	USD	Annual
General and administration	`GeneralAndAdministrativeExpense`	$1.22M	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.22M	USD	Annual
Total operating expenses	`OperatingExpenses`	$692.05K	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-74.00K	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-27.89K	USD	Annual
Other income	`OtherNonoperatingIncome`	-	USD	Annual
Other income	`OtherNonoperatingIncome`	$11.64K	USD	Annual
Interest expense	`InvestmentIncomeInterest`	$-240.78K	USD	Annual
Interest expense	`InvestmentIncomeInterest`	$-460.19K	USD	Annual
Other expenses	`OtherNonoperatingExpense`	$40.92K	USD	Annual
Other expenses	`OtherNonoperatingExpense`	$41.50K	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-281.70K	USD	Annual
Total other expense	`NonoperatingIncomeExpense`	$-2.08M	USD	Annual
Change in fair value of derivative liabilities	`OtherOperatingIncome`	$-1.59M	USD	Annual
Change in fair value of derivative liabilities	`OtherOperatingIncome`	-	USD	Annual
Gain on settlement of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain on settlement of debt	`GainsLossesOnExtinguishmentOfDebt`	$2.34K	USD	Annual
Net loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.10M	USD	Annual
Net loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-355.71K	USD	Annual
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-355.71K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.10M	USD	Annual
Basic and dilutive loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	Annual
Basic and dilutive loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.15	USD	Annual
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.72M	shares	Annual
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.09M	shares	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-355.71K	USD	Annual
Net loss	`ProfitLoss`	$-2.10M	USD	Annual
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$187.50K	USD	Annual
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	-	USD	Annual
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$313.41K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$52.30K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$20.35K	USD	Annual
Amortization of debt discount	`AdjustmentForAmortization`	$55.05K	USD	Annual
Amortization of debt discount	`AdjustmentForAmortization`	-	USD	Annual
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$1.59M	USD	Annual
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	Annual
Gain on settlement of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain on settlement of debt	`GainsLossesOnExtinguishmentOfDebt`	$2.34K	USD	Annual
Default penalty	`OtherNoncashExpense`	-	USD	Annual
Default penalty	`OtherNoncashExpense`	$8.15K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.81M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.04M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherReceivables`	$-115.07K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherReceivables`	$54.21K	USD	Annual
Due from related party	`IncreaseDecreaseInAccountsAndOtherReceivables`	$258.02K	USD	Annual
Due from related party	`IncreaseDecreaseInAccountsAndOtherReceivables`	-	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$585.42K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-1.89M	USD	Annual
Other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$174.18K	USD	Annual
Other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$167.77K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-356.55K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-267.83K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$426.00	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Disposal of subsidiaries	`ProceedsFromSaleOfOtherProductiveAssets`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-426.00	USD	Annual
Bank overdraft	`BankOverdraft`	-	USD	Annual
Bank overdraft	`BankOverdraft`	$82.00	USD	Annual
Proceeds from loans payable	`ProceedsFromOtherDebt`	$686.57K	USD	Annual
Proceeds from loans payable	`ProceedsFromOtherDebt`	$796.86K	USD	Annual
Repayments of loans payable	`RepaymentsOfOtherDebt`	$830.26K	USD	Annual
Repayments of loans payable	`RepaymentsOfOtherDebt`	$458.61K	USD	Annual
Proceeds from loans payable - related parties	`ProceedsFromRelatedPartyDebt`	$45.25K	USD	Annual
Proceeds from loans payable - related parties	`ProceedsFromRelatedPartyDebt`	$800.00	USD	Annual
Repayment of loans payable - related parties	`RepaymentsOfRelatedPartyDebt`	$850.00	USD	Annual
Repayment of loans payable - related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Contribution	`PaymentsOfDistributionsToAffiliates`	$-30.00K	USD	Annual
Contribution	`PaymentsOfDistributionsToAffiliates`	-	USD	Annual
Due to related parties	`RepaymentsOfConvertibleDebt`	$3.40K	USD	Annual
Due to related parties	`RepaymentsOfConvertibleDebt`	-	USD	Annual
Common stock issued	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Common stock issued	`ProceedsFromIssuanceOfCommonStock`	$134.80K	USD	Annual
Subscription receivable	`ProceedsFromPaymentsForOtherFinancingActivities`	$8.75K	USD	Annual
Subscription receivable	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	Annual
Proceeds from convertible notes	`ProceedsFromRepaymentsOfOtherDebt`	$201.50K	USD	Annual
Proceeds from convertible notes	`ProceedsFromRepaymentsOfOtherDebt`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$338.28K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$273.21K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-18.70K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.38K	USD	Annual
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$23.27K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$4.57K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$17.89K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$23.27K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$4.57K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$17.89K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$218.27K	USD	Annual
Cash paid for interest	`InterestPaid`	$392.07K	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Derivative liabilities recognized as debt discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$201.50K	USD	Annual
Derivative liabilities recognized as debt discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	-	USD	Annual
Related party debt forgiveness	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	$45.20K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.60M	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$185.29K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$540.99K	USD	Point-in-time
Stock Issued During Period, Value, New Issues	`StockIssuedDuringPeriodValueNewIssues`	$134.80K	USD	Annual
Debt forgiveness	`DebtForgiveness`	$45.20K	USD	Annual
Stock Issued During Period, Value, Other	`StockIssuedDuringPeriodValueOther`	$-85.02K	USD	Annual
Subscription received	`SubscriptionReceived`	$8.75K	USD	Annual
Stock Issued During Period, Value, Issued for Services	`StockIssuedDuringPeriodValueIssuedForServices`	$187.50K	USD	Annual
Capital contribution	`CapitalContribution`	$30.00K	USD	Annual
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-2.10M	USD	Annual
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-355.71K	USD	Annual
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.60M	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$185.29K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$540.99K	USD	Point-in-time

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