10-Q Filing

IQSTEL INC CIK: 1527702 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001078782-19-000446`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	iqst-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 31 Cash Flow Statement 56 Stockholders Equity 14

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Debt Instrument, Unamortized Discount, Current	`DebtInstrumentUnamortizedDiscountCurrent`	$158.70K	USD	Point-in-time
Debt Instrument, Unamortized Discount, Current	`DebtInstrumentUnamortizedDiscountCurrent`	$607.65K	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`	$27.78K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	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`	$71.08K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.27K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.85M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.83M	USD	Point-in-time
Due from related parties	`DueFromRelatedParties`	$258.02K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Due from related parties	`DueFromRelatedParties`	$258.02K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$61.55K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseCurrent`	$17.50K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.24M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.11M	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
Common Stock, Shares, Issued	`CommonStockSharesIssued`	15.02M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	15.28M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentGross`	$272.55K	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
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	15.28M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$2.52M	USD	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`	$1.08M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$23.19K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$23.23K	USD	Point-in-time
Loans payable	`ShortTermBorrowings`	$99.42K	USD	Point-in-time
Loans payable	`ShortTermBorrowings`	$194.56K	USD	Point-in-time
Loans payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$90.79K	USD	Point-in-time
Loans payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$90.79K	USD	Point-in-time
Convertible notes	`ConvertibleNotesPayableCurrent`	$63.20K	USD	Point-in-time
Convertible notes	`ConvertibleNotesPayableCurrent`	$151.60K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$355.85K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$436.76K	USD	Point-in-time
Derivative Liability, Current	`DerivativeLiabilitiesCurrent`	$1.79M	USD	Point-in-time
Derivative Liability, Current	`DerivativeLiabilitiesCurrent`	$3.08M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.88M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.99M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$4.88M	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`	$15.28K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$15.02K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.31M	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`	$-3.69M	USD	Point-in-time
Total Stockholder's Deficit	`StockholdersEquity`	$-1.60M	USD	Point-in-time
Total Stockholder's Deficit	`StockholdersEquity`	$-2.36M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DIFICIT	`LiabilitiesAndStockholdersEquity`	$2.39M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DIFICIT	`LiabilitiesAndStockholdersEquity`	$2.52M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$2.18M	USD	1 Quarter
Revenues	`Revenues`	$4.16M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$3.73M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$1.97M	USD	1 Quarter
Gross profit	`GrossProfit`	$213.01K	USD	1 Quarter
Gross profit	`GrossProfit`	$435.58K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$190.51K	USD	1 Quarter
General and administration	`GeneralAndAdministrativeExpense`	$123.98K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$190.51K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$123.98K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$89.03K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$245.07K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$2.60K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Interest expense	`InvestmentIncomeInterest`	$-57.05K	USD	1 Quarter
Interest expense	`InvestmentIncomeInterest`	$-265.04K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$12.94K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$142.00	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-69.99K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-1.27M	USD	1 Quarter
Change in fair value of derivative liabilities	`OtherOperatingIncome`	$-1.01M	USD	1 Quarter
Change in fair value of derivative liabilities	`OtherOperatingIncome`	-	USD	1 Quarter
Net loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.04K	USD	1 Quarter
Net loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.03M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.03M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$19.04K	USD	1 Quarter
Basic and dilutive loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Basic and dilutive loss per common share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.24M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.04M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-1.03M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$19.04K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.86K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.56K	USD	1 Quarter
Amortization of debt discount	`AdjustmentForAmortization`	$151.54K	USD	1 Quarter
Amortization of debt discount	`AdjustmentForAmortization`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$1.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$27.76K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$897.08K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherReceivables`	$-132.58K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherReceivables`	$44.05K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-315.01K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$371.41K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-80.91K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$288.32K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-66.87K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-321.15K	USD	1 Quarter
Bank overdraft	`BankOverdraft`	$-82.00	USD	1 Quarter
Bank overdraft	`BankOverdraft`	-	USD	1 Quarter
Proceeds from loans payable	`ProceedsFromOtherDebt`	-	USD	1 Quarter
Proceeds from loans payable	`ProceedsFromOtherDebt`	$133.00K	USD	1 Quarter
Repayments of loans payable	`RepaymentsOfOtherDebt`	$95.14K	USD	1 Quarter
Repayments of loans payable	`RepaymentsOfOtherDebt`	$121.42K	USD	1 Quarter
Proceeds from loans payable - related parties	`ProceedsFromRelatedPartyDebt`	$21.44K	USD	1 Quarter
Proceeds from loans payable - related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Repayment of loans payable - related parties	`RepaymentsOfRelatedPartyDebt`	$21.40K	USD	1 Quarter
Repayment of loans payable - related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Contribution	`PaymentsOfDistributionsToAffiliates`	$-10.00K	USD	1 Quarter
Contribution	`PaymentsOfDistributionsToAffiliates`	$-59.80K	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromRepaymentsOfOtherDebt`	$586.00K	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromRepaymentsOfOtherDebt`	-	USD	1 Quarter
Repayment of convertible notes	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Repayment of convertible notes	`RepaymentsOfConvertibleDebt`	$113.15K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$71.38K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$387.66K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$66.51K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.52K	USD	1 Quarter
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$27.78K	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`	$71.08K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$23.27K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$27.78K	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`	$71.08K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$23.27K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$108.62K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$57.05K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Derivative liabilities recognized as debt discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$286.00K	USD	1 Quarter
Derivative liabilities recognized as debt discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	-	USD	1 Quarter
Related party debt forgiveness	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	-	USD	1 Quarter
Related party debt forgiveness	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	$45.20K	USD	1 Quarter
Common stock issued in conjunction with convertible notes	`ProceedsFromIssuanceOfCommonStock`	$250.00K	USD	1 Quarter
Common stock issued in conjunction with convertible notes	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$185.29K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.36M	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.60M	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$309.33K	USD	Point-in-time
Stock Issued During Period, Value, New Issues	`StockIssuedDuringPeriodValueNewIssues`	$59.80K	USD	1 Quarter
Debt forgiveness	`DebtForgiveness`	$45.20K	USD	1 Quarter
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$250.00K	USD	1 Quarter
Capital contribution	`CapitalContribution`	$10.00K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-1.03M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$19.04K	USD	1 Quarter
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$185.29K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.36M	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.60M	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$309.33K	USD	Point-in-time

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