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10-Q Filing

IQSTEL INC CIK: 1527702 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001078782-20-000491
Period End Date 20200331
Filing Date 20200629
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance iqst-20200331.xml
Filing Contents
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Loans payable, unamortized discount LoansPayableUnamortizedDiscount1 - USD Point-in-time
Loans payable, unamortized discount LoansPayableUnamortizedDiscount1 $6.18K USD Point-in-time
Debt Instrument, Unamortized Discount, Current DebtInstrumentUnamortizedDiscountCurrent $275.74K USD Point-in-time
Debt Instrument, Unamortized Discount, Current DebtInstrumentUnamortizedDiscountCurrent $597.65K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $257.30K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.57K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $71.08K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $270.50K USD Point-in-time
Debt Instrument, Unamortized Discount, Noncurrent DebtInstrumentUnamortizedDiscountNoncurrent $48.56K USD Point-in-time
Debt Instrument, Unamortized Discount, Noncurrent DebtInstrumentUnamortizedDiscountNoncurrent $3.30K USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $2.76M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $2.39M USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Due from related parties DueFromRelatedParties $286.88K USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Due from related parties DueFromRelatedParties $316.86K USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 45.98M shares Point-in-time
Prepaid and other current assets PrepaidExpenseCurrent $91.97K USD Point-in-time
Prepaid and other current assets PrepaidExpenseCurrent $96.72K USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 18.01M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 45.98M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 18.01M shares Point-in-time
Total Current Assets AssetsCurrent $3.03M USD Point-in-time
Total Current Assets AssetsCurrent $3.44M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $319.99K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $287.97K USD Point-in-time
Goodwill Goodwill $1.46M USD Point-in-time
Goodwill Goodwill $1.46M USD Point-in-time
Deferred tax assets DeferredTaxAssetsNet $420.52K USD Point-in-time
Deferred tax assets DeferredTaxAssetsNet $421.41K USD Point-in-time
TOTAL ASSETS Assets $5.23M USD Point-in-time
TOTAL ASSETS Assets $5.60M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.29M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.28M USD Point-in-time
Due to related parties DueToRelatedPartiesCurrent $34.65K USD Point-in-time
Due to related parties DueToRelatedPartiesCurrent $34.63K USD Point-in-time
Loans payable, net of discount LoansPayableNetOfDiscount $89.67K USD Point-in-time
Loans payable, net of discount LoansPayableNetOfDiscount $209.64K USD Point-in-time
Loans payable - related parties NotesPayableRelatedPartiesClassifiedCurrent $1.89M USD Point-in-time
Loans payable - related parties NotesPayableRelatedPartiesClassifiedCurrent $1.89M USD Point-in-time
Convertible notes ConvertibleNotesPayableCurrent $1.98M USD Point-in-time
Convertible notes ConvertibleNotesPayableCurrent $1.25M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $752.75K USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $848.48K USD Point-in-time
Derivative Liability, Current DerivativeLiabilitiesCurrent $3.84M USD Point-in-time
Derivative Liability, Current DerivativeLiabilitiesCurrent $4.74M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $11.15M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $10.98M USD Point-in-time
Convertible notes - net of discount of $3,297 and $48,558 ConvertibleDebtNoncurrent $11.44K USD Point-in-time
Convertible notes - net of discount of $3,297 and $48,558 ConvertibleDebtNoncurrent $1.70K USD Point-in-time
Loans payable LoansPayableToBank $170.17K USD Point-in-time
Loans payable LoansPayableToBank $178.02K USD Point-in-time
TOTAL LIABILITIES Liabilities $11.37M USD Point-in-time
TOTAL LIABILITIES Liabilities $11.37M USD Point-in-time
Common Stock, Value CommonStockValue $18.01K USD Point-in-time
Common Stock, Value CommonStockValue $45.98K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $6.76M USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $3.24M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-12.02M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-8.13M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.85K USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-181.00 USD Point-in-time
Deficit attributed to stockholders of iQSTEL Inc. StockholdersEquity $-4.87M USD Point-in-time
Deficit attributed to stockholders of iQSTEL Inc. StockholdersEquity $-5.21M USD Point-in-time
Deficit attributable to noncontrolling interests MinorityInterest $-923.83K USD Point-in-time
Deficit attributable to noncontrolling interests MinorityInterest $-903.51K USD Point-in-time
Total Shareholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-6.14M USD Point-in-time
Total Shareholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-2.36M USD Point-in-time
Total Shareholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-1.60M USD Point-in-time
Total Shareholders' Deficit StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-5.77M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT LiabilitiesAndStockholdersEquity $5.23M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT LiabilitiesAndStockholdersEquity $5.60M USD Point-in-time
Employee benefits, non-current EmployeeBenefitsNonCurrent $216.51K USD Point-in-time
Employee benefits, non-current EmployeeBenefitsNonCurrent $38.25K USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Revenues Revenues $4.16M USD 1 Quarter
Revenues Revenues $5.02M USD 1 Quarter
Cost of revenue CostOfRevenue $5.18M USD 1 Quarter
Cost of revenue CostOfRevenue $3.73M USD 1 Quarter
Gross profit GrossProfit $-161.14K USD 1 Quarter
Gross profit GrossProfit $435.58K USD 1 Quarter
General and administration GeneralAndAdministrativeExpense $190.51K USD 1 Quarter
General and administration GeneralAndAdministrativeExpense $1.30M USD 1 Quarter
Total operating expenses OperatingExpenses $190.51K USD 1 Quarter
Total operating expenses OperatingExpenses $1.30M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $245.07K USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $-1.46M USD 1 Quarter
Other income OtherNonoperatingIncome $15.92K USD 1 Quarter
Other income OtherNonoperatingIncome $2.60K USD 1 Quarter
Other expenses OtherNonoperatingExpense $5.05K USD 1 Quarter
Other expenses OtherNonoperatingExpense $142.00 USD 1 Quarter
Interest expense InterestExpense2 $265.04K USD 1 Quarter
Interest expense InterestExpense2 $801.37K USD 1 Quarter
Change in fair value of derivative liabilities ChangeInFairValueOfDerivativeLiabilities $-1.01M USD 1 Quarter
Change in fair value of derivative liabilities ChangeInFairValueOfDerivativeLiabilities $-1.66M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-2.45M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-1.27M USD 1 Quarter
Net loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.03M USD 1 Quarter
Net loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-3.91M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
Net loss ProfitLoss $-1.03M USD 1 Quarter
Net loss ProfitLoss $-3.91M USD 1 Quarter
Less: Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-18.71K USD 1 Quarter
Less: Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Net loss attributed to stockholders of iQSTEL Inc. NetIncomeLoss $-3.89M USD 1 Quarter
Net loss attributed to stockholders of iQSTEL Inc. NetIncomeLoss $-1.03M USD 1 Quarter
Net loss ProfitLoss $-1.03M USD 1 Quarter
Net loss ProfitLoss $-3.91M USD 1 Quarter
Foreign currency adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest $3.28K USD 1 Quarter
Foreign currency adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest - USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.03M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-3.91M USD 1 Quarter
Less: Comprehensive loss attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest - USD 1 Quarter
Less: Comprehensive loss attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-20.32K USD 1 Quarter
Net comprehensive loss attributed to stockholders of iQSTEL Inc. ComprehensiveIncomeNetOfTax $-3.89M USD 1 Quarter
Net comprehensive loss attributed to stockholders of iQSTEL Inc. ComprehensiveIncomeNetOfTax $-1.03M USD 1 Quarter
Basic and diluted loss per common share EarningsPerShareBasicAndDiluted $-0.13 USD 1 Quarter
Basic and diluted loss per common share EarningsPerShareBasicAndDiluted $-0.07 USD 1 Quarter
Weighted average number of common shares outstanding WeightedAverageNumberOfShareOutstandingBasicAndDiluted 15.04M shares 1 Quarter
Weighted average number of common shares outstanding WeightedAverageNumberOfShareOutstandingBasicAndDiluted 30.81M shares 1 Quarter
Cash Flow Statement 78 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-1.03M USD 1 Quarter
Net loss ProfitLoss $-3.91M USD 1 Quarter
Stock based compensation ShareBasedCompensation $500.03K USD 1 Quarter
Stock based compensation ShareBasedCompensation - USD 1 Quarter
Write-off of due from related party WriteOffOfDueFromRelatedParty $43.38K USD 1 Quarter
Write-off of due from related party WriteOffOfDueFromRelatedParty - USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $13.43K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $12.56K USD 1 Quarter
Amortization of debt discount AdjustmentForAmortization $457.58K USD 1 Quarter
Amortization of debt discount AdjustmentForAmortization $151.54K USD 1 Quarter
Change in fair value of derivative liabilities IncreaseDecreaseInDerivativeLiabilities $1.66M USD 1 Quarter
Change in fair value of derivative liabilities IncreaseDecreaseInDerivativeLiabilities $1.01M USD 1 Quarter
Prepayment and Default penalty PrepaymentAndDefaultPenalty - USD 1 Quarter
Prepayment and Default penalty PrepaymentAndDefaultPenalty $48.73K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-359.76K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $27.76K USD 1 Quarter
Other current assets IncreaseDecreaseInOtherReceivables $44.05K USD 1 Quarter
Other current assets IncreaseDecreaseInOtherReceivables $4.57K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-9.06K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-315.01K USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $-80.91K USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $298.03K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-321.15K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-541.88K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $45.28K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment - USD 1 Quarter
Payment of due from related parties - related party PaymentOfDueFromRelatedPartiesRelatedParty $-13.40K USD 1 Quarter
Payment of due from related parties - related party PaymentOfDueFromRelatedPartiesRelatedParty - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-58.68K USD 1 Quarter
Bank overdraft BankOverdraft - USD 1 Quarter
Bank overdraft BankOverdraft $-82.00 USD 1 Quarter
Proceeds from loans payable ProceedsFromOtherDebt $210.00K USD 1 Quarter
Proceeds from loans payable ProceedsFromOtherDebt - USD 1 Quarter
Repayments of loans payable RepaymentsOfOtherDebt $95.14K USD 1 Quarter
Repayments of loans payable RepaymentsOfOtherDebt $98.65K USD 1 Quarter
Proceeds from loans payable - related parties ProceedsFromRelatedPartyDebt $182.00 USD 1 Quarter
Proceeds from loans payable - related parties ProceedsFromRelatedPartyDebt $21.44K USD 1 Quarter
Repayment of loans payable - related parties RepaymentsOfRelatedPartyDebt $21.40K USD 1 Quarter
Repayment of loans payable - related parties RepaymentsOfRelatedPartyDebt $162.00 USD 1 Quarter
Contribution Contribution $10.00K USD 1 Quarter
Contribution Contribution - USD 1 Quarter
Proceeds from convertible notes ProceedsFromConvertibleDebt $586.00K USD 1 Quarter
Proceeds from convertible notes ProceedsFromConvertibleDebt $810.00K USD 1 Quarter
Repayment of convertible notes RepaymentsOfConvertibleDebt $334.50K USD 1 Quarter
Repayment of convertible notes RepaymentsOfConvertibleDebt $113.15K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $586.87K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $387.66K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents - USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $486.00 USD 1 Quarter
Net change in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $66.51K USD 1 Quarter
Net change in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-13.20K USD 1 Quarter
Cash and Cash Equivalents, at Carrying Value, Beginning Balance CashAndCashEquivalentsAtCarryingValue $257.30K 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 $270.50K USD Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance CashAndCashEquivalentsAtCarryingValue $257.30K 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 $270.50K USD Point-in-time
Cash paid for interest InterestPaid $173.75K USD 1 Quarter
Cash paid for interest InterestPaid $108.62K 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 - USD 1 Quarter
Derivative liabilities recognized as debt discount OtherSignificantNoncashTransactionValueOfConsiderationReceived1 $286.00K USD 1 Quarter
Common stock issued for acquisition of Itsbchain LLC, Value CommonStockIssuedForAcquisitionOfItsbchainLlcValue $50.00K USD 1 Quarter
Common stock issued for acquisition of Itsbchain LLC, Value CommonStockIssuedForAcquisitionOfItsbchainLlcValue - 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
Common stock issued for conversion of debt DebtConversionConvertedInstrumentAmount1 - USD 1 Quarter
Common stock issued for conversion of debt DebtConversionConvertedInstrumentAmount1 $273.97K USD 1 Quarter
Stock Issued During Period, Value, Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised - USD 1 Quarter
Stock Issued During Period, Value, Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised $2.23K USD 1 Quarter
Resolution of derivative liabilities SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount - USD 1 Quarter
Resolution of derivative liabilities SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount $2.57M USD 1 Quarter
Common stock issued for settlement of debt. Value CommonStockIssuedForSettlementOfDebtValue - USD 1 Quarter
Common stock issued for settlement of debt. Value CommonStockIssuedForSettlementOfDebtValue $202.50K USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Equity Balance, Starting StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-6.14M 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 $-5.77M USD Point-in-time
Common stock issued for settlement of debt. Value CommonStockIssuedForSettlementOfDebtValue - USD 1 Quarter
Common stock issued for settlement of debt. Value CommonStockIssuedForSettlementOfDebtValue $202.50K USD 1 Quarter
Stock Issued During Period, Value, Issued for Services StockIssuedDuringPeriodValueIssuedForServices $450.03K USD 1 Quarter
Common stock issued for forbearance of debt, Value CommonStockIssuedForForbearanceOfDebtValue $2.90K USD 1 Quarter
Common stock issued for conversion of debt, Value CommonStockIssuedForConversionOfDebtValue $273.97K USD 1 Quarter
Common stock issued for exercised cashless warrant. Value CommonStockIssuedForExercisedCashlessWarrantValue - USD 1 Quarter
Common stock issued for acquisition of Itsbchain LLC, Value CommonStockIssuedForAcquisitionOfItsbchainLlcValue $50.00K USD 1 Quarter
Common stock issued for acquisition of Itsbchain LLC, Value CommonStockIssuedForAcquisitionOfItsbchainLlcValue - USD 1 Quarter
Resolution of derivative liabilities, Value ResolutionOfDerivativeLiabilitiesValue $2.57M USD 1 Quarter
Foreign currency translation adjustments, Value ForeignCurrencyTranslationAdjustmentsValue $-3.28K USD 1 Quarter
Common stock issued in conjunction with convertible notes, Value CommonStockIssuedInConjunctionWithConvertibleNotesValue $250.00K USD 1 Quarter
Capital contribution, Value CapitalContributionValue $10.00K USD 1 Quarter
Net Income (Loss) NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-1.03M USD 1 Quarter
Net Income (Loss) NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-3.91M USD 1 Quarter
Equity Balance, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-6.14M 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 $-5.77M USD Point-in-time

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

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