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10-Q Filing

IQSTEL INC CIK: 1527702 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001663577-22-000303
Period End Date 20220331
Filing Date 20220516
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance iqst10q_htm.xml
Filing Contents
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Cash Cash $3.33M USD Point-in-time
Cash Cash $4.23M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $2.60M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $2.54M USD Point-in-time
Due from related parties DueFromRelatedParties $399.57K USD Point-in-time
Due from related parties DueFromRelatedParties $424.09K USD Point-in-time
Prepaid and other current assets PrepaidExpenseCurrent $267.11K USD Point-in-time
Prepaid and other current assets PrepaidExpenseCurrent $141.12K USD Point-in-time
Total Current Assets AssetsCurrent $7.37M USD Point-in-time
Total Current Assets AssetsCurrent $6.57M USD Point-in-time
Debt Instrument, Unamortized Discount, Noncurrent DebtInstrumentUnamortizedDiscountNoncurrent $7.41K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $398.91K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $409.38K USD Point-in-time
Debt Instrument, Unamortized Discount, Noncurrent DebtInstrumentUnamortizedDiscountNoncurrent - USD Point-in-time
Intangible asset FiniteLivedIntangibleAssetsNet $99.59K USD Point-in-time
Intangible asset FiniteLivedIntangibleAssetsNet $99.59K USD Point-in-time
Preferred Stock, Shares Authorized PreferredStockSharesAuthorized 1.20M shares Point-in-time
Preferred Stock, Shares Authorized PreferredStockSharesAuthorized 1.20M shares Point-in-time
Preferred Stock, Par or Stated Value Per Share PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Goodwill Goodwill $1.54M USD Point-in-time
Preferred Stock, Par or Stated Value Per Share PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Goodwill Goodwill $1.54M USD Point-in-time
Deferred tax assets DeferredTaxAssetsDeferredIncome $441.31K USD Point-in-time
Deferred tax assets DeferredTaxAssetsDeferredIncome $446.40K USD Point-in-time
TOTAL ASSETS Assets $9.06M USD Point-in-time
TOTAL ASSETS Assets $9.85M USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 300.00M shares 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
Accounts payable AccountsPayableCurrent $1.47M USD Point-in-time
Accounts payable AccountsPayableCurrent $1.52M USD Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 147.48M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 149.54M shares Point-in-time
Due to related parties DueToRelatedPartiesCurrent $26.61K USD Point-in-time
Due to related parties DueToRelatedPartiesCurrent $26.61K USD Point-in-time
Loans payable - net of discount of $0 and $7,406 OtherLoansPayableCurrent $99.49K USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 149.54M shares Point-in-time
Loans payable - net of discount of $0 and $7,406 OtherLoansPayableCurrent $315.45K USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 147.48M shares Point-in-time
Loans payable - related parties NotesPayableRelatedPartiesClassifiedCurrent $236.58K USD Point-in-time
Loans payable - related parties NotesPayableRelatedPartiesClassifiedCurrent $239.31K USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $307.05K USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $265.31K USD Point-in-time
Deposit for option CommonStockSharesSubscriptions - USD Point-in-time
Deposit for option CommonStockSharesSubscriptions $500.00K USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $2.36M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $2.65M USD Point-in-time
Loans payable, non-current LoansPayableToBank $119.30K USD Point-in-time
Loans payable, non-current LoansPayableToBank $108.44K USD Point-in-time
Employee benefits, non-current EmployeeBenefitsNonCurrent $154.65K USD Point-in-time
Employee benefits, non-current EmployeeBenefitsNonCurrent $156.43K USD Point-in-time
TOTAL LIABILITIES Liabilities $2.64M USD Point-in-time
TOTAL LIABILITIES Liabilities $2.91M USD Point-in-time
Common stock: 300,000,000 authorized; $0.001 par value 149,537,358 and 147,477,358 shares issued and outstanding, respectively CommonStockValue $147.48K USD Point-in-time
Common stock: 300,000,000 authorized; $0.001 par value 149,537,358 and 147,477,358 shares issued and outstanding, respectively CommonStockValue $149.54K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $26.88M USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $25.84M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-19.09M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-18.54M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-36.66K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-36.85K USD Point-in-time
Equity (Deficit) attributed to stockholders of iQSTEL Inc. StockholdersEquity $7.42M USD Point-in-time
Equity (Deficit) attributed to stockholders of iQSTEL Inc. StockholdersEquity $7.90M USD Point-in-time
Equity (Deficit) attributed to stockholders of iQSTEL Inc. StockholdersEquity $-1.39M USD Point-in-time
Equity (Deficit) attributed to stockholders of iQSTEL Inc. StockholdersEquity $2.25M USD Point-in-time
Deficit attributable to noncontrolling interests MinorityInterest $-965.96K USD Point-in-time
Deficit attributable to noncontrolling interests MinorityInterest $-996.01K USD Point-in-time
Total stockholders' Equity (Deficit) StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $6.42M USD Point-in-time
Total stockholders' Equity (Deficit) StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $6.94M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) LiabilitiesAndStockholdersEquity $9.06M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) LiabilitiesAndStockholdersEquity $9.85M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Revenues Revenues $19.42M USD 1 Quarter
Revenues Revenues $14.20M USD 1 Quarter
Cost of revenue CostOfRevenue $18.94M USD 1 Quarter
Cost of revenue CostOfRevenue $13.71M USD 1 Quarter
Gross profit GrossProfit $487.37K USD 1 Quarter
Gross profit GrossProfit $484.06K USD 1 Quarter
General and administration GeneralAndAdministrativeExpense $989.50K USD 1 Quarter
General and administration GeneralAndAdministrativeExpense $1.50M USD 1 Quarter
Total operating expenses OperatingExpenses $989.50K USD 1 Quarter
Total operating expenses OperatingExpenses $1.50M USD 1 Quarter
Operating loss OperatingIncomeLoss $-1.01M USD 1 Quarter
Operating loss OperatingIncomeLoss $-505.44K USD 1 Quarter
Other income OtherNonoperatingIncome $24.16K USD 1 Quarter
Other income OtherNonoperatingIncome $25.03K USD 1 Quarter
Other expenses OtherNonoperatingIncomeExpense $-28.56K USD 1 Quarter
Other expenses OtherNonoperatingIncomeExpense $-469.00 USD 1 Quarter
Interest expense InterestExpense2 $14.89K USD 1 Quarter
Interest expense InterestExpense2 $630.02K USD 1 Quarter
Change in fair value of derivative liabilities FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss1 - USD 1 Quarter
Change in fair value of derivative liabilities FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss1 $277.57K USD 1 Quarter
Loss on settlement of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on settlement of debt GainsLossesOnExtinguishmentOfDebt $539.86K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-867.75K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-19.29K USD 1 Quarter
Net loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.88M USD 1 Quarter
Net loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-524.73K USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit - USD 1 Quarter
Net loss ProfitLoss $-524.73K USD 1 Quarter
Net loss ProfitLoss $-1.88M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $30.24K USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $63.90K USD 1 Quarter
Net loss attributed to stockholders of iQSTEL Inc. NetIncomeLoss $-1.94M USD 1 Quarter
Net loss attributed to stockholders of iQSTEL Inc. NetIncomeLoss $-554.97K USD 1 Quarter
Foreign currency adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest $-107.66K USD 1 Quarter
Foreign currency adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest $384.00 USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.77M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-525.12K USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $30.05K USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $116.65K USD 1 Quarter
Net comprehensive loss attributed to stockholders of iQSTEL Inc. ComprehensiveIncomeNetOfTax $-1.89M USD 1 Quarter
Net comprehensive loss attributed to stockholders of iQSTEL Inc. ComprehensiveIncomeNetOfTax $-555.17K USD 1 Quarter
Basic and diluted loss per common share EarningsPerShareDiluted $-0.02 USD 1 Quarter
Basic and diluted loss per common share EarningsPerShareDiluted - USD 1 Quarter
Weighted average number of common shares outstanding - Basic and diluted WeightedAverageNumberOfShareOutstandingBasic 147.54M shares 1 Quarter
Weighted average number of common shares outstanding - Basic and diluted WeightedAverageNumberOfShareOutstandingBasic 118.49M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-524.73K USD 1 Quarter
Net loss ProfitLoss $-1.88M USD 1 Quarter
Stock based compensation ShareBasedCompensation $758.60K USD 1 Quarter
Stock based compensation ShareBasedCompensation $41.14K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $20.56K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $33.55K USD 1 Quarter
Amortization of debt discount AdjustmentForAmortization $434.14K USD 1 Quarter
Amortization of debt discount AdjustmentForAmortization $7.41K USD 1 Quarter
Change in fair value of derivative liabilities IncreaseDecreaseInDerivativeLiabilities - USD 1 Quarter
Change in fair value of derivative liabilities IncreaseDecreaseInDerivativeLiabilities $-277.57K USD 1 Quarter
Loss on settlement of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on settlement of debt GainsLossesOnExtinguishmentOfDebt $539.86K USD 1 Quarter
Prepayment and default penalty PrepaymentAndDefaultPenalty $122.02K USD 1 Quarter
Prepayment and default penalty PrepaymentAndDefaultPenalty - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-18.76K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $87.36K USD 1 Quarter
Prepaid and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-24.68K USD 1 Quarter
Prepaid and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $44.84K USD 1 Quarter
Due from related parties IncreaseDecreaseInDueFromRelatedParties - USD 1 Quarter
Due from related parties IncreaseDecreaseInDueFromRelatedParties $23.32K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $73.44K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-624.35K USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $-110.87K USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $-39.09K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-1.04M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-447.65K USD 1 Quarter
Acquisition of subsidiary, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisition of subsidiary, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $60.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $18.35K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $24.92K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-24.92K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-78.35K USD 1 Quarter
Proceeds from loans payable ProceedsFromOtherDebt - USD 1 Quarter
Proceeds from loans payable ProceedsFromOtherDebt $400.00K USD 1 Quarter
Repayments of loans payable RepaymentsOfOtherDebt $232.02K USD 1 Quarter
Repayments of loans payable RepaymentsOfOtherDebt $309.08K USD 1 Quarter
Repayment of loans payable - related parties RepaymentsOfRelatedPartyDebt $10.59K USD 1 Quarter
Repayment of loans payable - related parties RepaymentsOfRelatedPartyDebt - USD 1 Quarter
Proceeds from common stock issued ProceedsFromIssuanceOfCommonStock $1.10M USD 1 Quarter
Proceeds from common stock issued ProceedsFromIssuanceOfCommonStock $3.59M USD 1 Quarter
Deposit for option ProceedsFromCommonStockOptionsSubscribedUnissued - USD 1 Quarter
Deposit for option ProceedsFromCommonStockOptionsSubscribedUnissued $500.00K USD 1 Quarter
Repayment of convertible notes RepaymentsOfConvertibleDebt - USD 1 Quarter
Repayment of convertible notes RepaymentsOfConvertibleDebt $250.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.37M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $3.42M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-16.72K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-3.18K USD 1 Quarter
Net change in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.28M USD 1 Quarter
Net change in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $892.23K USD 1 Quarter
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.03M USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.23M USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.33M USD Point-in-time
Cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $753.32K USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.03M USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.23M USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.33M USD Point-in-time
Cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $753.32K USD Point-in-time
Cash paid for interest InterestPaidNet $3.33K USD 1 Quarter
Cash paid for interest InterestPaidNet $111.62K USD 1 Quarter
Cash paid for taxes IncomeTaxesPaidNet - USD 1 Quarter
Cash paid for taxes IncomeTaxesPaidNet - USD 1 Quarter
Common stock issued for conversion of debt DebtConversionConvertedInstrumentAmount1 - USD 1 Quarter
Common stock issued for conversion of debt DebtConversionConvertedInstrumentAmount1 $422.30K USD 1 Quarter
Resolution of derivative liabilities SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount - USD 1 Quarter
Resolution of derivative liabilities SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount $708.61K USD 1 Quarter
Preferred stock issued for conversion of common stock PreferredStockIssuedForConversionOfCommonStock - USD 1 Quarter
Preferred stock issued for conversion of common stock PreferredStockIssuedForConversionOfCommonStock $21.00 USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Balance December 31, 2020 StockholdersEquity $7.42M USD Point-in-time
Balance December 31, 2020 StockholdersEquity $7.90M USD Point-in-time
Balance December 31, 2020 StockholdersEquity $-1.39M USD Point-in-time
Balance December 31, 2020 StockholdersEquity $2.25M USD Point-in-time
Common stock issued for cash StockIssuedDuringPeriodValueNewIssues $3.59M USD 1 Quarter
Common stock issued for cash StockIssuedDuringPeriodValueNewIssues $1.00M USD 1 Quarter
Stock Issued During Period, Shares, New Issues StockIssuedDuringPeriodSharesNewIssues 2.00M shares 1 Quarter
Common stock issued for compensation StockIssuedDuringPeriodValueShareBasedCompensation $41.14K USD 1 Quarter
Common stock issued for compensation StockIssuedDuringPeriodValueShareBasedCompensation $564.00K USD 1 Quarter
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture StockIssuedDuringPeriodSharesShareBasedCompensation 60,000.00 shares 1 Quarter
Foreign currency translation adjustments TemporaryEquityForeignCurrencyTranslationAdjustments $54.91K USD 1 Quarter
Foreign currency translation adjustments TemporaryEquityForeignCurrencyTranslationAdjustments $-196.00 USD 1 Quarter
Net loss NetIncomeLoss $-1.94M USD 1 Quarter
Net loss NetIncomeLoss $-554.97K USD 1 Quarter
Preferred stock issued for conversion of common stock PreferredStockIssuedForConversionOfCommonStockValue - USD 1 Quarter
Common stock issued for forbearance of debt CommonStockIssuedForForbearanceOfDebtValue $49.92K USD 1 Quarter
Common stock issued for conversion of debt CommonStockIssuedForConversionOfDebtValue $422.30K USD 1 Quarter
Cancellation of common stock CancellationOfCommonStockValue $-90.10K USD 1 Quarter
Resolution of derivative liabilities ResolutionOfDerivativeLiabilitiesValue $708.61K USD 1 Quarter
Balance March 31, 2021 StockholdersEquity $7.42M USD Point-in-time
Balance March 31, 2021 StockholdersEquity $7.90M USD Point-in-time
Balance March 31, 2021 StockholdersEquity $-1.39M USD Point-in-time
Balance March 31, 2021 StockholdersEquity $2.25M USD Point-in-time

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

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