secwatch.observer — SEC 8-K summary
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Issuer:     iQSTEL Inc (IQST)
CIK:        0001527702
Form:       8-K
Filed at:   2024-04-12T23:59:59+00:00
Accession:  0001663577-24-000108
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iQSTEL closes QXTEL acquisition; Q1 revenue exceeds $50M record
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- Closed 51% acquisition of QXTEL on April 1; QXTEL adds ~$20M/quarter revenue and ~$1M/quarter gross profit.
- Q1 FY2024 preliminary revenue exceeds $50M (record), excluding QXTEL; profitability trend from Q3 FY2023 continues.
- Post-acquisition total assets ~$39M (+54%); stockholder equity >$9M (+15%), nearly double Nasdaq minimum.
- QXTEL management stays; Tolga Alemdar remains CEO; iQSTEL targets $0.5M quarterly operating income by end of 2024.
- Expects record Q2 FY2024 results with first-time QXTEL contribution to revenue, gross profit, operating income, net income.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1527702/000166357724000108/0001663577-24-000108-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1527702/000166357724000108/iqst8k040424.htm
  HTML page:      https://secwatch.observer/filing/0001663577-24-000108

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer