iQSTEL, Inc. Files 10Q For Quarter Ended June 30, 2020 And Shows Financial Strength With Net Income Reported From All Operating Subsidiaries And Gain On Settlement Of Debts
iQSTEL, Inc. (OTC: IQST) has filed a 10Q with the SEC for the period ended June 30, 2020 reflecting its diverse financial strength with all operating subsidiaries of the Company generating positive net income. Additionally, it showed a gross profit of $732,308 for Q2 2020 compared to a loss of ($91,728) for the comparable period in 2019. It also showed in the most recent period a gain on settlement of debts of $283,230. As iQSTEL, Inc. (OTC: IQST) grows, each of its operating subsidiary companies report positive net income and the Company is able to successfully show a gain on settlement of debts.
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iQSTEL, Inc. (OTC: IQST) Files 10Q For Quarter Ended June 30, 2020 And Shows Financial Strength With Net Income Reported From All Operating Subsidiaries And Gain On Settlement Of Debts
iQSTEL, Inc.’s (OTC: IQST) sales jumped by 90% to $16.1 million for the first half YTD 2020. It also reported a spike in net comprehensive income to $1.2+ Million for the period Q2 2020. All operating subsidiaries of the 21st Century enhanced telecommunications service provider generated positive net income for the parent Company. As telecommunications become faster in 5G and the firm facilitates connectivity across the telecom marketplace, the Company continues to grow its global footprint and diversify with new products in a market expanding in artificial intelligence, blockchain and technological products that speed financial payments/settlements and changes in providers to consumers.
iQSTEL, Inc. (OTC: IQST) Financials Jump In First Half 2020 With A YTD 90% Volume Increase To $16.1 Million And Q2 2020 Spike In Comprehensive Net Income To $1.2+ Million
The new 10Q details how the company has increased its breadth of subsidiaries and improved its profitability. iQSTEL, Inc. (OTC: IQST) reported for first half YTD 2020 revenues of $16.1 million, a 90% increase from sales of $8.4 million the comparable period the prior year. In net comprehensive income, the Company reported $1.2+ million for Q2 2020. Every operating subsidiary — such as Etelix, SwissLink, QGlobal and IoT Labs — showed a positive net income for the Q2 2020 period. In addition, the filing detailed its reduction in expenses for the period by realizing a $283,230 gain on the settlement of debts. iQSTEL, Inc. (OTC: IQST) Files 10Q For Quarter Ended June 30, 2020 And Shows Financial Strength With Net Income Reported From All Operating Subsidiaries And Gain On Settlement Of Debts
Mr. Iglesias, CEO of iQSTEL, Inc. (OTC: IQST): “Our Subsidiaries Shine As Success Stories”
Mr. Iglesias, CEO of iQSTEL, Inc. (OTC: IQST), said, “Our growth during 2020 has been phenomenal and is attributed to our focus on strong carrier agreements and strategic subsidiary acquisitions. While COVID-19 has significantly impacted the global economy, we have seen our revenues continue to increase as we facilitate connectivity across the telecom marketplace. The re-opening of various global economies has further increased these beyond expectations. Our subsidiaries shine as success stories, even at this early stage, as was seen in our recent release detailing their individual net income.” iQSTEL, Inc. (OTC: IQST) Files 10Q For Quarter Ended June 30, 2020 And Shows Financial Strength With Net Income Reported From All Operating Subsidiaries And Gain On Settlement Of Debts.
iQSTEL, Inc.’s (OTC: IQST) Successful Business Model Is a Combination Of Corporate Growth And Acquisitions
Mr. Iglesias, CEO of iQSTEL, Inc. (OTC: IQST), said, “The tremendous growth we have seen in 2020 continues despite COVID-19’s global economic impact. Further proof that our business model, a combination of corporate growth and acquisitions, is working very well. All of our operating subsidiaries just reached a major milestone, going Net Income positive. Our management experience in Telecom Operations has been key in the achievement of these results. We look forward to fantastic Q3 and Q4’s as we anticipate further corporate and subsidiary developments leading in to 2021.”
Mr. Iglesias, CEO of iQSTEL, Inc.(OTC: IQST) Sees Exciting Q3 And Q4
Mr. Iglesias, CEO of iQSTEL, Inc.’s (OTC: IQST), said, “Q3 and Q4 are lining up to be very exciting and we look forward to providing updates as we reach new milestones”.
The parent company owns a 75% stake in blockchain subsidiary itsBchain LLC, iQSTEL Inc. (OTC: IQST) wholly owns Miami-based subsidiary, Etelix.com USA, LLC, an American-based 5G provider of Submarine Fiber Optic Network capacity for internet (4G and 5G). It owns 51% of SwissLink Carrier AG. SwissLink Carrier AG provides international VoIP connectivity worldwide and more. It owns 51% of QGlobal SMS LLC, a U.S.-based company which has international interconnection with Tier 1 SMS aggregators to more than 100 countries worldwide. It has acquired 51% of an Austin, Texas-based SMS U.S.-Mexico Service provider. Most recently it acquired IoT Labs MX SAPI. This Internet of Things (IoT) company is the creator of the “IoT Smart Gas” platform and application.
Source: Stock Market Press
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