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IQST - iQSTEL Reduces Overall Debt By 48% In Conjunction With Convertible Debt Elimination
NEW YORK, Jan. 14, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today announced that the company has reduced its overall outstanding debt obligations by
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Jan. 14, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today announced that the company has reduced its overall outstanding debt obligations by 48%, down over $1.5 million from $3.3 million in conjunction with the previously announced elimination of all derivative liabilities including convertible debt and warrants. The company has exchanged all derivative liabilities for standard commercial promissory notes bearing 10% interest reducing its overall debt obligations. The balance sheet improvements (see summary below) are intended to enhance the company's current efforts to up-list onto a major exchange.\n\n \n \n \n \n \n \n\n \nSep 30, 2020\nJan 13, 2021\nWarrants\n303,250.00\n-\nConvertible Notes\n1,714,229.31\n-\nPromissory Notes (Non Convertible)\n812,740.29\n1,522,084.63\nSettlement Agreement\n490,000.00\n210,000.00\nTotal\n3,320,219.60\n1,732,084.63\n\"We are on track in our debt reduction strategy, getting a stronger Balance Sheet for our up-listing path,\" commented Mr. Iglesias, iQSTEL, Inc. CEO.\nAbout iQSTEL Inc (Updated):\niQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Financial Services, Liquid Fuel Distribution and Electric Vehicle Industries. iQSTEL has 3 Business Divisions: Telecom, Technology and Fintech, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, itsBchain and Global Money One. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Gas Platform, IoT Smart Electric Vehicle Platform, Mobile Number Portability Application MNPA (Blockchain), Settlement & Payments Marketplace (Blockchain), Visa Debit Card, Money Remittance, and Pay Mobile Phone Services among others.\nAbout Etelix.com USA LLC (iQSTEL's Telecom Division):\nEtelix.com USA LLC (www.etelix.com) is a wholly owned subsidiary of iQSTEL Inc. Etelix.com USA, LLC is a Miami, Florida-based international telecom carrier founded in 2008 that provides telecom and technology solutions worldwide, with commercial presence in...