Business
IQST - iQSTEL Reports 182% Q1 Revenue; $60.5 Million Annual Revenue Forecast and New YouTube Channel
New York, New York--(Newsfile Corp. - May 14, 2021) - iQSTEL, Inc. (OTC Pink: IQST) today released a letter to shareholders in conjunction with the
About this update from Iqstel Inc.
[{"type":"text","content":"New York, New York--(Newsfile Corp. - May 14, 2021) - iQSTEL, Inc. (OTC Pink: IQST) today released a letter to shareholders in conjunction with the publication of the company's Q1-FY2021 financial report. The letter includes the introduction of a new YouTube channel with videos detailing company operations. The letter is included in its entirety below:\nWe issue this shareholder letter under the complicated economic environment resulting from Covid-19, but nevertheless, with much optimism.\nThe iQSTEL business plan is going according to plan. Continuously improving operational performance is reflected in continuously improving financial performance.\nQ1 has been an inflection point for iQSTEL. As forecasted, we achieved our forecasted Debt Free status (https://prn.to/3uPDIEi). The impact is dramatic to both our current and future Balance Sheet, and the company's Statements of Operations.\nThe following are some of the highlights found on our Balance Sheet this 10Q Q1-FY2021 vs Q4-FY2020:\n1) Cash and Cash Equivalents $3.032 Million vs $0.753 Million representing a 302% increase.\n2) Total Assets: $8.168 Million vs $5.951 Million representing a 37% increase.\n3) Total Liabilities: $6.808 Million vs $8.346 Million representing more than an 18% reduction.\n4) Total Stockholder' Equity: $1.359 Million vs ($2.395 Million) representing an increase of $3.754 Million taking the company from a deficit to a surplus.\nThe following are some of the highlights found on our Statements of Operations this 10Q Q1-FY2021 vs Q1-FY2020:\n1) Revenues: $14.197 Million vs $5.017 Million representing a 182% increase.\n2) Net Loss: ($1.878 Million) vs ($3.909 Million) representing a $2.031 Million positive improvement.\n3) Dilution Loss per common share: $0.01 vs $0.13 representing a 92% improvement.\nOf course, we still have room to improve, and every day the management team keeps focusing on increasing the company business value, reducing costs, reducing expenses, increasing profit, and increasing revenues, all at the same time.\nWith the company surpassing the $13.9 Million estimated revenue forecast for Q1, to almost reach $14.2 Million in definitive revenue for Q1, the management team now confirms we are on track to accomplish our overall $60.5 Million revenue forecast this FY-2021.\nWhile we concede room for improvement as every operation has room...