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NOTE 13 – SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2024
Note 13 Subsequent Events |
NOTE 13 – SUBSEQUENT EVENTS | NOTE 13 – SUBSEQUENT EVENTS Subsequent to March 31, 2024 and through the date that these financials were made available, the Company had the following subsequent events: On April 1, 2024 the Company closed the acquisition of 51% of the issued ordinary shares of QXTEL Limited as it was established in the Shares Purchase Agreement executed and disclosed in a Form 8-K on January 19, 2024 . At closing, the Company acquired 51% of the issued ordinary shares of QXTEL Limited. The purchase price (the “Purchase Price”) payable to the Seller for the shares is US $5,000,000. Upon the execution of the Purchase Agreement, on January 19, 2024 we deposited US $1,500,000 of the Purchase Price into the trust account of a law firm acting as escrow agent (the “Escrow Agent”) as a nonrefundable deposit to evidence our good faith intention to purchase the shares. At closing on April 1, 2024, in addition to the US $1,500,000 with the Escrow Agent that will form part of the Purchase Price, we paid US $1,500,000 in cash and US $2,000,0000 to the Seller, in the form of a promissory note (the “Promissory Note”). We have agreed to allow Seller the option to exchange the Promissory Note for shares of iQSTEL under a formula discounted by 20% of the average closing sales price for 5 consecutive days on the trading market. If the Promissory Note is not exchanged for shares, the $2,000,000 will be paid with no interest in 7 monthly payments of $200,000 each and an eighth payment of $600,000.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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