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iQSTEL Inc,(IQST) a leading provid er of telecommunications and blockchain-based solutions, has released its unaudited consolidated financial statements for the first half of 2023. The report highlights the company's net loss of $320,466 during this period and its impressive revenue of $57.5 million, indicating continued growth despite the losses. Let's delve into the details of the financial data and its implications for iQSTEL Inc.
iQSTEL Inc reported a net loss of $320,466 for the first half of 2023. This represents a challenging period for the company, as it grappled with various expenses and operating costs. Despite the losses, iQSTEL Inc remains committed to its growth trajectory, as evidenced by its robust revenue figures.
Revenue
The company's revenue for the first half of 2023 reached an impressive $57.5 million. This is a substantial increase from the $43.1 million in revenue generated during the same period in 2022. The growth in revenue reflects iQSTEL Inc's ability to expand its market reach and capitalize on emerging opportunities in the telecommunications and blockchain sectors.
Consolidated Balance Sheets
Assets
- Current Assets: iQSTEL Inc's current assets stood at $7.1 million as of June 30, 2023, showcasing a healthy cash reserve of $1.1 million. Additionally, accounts receivable, inventory, and other current assets contributed to the company's liquidity.
- Property and Equipment: The net value of property and equipment increased to $473,534, indicating investments in infrastructure.
- Intangible Asset and Goodwill: The company's intangible asset and goodwill remained stable at $99,592 and $5.2 million, respectively.
- Total Assets: iQSTEL Inc's total assets amounted to $13.4 million, demonstrating its financial strength and asset base.
Liabilities and Stockholders' Equity
- Current Liabilities: The company's current liabilities totaled $6.9 million, with accounts payable, accrued liabilities, and loans payable being significant components.
- Stockholders' Equity: Despite the net loss, stockholders' equity remained positive at $6.2 million, reflecting a strong foundation for future growth.
Consolidated Statements of Operations
- The company reported revenues of $32.8 million for the second quarter of 2023, showcasing a substantial increase from the previous year.
- The gross profit for the same period amounted to $784,466, demonstrating the company's ability to generate profits despite operational challenges.
- Operating expenses, primarily general and administrative costs, totaled $1.04 million for the quarter, indicating cost management efforts.
- Other income and expenses contributed positively to the financials, resulting in a net other income of $91,074.
The financial statements provide insights into changes in stockholders' equity, including common stock issuances, stock-based compensation, and adjustments due to foreign currency translations.
The cash flow statement outlines the sources and uses of cash during the period. Key highlights include net cash used in operating activities, investments in subsidiaries, and financing activities such as common stock issuances.
iQSTEL Inc's financial performance for the first half of 2023 reflects a resilient revenue stream despite a net loss. The company continues to invest in its infrastructure and capitalize on opportunities in the telecommunications and blockchain sectors, positioning itself for future growth.