NEW YORK, May 15, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC:IQST) (www.iQSTEL.com) a US-based, multinational, fully reporting and audited publicly listed telecommunications and technology company preparing for a Nasdaq up-listing today announced publishing the company's Q1 FY-2024 annual report on SEC Form 10Q. The company achieved $51.4 million in Q1 FY-2024, an increase of 108% compared to Q1-FY-2023. Detailed information on Q1 FY-2024 performance can be found in the company's SEC Form 10Q filed today. As a result of increased expenses coming primarily from non-operating payments associated with recent acquisition transactions and an ongoing Nasdaq up-listing initiative, the company reported a net loss $580,216. It is important to note that the company incurred Q1 acquisition expenses from financing costs and consulting services necessary to complete two acquisitions prior to benefiting from the revenue and bottom line contributions from the acquisitions. The Q1 FY-2024 financial performance is entirely organic and does NOT include any contribution from the recent QXTEL and LYNK acquisitions. More expense specifics are detailed further below.     Notes: The company increased its professional services expense in connection with funding its recent M&A activity, and in conjunction with its Nasdaq up-listing initiative. The increased technological services expense results from the migration of Smartbiz into our Voice Proprietary Platform (VAMP). Etelix and SwissLink are already on VAMP and the Smartbiz migration will improve synergies, and reduce the cost per minute, as well as providing Smartbiz the state of the art features available in our proprietary VAMP telecommunications platform. In January 2024, the company settled a promissory note with M2B as a prerequisite to the funding for the acquisition of QXTEL. The increased interest expense is due in part to a non-cash expense associated with the issuance of "kicker shares" to M2B and in part to a cash interest payment made to M2B. Both the cash and non-cash expenses result from the QXTEL acquisition and were specifically orchestrated to minimize dilution in our IQST stock in Q1 FY-2024. Additional Financial Performance Highlights and Further Analysis Telecom Division stand-alone performance (stronger than ever) iQSTEL's overall business strategy is built on the foundation of our Telecom Division. We are growing a robust telecom business and building complimentary high margin potential technology businesses at the same time. It is our Telecom Division that is currently generating revenue with a positive operating Income. The Telecom Division generated $484,624 of positive operating income in Q1 FY-2024, without any contribution of the QXTEL and LYNK acquisitions. We expect that this figure will almost double in Q2 with the addition of just QXTEL's financial contributions.   Telecom Division