# EDGAR Filing Document

**Accession Number:** 0001527702
**File Stem:** 0001663577-25-000215
**Filing Date:** 2025-6
**Character Count:** 15851
**Document Hash:** c986dd0fc00dc74906f98aa754c3e69e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001663577-25-000215.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001663577-25-000215

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250623

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iQSTEL Inc
- **CENTRAL INDEX KEY:** 0001527702
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 452808620
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42644
- **FILM NUMBER:** 251074406

**BUSINESS ADDRESS:**
- **STREET 1:** 300 ARAGON AVENUE, SUITE 375
- **CITY:** CORAL GABLES
- **STATE:** FL
- **ZIP:** 33134
- **BUSINESS PHONE:** (954) 951-8191

**MAIL ADDRESS:**
- **STREET 1:** 300 ARAGON AVENUE, SUITE 375
- **CITY:** CORAL GABLES
- **STATE:** FL
- **ZIP:** 33134

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PURESNAX INTERNATIONAL, INC.
- **DATE OF NAME CHANGE:** 20151124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PURE SNAX INTERNATIONAL, INC.
- **DATE OF NAME CHANGE:** 20150813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** B-MAVEN, INC.
- **DATE OF NAME CHANGE:** 20110810

?xml version='1.0' encoding='ASCII'? iQSTEL Inc. - Form 8-K - June 23, 2025

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549 ____________________**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934** Date of Report (Date of earliest event reported): June 23, 2025

iQSTEL Inc.

(Exact name of registrant as specified in its charter)

<u>Nevada</u> <u>000-55984</u> <u>45-2808620</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

<br> 300 Aragon Avenue, Suite 375 <u>Coral Gables, FL 33134</u> <u>33134</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: <u>(954) 951-8191</u>

<br> ________________________________________________<br> (Former name or former address, if changed since last report)<br>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading symbol** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;IQST | &nbsp;&nbsp;Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp; [ ]

**SECTION 1 - Registrant's Business and Operations**

**Item 1.01 – Entry into a Material Definitive Agreement**

The disclosures concerning the entry into material definitive agreements contained in Item 5.02 are incorporated herein by reference into this Item 1.01.

**SECTION 5 – Corporate Governance and Management** 

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers** |

---

On June 23, 2025, our board of directors approved amended employment agreements in favor of our Chief Executive Officer, Leandro Iglesias, and our Chief Financial Officer, Alvaro Quintana Cardona.

In case the monthly remuneration is not set in full on time , the amended agreements provide that Messrs. Iglesias and Quintana may convert their accrued salary/bonus into shares of our common stock or our Series B Preferred Stock. For common stock, the number of shares issuable is determined by considering the average price per share of our common stock on the Nasdaq Capital Market during the last 10 days and applying a discount of 25% and then dividing the accrued salary by the average price per share. For Series B Preferred stock, the number of shares issuable is determined by considering the discounted average price per share of our common stock on the Nasdaq Capital Market during the last 10 days, dividing the accrued salary by the discounted average price per share, and then dividing that number of shares by 12.5.

The foregoing description of the amended employment agreements does not purport to be complete and is qualified in its entirety by reference to the complete text of the amended employment agreements filed as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.

**Item 8.01 Other Events**

The disclosures set forth in Item 5.02 are incorporated by reference into this Item 8.01.

On June 24 , 2025, as provided in their amended employment agreements, Messrs. Iglesias and Quintana elected to convert their accrued and unpaid salaries amounting to $631,500 into a total of 6,571 shares of our Series B Preferred Stock.

**SECTION 9 – Financial Statements and Exhibits**

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| | |
|:---|:---|
| **Item 9.01** | &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;10.1 | &nbsp;&nbsp;[Amended Employment Agreement with Mr. Iglesias, dated June 23, 2025](ex10_1.htm) |
| &nbsp;&nbsp;10.2 | &nbsp;&nbsp;[Amended Employment Agreement with Mr. Quintana, dated June 23, 2025](ex10_2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**iQSTEL Inc.**

<u>/s/ Leandro Iglesias</u>

Leandro Iglesias

Chief Executive Officer

Date June 25, 2025

## Exhibit 10.1

**<u>AMENDMENT TO EMPLOYMENT AGREEMENT</u>**

This Amendment to Employment Agreement ("Amendment") is made this 23rd day of June, 2025, between iQSTEL, Inc., a Nevada corporation, (the "Company") and Leandro Iglesias ("Employee").

WHEREAS, the Company and Employee previously entered into an Employment Agreement on May 2, 2019 that was amended on November 1, 2020 and on February 29, 2024 (the "Employment Agreement");

WHEREAS, the Company and Employee desire to amend certain provisions of the Employment Agreement;

NOW THEREFORE, in consideration of the promises and mutual covenants set forth herein, the parties hereto hereby agree to amend the Employment Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Capitalized terms not otherwise defined herein shall have the same meanings as in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Paragraph 4 of Schedule A of the Employment Agreement is deleted in its entirety and now reads as follows:

"4. In case the monthly remuneration is not set in full on time, the Employee has the right to request to the Company convert any or all accrued salary into Company restricted common shares or Series B Preferred Stock (the "Series B Preferred shares"), by written notification to the Company in the attached Notice of Conversion or similar form of notice. For common stock, the number of shares issuable is determined by considering the average price per share of the Company's common stock on the Nasdaq Capital Market during the last 10 days and applying a discount of 25% and then dividing the accrued salary by the average price per share. For Series B Preferred stock, the number of shares issuable is determined by considering the discounted average price per share of the Company's common stock on the Nasdaq Capital Market during the last 10 days, dividing the accrued salary by the discounted average price per share, and then dividing that number of shares by 1,000."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In all other respects, the remaining terms, covenants, conditions and provisions of the Employment Agreement shall continue in full force and effect to the extent provided in the Employment Agreement.

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **IQSTEL, INC.** | **EMPLOYEE:** |
| By: /s/ Alvaro Quintana Cardona | /s/ Leandro Iglesias |
| By: Alvaro Quintana Cardona | Leandro Iglesias |
| Its: CFO |  |

---

**NOTICE OF CONVERSION<br>** 

<br> As provided below, the undersigned, pursuant to the Employment Agreement with iQSTEL, Inc. dated May 2, 2019 and as amended on November 1, 2020, February 29, 2024 and June 23, 2025, hereby irrevocably elects to convert the below amounts of accrued salary into shares of the Company's capital stock as follows:

$_____________________ into shares of common stock; and

$_____________________ into shares of Series B Preferred Stock.

Box checked as to applicable instructions:

[ ] The undersigned hereby requests that the Company issue a certificate or certificates for the number of shares of Common Stock or Series B Preferred Stock, as the case may be, set forth below (which numbers are based on the Holder's calculation attached hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

[ ] The undersigned hereby requests that the Company record the number of shares of Common Stock or Series B Preferred Stock, as the case may be, set forth below (which numbers are based on the Holder's calculation attached hereto), in the records of the Company's transfer agent in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

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|:---|
| Name: |
| Address: |

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| | |
|:---|:---|
| &nbsp;&nbsp;Date of Conversion: | &nbsp;&nbsp;______________________ |
| &nbsp;&nbsp; <br> Applicable Conversion Rate: | &nbsp;&nbsp; <br> Common Stock per share: $_______________<br>Series B Preferred Stock per share: $________ |
| &nbsp;&nbsp; <br> Amount of Capital Stock:  | &nbsp;&nbsp; <br> ___________ shares of Common Stock<br>___________ shares of Series B Preferred Stock<br>|

---

By:________________________________

Name: _____________________________

Date: ______________________________

## Exhibit 10.2

**<u>AMENDMENT TO EMPLOYMENT AGREEMENT</u>**

This Amendment to Employment Agreement ("Amendment") is made this 23rd day of June, 2025, between iQSTEL, Inc., a Nevada corporation, (the "Company") and Alvaro Quintana Cardona ("Employee").

WHEREAS, the Company and Employee previously entered into an Employment Agreement on May 2, 2019 that was amended on November 1, 2020 and on February 29, 2024 (the "Employment Agreement");

WHEREAS, the Company and Employee desire to amend certain provisions of the Employment Agreement;

NOW THEREFORE, in consideration of the promises and mutual covenants set forth herein, the parties hereto hereby agree to amend the Employment Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Capitalized terms not otherwise defined herein shall have the same meanings as in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Paragraph 4 of Schedule A of the Employment Agreement is deleted in its entirety and now reads as follows:

"4. In case the monthly remuneration is not set in full on time, the Employee has the right to request to the Company convert any or all accrued salary into Company restricted common shares or Series B Preferred Stock (the "Series B Preferred shares"), by written notification to the Company in the attached Notice of Conversion or similar form of notice. For common stock, the number of shares issuable is determined by considering the average price per share of the Company's common stock on the Nasdaq Capital Market during the last 10 days and applying a discount of 25% and then dividing the accrued salary by the average price per share. For Series B Preferred stock, the number of shares issuable is determined by considering the discounted average price per share of the Company's common stock on the Nasdaq Capital Market during the last 10 days, dividing the accrued salary by the discounted average price per share, and then dividing that number of shares by 12.5."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In all other respects, the remaining terms, covenants, conditions and provisions of the Employment Agreement shall continue in full force and effect to the extent provided in the Employment Agreement.

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **IQSTEL, INC.** | **EMPLOYEE:** |
| By: /s/ Leandro Iglesias | /s/ Alvaro Quintana Cardona |
| By: Leandro Iglesias | Alvaro Quintana Cardona |
| Its: CEO |  |

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**NOTICE OF CONVERSION<br>** 

<br> As provided below, the undersigned, pursuant to the Employment Agreement with IQSTEL, Inc. dated May 2, 2019 and as amended on November 1, 2020, February 29, 2024 and June 23, 2025, hereby irrevocably elects to convert the below amounts of accrued salary into shares of the Company's capital stock as follows:

$_____________________ into shares of common stock; and

$_____________________ into shares of Series B Preferred Stock.

Box checked as to applicable instructions:

[ ] The undersigned hereby requests that the Company issue a certificate or certificates for the number of shares of Common Stock or Series B Preferred Stock, as the case may be, set forth below (which numbers are based on the Holder's calculation attached hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

[ ] The undersigned hereby requests that the Company record the number of shares of Common Stock or Series B Preferred Stock, as the case may be, set forth below (which numbers are based on the Holder's calculation attached hereto), in the records of the Company's transfer agent in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

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|:---|
| Name: |
| Address: |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Date of Conversion:** | &nbsp;&nbsp;**______________________** |
| &nbsp;&nbsp; <br> Applicable Conversion Rate: | &nbsp;&nbsp; <br> Common Stock per share: $_______________<br>Series B Preferred Stock per share: $________ |
| &nbsp;&nbsp; <br> Amount of Capital Stock:  | &nbsp;&nbsp; <br> ___________ shares of Common Stock<br>___________ shares of Series B Preferred Stock<br>|

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By:________________________________

Name: _____________________________

Date: ______________________________