# EDGAR Filing Document

**Accession Number:** 0001527702
**File Stem:** 0001663577-23-000118
**Filing Date:** 2023-3
**Character Count:** 42099
**Document Hash:** 5f7a610bb4c051d52fc9d35750c8cd44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001663577-23-000118.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001663577-23-000118

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230320

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

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55984
- **FILM NUMBER:** 23750088

**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="utf-8"?

**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): March 20, 2023

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:

---

| |
|:---|
| 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: None.

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** |

---

On March 20, 2023, we entered into a Memorandum of Understanding (the "MOU") with Got My Idol, Inc., a Delaware corporation ("GotMy"). The MOU concerns the formation of a joint venture to implement the commercial development of "Metaverse" products using the current Gotmy Metaverse intellectual property (herein after referred to as "GOTMY MIP") core development improving it, and package as products under the to be formed joint venture company and using the JV Brand that will be owned by to be formed joint venture company. Our equity position in the new company will be 51% and GotMy shall hold the remaining 49% of the to be formed joint venture entity.

The joint venture will initiate once an entity is legally incorporated and shall continue indefinitely, unless terminated by either party giving written notice of termination at least ninety (90) days prior to the intended termination date.

Under the agreement, we will be responsible for providing the funds to incorporate the joint venture company and for the commercial development of the company, according with the business plans of the company. Our salesforce will offer the JV Brand Metaverse to all our customer base. The funding of the business plan will include reasonable salaries, operating costs of the platform, marketing, sales, and those upgrades that are required in the product to be successful in commercial development.

GotMy owns code repository (GOTMY MIP) and it will contribute a license to the joint venture company for it to develop its own intellectual property. GotMy shall, in addition to other responsibilities in the MOU, contribute to the joint venture company any commercial activity and current and future sales leads for the company to conduct its operations.

We will appoint 2 Directors and GotMy will appoint 1 Director. The Board of Directors and management of the joint venture will be as follows:

BOARD MEMBER, CEO Jose Enrique Puente

BOARD MEMBER, CFO Alvaro Quintana Cardona

BOARD CHAIRMAN: President Leandro Jose Iglesias

The foregoing description of the Memorandum of Understanding is not complete and is qualified in its entirety by reference to the textof such document, which is filed as Exhibit 2.1 hereto and which is incorporated herein by reference.

**SECTION 2 – Financial Information**

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On March 15, 2023, we issued press releases announcing the revenue growth of our company's Telecom Division through February 2023 and other matters. The press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.

The press release is furnished with this Current Report on Form 8-K as Exhibit 99.1. The information furnished under this Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other filing under the Securities Act of 1933, as amended, regardless of any general incorporation by reference language in such filing, except as shall be expressly set forth by specific reference in any such filing.

**SECTION 8 – Other Events**

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events** |

---

On March 21, 2023, we issued a press release concerning the joint venture. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K.

The information in Item 8.01 of this Current Report on Form 8-K (including Exhibit 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**SECTION 9 – Financial Statements and Exhibits**

**Item 9.01 Financial Statements and Exhibits.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;2.1 | &nbsp;&nbsp;[Memorandum of Understanding, dated March 20, 2023](ex2_1.htm) |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[Press Release, dated March 15, 2023](ex99_1.htm) |
| &nbsp;&nbsp;99.2 | &nbsp;&nbsp;[Press Release, dated March 21, 2023](ex99_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 March 21, 2023

## Exhibit 2.1

**MEMORANDUM OF UNDERSTANDING BETWEEN IQSTEL, INC AND GOT MY IDOL, INC.**

THIS MEMORANDUM OF UNDERSTANDING (herein after referred as **"MOU"**) is made on March 20, 2023 by and between the following parties:

**iQSTEL, Inc.** a Publicly Listed Company (OTCQX: IQST), established under the laws of the State of Nevada, USA, with its registered office at 300 Aragon Avenue, Suite 375, Coral Gables, Florida 33134 (herein after referred to as **"iQSTEL"**) represented by its President and CEO Leandro Jose Iglesias Conde; and

**GOT MY IDOL, Inc**, a Delaware Corporation with its registered office at 85 Grand Canal Dr, St 406, Miami, FL. 33144 (herein after referred to as **"GOTMY"**), represented by its Directors Jose Enrique Puente and Faustino Castro.

iQSTEL and GOTMY are jointly hereinafter referred to as the "Parties".

**RECITALS**

The Parties have agreed to enter into the following **MEMORANDUM OF UNDERSTANDING** (**MOU**) that will govern the terms of association and shareholders agreement of the executing company of the **JOINT VENTURE (JV)** between the parties.

In accordance with the foregoing, the Parties expressly agree to be governed by the following agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. OBJECT

The associated Parties in **JV** pursuant to this **MOU**, will do business through a new company incorporated in the United Stated (**COMPANY**) that will have its legal address at 300 Aragon Avenue, Suite 375, Coral Gables, Florida 33134. This **COMPANY**, will be the business entity and will develop all the businesses that **JV**, does, neither party will act on its own behalf within the business scope of **JV** outside of the **COMPANY.**

The Parties agree to join their resources and efforts in the **COMPANY** as detailed in this **MOU** to jointly develop the **JV** as follow:

The main business objective of the **JV** and the COMPANY is to implement the commercial development of the **METAVERSE** product using the current **GOTMY** Metaverse Intellectual Property (herein after referred to as **"GOTMY MIP"**) core development improving it, and package as products under the **COMPANY** and using the **JV Brand** that will be owned by the

**COMPANY**. Initially the parties have identified that these METAVERSE products could be commercially sell in the following markets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Large Telecom Carriers, offering a full METAVERSE product for its own products,
services and media content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Large Telecom Carriers white label, offering several METAVERSE suites for the carriers´s
customers, bringing to the carriers the ability to sell these METAVERSE suites in its own portfolio of products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Corporate Customers, offering several METAVERSE suites that meet any specific need
for each customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) End User, the parties will create web/METAVERSE portal to allow to retail sale
the METAVERSE suites, in order to promote the rapid expansion of the METAVERSE world.

In order to have the right METAVERSE products and suites of products the **JV** will build over the current **GOTMY** Metaverse core, the appropriate technological developments in order to be successful on the commercial perspective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. THE JOINT VENTURE IMPLEMENTED ON "JV"

All business operation of this Joint Venture **JV** will be implemented in the **COMPANY**, using the **JV brand**, therefore the ownership, intellectual rights and agreements (except for the **GOTMY MIP** that does not constitute an "**Upgrade**" as defined below) will be part of the **COMPANY** and the **JV**. Any benefit of the **COMPANY**, will be distributed once it is approved by the **COMPANY** Board of Directors and will be realized at the percentage of interests in **COMPANY.**

The **JV brand** and all **Upgrades** will be of the exclusive property of the **COMPANY** and the **JV**.

The equity interests in the JV and the **COMPANY** will be 51% to **iQSTEL**, and 49% to **GOTMY**.

The **JV** will initiate once the **COMPANY** is legally incorporated and shall continue indefinitely, unless terminated by either party giving written notice of termination at least ninety (90) days prior to the intended termination date.

In case the **JV** has to be terminated, either due to breach of one of the Parties, or because it was mutually agreed not to continue with the **JV**; the Parties will reach an agreement to settle the assets, liabilities, contracts, clients and intellectual property; always with the best interest of safeguarding the interests of clients, the brands and the reputation of the Parties.

The **JV** will have an exclusive relationship inside the Metaverse business, where all **IQSTEL** initiatives and businesses related to Metaverse will be within the **JV** and the **COMPANY**, and likewise all **GOTMY** Metaverse initiatives and businesses will be within the **JV** and the **COMPANY**. Notwithstanding anything to the contrary herein, nothing in this **MOU** creates an exclusive relationship as to any Party's initiatives and businesses outside of the Metaverse business.

In the event **GOTMY** receives an offer from a third party to acquire **GOTMY** or its assets, that offer must be first given to the **JV** on the same terms as offered by the third party, being that neither **GOTMY** nor shareholders of **GOTMY** will not be able to sell **GOTMY** or dispose of its assets without first offering it to the **JV.**

In the event **GOTMY** receives an offer from a third party to acquire **GOTMY MIP**, that offer must include, as a condition of the offer to acquire **GOTMY MIP**, an additional offer from the third party to purchase the **JV** and the **COMPANY** and its assets, which the Parties to the **JV** may accept or refuse in their respective discretion. In order to value the **JV** and the **COMPANY**, the services of an appraiser approved by **GOTMY** and **iQSTEL** will be retained.

In the event that **GOTMY** receives an offer to sell its interest in the **JV**, **iQSTEL** shall be given the right of first refusal to acquire the ownership **GOTMY** holds in the **JV** on the same terms, before a sale may be made to third parties.

In the same way, if **iQSTEL** receives an offer to sell its interest in the **JV, GOTMY** shall be given the right of first refusal to acquire the ownership **iQSTEL** holds in the **JV**, before a sale is made to third parties.

Any increase of capital in the **COMPANY**, should require the approval of both parties of the **JV**

and the **COMPANY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ADMINISTRATION OF THE JOINT VENTURE

The business and affairs of the Joint Venture **JV**, will be managed through a CEO that will act under the direction of the **COMPANY's** Board of Directors. The Directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Joint Venture.

The Board of Directors will be appointed as follows:

*BOARD MEMBER, CEO* Jose Enrique Puente

*BOARD MEMBER, CFO* Alvaro Quintana Cardona

*BOARD CHAIRMAN: President* Leandro Jose Iglesias Conde

The Board of Directors may replace the Managers of **JV** (**COMPANY**) at any time it deems it necessary or to ensure the good direction of the Joint Venture.

The members of the Board of Directors will be in their position for a period of 2 years and all decision will be made for simple majority.

**iQSTEL** will appoint 2 Directors and **GOTMY** will appoint 1 Director

Mr. Jose Enrique Puente as the CEO of the **COMPANY**, will maintain the technologic, corporate and commercial leadership in the **JV** (**COMPANY**) as done so far at **GOTMY**.

The administrative and legal responsibilities in the **JV (COMPANY)** will be under **iQSTEL´s**

control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ADMINISTRATION OF "JV" COMPANY

The general administration of **JV** will be in charge of the members of the Board of Directors described in the previous point.

The CEO will have the right to sign any agreement that will not represent liability for the

**COMPANY.**

All documents of the **JV** that represent liabilities or commitments of assets for the **COMPANY**

will be signed by both parties of the **JV** and the **COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. RESPONSABILITIES OF IQSTEL

**iQSTEL** will be responsible for providing the funds to incorporate the COMPANY and for the commercial development of the **JV** and the **COMPANY**, according with the business plans of the **JV** and the **COMPANY**.

The salesforce of **IQSTEL** will offer the **JV Brand** Metaverse to all the **IQSTEL**´s customer base.

The funding of the business plan will include reasonable salaries, operating costs of the platform, marketing, sales, and those upgrades that are required in the product to be successful in commercial development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. RESPONSABILITIES OF GOTMY

**GOTMY** owns code repository (**GOTMY MIP**) and it will contribute a license to the **COMPANY**

for the **JV** to develop its own intellectual property (the "**Upgrades**"). **GOTMY** shall also

contribute to the **COMPANY** any commercial activity and current and future sales leads for the

**JV** to conduct its operations.

**GOTMY** will disclose to **iQSTEL** all documents that support the licensed **GOTMY MIP** surrounding the Metaverse platform, services and products the **COMPANY** expects to develop, market and commercialize.

Any intellectual property claim or dispute against **iQSTEL** or the **COMPANY** with respect to **GOTMY MIP**, the license, and/or the **Upgrades** shall be of the sole responsibility of **GOTMY** and **GOTMY** will hold harmless and indemnity the **COMPANY** and **iQSTEL** against any such claim or dispute**.**

As being treated of a disruptive technology, **GOTMY**, though the **JV** will participate in conferences, seminars and talks in order to accelerate the adoption of the technology and at the same time offering the **JV** solutions.

The Parties will accelerate to work on an improvement of the graphic capabilities of the Metaverse JV platform to turn it into a Metaverse platform that has the look to the feel of the level that current video games have, and this update will be ready to present it at the ITW 2023 event (<u>https://event.internationaltelecomsweek.com/event/106d28e1-c9ae-41ee-a1ed- a6e26e7a50cb/summary</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. INTELLECTUAL PROPERTY

**GOTMY** will retain the 100% ownership of its **GOTMY MIP**.

The licensed intellectual property that **GOTMY** contributes to the **JV** consists of the proprietary source code of a self-developed universal Metaverse engine that allows a simple way to transform a 3D environment in GLB or GLTF formats in a Metaverse-ready asset. All the features are included in Annex 1.

The Intellectual Property of **GOTMY MIP** for the moment of the **MOU** will be detailed in Annex 1.

Any upgrade necessary for the execution of the business plan of the **JV** associated with a client, shall be considered an **Upgrade** and will become the exclusive intellectual property of the **JV** and the **COMPANY.**

Each Upgrade to the platform owned by the **JV** will be annexed to this document, describing this Upgrade in detail, and so the intellectual property generated in favor of the **JV** will be identified.

The Intellectual Property related to the "**Upgrade**" shall not be sold, assigned, or transferred by the **COMPANY** without the prior written consent of both parties. Furthermore, any sale, assignment, or transfer of said Intellectual Property shall only be undertaken in conjunction with the **GOTMY MIP**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SEVERABILITY

If any provision of this **MOU** is found to be invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this **MOU** is invalid or unenforceable, but that limiting such provision it would become valid and enforceable, then such provision will be deem to be written, construed, and enforced as so limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. PRIOR MEMORANDUM SUPERSEDED

This Memorandum of Understanding constitutes the entire Memorandum between the Parties relating to this subject of matter and supersedes all prior and simultaneous representations, discussions, negotiations and Memorandums, whether written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. UNDERSTANDING

It is mutually agreed upon and understood by and among the Parties that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Party will work together in a coordinated fashion for the fulfilment of the projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In no way does this **MOU** restrict involved Partners from participating in agreements with other public or private agencies, organizations and individuals, even though, each Party will its independency, however, neither Party will enter into any association or alliance that could compete with the **JV.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This **MOU** does not constitute a **JV**, it is a declaration of intent to establish a Joint Venture. The **JV** starts once the **COMPANY** will be incorporated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. To the extent possible, each Party will participate in the development of the projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This **MOU** shall be effective upon the signature of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Any Party may terminate its participation in this **MOU** by providing writing notice to the other Party. However, the termination of the **JV** will be carried out after 60 days of written communication. The Parties must seek real and documented mechanisms for the conciliation of the differences before the written communication of the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. CONFIDENTIALITY

The Parties undertake to take all necessary measures to keep secretly and confidentially all information that has been communicated to them as such by the other Party during the execution of this **MOU**, or that they have known in the course of its execution The obligation of this clause does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. All information that is in the public domain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. All information available to the Parties before it has been provided by the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. All information legally acquired by the Parties from sources other than the other Party.

The Parties undertake to use this information only for the execution of this **MOU** and the proposed **JV**. Likewise, they undertake not to exploit, on their own or a third party, directly or indirectly, all or part of this information.

This obligation of confidentiality must be respected throughout the term of this **MOU**, and once it has been terminated, for a period of two (02) years.

Any violation or breach, by one or another Party of this stipulation, entails the obligation, for that Party that committed said breach, to pay the other Party compensatory compensation, without prejudice, of the right of the Party considered affected to exercise or initiate all relevant actions in order to impose the sanctions that legally proceed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. BREACH OF AGREEMENT

The Parties commit themselves to strict compliance with each of the agreements contained therein and any legal regulations that may apply to them.

The Parties also undertake to provide the necessary means to ensure compliance with this **MOU**, both for themselves and for the rest of the Parties to comply with. Thus, they undertake to participate actively in all the acts and / or decision making of the Joint Venture, thus contributing to its proper functioning.

In the event of breach of this **MOU** by any of the Parties, said non-complying Party (or Parties) will be notified in writing by the Party (or Parties) that if it has complied or is deemed to be harmed by the breach. The notification must clearly and expressly contain the cause or reason for the alleged breach. As long as said breach is rectifiable, a period of sixty (60) calendar days will be granted, from the date on which the notification was received by the defaulting Party, for it to proceed to correct it or to take the necessary actions to correct it.

After the deadline to put an end to the breach, without it having been remedied or, in the case of a non-rectifiable breach by the injured or compliant Party or Parties may opt for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) demand compliance with the breached obligation or agreement; or

b) demand that the **MOU** be resolved with respect to itself, freeing itself from any obligation arising from it with immediate effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) demand payment in favor of the Joint Venture of the damages caused; or

d) Cumulatively demand the fulfilment of the breached obligation or agreement and the satisfaction of the payment of the damages caused.

Except in cases of breach of the obligations of confidentiality and non-competition, the payment referred to in sections c. and d. will consist in the payment to the Joint Venture for the damages that could be derived from the eventual breach, and the compensation of all the expenses that had been caused, including, in an enunciatively and non-exhaustive way, the fees of any professional hired for its intervention by non-compliance as legal and tax advisors, notaries, etc.

In case of non-compliance attributable to two or more Parties, the responsibility shall be attributed to them jointly.

For the fulfilment of the obligations of a Party that is not a natural person and of the consequences of its non-compliance, the non-fulfilling Party itself will respond jointly and, where appropriate, those other Parties that individually or collectively hold control of the non- fulfilling party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. PERSONAL NATURE

This **MOU** is considered strictly held "intuitu personae" and in response to this none of the Parties may transfer it or assign it, totally or partially, under penalty of resolution thereof, without having previously obtained and in each case, express authorization by the other part given in writing. In case of violation of this clause, the affected party may exercise the pertinent legal actions in order to demand and obtain the effective repair of the damages suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. APPLICABLE LAW

This **MOU** shall be governed and interpreted exclusively in accordance with the laws of the city of Miami, State of Florida of the United States of America. The differences, interpretations, litigation and any controversy between the Parties that exceed one hundred thousand US dollars US $100,000.00), will be settled in accordance with what is established by the North American legislation in the matter of INTERNATIONAL ARBITRATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. NOTIFICATIONS

Any notification regarding this contract must be made to the following addresses:

**IQSTEL, INC**

300 Aragon Ave, Suite 375 Coral Gables, Florida 33134 Attention: Leandro Iglesias

**GOT MY IDOL INC**

85 Grand Canal Dr, St 406

Miami FL. 33144

Attention: Jose Enrique Puente

IN WITNESS WHEREOF the parties have executed this Memorandum of Understanding as of the day and year first above written.

---

| | |
|:---|:---|
| **iQSTEL, INC** | **GOT MY IDOL, INC** |
| /s/ Leandro Jose Iglesias Conde | /s/ Jose Enrique Puente |
| Printed Name: Leandro Jose Iglesias Conde | Printed Name: Jose Enrique Puente |
| Title: President & CEO | Title: Director |
|  | /s/ Faustino Castro |
|  | Printed Name: Faustino Castro |
|  | Title: Director |

---

**ANNEX 1**

**GOTMY METAVERSE INTELLECTUAL PROPERTY (GOTMY MIP) FEATURES**

- Video game engine developed on Unity 3D for the WebGL platform, accessible from a browser on desktop, mobile and tablet.

- Customizable avatars: own integrations on top of Ready Player Me and Union Avatars.

- Multiplayer: own development on the Fusion platform of Photon Engine.

- Multi-videoconference: own development on the Agora platform.

- Live video streaming: own development on Livepeer and Renderheads AV Pro.

- Interaction between attendees through private text messages and multi video conference.

- Bubble mode to protect attendees from harassment by other avatars.

- Spatial audio to facilitate the existence of several screens in the same 3D environment.

- Controls adapted and differentiated for desktop and mobile/tablet users.

- Movement of the avatar for the mobile user through the gyroscope of the terminal.

---

| |
|:---|
| Seamlessly change between landscape and portrait mode for mobile users. |
| Backend for user management: own development on PHP and integration with Microsoft PlayFab. |
| Integration with the Metamask wallet for access restricted by token or by NFT. |

---

- "Magic link" feature to access the metaverse using an unique URL per user.

## Exhibit 99.1

**IQST – iQSTEL Announces 25% Revenue Growth On Track To Reach $105 Million 2023 Annual Forecast**

March 15<sup>th</sup>, 2023 - New York, NY --- iQSTEL Inc. (OTCQX: **IQST)** today announced the company's year-to-date (YTD) revenue for its Telecom Division through Feb 28<sup>th</sup> is $16.4 million (unaudited), an increase of 25% compared to $13.1 million for the same period in 2022.

Considering that the company's revenue stream is historically higher in the second half of the year, management is confident the YTD performance is on track to reach the company's $105 million annual revenue forecast organically before the benefit of sales from new lines of business and before the benefit of any anticipated contribution from acquisitions.

Management is also confident the company is on track to report *Positive Consolidated Operating Income in 2023 for the entire PubCo* as a result of the ongoing benefit of operational streamlining and the anticipated benefit from iQSTEL's newer lines of business to include its Electric Vehicle, Fintech and Internet of Things (IoT) Divisions.

"iQSTEL continues into 2023 to realize steady and exceptional growth," said Leandro Iglesias, CEO of iQSTEL. "After reaching $93 million in revenue in FY-2022, we are already realizing 25% growth YTD through Feb 28<sup>th</sup> this year compared to the same period in 2022. Our 2023 financial objectives are well withing our sites as our products and services gain more and more recognition within their respective markets."

Stay tuned for regular shareholder updates.

**About iQSTEL Inc.:**

iQSTEL Inc. (OTCQX: IQST) (**www.iQSTEL.com**) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (**www.globalmoneyone.com**) (**www.maxmo.vip**) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (**www.itsbchain.com**) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (**www.evoss.net**) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

**iQSTEL Inc.**

IR US Phone: 646-740-0907

IR Email: **investors@iqstel.com**

**Contact Details**

iQSTEL Inc.

+1 646-740-0907

investors@iqstel.com

**Company Website**

https://www.iqstel.com/

## Exhibit 99.2

**IQST – iQSTEL Announces Metaverse Solution Targeting $61 Billion Market** 

March 21, 2023, New York, NY --- iQSTEL Inc. (OTCQX: **IQST)** today announced entering into a Joint Venture (JV) with GOTMY to accelerate the launch of a turnkey, white label metaverse solution for iQSTEL's telecommunication customers. The metaverse market size by revenue is estimated to currently be worth $61.8 billion and expected to grow to $426.9 billion by 2027.

iQSTEL currently delivers over $90 million in annual base revenue from its telecommunications offerings while expanding upon its base to include *a comprehensive suite of new services designed to satisfy basic human needs in a modern world: ubiquitous communications; financial freedom, and clean, affordable mobility.*

iQSTEL's telecommunications division is already profitable and management expects the EV and Fintech divisions to generate new profit streams this year.

GOTMY has expanded its personalized live video marketplace and platform offered through an app available for iPhone, Android and PC enabling content creators and internet influencers to host and monetize online events. GOTMY now offers a white label metaverse solution empowering brands, large and small, to host 3D events where participants can interact with the brand and even buy from the brand in an online store without downloading any app or using a wallet. Learn more about GOTMY here.

Through the JV with GOTMY, iQSTEL will offer its telecommunication carrier clients a white label solution enabling telecommunication carriers to interact with their customers (end users, and enterprises) through a metaverse platform.

The iQSTEL white label metaverse solution developed in partnership with GOTMY will be tailored to provide telecom carriers with a distinctive and immersive customer experience. In line with GOTMY's mission to offer universally accessible experiential spaces, the iQSTEL solution for telecom carriers is intended to accommodate all mobile phone users, not just those with high-end VR headsets.

Jose E. Puente, CEO of GOTMY, expressed his enthusiasm for the collaboration: "We are eager to initiate this joint venture with iQSTEL, introducing our technology to the telecommunications market. We firmly believe that our white label metaverse will enable telecom carriers to provide exceptional and engaging experiences for their customers, while ensuring that these experiences are accessible to a broader audience."

IQSTEL management believes the metaverse will become as ubiquitous as the Internet serving as a standardized gateway for all content, products, services, and customer support services.

In conjunction with the GOTMY JV, iQSTEL also announces the new iQSTEL Metaverse business division, with Jose Enrique Puente as CEO. The first business objective of the new Metaverse division is to complete a graphic design upgrade and launch the iQSTEL metaverse solution next quarter.

Leandro Iglesias commented "We are very excited to launch our own metaverse platform. I have personally known Jose Enrique Puente for more than 15 years. He is a highly qualified entrepreneur and visionary with an impressive track record. iQSTEL is fortunate to have him on board. Under Jose's leadership I expect our metaverse platform to first differentiate iQSTEL within the telecommunications carrier market and then to subsequently grow and expand into becoming the tie that unifies *<u>iQSTEL's telecommunications, financial and mobility solutions into a seamless single offering satisfying basic human needs in a modern world: ubiquitous communications, financial freedom and clean, affordable mobility</u>*. Look for iQSTEL to launch the Joint Venture Metaverse Brand and Product next quarter adding to our telecommunications income and potentially compelling an increase to our current $105 million annual revenue forecast."

The iQSTEL and GOTMY partnership is set to revolutionize the telecommunications industry by presenting carriers with a leading, innovative approach to connecting with their customers. By merging the expertise of two industry-leading companies, this trailblazing solution promises to make a substantial impact within the telecommunications sector.

**About iQSTEL Inc.:**

iQSTEL Inc. (OTCQX: IQST) (**www.iQSTEL.com**) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (**www.globalmoneyone.com**) (**www.maxmo.vip**) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (**www.itsbchain.com**) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (**www.evoss.net**) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

**iQSTEL Inc.**

IR US Phone: 646-740-0907

IR Email: **investors@iqstel.com**

**Contact Details**

iQSTEL Inc.

+1 646-740-0907

investors@iqstel.com

**Company Website**

https://www.iqstel.com/