On March 20, 2023, iQSTEL Inc. 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. The company 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, the company 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. The company salesforce will offer the JV Brand Metaverse to all 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.