0001477932-16-012475.txt : 20160914 0001477932-16-012475.hdr.sgml : 20160914 20160913211811 ACCESSION NUMBER: 0001477932-16-012475 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20160731 FILED AS OF DATE: 20160914 DATE AS OF CHANGE: 20160913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Quest Management Inc CENTRAL INDEX KEY: 0001627554 STANDARD INDUSTRIAL CLASSIFICATION: [3949] IRS NUMBER: 320450509 STATE OF INCORPORATION: NV FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-201215 FILM NUMBER: 161884040 BUSINESS ADDRESS: STREET 1: 1 KALNU IELA CITY: MALTA STATE: 1R ZIP: LV-4630 BUSINESS PHONE: 702-907-8836 MAIL ADDRESS: STREET 1: 1 KALNU IELA CITY: MALTA STATE: 1R ZIP: LV-4630 10-Q 1 quest_10q.htm FORM 10-Q quest_10q.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q

 

x

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED JULY 31, 2016

 

Commission file number 333-201215

 

QUEST MANAGEMENT INC.

(Exact name of registrant as specified in its charter)

 

Nevada

(State or other jurisdiction of incorporation or organization)

 

1 Kalnu iela

Malta, LV-4630, Latvia

(Address of principal executive offices, including zip code.)

 

(702) 907-8836
(Telephone number, including area code)

 

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. YES x NO o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

x

  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x

 

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 55,000,000 shares as of August 29, 2016.

 

 

 

 
 
 

ITEM 1. FINANCIAL STATEMENTS
 

QUEST MANAGEMENT INC.

(A Development Stage Company)

Balance Sheet


 

 

July 31,
2016

 

 

October 31,
2015

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

 

$1,209

 

 

$2,504

 

Total Current Assets

 

 

1,209

 

 

 

2,504

 

 

 

 

 

 

 

 

 

 

Fixed Assets

 

 

 

 

 

 

 

 

Property (Net)

 

 

7,569

 

 

 

7,717

 

Total Fixed Assets

 

 

7,569

 

 

 

7,717

 

Total Assets

 

$8,778

 

 

$10,222

 

 

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities

 

 

 

 

 

 

 

 

Accounts Payable

 

 

5,000

 

 

 

5,000

 

Loan Payable - Related Party

 

 

4,066

 

 

 

4,066

 

Total Current Liabilities

 

 

9,066

 

 

 

9,066

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

Common stock, ($0.001 par value, 750,000,000 shares authorized; 55,000,000 and 4,000,000 shares issued and outstanding as of July 31, 2016 and October 31, 2015

 

$5,000

 

 

$5,000

 

Additional Paid-In Capital

 

 

39,000

 

 

 

39,000

 

Net profit (loss) accumulated during development stage

 

 

(44,288)

 

 

(42,844)

Total Stockholders' Equity

 

 

(288)

 

 

1,156

 

Total Liabilities &

 

 

 

 

 

 

 

 

Stockholders' Equity

 

$8,778

 

 

$10,222

 

 

 
2
 

 

QUEST MANAGEMENT INC.

(A Development Stage Company)

Statement of Operations (Unaudited)

 

 

 

 Three Months Ended

 

 

 Three Months Ended

 

 

 Nine Months
Ended

 

 

 Nine Months
Ended

 

 

 

July 31, 2016

 

 

July 31, 2015

 

 

July 31, 2016

 

 

July 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchandise Sales

 

$11,973

 

 

$30,006

 

 

$26,831

 

 

$92,848

 

Cost of Goods Sold

 

 

(10,629)

 

 

(24,017)

 

 

(22,817)

 

 

(77,810)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

1,343

 

 

 

5,988

 

 

 

4,014

 

 

 

15,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and Administration

 

 

1,143

 

 

 

17,087

 

 

 

5,310

 

 

 

47,124

 

Depreciation

 

 

49

 

 

 

49

 

 

 

148

 

 

 

148

 

Research & Development

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Expenses

 

 

1,192

 

 

 

17,136

 

 

 

5,458

 

 

 

62,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$151

 

 

$(11,147)

 

$(1,444)

 

$(47,080)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Basic and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilited share

 

 

0.00

 

 

 

(0.00)

 

 

(0.00)

 

 

(0.01)

Weighted average number of Common Shares outstanding

 

 

55,000,000

 

 

 

4,000,000

 

 

 

55,000,000

 

 

 

55,000,000

 

 

 
3
 

 

QUEST MANAGEMENT INC.

(A Development Stage Company)

Statement of Cash Flows (Unaudited)

 

 

 

Nine Months
Ended

 

 

Nine Months
Ended

 

 

 

July 31, 2016

 

 

July 31, 2015

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$(1,444)

 

$(47,080)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Accounts Payable

 

 

-

 

 

 

5,000

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Net cash provided by (used in) operating activities

 

 

(1,444)

 

 

(42,080)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property

 

 

-

 

 

 

-

 

Depreciation

 

 

148

 

 

 

148

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

148

 

 

 

148

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Payable - Related Party

 

 

-

 

 

 

3,616

 

Issuance of common stock

 

 

-

 

 

 

40,000

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 

 

-

 

 

 

43,616

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash

 

 

(1,295)

 

 

1,685

 

 

 

 

 

 

 

 

 

 

Cash at beginning of period

 

 

2,504

 

 

 

4,632

 

 

 

 

 

 

 

 

 

 

Cash at end of period

 

$1,209

 

 

$6,317

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during year for:

 

 

 

 

 

 

 

 

Interest

 

$-

 

 

$-

 

Income Taxes

 

$-

 

 

$-

 

 

 
4
 

 

QUEST DEVELOPMENT INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

July 31, 2016

 

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

 

Quest Management Inc. was incorporated on October 12, 2014, under the laws of the State of Nevada, for the purpose of the development of marketing channels to distribute fitness equipment to the wholesale market in the US.

 

The Company has a year end of October 31st.

 

COMPANY

 

The Company is a development stage company as defined by the Financial Accounting Standards Board's Accounting Standards Codification Topic 915 related to Development Stage Entities. The Company qualifies as a development stage company as it has not generated significant revenues from operations.

 

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

INCOME TAXES

 

The Company follows the guidance of the Financial Accounting Standards Board's Accounting Standards Codification Topic 740 related to Income Taxes. According to Topic 740, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year-end.

 

For federal income tax purposes, substantially all expenses incurred prior to the commencement of operations must be deferred and then they may be written off over a 180-month period. Tax deductible losses can be carried forward for 20 years until utilized for federal tax purposes. The Company will provide a valuation allowance in the full amount of the deferred tax assets since there is no assurance of future taxable income.

 

The Company utilizes the Financial Accounting Standards Board's Accounting Standards Codification Topic 740 related to Income Taxes to account for the uncertainty in income taxes. Topic 740 for Income Taxes clarifies the accounting for uncertainty in income taxes by prescribing rules for recognition, measurement and classification in financial statements of tax positions taken or expected to be in a tax return. Further, it prescribes a two-step process for the financial statement measurement and recognition of a tax position. The first step involves the determination of whether it is more likely than not (greater than 50 percent likelihood) that a tax position will be sustained upon examination, based on the technical merits of the position. The second step requires that any tax position that meets the more likely than not recognition threshold be measured and recognized in the financial statements at the largest amount of benefit that is a greater than 50 percent likelihood of being realized upon ultimate settlement. This topic also provides guidance on the accounting for related interest and penalties, financial statement classification and disclosure. The Company's policy is that any interest or penalties related to uncertain tax positions are recognized in income tax expense when incurred. The Company has no uncertain tax positions or related interest or penalties requiring accrual at July 31, 2016.
  

5

 

QUEST DEVELOPMENT INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

July 31, 2016

 

CASH

 

Cash consists of our cash in bank. There was $1,209 in cash as of July 31, 2016.

 

REVENUE RECOGNITION POLICY

 

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, the price is fixed or determinable, and collection of any resulting receivable is reasonably assured. Costs and expenses are recognized during the period in which they are incurred. Any revenues earned include sales of our exercise equipment. The Company recognizes these sales once delivery time is confirmed by the customer.

 

COST OF SALES

 

Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our products. Such costs are recorded and allocated as incurred. Our cost of sales will consist primarily of the cost of product, packaging/labeling costs and shipping expenses.

 

PROPERTY

 

Property was stated at historical cost. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Additions and improvements are capitalized while routine repairs and maintenance are charged to expense as incurred. Upon sale or disposition, the historically recorded asset cost and any accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to other income or expense.

 

The Company utilizes straight-line depreciation over the estimated useful life of the asset.

 

Property – 40 years

Office Equipment – 7 years

 

NET INCOME (LOSS) PER COMMON SHARE

 

Basic income (loss) per common share is computed based upon the weighted average number of common shares outstanding during the period.

 

USE OF ESTIMATES

 

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.
 

6

 

QUEST DEVELOPMENT INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

July 31, 2016

 

NOTE 2 – GOING CONCERN

 

The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern.

 

From inception through the period ended July 31, 2016 the Company had a net loss of $44,288. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock.

 

Management plans to fund operations of the Company through the proceeds from its recent offering pursuant to a Registration Statement on Form S-1, private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern.

 

The failure to achieve the necessary levels of profitability or obtain the additional funding would be detrimental to the Company.

 

NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS

 

Recent Accounting Pronouncements

 

The Company has adopted all recent accounting pronouncements as applicable and will continue to review and adopt those applicable as released within the timeframe required.

 

NOTE 4 – PROPERTY

 

The Company’s principal offices are located at 1 Kalnu iela, Malta, LV-4630 Latvia. The property was purchased on October 30, 2014 for $7,915.

 

NOTE 5 – COMMON STOCK AND ISSUANCE

 

The Company has authorized 750,000,000 common shares at $0.001par value, of which 55,000,000 shares are issued and outstanding as of July 31, 2016.

 

4,000,000 shares were issued to our sole director for $4,000 on October 17, 2014.

 

The Company’s Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission to register 2,000,000 shares of common stock was declared effective on February 25, 2015. During March 2015 the company sold a total of 1,000,000 shares of common stock to 30 independent shareholders, pursuant to the Registration Statement, at a price of $.04 per share for total proceeds of $40,000.

 

On February 2, 2016, Quest Management Inc. (the "Company") filed Articles of Amendment with the Nevada SOS whereby it authorized a forward split at a ratio of ten-for-one share (10:1) of the Company's issued and outstanding shares of Common Stock. The Company also increased the authorized number of shares of Common Stock from 75,000,000 shares to 750,000,000 at a par value of $0.001.

 

On February 10, 2016, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting the forward split at a ratio of ten-for-one share be effected in the market on February 22, 2016.
 

7

 

QUEST DEVELOPMENT INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

July 31, 2016

 

NOTE 6 – DEBT

 

The Director and President of the Company has loaned the company operating funds from time to time. The balance as of July 31, 2016 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand.

 

NOTE 7 – RELATED PARTY TRANSACTIONS

 

On October 17, 2014, 4,000,000 shares of the Company’s common stock were issued to our sole director for $4,000.

 

The Director and President of the Company has loaned the company operating funds from time to time. The balance as of July 31, 2016 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand.

 

The Company's sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available.

 

NOTE 8 – INCOME TAXES

 

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

 

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

 

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

 

NOTE 9 – SUBSEQUENT EVENTS

 

The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements.

 

 
8
 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” and the risks set out below, any of which may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

 

Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

 

Our financial statements are stated in United States dollars ($US) and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

In this report, unless otherwise specified, all references to "common stock" refer to the common shares in our capital stock.

 

As used in this annual report, the terms "we", "us", "our", “Quest" and “Quest Management” mean Quest Management Inc., unless the context clearly requires otherwise.

 

Results of Operations

 

Our total assets at July 31, 2016 were $8,778, which was comprised of $1,209 cash in the bank and $7,569 (net) in property. We currently anticipate that our legal and accounting fees over the next 12 months as a result of being a reporting company with the SEC, and will be approximately $9,000 per year.

 

We received the initial equity funding of $4,000 from our sole officer and director who purchased 4,000,000 shares of our common stock at $0.001 per share.

 

The Company’s Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission to register 2,000,000 shares of common stock was declared effective on February 25, 2015. During March 2015 the company sold a total of 1,000,000 shares of common stock to 30 independent shareholders, pursuant to the Registration Statement, at a price of $.04 per share for total proceeds of $40,000. The offering has been closed.

 

On February 2, 2016, Quest Management Inc. (the "Company") filed Articles of Amendment with the Nevada SOS whereby it authorized a forward split at a ratio of ten-for-one share (10:1) of the Company's issued and outstanding shares of Common Stock. The Company also increased the authorized number of shares of Common Stock from 75,000,000 shares to 750,000,000 at a par value of $0.001.

 

On February 10, 2016, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting the forward split at a ratio of ten-for-one share be effected in the market on February 22, 2016.

 

Our revenue for the three months ended July 31, 2016 and 2015 was $11,973 and $30,006, respectively. Our cost of goods sold for the three months ended July 31, 2016 and 2015 was $10,629 and $24,017 resulting in gross profit (loss) of $1,343 and $5,988, respectively. Our operating expenses for the three months ended July 31, 2016 and 2015 were $1,192 and $17,136 resulting in net income (losses) of $151 and $(11,147), respectively.

 
 
9
 

 

Our revenue for the nine months ended July 31, 2016 and 2015 was $26,831 and $92,848, respectively. Our cost of goods sold for the nine months ended July 31, 2016 and 2015 was $22,817 and $77,810 resulting in gross profit (loss) of $4,014 and $15,038, respectively. Our operating expenses for the nine months ended July 31, 2016 and 2015 were $5,458 and $62,118 resulting in net income (losses) of $(1,444) and $(47,080), respectively.

 

As of July 31, 2016, there is a total of $4,066 in a loan payable that is owed by the company to its officer and director for expenses that he has paid on behalf of the company. The loan payable is interest free and payable on demand.

 

The following table provides selected financial data about our Company for the period from the date of incorporation through July 31, 2016. For detailed financial information, see the financial statements included in this report.

 

Balance Sheet Data:

 

7/31/2016

 

 

 

 

 

Cash

 

$1,209

 

Total assets

 

$8,778

 

Total liabilities

 

$9,066

 

Stockholder’s equity

 

$(288)

 

Plan of Operation for the next 12 months

 

Our cash balance is $1,209 as of July 31, 2016. We do not believe that our cash balance is sufficient to fund our limited levels of operations beyond one year’s time unless additional revenues are generated.

 

Our independent registered public accountant has issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we generate additional revenue sufficient to maintain operations or obtain additional capital to pay our bills. There is no assurance we will ever reach that stage.

 

We were able to sell only 50% of the shares of our original offering and raised only 50% of the cash from the originally planned amount for the offering.

 

Over the next twelve months we plan to engage in the following activities to expand our business operations:

 

Gross Proceeds from our recent Offering(1):

 

$40,000

 

 

 

 

 

 

Website Design

 

$5,000

 

Advertising

 

$15,000

 

Trade Shows/Travel

 

$5,500

 

Accounting/Auditing & Legal

 

$12,500

 

Office & Administration

 

$1,000

 

Working Capital

 

$1,000

 

 

 

 

 

 

Total Expenses

 

$40,000

 

 

(1)

Expenditures for the 12 months following the completion of our recent offering. The expenditures are categorized by significant area of activity.

 
 
10
 

 

Website design: This will include the cost of further developing our web site and Search Engine Optimization.

 

Advertising: This will include advertising our products in different venues including the web, industry specific magazines that are of interest to our target market.

 

Trade Shows: We plan on attending at least one trade show per year, the costs associated with this include booth rental, travel and meals.

 

Accounting/Auditing & Legal: Expenses for accounting will go primarily toward the preparation of financial statements. Expenses for auditing will go to our auditor for our year end audits and quarterly reviews. Expenses for legal fees will go primarily to our lawyer to ensure that all our filings are in order and we are in compliance with different regulatory authorities.

 

Office and Administration: This will be the cost of purchasing small office equipment such as a computer, printer/scanner/copier/fax, expenses such as telephone, electricity, office supplies, etc…

 

Working Capital: Items not accounted for elsewhere or that are difficult to predict such as bank fees, entertainment, software products and office equipment.

 

Liquidity and Capital Resources

 

At July 31, 2016 the Company had $1,209 in cash and there were outstanding liabilities of $9,066. Our director has agreed, verbally, to continue to loan the company funds for operating expenses in a limited scenario, but he has no legal obligation to do so.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

Additional Business

 

As previously reported in our Current Report on Form 8-K filed on April 4, 2016, our sole officer and director, Mr. Dmitrij Ozolins, entered into a letter of intent for the sale of his shares of the Company's common stock to four (4) individuals. In such 8-K, we disclosed that the purchasers of these shares, led by Mr. Sylvester Jordan (the "Jordan Group") are successful businessmen in the music industry and the intent of the Jordan Group to vend into the Company various new project.

 

The transactions contemplated by the letter of intent were subject to the parties entering into a definitive binding agreement.

 

 
11
 

 

Mr. Ozolins and the members of the Jordan Group have now entered into a stock purchase agreement. The Jordan Group has reiterated to Mr. Ozolins their intention to bring various new projects to the Company as additions to the Company's existing operations and revenue stream. It is the intent of Purchasers to invest additional capital into the Company's existing business in order to grow and reach profitability. The Jordan Group also intends to bring into the Company additional business opportunities that will diversify the Company's operations.

 

The terms and conditions set forth in the stock purchase agreement provide that the Jordan Group will have fifteen (15) business days to conduct a due diligence review of Quest, which will commence at the end of May 2016. Thereafter, if the Jordan Group and their representatives are satisfied with its review of Quest, then the transaction shall be completed and consummated within ten (10) business days from completion of the due diligence review. As of the date of this report both parties have agreed to extend the terms of the due diligence report as necessary to complete. It is anticipated that upon closing of the sale of the securities, a change of control is expected to occur with Mr. Ozolins appointing a designee of the Jordan Group as a member of the Board of Directors and as Chief Executive Officer, Chief Financial Officer and Secretary of the Company. Thereafter, Mr. Ozolins is expected to resign as a member of the Board.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

Management maintains “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of July 31, 2016.

 

Based on that evaluation, management concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

Changes in Internal Controls over Financial Reporting

 

As of the end of the period covered by this report, there have been no changes in the internal controls over financial reporting during the quarter ended July 31, 2016, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management’s last evaluation.

 
 
12
 

 

PART II. OTHER INFORMATION

 

ITEM 6. EXHIBITS.

 

The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our Registration Statement on Form S-1, filed under SEC File Number 333-201215, at the SEC website at www.sec.gov:

 

Exhibit No.

 

Description

  

3.1

 

Articles of Incorporation*

3.2

 

Bylaws*

31.1

 

Sec. 302 Certification of Principal Executive Officer

31.2

 

Sec. 302 Certification of Principal Financial Officer

32.1

 

Sec. 906 Certification of Principal Executive Officer

32.2

 

Sec. 906 Certification of Principal Financial Officer

101     

 

Interactive data files pursuant to Rule 405 of Regulation S-T

 

 
13
 

 

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 thereunto duly authorized.  

 

Quest Management Inc.

 

Registrant

   

 

Date: September 12, 2016

By:

/s/ Dmitrij Ozolins

 

Dmitrij Ozolins

 

(Principal Executive Officer, Principal Financial Officer,
Principal Accounting Officer & Sole Director)

 

 

14

 

EX-31.1 2 quest_ex311.htm CERTIFICATION quest_ex311.htm

EXHIBIT 31.1

 

CERTIFICATION

 

I, Dmitrij Ozolins, certify that:

 

1.I have reviewed this report on Form 10-Q.

 

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a)Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

 

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

 

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

 

Date: September 12, 2016

By:

/s/ Dmitrij Ozolins

 

Dmitrij Ozolins

 

Chief Executive Officer

 

EX-31.2 3 quest_ex312.htm CERTIFICATION quest_ex312.htm

EXHIBIT 31.2

 

CERTIFICATION

 

I, Dmitrij Ozolins, certify that:

 

1.I have reviewed this report on Form 10-Q.

 

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

 

a)Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

 

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

 

 

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

 

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

 

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

 

Date: September 12, 2016

By:

/s/ Dmitrij Ozolins

 

Dmitrij Ozolins

 

Chief Financial Officer

 

EX-32.1 4 quest_ex321.htm CERTIFICATION quest_ex321.htm

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Quest Management Inc. (the “Company”) on Form 10-Q for the period ending July 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dmitrij Ozolins, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  

 

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this certification as of the 12th day of September, 2016.

 

    
By:/s/ Dmitrij Ozolins
  Chief Executive Officer 

 

EX-32.2 5 quest_ex322.htm CERTIFICATION quest_ex322.htm

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Quest Management Inc. (the “Company”) on Form 10-Q for the period ending July 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dmitrij Ozolins, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(3)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

 

 

(4)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this certification as of the 12th day of September, 2016.

 

By:/s/ Dmitrij Ozolins
  Chief Financial Officer 

 

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Document and Entity Information - shares
9 Months Ended
Jul. 31, 2016
Aug. 29, 2016
Document And Entity Information    
Entity Registrant Name Quest Management Inc  
Entity Central Index Key 0001627554  
Document Type 10-Q  
Document Period End Date Jul. 31, 2016  
Amendment Flag false  
Current Fiscal Year End Date --10-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   55,000,000
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2016  
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Balance Sheets - USD ($)
Jul. 31, 2016
Oct. 31, 2015
Current Assets    
Cash $ 1,209 $ 2,504
Total Current Assets 1,209 2,504
Fixed Assets    
Property (Net) 7,569 7,717
Total Fixed Assets 7,569 7,717
Total Assets 8,778 10,222
Current Liabilities    
Accounts Payable 5,000 5,000
Loan Payable - Related Party 4,066 4,066
Total Current Liabilities 9,066 9,066
Stockholders' Equity    
Common stock, ($0.001 par value, 750,000,000 shares authorized; 55,000,000 and 4,000,000 shares issued and outstanding as of July 31, 2016 and October 31, 2015 5,000 5,000
Additional Paid-In Capital 39,000 39,000
Net profit (loss) accumulated during development stage (44,288) (42,844)
Total Stockholders' Equity (288) 1,156
Total Liabilities & Stockholders' Equity $ 8,778 $ 10,222
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Balance Sheets (Parenthetical) - $ / shares
Jul. 31, 2016
Oct. 31, 2015
Balance Sheets Parenthetical    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 750,000,000 750,000,000
Common stock shares issued 55,000,000 4,000,000
Common stock shares outstanding 55,000,000 4,000,000
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Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2016
Jul. 31, 2015
Revenues        
Merchandise Sales $ 11,973 $ 30,006 $ 26,831 $ 92,848
Cost of Goods Sold (10,629) (24,017) (22,817) (77,810)
Gross Profit 1,343 5,988 4,014 15,038
Expenses        
General and Administration 1,143 17,087 5,310 47,124
Depreciation 49 49 148 148
Research & Development 14,846
Total Expenses 1,192 17,136 5,458 62,118
Net Income (Loss) $ 151 $ (11,147) $ (1,444) $ (47,080)
Net Loss Per Basic and Diluted Shares $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Weighted average number of Common Shares outstanding 55,000,000 4,000,000 55,000,000 55,000,000
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Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 22 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income (loss) $ 151 $ (11,147) $ (1,444) $ (47,080) $ 44,288
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Accounts Payable     5,000  
Changes in operating assets and liabilities:          
Net cash provided by (used in) operating activities     (1,444) (42,080)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Property      
Depreciation 49 49 148 148  
Net cash provided by (used in) investing activities     148 148  
CASH FLOWS FROM FINANCING ACTIVITIES          
Loan Payable - Related Party     3,616  
Issuance of common stock     40,000  
Net cash provided by (used in) financing activities     43,616  
Net increase (decrease) in cash     (1,295) 1,685  
Cash at beginning of period     2,504 4,632  
Cash at end of period $ 1,209 $ 6,317 1,209 6,317 $ 1,209
Cash paid during year for :          
Interest      
Income Taxes      
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ORGANIZATION AND BASIS OF PRESENTATION
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 1 - ORGANIZATION AND BASIS OF PRESENTATION

Quest Management Inc. was incorporated on October 12, 2014, under the laws of the State of Nevada, for the purpose of the development of marketing channels to distribute fitness equipment to the wholesale market in the US.

 

The Company has a year end of October 31st.

 

COMPANY

 

The Company is a development stage company as defined by the Financial Accounting Standards Board's Accounting Standards Codification Topic 915 related to Development Stage Entities. The Company qualifies as a development stage company as it has not generated significant revenues from operations.

 

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

INCOME TAXES

 

The Company follows the guidance of the Financial Accounting Standards Board's Accounting Standards Codification Topic 740 related to Income Taxes. According to Topic 740, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year-end.

 

For federal income tax purposes, substantially all expenses incurred prior to the commencement of operations must be deferred and then they may be written off over a 180-month period. Tax deductible losses can be carried forward for 20 years until utilized for federal tax purposes. The Company will provide a valuation allowance in the full amount of the deferred tax assets since there is no assurance of future taxable income.

 

The Company utilizes the Financial Accounting Standards Board's Accounting Standards Codification Topic 740 related to Income Taxes to account for the uncertainty in income taxes. Topic 740 for Income Taxes clarifies the accounting for uncertainty in income taxes by prescribing rules for recognition, measurement and classification in financial statements of tax positions taken or expected to be in a tax return. Further, it prescribes a two-step process for the financial statement measurement and recognition of a tax position. The first step involves the determination of whether it is more likely than not (greater than 50 percent likelihood) that a tax position will be sustained upon examination, based on the technical merits of the position. The second step requires that any tax position that meets the more likely than not recognition threshold be measured and recognized in the financial statements at the largest amount of benefit that is a greater than 50 percent likelihood of being realized upon ultimate settlement. This topic also provides guidance on the accounting for related interest and penalties, financial statement classification and disclosure. The Company's policy is that any interest or penalties related to uncertain tax positions are recognized in income tax expense when incurred. The Company has no uncertain tax positions or related interest or penalties requiring accrual at July 31, 2016.
  

CASH

 

Cash consists of our cash in bank. There was $1,209 in cash as of July 31, 2016.

 

REVENUE RECOGNITION POLICY

 

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, the price is fixed or determinable, and collection of any resulting receivable is reasonably assured. Costs and expenses are recognized during the period in which they are incurred. Any revenues earned include sales of our exercise equipment. The Company recognizes these sales once delivery time is confirmed by the customer.

 

COST OF SALES

 

Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our products. Such costs are recorded and allocated as incurred. Our cost of sales will consist primarily of the cost of product, packaging/labeling costs and shipping expenses.

 

PROPERTY

 

Property was stated at historical cost. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Additions and improvements are capitalized while routine repairs and maintenance are charged to expense as incurred. Upon sale or disposition, the historically recorded asset cost and any accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to other income or expense.

 

The Company utilizes straight-line depreciation over the estimated useful life of the asset.

 

Property – 40 years

Office Equipment – 7 years

 

NET INCOME (LOSS) PER COMMON SHARE

 

Basic income (loss) per common share is computed based upon the weighted average number of common shares outstanding during the period.

 

USE OF ESTIMATES

 

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.

XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOING CONCERN
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 2 - GOING CONCERN

The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern.

 

From inception through the period ended July 31, 2016 the Company had a net loss of $44,288. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock.

 

Management plans to fund operations of the Company through the proceeds from its recent offering pursuant to a Registration Statement on Form S-1, private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern.

 

The failure to achieve the necessary levels of profitability or obtain the additional funding would be detrimental to the Company.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
RECENT ACCOUNTING PRONOUNCEMENTS
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 3 - RECENT ACCOUNTING PRONOUNCEMENTS

Recent Accounting Pronouncements

 

The Company has adopted all recent accounting pronouncements as applicable and will continue to review and adopt those applicable as released within the timeframe required.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
PROPERTY
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 4 - PROPERTY

The Company’s principal offices are located at 1 Kalnu iela, Malta, LV-4630 Latvia. The property was purchased on October 30, 2014 for $7,915.

 

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMON STOCK AND ISSUANCE
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 5 - COMMON STOCK AND ISSUANCE

The Company has authorized 750,000,000 common shares at $0.001par value, of which 55,000,000 shares are issued and outstanding as of July 31, 2016.

 

4,000,000 shares were issued to our sole director for $4,000 on October 17, 2014.

 

The Company’s Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission to register 2,000,000 shares of common stock was declared effective on February 25, 2015. During March 2015 the company sold a total of 1,000,000 shares of common stock to 30 independent shareholders, pursuant to the Registration Statement, at a price of $.04 per share for total proceeds of $40,000.

 

On February 2, 2016, Quest Management Inc. (the "Company") filed Articles of Amendment with the Nevada SOS whereby it authorized a forward split at a ratio of ten-for-one share (10:1) of the Company's issued and outstanding shares of Common Stock. The Company also increased the authorized number of shares of Common Stock from 75,000,000 shares to 750,000,000 at a par value of $0.001.

 

On February 10, 2016, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting the forward split at a ratio of ten-for-one share be effected in the market on February 22, 2016.
 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
DEBT
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 6 - DEBT

The Director and President of the Company has loaned the company operating funds from time to time. The balance as of July 31, 2016 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
RELATED PARTY TRANSACTIONS
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 7 - RELATED PARTY TRANSACTIONS

On October 17, 2014, 4,000,000 shares of the Company’s common stock were issued to our sole director for $4,000.

 

The Director and President of the Company has loaned the company operating funds from time to time. The balance as of July 31, 2016 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand.

 

The Company's sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
INCOME TAXES
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 8 - INCOME TAXES

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

 

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

 

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENTS
9 Months Ended
Jul. 31, 2016
Notes to Financial Statements  
Note 9 - SUBSEQUENT EVENTS

The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Jul. 31, 2016
Summary Of Significant Accounting Policies Policies  
INCOME TAXES

The Company follows the guidance of the Financial Accounting Standards Board's Accounting Standards Codification Topic 740 related to Income Taxes. According to Topic 740, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year-end.

 

For federal income tax purposes, substantially all expenses incurred prior to the commencement of operations must be deferred and then they may be written off over a 180-month period. Tax deductible losses can be carried forward for 20 years until utilized for federal tax purposes. The Company will provide a valuation allowance in the full amount of the deferred tax assets since there is no assurance of future taxable income.

 

The Company utilizes the Financial Accounting Standards Board's Accounting Standards Codification Topic 740 related to Income Taxes to account for the uncertainty in income taxes. Topic 740 for Income Taxes clarifies the accounting for uncertainty in income taxes by prescribing rules for recognition, measurement and classification in financial statements of tax positions taken or expected to be in a tax return. Further, it prescribes a two-step process for the financial statement measurement and recognition of a tax position. The first step involves the determination of whether it is more likely than not (greater than 50 percent likelihood) that a tax position will be sustained upon examination, based on the technical merits of the position. The second step requires that any tax position that meets the more likely than not recognition threshold be measured and recognized in the financial statements at the largest amount of benefit that is a greater than 50 percent likelihood of being realized upon ultimate settlement. This topic also provides guidance on the accounting for related interest and penalties, financial statement classification and disclosure. The Company's policy is that any interest or penalties related to uncertain tax positions are recognized in income tax expense when incurred. The Company has no uncertain tax positions or related interest or penalties requiring accrual at July 31, 2016.

CASH

Cash consists of our cash in bank. There was $1,209 in cash as of July 31, 2016.

REVENUE RECOGNITION POLICY

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, the price is fixed or determinable, and collection of any resulting receivable is reasonably assured. Costs and expenses are recognized during the period in which they are incurred. Any revenues earned include sales of our exercise equipment. The Company recognizes these sales once delivery time is confirmed by the customer.

COST OF SALES

Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our products. Such costs are recorded and allocated as incurred. Our cost of sales will consist primarily of the cost of product, packaging/labeling costs and shipping expenses.

PROPERTY

Property was stated at historical cost. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Additions and improvements are capitalized while routine repairs and maintenance are charged to expense as incurred. Upon sale or disposition, the historically recorded asset cost and any accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to other income or expense.

 

The Company utilizes straight-line depreciation over the estimated useful life of the asset.

 

Property – 40 years

Office Equipment – 7 years

NET INCOME (LOSS) PER COMMON SHARE

Basic income (loss) per common share is computed based upon the weighted average number of common shares outstanding during the period.

USE OF ESTIMATES

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
9 Months Ended
Jul. 31, 2016
Organization And Basis Of Presentation Tables  
Summary of estimated useful life of the asset
Property   40 years
Office Equipment   7 years
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
ORGANIZATION AND BASIS OF PRESENTATION (Details)
9 Months Ended
Jul. 31, 2016
Property [Member]  
Estimated useful life 40 years
Office Equipment [Member]  
Estimated useful life 7 years
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - USD ($)
Jul. 31, 2016
Oct. 31, 2015
Organization And Basis Of Presentation Details Narrative    
Cash $ 1,209 $ 2,504
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOING CONCERN (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended 22 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2016
Going Concern Details Narrative          
Net Income (Loss) $ 151 $ (11,147) $ (1,444) $ (47,080) $ 44,288
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMON STOCK AND ISSUANCE (Details Narrative) - $ / shares
Jul. 31, 2016
Oct. 31, 2015
Common Stock And Issuance Details Narrative    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 750,000,000 750,000,000
Common stock shares issued 55,000,000 4,000,000
Common stock shares outstanding 55,000,000 4,000,000
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
DEBT (Details Narrative) - USD ($)
Jul. 31, 2016
Oct. 31, 2015
Debt Details Narrative    
Loan Payable - Related Party $ 4,066 $ 4,066
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
Jul. 31, 2016
Oct. 31, 2015
Related Party Transactions Details Narrative    
Loan Payable - Related Party $ 4,066 $ 4,066
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