10-Q

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, 2017

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: 70,000,000 shares as of September 13, 2017

ITEM 1. FINANCIAL STATEMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

Quest management Inc.

We have reviewed the accompanying balance sheet, the related statements of operations, stockholder's equity, and cash flows of Quest management Inc. ("the Company") as of July 31, 2017, and for the three-month period then ended. These interim financial statements are the responsibility of the Company's management. 

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America. 

/s/ Zia Masood Kiani & Co.                      

(Chartered Accountants)

Islamabad, Pakistan

Independent Auditors registered with

Public Company Accounting Oversight Board

Date: September 13, 2017

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QUEST MANAGEMENT INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
	JULY 31,			OCTOBER 31,
	2017			2016
	Dollars ($)			Dollars ($)
ASSETS
Current Assets
Cash		3,684			301
Total Current Assets	$	3,684		$	301
Fixed Assets
Property		7,915			7,915
Accumulated depreciation		(544	)		(396	)
Total Fixed Assets	$	7,371		$	7,519
TOTAL ASSETS	$	11,054		$	7,820
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current Liabilities
Accounts Payable		-			5,000
Loan Payable - Related Party		4,066			4,066
Promissory Note Payable		1,605			-
Total Current Liabilities	$	5,671		$	9,066
Stockholders' Equity
Common stock: authorized 750,000,000; $ 0.001 par value,
70,000,000 and 55,000,000 shares issued and outstanding as of July 31, 2017 and October 31, 2016		20,000			5,000
Additional Paid-In Capital		39,000			39,000
Profit/ (loss) accumulated during development stage		(53,617	)		(45,246	)
Total Stockholders' Equity	$	5,383		$	(1,246	)
TOTAL LIABIITIES & STOCKHOLDERS' EQUITY	$	11,054		$	7,820

The annexed notes 1 to 13 form an integral part of these financial statements

  

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QUEST MANAGEMENT INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS (UNAUDITED)
	THREE MONTHS ENDED JULY 31, 2017			THREE MONTHS ENDED JULY 31, 2016			NINE MONTHS ENDED JULY 31, 2017			NINE MONTHS ENDED JULY 31, 2016			FROM INCEPTION (OCTOBER 12, 2014) TO JULY 31, 2017
	Dollars ($)			Dollars ($)			Dollars ($)			Dollars ($)			Dollars ($)
REVENUES
Merchandise sales		9,168			11,973			30,668			26,831			221,791
Cost of goods sold		(5,984	)		(10,629	)		(24,271	)		(22,817	)		(187,203	)
Gross Profit	$	3,185		$	1,343		$	6,396		$	4,014		$	34,588
EXPENSES
General and administration		-			1,143			14,619			5,310			72,814
Depreciation		49			49			148			148			544
Research & development		-			-			-			-			14,846
Total Expenses	$	49		$	1,192		$	14,767		$	5,458		$	88,204
Net Loss before Income Tax Provision	$	3,135		$	151		$	(8,371	)	$	(1,444	)	$	(53,617	)
Provision for income tax		-			-			-			-			-
NET LOSS FOR THE YEAR	$	3,135		$	151		$	(8,371	)	$	(1,444	)	$	(53,617	)
Net Loss per share;
Basic & diluted	$	0.00		$	0.00		$	(0.00	)	$	(0.00	)	$	(0.00	)
Weightage average number of shares outstanding
Basic & diluted		70,000,000			55,000,000			70,000,000			55,000,000			70,000,000

The annexed notes 1 to 13 form an integral part of these financial statements

   

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QUEST MANAGEMENT INC.

(A DEVELOPMENT STAGE COMPANY)

STATEMENT OF CASHFLOWS (UNAUDITED)

   

	NINE MONTHS ENDED JULY 31, 2017			NINE MONTHS ENDED JULY 31, 2016			FROM INCEPTION (OCTOBER 12, 2014) TO JULY 31, 2017
	Dollars ($)			Dollars ($)			Dollars ($)
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$	(8,371	)	$	(1,444	)	$	(53,617	)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Changes in assets and liabilities:
Accounts Payable		(5,000	)		-			-
Loan Payable - Related Party		-			-			4,066
Promissory Note Payable		1,605			-			1,605
Property		-			-			(7,915	)
Depreciation		148			148			544
Net cash provided by operating activities	$	(3,247	)	$	(1,295	)	$	(1,700	)
Financing activities
Proceeds from issuance of common stock		15,000			-			59,000
Net cash provided by financing activities	$	15,000		$	-		$	59,000
Net increase/ (decrease) in cash		3,383			(1,295	)		3,684
Cash at the beginning of the period		301			2,504			-
Cash at the end of the period	$	3,684		$	1,209		$	3,684
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for;
Interest		-			-			-
Income Taxes		-			-			-
	$	-		$	-		$	-

The annexed notes 1 to 13 form an integral part of these financial statements

   

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QUEST MANAGEMENT INC.

(A DEVELOPMENT STAGE COMPANY)

Statement of Changes in Stockholders' Equity (Unaudited)

From October 12, 2014 (Inception) through July 31, 2017

	Common Stock (Number)		Common Stock (Value)		Additional Paid-In Capital		Profit/ (loss) Accumulated During Development Stage			Total
			Dollars ($)		Dollars ($)		Dollars ($)			Dollars ($)
Balance, October 12, 2014
Stock issued for cash on October 17, 2014
@ $0.001 per share		4,000,000		4,000		-		-			4,000
Net profit / (loss), October 31, 2014								8,097			8,097
Balance, October 31, 2014		4,000,000	$	4,000	$	-	$	8,097		$	12,097
Stock issued for cash during March 2015
@ $0.04 per share		1,000,000		1,000		39,000		-			40,000
Net profit / (loss), October 31, 2015								(50,941	)		(50,941	)
Balance, October 31, 2015		5,000,000	$	5,000	$	39,000	$	(42,844	)	$	1,156
Forward stock split 10 for 1 February 22, 2016		50,000,000						-			-
Net profit (loss), October 31, 2016								(2,401	)		(2,401	)
Balance, October 31, 2016		55,000,000	$	5,000	$	39,000	$	(45,246	)	$	(1,246	)
Convertible Promissory Note January, 2017		15,000,000		15,000				-			15,000
Net profit (loss), July 31, 2017								(8,371	)		(8,371	)
Balance, July 31, 2017		70,000,000	$	20,000	$	39,000	$	(53,617	)	$	5,383

The annexed notes 1 to 13 form an integral part of these financial statements

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QUEST MANAGEMENT INC.

NOTES TO THE FINANCIAL STATEMENTS

JULY 31, 2017

Note 1 ORGANIZATION AND BASIS OF PREPARATION

Quest Management Inc. (the “Company”) is a for profit corporation established under the corporate laws of the State of Nevada on October 12, 2014 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.

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.

Note 2 SIGNIFICANT ACCOUNT POLICIES

2.1 Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year.

2.2 Use of Estimates and Assumptions

The preparation of 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

2.3 Fair Value of Financial Instruments

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2017.

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

 

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2.4 Cash & Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

2.5 Revenue Recognition

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.

2.6 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.

2.7 Basic and Diluted Loss Per Share

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.

2.8 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, 2017.

 

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Note 3 RECENT ACCOUNTING PRONOUNCEMENT

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 CONCENTRATIONS

Initial sales are concentrated with one client. Sales are made without collateral, and the credit-related losses are insignificant or non-existent. Accordingly, there is no provision made to include an allowance for doubtful accounts.

Note 5 FIXED ASSETS

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost.

Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred.

Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized.

We purchased our principal executive offices at 1 Kalnu iela, Malta, LV-4630 Latvia, on October 30, 2014 for $7,915.

The Company depreciates its property using straight-line depreciation over the estimated useful life of 40 years.

For the three months ended July 31, 2017 the company recorded $49 in depreciation expense. From inception (October 12, 2014) through July 31, 2017 the company has recorded a total of $544 in depreciation expense.

Note 6 LOAN PAYABLE - RELATED PARTY

The Director and President of the Company has loaned the company for operations from time to time on need basis. The balance as of October 31, 2016 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and payable upon demand.

Note 7 PROMISSORY NOTE PAYABLE

During the nine months ended July 31, 2017, the Company issued a Convertible Promissory Note in the principal amount of $16,605 to Peak Marine Holdings LLC, a Florida limited liability company (“Peak”). This Convertible Promissory Note (the “Note”) was issued in consideration of advances and loans made by Peak to the Company.

 

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Pursuant to the terms of the Note, the holder has the right to convert any portion of the principal amount thereof at the par value of the Company’s common stock. The holder also has the right to assign any portion of the Note, or assign the shares to be issued upon any conversion of the Notes, to other parties. During the month of December 2016, Peak sold all its interest in the Note to five (5) independent third parties (the “Holders”).

During the month of January 2017, the Holders provided notices of election to convert a total of $15,000 of the Note into shares, which totaled 15,000,000 shares of common stock.

Note 8 COMMON STOCK AND ISSUANCE

The Company has authorized 750,000,000 common shares at $0.001 par value, of which 70,000,000 shares are issued and outstanding as of July 31, 2017.

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.

During the month of January 2017, the Holders of a Promissory Note (see Note 7) provided notices of election to convert a total of $15,000 of the Note into shares, which totaled 15,000,000 shares.

Note 9 INCOME TAXES

We use 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.

There was no income tax expense for the years ended October 31, 2016 and 2015. The rate was as follow;

Federal	35	%
State	5	%
	39	%

 

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The significant components of deferred tax assets and liabilities are as follows:

	OCTOBER 31,			OCTOBER 31,			FROM INCEPTION (OCTOBER 12, 2014) TO OCTOBER 31,
	2016			2015			2016
Deferred tax assets
Net operating losses	$	(2,401	)	$	(50,941	)	$	(45,246	)
Deferred tax liability
Net deferred tax assets	$	936		$	19,867		$	17,646
Less valuation allowance	$	(936	)	$	(19,867	)	$	(17,646	)
Deferred tax asset - net valuation allowance	$	-		$	-		$	-

Note 10 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 January 31, 2017 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and payable 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 11 LEGAL MATTERS

The Company has no known legal issues pending.

 

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Note 12 GOING CONCERN

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

The Company had limited operations during the period from October 12, 2014 (date of inception) to July 31, 2017 with a net loss of $53,617. 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 has funded operations of the Company through the proceeds from its 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 operation 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 obtaining additional funding would be detrimental to the Company.

Note 13 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. 

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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, 2017 were $11,054, which was comprised of $3,684 cash in the bank and $7,371 (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 revenues for the three months ended July 31, 2017 and 2016 was $9,168 and $11,973, respectively. Our cost of goods sold for the three months ended July 31, 2017 and 2016 was $5,984 and $10,629 resulting in gross profit (loss) of $3,185 and $1,343, respectively. Our operating expenses for the three months ended July 31, 2017 and 2016 were $49 and $1,192 resulting in net income (losses) of $3,135 and $151, respectively.

 

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Our revenues for the nine months ended July 31, 2017 and 2016 was $30,668 and $26,831, respectively. Our cost of goods sold for the nine months ended July 31, 2017 and 2016 was $24,271 and $22,817 resulting in gross profit (loss) of $6,396 and $4,014, respectively. Our operating expenses for the nine months ended July 31, 2017 and 2016 were $14,767 and $5,458 resulting in net income (losses) of $(8,371) and $(1,444), respectively.

As of July 31, 2017, 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.

During the nine months ended July 31, 2017, the Company issued a Convertible Promissory Note in the principal amount of $16,605 to Peak Marine Holdings LLC, a Florida limited liability company (“Peak”). This Convertible Promissory Note (the “Note”) was issued in consideration of advances and loans made by Peak to the Company.

Pursuant to the terms of the Note, the holder has the right to convert any portion of the principal amount thereof at the par value of the Company’s common stock. The holder also has the right to assign any portion of the Note, or assign the shares to be issued upon any conversion of the Notes, to other parties. During the month of December 2016, Peak sold all its interest in the Note to five (5) independent third parties (the “Holders”).

During the month of January 2017, the Holders provided notices of election to convert a total of $15,000 of the Note into shares, which totaled 15,000,000 shares of common stock. The remaining balance on the Note at July 31, 2017 is $1,605.

The following table provides selected financial data about our Company for the period from the date of incorporation through July 31, 2017. For detailed financial information, see the financial statements included in this report.

Balance Sheet Data:	7/31/2017
Cash	$	3,684
Total assets	$	11,054
Total liabilities	$	5,671
Stockholder’s equity	$	5,383

Plan of Operation for the next 12 months

Our cash balance is $3,684 as of July 31, 2017. 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 if revenues will support the expense:

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.

 

14

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, 2017 the Company had $3,684 in cash and there were outstanding liabilities of $5,671. 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.

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, 2017.

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, 2017, 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.

 

15

PART II. OTHER INFORMATION

ITEM 5. OTHER INFORMATION

Changes in Registrant's Certifying Accountant

(i) Scrudato & Co., PA ("Scrudato"), the independent registered public accounting firm for Quest Management Inc. (the "Company"), notified the Company he was resigning as the Company’s independent registered public accounting firm effective December 27, 2016.

(ii) The reports of Scrudato on the consolidated financial statements of the Company as of and for the fiscal years ended October 31, 2015 and October 31, 2014, contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles, with the exception that the report did include a going concern paragraph.

(iii) During the Company's fiscal years ended October 31, 2015 and 2014 and the subsequent interim period from November 1, 2015 to the date of this report, and in connection with the audit of the Company's financial statements for such periods, there were no disagreements between the Company and Scrudato on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Scrudato, would have caused Scrudato to make reference to the subject matter of such disagreements in connection with its audit reports on the Company's financial statements.

(iv) During the Company's fiscal years ended October 31, 2015 and 2014, and the subsequent interim period from November 1, 2015 to the date of this report, there were no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K.

(v) The Company has provided Scrudato with a copy of the disclosures in this report and has requested that Scrudato furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not Scrudato agrees with the statements in this Item 4.01. A copy of this letter is filed as Exhibit 16.1 to the Company’s Form 8-K as filed in December 2016.

(vi) Subsequent to the resignation of the Company’s independent registered public accounting firm, Scrudato & Co., PA as disclosed in the Company’s Form 8-K filed in December 2016, the Company has engaged Zia Masood Kiani & Co., CHARTERED ACCOUNTANTS as the Company’s new independent registered public accounting firm effective February 10, 2017.

(vii) During the Company's fiscal years ended October 31, 2015 and 2014, the Company did not consult with Zia Masood Kiani & Co., CHARTERED ACCOUNTANTS regarding any of the matters set forth in Items 304(a)(2)(i) and (ii) of Regulation S-K.

 

16

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*
23.1	Consent of Independent Registered Public Accounting Firm
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

 

17

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 13, 2017	By:	/s/ Dmitrij Ozolins
		Dmitrij Ozolins
		(Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer & Sole Director)

18

EX-23.1

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use of our report dated September 13, 2017 relating to our review of the balance sheet of Quest Management Inc. as of July 31, 2017, the related statements of operations, stockholders’ equity and cash flows for three months ended July 31, 2017 included in the Quarterly Report of Quest Management Inc. on Form 10-Q for the quarterly period ended July 31, 2017.

/s/ Zia Masood Kiani & Co.

(Chartered Accountants)

Islamabad, Pakistan

Date: September 13, 2017

EX-31.1

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 13, 2017	By:	/s/ Dmitrij Ozolins
		Dmitrij Ozolins
		Chief Executive Officer

EX-31.2

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 13, 2017	By:	/s/ Dmitrij Ozolins
		Dmitrij Ozolins
		Chief Financial Officer

EX-32.1

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, 2017 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 13^th day of September, 2017.

/s/ Dmitrij Ozolins

Chief Executive Officer

EX-32.2

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, 2017 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 13^th day of September, 2017.

By:	/s/ Dmitrij Ozolins
	Chief Financial Officer

XML

Document and Entity Information - shares	9 Months Ended
	Jul. 31, 2017	Sep. 13, 2017
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, 2017
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		70,000,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2017

XML

BALANCE SHEET - USD ($)	Jul. 31, 2017	Oct. 31, 2016
Current Assets
Cash	$ 3,684	$ 301
Total Current Assets	3,684	301
Fixed Assets
Property	7,915	7,915
Accumulated Depreciation	(544)	(396)
Total Fixed Assets	7,371	7,519
Total Assets	11,054	7,820
Current Liabilities
Accounts Payable		5,000
Loan Payable - Related Party	4,066	4,066
Promissory Note Payable	1,605
Total Current Liabilities	5,671	9,066
Stockholders' Equity
Common stock: authorized 750,000,000; $ 0.001 par value,70,000,000 and 55,000,000 shares issued and outstanding as of July 31, 2017 and October 31, 2016	20,000	5,000
Additional Paid-In Capital	39,000	39,000
Profit/ (loss) accumulated during development stage	(53,617)	(45,246)
Total Stockholders' Equity	5,383	(1,246)
TOTAL LIABIITIES & STOCKHOLDERS' EQUITY	$ 11,054	$ 7,820

XML

BALANCE SHEET (Parenthetical) - $ / shares	Jul. 31, 2017	Oct. 31, 2016	Feb. 02, 2016
Balance Sheet Parenthetical
Common stock par value	$ 0.001	$ 0.001	$ 0.001
Common stock shares authorized	750,000,000	750,000,000
Common stock shares issued	70,000,000	55,000,000
Common stock shares outstanding	70,000,000	55,000,000

XML

STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended		34 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017
REVENUES
Merchandise Sales	$ 9,168	$ 11,973	$ 30,668	$ 26,831	$ 221,791
Cost of Goods Sold	(5,984)	(10,629)	(24,271)	(22,817)	(187,203)
Gross Profit	3,185	1,343	6,396	4,014	34,588
Expenses
General and Administration		1,143	14,619	5,310	72,814
Depreciation	49	49	148	148	544
Research & Development					14,846
Total Expenses	49	1,192	14,767	5,458	88,204
Net Loss before Income Tax Provision	3,135	151	(8,371)	(1,444)	(53,617)
Provision for income tax
NET LOSS FOR THE YEAR	$ 3,135	$ 151	$ (8,371)	$ (1,444)	$ (53,617)
Net Loss Per Share: Basic & diluted	$ 0.00	$ 0.00	$ (0.00)	$ (0.00)	$ (0.00)
Weighted average number of shares outstanding Basic and diluted	70,000,000	55,000,000	70,000,000	55,000,000	70,000,000

XML

STATEMENT OF CASHFLOWS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended		34 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 3,135	$ 151	$ (8,371)	$ (1,444)	$ (53,617)
Changes in assets and liabilities:
Accounts Payable			(5,000)
Loan Payable - Related Party					4,066
Promissory Note Payable			1,605		1,605
Property					(7,915)
Depreciation	49	49	148	148	544
Net cash provided by operating activities			(3,247)	(1,295)	(1,700)
Financing activities
Proceeds from issuance of common stock			15,000		59,000
Net cash provided by financing activities			15,000		59,000
Net increase (decrease) in cash			3,383	(1,295)	3,684
Cash at the beginning of the period			301	2,504
Cash at the end of the period	$ 3,684	$ 1,209	3,684	1,209	3,684
Cash paid during the period for:
Interest
Income Taxes

XML

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock	Additional Paid-In Capital	Profit (loss) Accumulated During Development Stage	Total
Beginning Balance, Amount at Oct. 11, 2014
Beginning Balance, Shares at Oct. 11, 2014
Stock issued for cash on October 17, 2014 @ $0.001 per share, Shares	4,000,000
Stock issued for cash on October 17, 2014 @ $0.001 per share, Amount	$ 4,000			4,000
Net profit (loss)			8,097	8,097
Ending Balance, Amount at Oct. 31, 2014	$ 4,000		8,097	12,097
Ending Balance, Shares at Oct. 31, 2014	4,000,000
Stock issued for cash during March 2015 @ $0.04 per share, Shares	1,000,000
Stock issued for cash during March 2015 @ $0.04 per share, Amount	$ 1,000	39,000		40,000
Net profit (loss)			(50,941)	(50,941)
Ending Balance, Amount at Oct. 31, 2015	$ 5,000	39,000	(42,844)	1,156
Ending Balance, Shares at Oct. 31, 2015	5,000,000
Forward stock split 10 for 1 February 22, 2016, Share	50,000,000
Forward stock split 10 for 1 February 22, 2016, Amount
Net profit (loss)			(2,401)	(2,401)
Ending Balance, Amount at Oct. 31, 2016	$ 5,000	39,000	(45,246)	(1,246)
Ending Balance, Shares at Oct. 31, 2016	55,000,000
Convertible Promissory Note January, 2017, Share	15,000,000
Convertible Promissory Note January, 2017, Amount	$ 15,000			15,000
Net profit (loss)			(8,371)	(8,371)
Ending Balance, Amount at Jul. 31, 2017	$ 20,000	$ 39,000	$ (53,617)	$ 5,383
Ending Balance, Shares at Jul. 31, 2017	70,000,000

XML

ORGANIZATION AND BASIS OF PREPARATION

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 1 - ORGANIZATION AND BASIS OF PRESENTATION

Quest Management Inc. (the “Company”) is a for profit corporation established under the corporate laws of the State of Nevada on October 12, 2014 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.

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.

XML

SIGNIFICANT ACCOUNT POLICIES

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 2 - SIGNIFICANT ACCOUNT POLICIES

2.1 Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year.

2.2 Use of Estimates and Assumptions

The preparation of 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

2.3 Fair Value of Financial Instruments

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2017.

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

2.4 Cash & Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

2.5 Revenue Recognition

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.

2.6 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.

2.7 Basic and Diluted Loss Per Share

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.

2.8 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, 2017.

XML

RECENT ACCOUNTING PRONOUNCEMENT

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 3 - RECENT ACCOUNTING PRONOUNCEMENT

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

CONCENTRATIONS

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 4 - CONCENTRATIONS

Initial sales are concentrated with one client. Sales are made without collateral, and the credit-related losses are insignificant or non-existent. Accordingly, there is no provision made to include an allowance for doubtful accounts.

XML

FIXED ASSETS

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 5 - FIXED ASSETS

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost.

Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred.

Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized.

We purchased our principal executive offices at 1 Kalnu iela, Malta, LV-4630 Latvia, on October 30, 2014 for $7,915.

The Company depreciates its property using straight-line depreciation over the estimated useful life of 40 years.

For the three months ended July 31, 2017 the company recorded $49 in depreciation expense. From inception (October 12, 2014) through July 31, 2017 the company has recorded a total of $544 in depreciation expense.

XML

LOAN PAYABLE - RELATED PARTY

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 6 - LOAN PAYABLE - RELATED PARTY

The Director and President of the Company has loaned the company for operations from time to time on need basis. The balance as of October 31, 2016 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and payable upon demand.

XML

PROMISSORY NOTE PAYABLE

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 7 - PROMISSORY NOTE PAYABLE

During the nine months ended July 31, 2017, the Company issued a Convertible Promissory Note in the principal amount of $16,605 to Peak Marine Holdings LLC, a Florida limited liability company (“Peak”). This Convertible Promissory Note (the “Note”) was issued in consideration of advances and loans made by Peak to the Company.

Pursuant to the terms of the Note, the holder has the right to convert any portion of the principal amount thereof at the par value of the Company’s common stock. The holder also has the right to assign any portion of the Note, or assign the shares to be issued upon any conversion of the Notes, to other parties. During the month of December 2016, Peak sold all its interest in the Note to five (5) independent third parties (the “Holders”).

During the month of January 2017, the Holders provided notices of election to convert a total of $15,000 of the Note into shares, which totaled 15,000,000 shares of common stock.

XML

COMMON STOCK AND ISSUANCE

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 8 - COMMON STOCK AND ISSUANCE

The Company has authorized 750,000,000 common shares at $0.001 par value, of which 70,000,000 shares are issued and outstanding as of July 31, 2017.

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.

During the month of January 2017, the Holders of a Promissory Note (see Note 7) provided notices of election to convert a total of $15,000 of the Note into shares, which totaled 15,000,000 shares.

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INCOME TAXES

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 9 - INCOME TAXES

We use 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.

There was no income tax expense for the years ended October 31, 2016 and 2015. The rate was as follow;

Federal	35	%
State	5	%
	39	%

The significant components of deferred tax assets and liabilities are as follows:

	OCTOBER 31,			OCTOBER 31,			FROM INCEPTION (OCTOBER 12, 2014) TO OCTOBER 31,
	2016			2015			2016
Deferred tax assets
Net operating losses	$	(2,401	)	$	(50,941	)	$	(45,246	)
Deferred tax liability
Net deferred tax assets	$	936		$	19,867		$	17,646
Less valuation allowance	$	(936	)	$	(19,867	)	$	(17,646	)
Deferred tax asset - net valuation allowance	$	-		$	-		$	-

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RELATED PARTY TRANSACTIONS

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 10 - 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 January 31, 2017 of $4,066 is being carried as a loan payable. The loan is non-interest bearing, unsecured and payable 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.

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LEGAL MATTERS

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 11 - LEGAL MATTERS

The Company has no known legal issues pending.

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GOING CONCERN

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 12 - GOING CONCERN

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

The Company had limited operations during the period from October 12, 2014 (date of inception) to July 31, 2017 with a net loss of $53,617. 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 has funded operations of the Company through the proceeds from its 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 operation 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 obtaining additional funding would be detrimental to the Company.

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SUBSEQUENT EVENTS

9 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Note 13 - 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. 

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Jul. 31, 2017

Summary Of Significant Accounting Policies Policies

Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year.

Use of Estimates and Assumptions

The preparation of 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

Fair Value of Financial Instruments

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2017.

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

Cash & Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition

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.

Basic and Diluted Loss Per Share

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.

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, 2017.

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INCOME TAXES (Tables)

9 Months Ended

Jul. 31, 2017

Income Taxes Tables

Reconciliation of the provision for income taxes

Federal	35	%
State	5	%
	39	%

Summary of Deferred income taxes and assets

	OCTOBER 31,			OCTOBER 31,			FROM INCEPTION (OCTOBER 12, 2014) TO OCTOBER 31,
	2016			2015			2016
Deferred tax assets
Net operating losses	$	(2,401	)	$	(50,941	)	$	(45,246	)
Deferred tax liability
Net deferred tax assets	$	936		$	19,867		$	17,646
Less valuation allowance	$	(936	)	$	(19,867	)	$	(17,646	)
Deferred tax asset - net valuation allowance	$	-		$	-		$	-

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ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)	9 Months Ended
	Jul. 31, 2017
Organization And Basis Of Presentation Details Narrative
State of incorporation	State of Nevada
Date of incorporation	Oct. 12, 2014

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FIXED ASSETS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		34 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Oct. 31, 2016	Oct. 30, 2014
Fixed Assets Details Narrative
Property (Net)	$ 7,915		$ 7,915		$ 7,915	$ 7,915	$ 7,915
Property Plant And Equipment Useful Life			40 years
Depreciation	$ 49	$ 49	$ 148	$ 148	$ 544

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LOAN PAYABLE - RELATED PARTY (Details Narrative) - USD ($)	Jul. 31, 2017	Oct. 31, 2016
Loan Payable - Related Party Details Narrative
Loan payable - Related party	$ 4,066	$ 4,066

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PROMISSORY NOTE PAYABLE (Details Narrative) - USD ($)	1 Months Ended
	Jan. 31, 2017	Jul. 31, 2017
Convertible debt, Principal amount		$ 16,605
Promissory Note [Member]
Convertible debt converted, Amount	$ 15,000
Convertible debt converted, Shares issued	15,000,000

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COMMON STOCK AND ISSUANCE (Details Narrative)		1 Months Ended
	Feb. 02, 2016 $ / shares shares	Jan. 31, 2017 USD ($) shares	Jul. 31, 2017 $ / shares shares	Oct. 31, 2016 $ / shares shares	Mar. 31, 2015 USD ($) Integer $ / shares shares	Feb. 25, 2015 shares	Oct. 17, 2014 USD ($) shares
Common stock par value | $ / shares	$ 0.001		$ 0.001	$ 0.001
Common stock shares authorized			750,000,000	750,000,000
Common stock shares issued			70,000,000	55,000,000
Common stock shares outstanding			70,000,000	55,000,000
Common Stock Value Outstanding | $					$ 40,000
Common stock share registered with exchange						2,000,000
Common stock shares sold					1,000,000
Common stock price per share | $ / shares					$ 0.04
Stockholders equity reverse stock forward split ratio	10:1
Number of shareholders | Integer					30
Minimum [Member]
Common stock shares authorized	75,000,000
Maximum [Member]
Common stock shares authorized	750,000,000
Promissory Note [Member]
Convertible debt converted, Amount | $		$ 15,000
Convertible debt converted, Shares issued		15,000,000
Sole director [Member]
Common stock shares issued							4,000,000
Common Stock Value Outstanding | $							$ 4,000

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INCOME TAXES (Details)	9 Months Ended
	Jul. 31, 2017
Notes to Financial Statements
Federal	35.00%
State	5.00%
Total	39.00%

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INCOME TAXES (Details 1) - USD ($)	Oct. 31, 2016	Oct. 31, 2015
Deferred tax assets
Net operating losses	$ (2,401)	$ (50,941)
Deferred tax liability
Net deferred tax assets	936	19,867
Less valuation allowance	(936)	(19,867)
Deferred tax asset - net valuation allowance
From inception [Member]
Deferred tax assets
Net operating losses	(45,246)
Deferred tax liability
Net deferred tax assets	17,646
Less valuation allowance	(17,646)
Deferred tax asset - net valuation allowance

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jul. 31, 2017	Jan. 31, 2017	Oct. 31, 2016	Mar. 31, 2015	Oct. 17, 2014
Loan Payable - Related Party	$ 4,066		$ 4,066
Common stock shares issued	70,000,000		55,000,000
Common Stock Value Outstanding				$ 40,000
Director and President [Member]
Loan Payable - Related Party		$ 4,066
Sole director [Member]
Common stock shares issued					4,000,000
Common Stock Value Outstanding					$ 4,000

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GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		34 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017
Going Concern Details Narrative
Net Income (Loss)	$ 3,135	$ 151	$ (8,371)	$ (1,444)	$ (53,617)