Nevada | 47-2845375 | |
(State of incorporation) | (I.R.S. Employer Identification No.) | |
103-1602 Gogi 3, Sujigu, Yonginsi,
Geong Gido, Korea
|
||
(Address of principal executive offices) | ||
702-448-4138 | ||
(Registrant’s telephone number)
|
Large Accelerated Filer | [ ] | Accelerated Filer | [ ] |
Non-Accelerated Filer | [ ] | Smaller Reporting Company | [X] |
Page
|
||
PART I – Financial Information
|
||
Item 1
|
Financial Statements
|
F-1
|
Item 2
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
3
|
Item 3
|
Quantitative and Qualitative Disclosures About Market Risk
|
5
|
Item 4
|
Controls and Procedures
|
5
|
PART II – Other Information
|
||
Item 1
|
Legal Proceedings
|
6
|
Item 1A
|
Risk Factors
|
6
|
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
6
|
Item 3
|
Defaults Upon Senior Securities
|
6
|
Item 4
|
Mine Safety Disclosures
|
6
|
Item 5
|
Other Information
|
6
|
Item 6
|
Exhibits
|
7
|
SIGNATURES
|
7
|
BALANCE SHEETS
|
||||||||
October 31, 2015
|
April 30, 2015
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 35,692 | $ | 32,728 | ||||
Total assets
|
35,692 | 32,728 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Loan from related Party
|
27,509 | 1,119 | ||||||
Total Liabilities
|
$ | 27,509 | $ | 1,119 | ||||
Stockholders' Equity:
|
||||||||
10,050 | 10,050 | |||||||
Additional Paid in Capital
|
28,769 | 27,450 | ||||||
Accumulated Deficit
|
(30,636 | ) | (5,891 | ) | ||||
Total stockholders' equity
|
$ | 8,183 | $ | 31,609 | ||||
Total liabilities and stockholders' equity
|
$ | 35,692 | $ | 32,728 | ||||
The accompanying notes are an integral part of these condensed financial statements
|
||||||||
GLOBAL QUEST LTD
|
||||||||
STATEMENTS OF OPERATIONS
|
||||||||
(UNAUDITED)
|
||||||||
|
|
|||||||
For the three Month Period Ended
October 31, 2015
|
For the Six Month Period Ended
October 31, 2015
|
|||||||
REVENUES
|
$ | - | $ | - | ||||
OPERATING EXPENSES
|
||||||||
General and administrative
|
9,340 | 23,426 | ||||||
Total Operating Expenses
|
9,340 | 23,426 | ||||||
Interest Expense
|
671 | 1,319 | ||||||
Net loss for the period
|
$ | (10,011 | ) | $ | (24,745 | ) | ||
Net loss per share:
|
||||||||
Basic and diluted
|
(0.00 | ) | (0.00 | ) | ||||
Weighted average number of shares outstanding:
|
||||||||
Basic and diluted
|
10,050,000 | 10,050,000 | ||||||
The accompanying notes are an integral part of these condensed financial statements
|
||||||||
STATEMENTS OF CASH FLOWS
|
||||
(UNAUDITED)
|
||||
For the Six Month Period Ended
October 31, 2015
|
||||
Operating Activities:
|
||||
Net loss:
|
$ | (24,745 | ) | |
Adjustment to reconcile net loss to cash used in operating activities:
|
||||
Interest Expense
|
1,319 | |||
Net cash used in operating activities
|
(23,426 | ) | ||
Financing activities:
|
||||
Loans from related party
|
26,390 | |||
Net cash provided by financing activities
|
26,390 | |||
Increase in cash during the period
|
2,964 | |||
Cash, beginning of period
|
32,728 | |||
Cash, end of period
|
$ | 35,692 | ||
Supplemental disclosure of cash flow information:
|
||||
Cash paid during the period
|
||||
Taxes
|
$ | - | ||
Interest
|
$ | - | ||
The accompanying notes are an integral part of these condensed financial statements
|
||||
NOTE 1 -ORGANIZATION AND BASIS OF PRESENTATION
|
- | Level 1: Quoted prices in active markets for identical assets or liabilities |
- | Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. |
- | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
|
||||||||
|
At October 31, 2015
|
At April 30, 2015
|
||||||
Current Assets
|
$ | 35,692 | $ | 32,728 | ||||
Current Liabilities
|
27,509 | 1,119 | ||||||
Working Capital
|
$ | 8,183 | $ | 31,609 |
Six Months Ended
October 31, 2015
|
||||
Cash Flows used in Operating Activities
|
$ | (23,426 | ) | |
Cash Flows used in Investing Activities
|
- | |||
Cash Flows from Financing Activities
|
26,390 | |||
Net Increase in Cash During Period
|
$ | 2,964 |
Exhibit Number
|
Description of Exhibit
|
Filing
|
3.01
|
Articles of Incorporation
|
Filed with the SEC on April 21. 2015 as part of our Registration Statement on Form S-1.
|
3.02
|
Bylaws
|
Filed with the SEC April 21, 2015 as part of our Registration Statement on Form S-1
|
31.01
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14
|
Filed herewith.
|
31.02
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14
|
Filed herewith.
|
32.01
|
CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
|
Filed herewith.
|
101.INS
|
XBRL Instance Document
|
Filed herewith.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Filed herewith.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Filed herewith.
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
Filed herewith.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed herewith.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Filed herewith.
|
|
|
Global Quest, Ltd.
|
|
|
|||
Dated: Dececember 9, 2015
|
By: /s/ Shim Kyoung Hwa
|
||
|
|
Shim Kyoung Hwa
|
|
|
|
Chief Executive Officer, Chief Financial Officer, President, Secretary and Director
|
!'9&-LTO1)$L%7Q`
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M/550"O:GJW5KQ,81JJ&A1Z9?Q/@#0@EK&[`23+DOJHY*"WZF1(C3-[]VO5M'
M?[).`^TZ@00"F0@DN4E(`R']0,!>F:OKB6I:Y%*,2/J[&*B]\F2;FLY5R!2C
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M068ITN44J2\T=?S[[#I_M NOTE 3 GOING CONCERN The Company has sustained operating
losses since inception. The Companys continuation as a going concern is dependent on its ability to generate sufficient
cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources,
as may be required. The accompanying financial statements
have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial
doubt about the Companys ability to do so. The financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result
should the Company be unable to continue as a going concern. Management is endeavoring to begin principal
revenue generating operations however, may not be able to do so within the next fiscal year. Management is also seeking to raise
additional working capital through various financing sources, including the sale of the Companys equity securities, which
may not be available on commercially reasonable terms, if at all. If such financing is not available on
satisfactory terms, we may be unable to continue our business as desired and operating results will be adversely affected. In addition,
any financing arrangement may have potentially adverse effects on us or our stockholders. Debt financing (if available and undertaken)
will increase expenses, must be repaid regardless of operating results and may involve restrictions limiting our operating flexibility.
If we issue equity securities to raise additional funds, the percentage ownership of our existing stockholders will be reduced
and the new equity securities may have rights, preferences or privileges senior to those of the holders of our common stock. NOTE 2 -SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all liquid investments with a maturity
of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. As of October
31, 2015 and April 30, 2015, there were no cash equivalents. Use of Estimates 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 reporting period. Actual results could differ from those estimates. Start-up Expenses The Company expenses costs associated
with start-up activities as incurred. Accordingly, start-up costs associated with the Company's formation have been included in
the Company's general and administrative expenses. Income Taxes The Company utilizes FASB ACS 740, Income
Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences
of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities
are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based
on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some
portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects
of changes in tax laws and rates on the date of enactment. The accounting guidance for uncertainties
in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure
of uncertain tax positions taken or expected to be taken in income tax returns. The Company recognizes a tax benefit from an uncertain
tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination,
including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant
taxing authoritys widely understood administrative practices and precedents. Interest and penalties on tax deficiencies
recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. We have implemented certain provisions
of ASC 740, Income Taxes (ASC 740), which clarifies the accounting and disclosure for uncertain tax positions, as
defined. ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related
to accounting for income taxes. We adopted the provisions of ASC 740 and have analyzed filing positions in United States jurisdictions
where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the
United States as our "major" tax jurisdiction. Generally, we remain subject to United States examination of our income
tax returns. Fair Value of Financial Instruments The Financial Accounting Standards Board
issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), Fair Value Measurements and Disclosures"
for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures
regarding fair value measurements. FASB ASC 820-10 defines fair value as
the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or
most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes
a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes
the three levels of inputs required by the standard that the Company uses to measure fair value: Basic and Diluted Earnings (loss) Per Share Net loss per share is calculated in
accordance with FASB ASC 260, Earnings Per Share, for the period presented. ASC 260 requires presentation of basic earnings
per share and diluted earnings per share. Basic income (loss) per share (Basic EPS) is computed by dividing net loss
available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings
per share (Diluted EPS) is similarly calculated. Dilution is computed by applying the treasury stock method. Under
this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later),
and as if funds obtained thereby were used to purchase common stock at the average market price during the period. For the six
months ended October 31, 2015, there were no potentially dilutive securities. Recent Accounting Pronouncements In June 2014, the FASB issued ASU 2014-10, Development Stage
Entities (Topic915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development
stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements
of operations, cash flows and stockholders' equity. The amendments in ASU 2014-10 will be effective prospectively
for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early
adoption is permitted. The Company adopted ASU 2014-10 during the year ended April
30, 2015, thereby no longer presenting or disclosing any information required by Topic 915. In February 2013, the FASB issued ASU No. 2013-04, Liabilities
(Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is
Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition,
measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of
the obligation within the scope of this update is fixed at the reporting date, except for obligations addressed within existing
guidance in U.S. GAAP. The guidance requires an entity to measure
those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors
and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires
an entity to disclose the nature and amount of the obligation as well as other information about those
obligations. The amendment in this standard is effective retrospectively for fiscal years, and interim periods within those years,
beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our financial
statements. In April 2013, the FASB issued ASU No.
2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to
clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets
and liabilities under the liquidation basis of accounting, as well as any required disclosures. The
amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting
periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption
of ASU No. 2013-07 will have on our financial statements. Recent Accounting Pronouncements
Not Adopted In February 2013, the FASB issued ASU
No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount
of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement,
and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation
within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S.
GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay
on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects
to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the
obligation as well as other information about those obligations. The amendment in this standard is effective retrospectively for
fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU No. 2013-04 did not
have a material impact on our financial statements. In April 2013, the FASB issued ASU No.
2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to
clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets
and liabilities under the liquidation basis of accounting, as well as any required disclosures. The
amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting
periods beginning after December 15, 2013, and interim reporting periods therein. The adoption of ASU No. 2013-07 did not have
a material impact on our financial statements.
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6 Months Ended
Equity [Abstract]
Note 4 - Stock Subscriptions Received
6 Months Ended
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 3 - Going Concern
Current assets
Cash
$ 35,692
$ 32,728
Total assets
35,692
32,728
Current Liabilities
Loan from related Party
27,509
1,119
Total Liabilities
27,509
1,119
Stockholders' Equity
Common stock; authorized 100,000,000; 10,050,000 shares at $0.001 par issued and outstanding
10,050
10,050
Additional Paid in Capital
28,769
27,450
Accumulated Deficit
(30,636)
(5,891)
Total stockholders' equity
8,183
31,609
Total liabilities and stockholders' equity
$ 35,692
$ 32,728
6 Months Ended
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 1 - Organization and Basis of Presentation
6 Months Ended
Accounting Policies [Abstract]
Note 2- Significant Accounting Policies
-
Level 1: Quoted prices in active markets for identical assets or liabilities
-
Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
-
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Statement of Financial Position [Abstract]
Common stock, par value
$ .001
$ .001
Common stock, authorized
100,000,000
100,000,000
Common stock, outstanding
10,050,000
10,050,000
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