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 January 31, 2021  

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)

797 South First Street

Fulton, NY 13069

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

(315) 701-1031
(Telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (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 [ ]

Indicate by check mark whether the registrant has submitted electronically 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 [   ] 

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 ☒	Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 261,055,120 shares of common stock as of the date of June 9, 2021.

QUEST MANAGEMENT INC.

January 31, 2021

FORM 10-Q

TABLE OF CONTENTS

Item #	Description	Page Numbers
	PART I
ITEM 1	UNAUDITED FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS	3
ITEM 2	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	16
ITEM 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	17
ITEM 4	CONTROLS AND PROCEDURES	18
	PART II
ITEM 1	LEGAL PROCEEDINGS	19
ITEM 1A	RISK FACTORS	19
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	19
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	19
ITEM 4	MINE SAFETY DISCLOSURES	19
ITEM 5	OTHER INFORMATION	19
ITEM 6	EXHIBITS	20
	SIGNATURES

2 

ITEM 1.     FINANCIAL STATEMENTS

QUEST MANAGEMENT, INC.

INDEX TO CONENSED FINANCIAL STATEMENTS

(Unaudited)

TABLE OF CONTENTS

	PAGE
CONDENSED BALANCE SHEETS (UNAUDITED)	4
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)	5
CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)	6
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)	7
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS	8

3 

QUEST MANAGEMENT, INC.

Condensed Balance Sheets

January 31, 2021 and October 31, 2020

	January 31,			October 31,
	2021			2020
	(Unaudited)			(Audited)
ASSETS
Current Assets	$	—		$	—
Total Current Assets		—			—
Non-Current Assets		—			—
Total Non-Current Assets		—			—
Total Assets	$	—		$	—
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities
Note payable	$	7,755		$	7,755
Note payable-Related party		11,929			11,721
Accounts payable and accrued expenses		25,538			17,147
Total Current Liabilities		45,222			36,623
Total Liabilities		45,222			36,623
Commitments and contingencies		—			—
Stockholders (Deficit)
Common stock, $0.001 par value, 750,000,000 shares authorized;
261,055,120 shares issued and outstanding at
January 31, 2021 and October 31, 2020		261,055			261,055
Additional paid-in capital		2,277,945			2,277,945
Accumulated (Deficit)		(2,584,222	)		(2,575,623	)
Total Stockholders' (Deficit)		(45,222	)		(36,623	)
Total Liabilities and Stockholders' (Deficit)	$	—		$	—

The accompanying footnotes are an integral part of these unaudited condensed financial statements.

4

QUEST MANAGEMENT, INC.

Condensed Statements of Operations

For the Three Months Ended January 31, 2021 and 2020

(Unaudited)

	Three Months Ended
	January 31,
	2021			2020
Revenues	$	—		$	—
Total revenues		—			—
Operating Expenses
General and administrative		8,583			2,547
Total operating expenses		8,583			2,547
(Loss) before other expenses		(8,583	)		(2,547	)
Other (expense)
Interest (expense)		(16	)		(16	)
Total other (expense)		(16	)		(16	)
(Loss) before income taxes		(8,599	)		(2,563	)
Income taxes		—			—
Net (loss)	$	(8,599	)	$	(2,563	)
(Loss) per share-Basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average shares outstanding
Basic and diluted		261,055,120			61,055,120

The accompanying footnotes are an integral part of these unaudited condensed financial statements.

5

QUEST MANAGEMENT, INC.

Condensed Statements of Stockholders' (Deficit)

For the Three Months Ended January 31, 2021 and 2020

(Unaudited)

					Additional
	Common Stock				Paid-In		Accumulated			Stockholders'
	Shares		Amount		Capital		(Deficit)			(Deficit)
			(Restated)		(Restated)		(Restated)			(Restated)
Balance, November 1, 2019		61,055,120	$	61,055	$	1,857,945	$	(1,930,258	)	$	(11,258	)
Net (loss) for the three months ended January 31, 2020		—		—		—		(2,563	)		(2,563	)
Balance, January 31, 2020		61,055,120	$	61,055	$	1,857,945	$	(1,932,821	)	$	(13,821	)
Balance, November 1, 2020		261,055,120	$	261,055	$	2,277,945	$	(2,575,623	)	$	(36,623	)
Net (loss) for the three months ended January 31, 2021		—		—		—		(8,599	)		(8,599	)
Balance, January 31, 2021		261,055,120	$	261,055	$	2,277,945	$	(2,584,222	)	$	(45,222	)

The accompanying footnotes are an integral part of these unaudited condensed financial statements.

6

QUEST MANAGEMENT, INC.

Condensed Statements of Cash Flows

For The Three Months Ended January 31, 2021 and 2020

(Unaudited)

	Three Months Ended
	January 31,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$	(8,599	)	$	(2,563	)
Adjustments to reconcile net loss to net cash used
in operating activities:
Changes in assets and liabilities:
Increase in accounts payable and accrued expenses		8,391			2,563
Net cash (used) in operating activities		(208	)		—
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities		—			—
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in notes payable-Related party		208			—
Net cash provided by financing activities		208			—
Net (decrease) in cash		—			—
CASH AT BEGINNING PERIOD		—			—
		—
CASH AT END OF PERIOD	$	—		$	—
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	—		$	—
Cash paid for income taxes	$	—		$	—

The accompanying footnotes are an integral part of these unaudited condensed financial statements.

7

QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020

NOTE 1- Business, Basis of Presentation and Significant Accounting Policies

Nature of Operations

Quest Management, Inc. (“Quest” or the “Company”) was incorporated in the State of Nevada on October 12, 2014. Quest originally intended to engage in the business of development of marketing channels to distribute fitness equipment to the wholesale market in the United States. The Company is currently for acquisition candidates that would bring operations, profitability and cash flows to the Company.

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Financial Statements and related disclosures as of October 31, 2020 & 2019 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Unless the context otherwise requires, all references to “Quest Management,” “we,” “us,” “our” or the “Company” are to Quest Management Inc.

Cash and Cash Equivalents

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

Stock-based Compensation

The Company records stock-based compensation in accordance with ASC 718, Compensation - Stock Based Compensation which requires the measurement and recognition of compensation expense based on grant date fair values for all share-based awards made to third parties, employees and directors, including stock options. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

ASC 718 requires companies to estimate the fair value of share-based awards to employees and directors on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company's stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period.

Upon the adoption of ASU 2018-07, the Company measures the fair value of equity instruments for non-employee payment awards on the grant date.

Long-lived Assets

Long-lived assets are stated at cost. Maintenance and repairs are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which is five years.

Where an impairment of a property’s value is determined to be other than temporary, impairment for the estimated potential loss is recorded to adjust the property to its net realizable value.

When items of building or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the results of operations. The Company does not have any long-lived tangible assets, which are considered to be impaired as of January 31, 2021 and October 31, 2020.

8

QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020 

NOTE 1- Business, Basis of Presentation and Significant Accounting Policies (continued) 

Long-lived Assets (continued)

The Company applies the provisions of ASC 360-10, Property, Plant and Equipment, where applicable to all long-lived assets. ASC 360-10 addresses accounting and reporting for impairment and disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 360-10. ASC 360-10 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

Intangible Assets

Goodwill and intangible assets are reviewed for potential impairment in accordance with ASC 350, Intangibles - Goodwill and Other, whenever events or circumstances indicate that their carrying amounts may not be recoverable.  The Company had no such intangibles at January 31, 2021 and October 31, 2020, and recorded no impairment losses during the three months ended January 31, 2021 and the year ended October 31, 2020, respectively.

Revenue Recognition

The Company applies ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company will recognize revenue from the sale of our exercise equipment by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue as each performance obligation is satisfied.

Advertising

Advertising costs are expensed as incurred.  Advertising expenses for the three months ended January 31, 2021 and the year ended October 31, 2020 were $0.

Fair Value of Financial Instruments

The Company adopted ASC 820, Fair Value Measurements and Disclosures, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices for identical assets and liabilities in active markets;

Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

9

QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020

NOTE 1- Business, Basis of Presentation and Significant Accounting Policies (continued)

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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 periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates.

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.   As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has chosen to “opt out” of such extended transition period, and as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Income Taxes

The Company accounts for income taxes under ASC 740-10-30, Income Taxes. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  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 statements of operations in the period that includes the enactment date.

The Company adopted ASC 740-10-25, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under ASC 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.  ASC 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC 740-10-25.

Loss Per Share

Net loss per common share is computed pursuant to ASC 260-10-45, Earnings Per Share.  Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period, unless their effect is anti-dilutive due to continuing losses.  There were no potentially dilutive shares outstanding as of January 31, 2021 and October 31, 2020, respectively.

Recent Accounting Pronouncements

We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations or financial position.

10

QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020

NOTE 2 – Financial Condition and Going Concern

The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had limited operations during the period from October 12, 2014 (date of inception) to January 31, 2021 resulted in accumulated deficit of $2,584,222. As of January 31, 2021, Company had working capital deficit of $45,222. These factors raise substantial doubt as to its ability to obtain debt and/or equity financing and achieve profitable operations.

Management intends to raise additional operating funds through equity and/or debt offerings.  However, there can be no assurance management will be successful in its endeavors.  Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern.

There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements.  To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital.  No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital is not available to the Company it may be required to curtail its operations.

NOTE 3 – Property and Equipment

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.

This property now has a $0 value after impairment on October 31, 2018.

The current executive offices are provided without cost, located at: 797 South First Street Fulton, NY 13069.

NOTE 4 – Notes Payable

On May 31, 2016, 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 is $1,605.

At January 31, 2021, the Company has recorded $534 in accrued interest payable on the Note. The interest expense for the three months ended January 31, 2021 and 2020 was $16.

At January 31, 2021, the Company has a Promissory Note in the principal amount of $6,150 to an LLC. This Promissory Note (the “Note”) was issued in consideration of advances and loans made by the LLC to the Company.

These loans were for operating expenses of the Company, due upon demand and have no interest rate. 

11

QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020

NOTE 5 – Note Payable-Related Party

Directors and President of the Company had loaned the company for operations from time to time on need basis. Company former director and president loaned the company of $ 4,066 which was non-interest bearing, unsecured and payable upon demand. As of the year ended, October 31, 2018, the Company had taken a gain on impairment of this loan, with $4,066 recognized in other income and adjusted loan payable balance to $0. The balance to this loan as of April 30, 2020 is $0.

As of January 31, 2021, loan amount of $11,929 is due to Custodian of the company. The note is non-interest bearing, unsecured and is payable on demand.

These loans were for operating expenses of the Company, due upon demand and have no interest rate.

NOTE 6 – Income Taxes

The Company adopted the provisions of ASC 740-10 (formerly known as FIN No. 48, Accounting for Uncertainty in Income Taxes). ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. ASC 740-10 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The application of income tax law is inherently complex. Laws and regulation in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding the income tax exposures. Interpretations and guidance surrounding income tax laws and regulations change over time. As such, changes in the subjective assumptions and judgments can materially affect amounts recognized in the balance sheets and statements of income.

The Company has no unrecognized tax benefit, which would affect the effective tax rate if recognized. There has been no significant change in the unrecognized tax benefit during the period ended January 31, 2021.

We classify interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of January 31, 2021, we had no accrued interest or penalties related to uncertain tax positions.

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. 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 components of deferred income tax assets (liabilities) at January 31, 2021, were as follows:

	Balance		Rate			Tax
Federal loss carryforward	$	2,584,222		21	%	$	542,687
Valuation allowance							(542,687	)
Deferred tax asset						$	—

Due to the passage of the “Tax Cuts and Jobs Act” on December 20, 2017 the rate of the U.S. Federal Income Tax dropped from 34% to 21%, which is a flat percentage tax rate used for the calculation of the deferred income tax assets.

The new law also changes the rules on NOL carry forward. The 20-year limitation was eliminated, giving the taxpayer the ability to carry forward losses indefinitely. However, NOL carry forward arising after January 1, 2018, will now be limited to 80 percent of taxable income.

12

QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020

NOTE 7 – Capital Changes

On February 6, 2020, $4,145 of debt was purchased in the Company in exchange for 200,000,000 shares of common stock issued to a Related Party. The Company recorded a loss on the conversion of this debt in the amount of $615,855. The fair market value of the common stock was $.0031 on the date of the conversion.

NOTE 8 – Contingencies and Commitments

The Company follows ASC 440 & ASC 450, subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies and commitments respectively. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur.

The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

Management of the Company has conducted a diligent search and concluded that there were no commitments, contingencies, or legal matters pending at the balance sheet dates.

The effects of Covid -19 could impact our ability to operate under the going concern and maintain sufficient liquidity to continue operations. The impact of Covid-19 on companies is evolving rapidly and its future effects are uncertain. There are material uncertainties from Covid-19 that cast significant doubt on the company’s ability to operate under the going concern. It is highly likely that our company will have issues relating to the current situation that need to be considered by management. There will be a wide range of factors to take into account in going concern judgments and financial projections including travel bans, restrictions, government assistance and potential sources of replacement financing, financial health of suppliers and customers and their effect on expected profitability and other key financial performance ratios including information that shows whether there will be sufficient liquidity to continue to meet obligations when they are due.

NOTE 9 – Related Party Transactions

On February 3, 2020, the Custodian as an interim officer acting on behalf of the Company, appointed Yamilka Veras as President, Director and Sole officer of the Company.

On February 6, 2020, $4,145 of debt was purchased in the Company in exchange for 200,000,000 shares of common stock issued to a Related Party. The Company incurred a loss of $615,855 from the debt conversion.

As of January 31, 2021 loan amount of $11,929 is due to Custodian of the company on a note payable. The note payable is non-interest bearing, unsecured and is payable on demand.

13

QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020

NOTE 10 – Legal Matters

On December 2, 2019, one of the Company’s shareholders made a motion and application to be appointed as custodian of the Company based on prior management abandoning its responsibilities to continue making filings at the Nevada Secretary of State’s office and for failing to hold a shareholders’ meeting in over 2 years and otherwise failing to keep current in its obligations to the Company.  Upon motion and application to the District Court, Clark County Nevada, the Court granted the shareholder’s request and the shareholder was appointed as custodian for the Company (“Custodian”). 

As Custodian of the Company, the shareholder was ordered to file an amendment to the Company’s articles of incorporation which was filed in conformity with N.R.S. 78.347(4) and the shareholder was ordered to have the Company’s charter reinstated in Nevada, to notice and hold a shareholder meeting; to provide a report to the Court of the actions taken at the shareholder meeting; to identify and name a new registered agent in the State of Nevada; to reinstate the Company in the State of Nevada; and the Custodian. In addition to the aforementioned items set forth in the Order Appointing the Custodian, the Custodian was given the power and authority to take any action it deemed reasonable and for the benefit of the Company and its shareholders.  The Custodian is now in the process of meeting all of the requirements set forth in the Court Order and filing a motion to terminate its services.  Upon granting the motion, the Court will issue an Order acknowledging that the Custodian has performed all of the duties that had been required of it and the management of the Company will revert exclusively to the officers and directors appointed by the Custodian.

NOTE 11 – Subsequent Events

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to January 31, 2021 through the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

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QUEST MANAGEMENT, INC.

Notes to Condensed Unaudited Financial Statements

January 31, 2021 and October 31, 2020

NOTE 12 – Restatement of Financial Statements

During the year, the Company identified that in the year of 2016 the Company issued 500,000 shares of its common stock as on February 01, 2016 to director against services and originally no value was assigned to this issuance. The restatement for the year ended October 31, 2016 assigned a value of $20,000 to this transaction, or $.04 per share. Similarly, on December 8, 2016 the Company issued 46,000,000 shares of its common stock to director against services and originally, no value was assigned to this issuance. The restatement for the year ended October 31, 2017 assigned a value of $1,840,000 to this transaction, or $.04 per share.

Identified errors have been rectified by restating relevant years’ equity and expenses. Cumulative Effect of restatement as on October 31, 2019 on each line item in the financial statements is given below;

	As originally reported on October 31, 2019		Effects of Error in			Restated Amounts October 31, 2019
			2019	Prior to 2019
- - - - - - - - - - - - - - - - - USD- - - - - - - - - - - - - - - -
Restatement in Balance Sheet
Assets	-	-		-	-
Liabilities	-	-		-	-
Restatement in Statement of Operations
Revenue	-	-		-	-
Expenses	-	-		-	-

Overall Effect on Financial Statements and Shareholders’ deficit

Understatement of Common stock (value)	USD	41,055
Understatement of Additional paid-in-capital	USD	1,818,945
Understatement of Accumulated Loss	USD	1,860,000
Net effect of restatement on Stockholders’ deficit	USD	—

15

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 revenues for the three months ended January 31, 2021 and 2020 were $0 for both periods, respectively. Our cost of goods sold for the three months ended January 31, 2021 and 2020 was $0, resulting in gross profit of $0 for both periods, respectively. Our operating expenses for the three months ended January 31, 2021 and 2020 were $8,583 and $2,547 resulting in net income loss of $8,583 and $2,547, respectively.

The following table provides selected financial data about our Company for the period from the date of incorporation through January 31, 2021. For detailed financial information, see the financial statements included in this report.

Balance Sheet Data:	1/31/2021
Cash	$	0
Total assets	$	0
Total liabilities	$	45,222
Stockholder’s equity	$	(45,222	)

16

Plan of Operation for the next 12 months

Our cash balance is $0 as of January 31, 2021. 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.

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

Accounting/Auditing & Legal	$	35,000
Office & Administration	$	5,000
Working Capital	$	5,000
Total Expenses	$	45,000

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 January 31, 2021 the Company had $0 in cash and there were outstanding liabilities of $45,222.

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 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Smaller reporting companies are not required to provide the information required by this item.

17

ITEM 4.     CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act").  Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective, due to the material weaknesses resulting from the Board of Directors not currently having any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K, and controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. 

Changes in Internal Control over Financial Reporting

Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.

The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.

18

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Smaller reporting companies are not required to provide the information required by this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFTEY DISCLOSURES

N/A

ITEM 5. OTHER INFORMAION

None.

19

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 Number	Description
3.1	Articles of Incorporation*
3.2	Bylaws*
31.1	Sec. 302 Certification of Principal Executive Officer
31.2	Sec. 302 Certification of Principal Financial Officer
32.1	Sec. 906 Certification of Principal Executive Officer
32.2	Sec. 906 Certification of Principal Financial Officer
101	Interactive data files pursuant to Rule 405 of Regulation S-T

20

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.

	QUEST MANAGEMENT INC.
	(Registrant)
Dated: June 10, 2021	By:	/s/ Andrew Birnbaum
		Andrew Birnbaum
		(Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and Sole Director)

EX-31.1

Exhibit 31.1

CERTIFICATION

I,  Andrew Birnbaum certify that:

1. I have reviewed this report on Form 10-Q for the quarter ended January 31, 2021.

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: June 10, 2021

/s/ Andrew Birnbaum

Andrew Birnbaum

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Andrew Birnbaum, certify that:

1. I have reviewed this report on Form 10-Q for the quarter ended January 31, 2021.

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: June 10, 2021

/s/ Andrew Birnbaum

Andrew Birnbaum

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 January 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew Birnbaum, 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 June 10, 2021.

/s/ Andrew Birnbaum

Andrew Birnbaum

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 January 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew Birnbaum, 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 June 10, 2021.

/s/ Andrew Birnbaum

Andrew Birnbaum

Chief Financial Officer

XML

Cover - shares	3 Months Ended
	Jan. 31, 2021	Jun. 09, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--10-31
Entity File Number	333-201215
Entity Registrant Name	Quest Management Inc
Entity Central Index Key	0001627554
Entity Tax Identification Number	32-0450509
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	797 South First Street
Entity Address, City or Town	Fulton
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	13069
City Area Code	315
Local Phone Number	701-1031
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		261,055,120

XML

Condensed Balance Sheets - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Current Assets
Total Current Assets	$ 0	$ 0
Total Assets	0	0
Current Liabilities
Note payable	7,755	7,755
Note payable-Related party	11,929	11,721
Accounts payable and accrued expenses	25,538	17,147
Total Current Liabilities	45,222	36,623
Total Liabilities	45,222	36,623
Commitments and contingencies
Stockholders (Deficit)
Common stock, $0.001 par value, 750,000,000 shares authorized;  261,055,120 shares issued and outstanding at  January 31, 2021 and October 31, 2020	261,055	261,055
Additional paid-in capital	2,277,945	2,277,945
Accumulated (Deficit)	(2,584,222)	(2,575,623)
Total Stockholders' (Deficit)	(45,222)	(36,623)
Total Liabilities and Stockholders' (Deficit)	$ 0	$ 0

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2021	Oct. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares, Issued	261,055,120	261,055,120
Common Stock, Shares, Outstanding	261,055,120	261,055,120

XML

Condensed Statements of Operations - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Revenues
Total revenues
Operating Expenses
General and administrative	8,583	2,547
Total operating expenses	8,583	2,547
(Loss) before other expenses	(8,583)	(2,547)
Other (expense)
Interest (expense)	(16)	(16)
Total other (expense)	(16)	(16)
(Loss) before income taxes	(8,599)	(2,563)
Income taxes
Net (loss)	$ (8,599)	$ (2,563)
(Loss) per share-Basic and diluted	$ (0.00)	$ (0.00)
Weighted average shares outstanding Basic and diluted	261,055,120	61,055,120

XML

Condensed Statements of Stockholders (Deficit) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Oct. 31, 2019	$ 61,055	$ 1,857,945	$ (1,930,258)	$ (11,258)
Shares, Issued, Beginning Balance at Oct. 31, 2019	61,055,120
Net (loss)			(2,563)	(2,563)
Ending balance, value at Jan. 31, 2020	$ 61,055	1,857,945	(1,932,821)	(13,821)
Shares, Issued, Ending Balance at Jan. 31, 2020	61,055,120
Beginning balance, value at Oct. 31, 2020	$ 261,055	2,277,945	(2,575,623)	(36,623)
Shares, Issued, Beginning Balance at Oct. 31, 2020	261,055,120
Net (loss)			(8,599)	(8,599)
Ending balance, value at Jan. 31, 2021	$ 261,055	$ 2,277,945	$ (2,584,222)	$ (45,222)
Shares, Issued, Ending Balance at Jan. 31, 2021	261,055,120

XML

Condensed Statements of Cash Flow - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$ (8,599)	$ (2,563)
Changes in assets and liabilities:
Increase in accounts payable and accrued expenses	8,391	2,563
Net cash (used) in operating activities	(208)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in notes payable-Related party	208
Net cash provided by financing activities	208
Net (decrease) in cash
CASH AT BEGINNING PERIOD
CASH AT END OF PERIOD
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes

XML

NOTE 1- Business, Basis of Presentation and Significant Accounting Policies

3 Months Ended

Jan. 31, 2021

Accounting Policies [Abstract]

NOTE 1- Business, Basis of Presentation and Significant Accounting Policies

NOTE 1- Business, Basis of Presentation and Significant Accounting Policies

Nature of Operations

Quest Management, Inc. (“Quest” or the “Company”) was incorporated in the State of Nevada on October 12, 2014. Quest originally intended to engage in the business of development of marketing channels to distribute fitness equipment to the wholesale market in the United States. The Company is currently for acquisition candidates that would bring operations, profitability and cash flows to the Company.

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Financial Statements and related disclosures as of October 31, 2020 & 2019 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Unless the context otherwise requires, all references to “Quest Management,” “we,” “us,” “our” or the “Company” are to Quest Management Inc.

Cash and Cash Equivalents

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

Stock-based Compensation

The Company records stock-based compensation in accordance with ASC 718, Compensation - Stock Based Compensation which requires the measurement and recognition of compensation expense based on grant date fair values for all share-based awards made to third parties, employees and directors, including stock options. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

ASC 718 requires companies to estimate the fair value of share-based awards to employees and directors on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company's stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period.

Upon the adoption of ASU 2018-07, the Company measures the fair value of equity instruments for non-employee payment awards on the grant date.

Long-lived Assets

Long-lived assets are stated at cost. Maintenance and repairs are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which is five years.

Where an impairment of a property’s value is determined to be other than temporary, impairment for the estimated potential loss is recorded to adjust the property to its net realizable value.

When items of building or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the results of operations. The Company does not have any long-lived tangible assets, which are considered to be impaired as of January 31, 2021 and October 31, 2020.

The Company applies the provisions of ASC 360-10, Property, Plant and Equipment, where applicable to all long-lived assets. ASC 360-10 addresses accounting and reporting for impairment and disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 360-10. ASC 360-10 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

Intangible Assets

Goodwill and intangible assets are reviewed for potential impairment in accordance with ASC 350, Intangibles - Goodwill and Other, whenever events or circumstances indicate that their carrying amounts may not be recoverable.  The Company had no such intangibles at January 31, 2021 and October 31, 2020, and recorded no impairment losses during the three months ended January 31, 2021 and the year ended October 31, 2020, respectively.

Revenue Recognition

The Company applies ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company will recognize revenue from the sale of our exercise equipment by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue as each performance obligation is satisfied.

Advertising

Advertising costs are expensed as incurred.  Advertising expenses for the three months ended January 31, 2021 and the year ended October 31, 2020 were $0.

Fair Value of Financial Instruments

The Company adopted ASC 820, Fair Value Measurements and Disclosures, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices for identical assets and liabilities in active markets;

Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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 periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates.

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.   As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has chosen to “opt out” of such extended transition period, and as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Income Taxes

The Company accounts for income taxes under ASC 740-10-30, Income Taxes. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  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 statements of operations in the period that includes the enactment date.

The Company adopted ASC 740-10-25, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under ASC 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.  ASC 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC 740-10-25.

Loss Per Share

Net loss per common share is computed pursuant to ASC 260-10-45, Earnings Per Share.  Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period, unless their effect is anti-dilutive due to continuing losses.  There were no potentially dilutive shares outstanding as of January 31, 2021 and October 31, 2020, respectively.

Recent Accounting Pronouncements

We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations or financial position.

XML

NOTE 2 – Financial Condition and Going Concern

3 Months Ended

Jan. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 2 – Financial Condition and Going Concern

NOTE 2 – Financial Condition and Going Concern

The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had limited operations during the period from October 12, 2014 (date of inception) to January 31, 2021 resulted in accumulated deficit of $2,584,222. As of January 31, 2021, Company had working capital deficit of $45,222. These factors raise substantial doubt as to its ability to obtain debt and/or equity financing and achieve profitable operations.

Management intends to raise additional operating funds through equity and/or debt offerings.  However, there can be no assurance management will be successful in its endeavors.  Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern.

There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements.  To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital.  No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company.  If adequate working capital is not available to the Company it may be required to curtail its operations.

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NOTE 3 – Property and Equipment

3 Months Ended

Jan. 31, 2021

Property, Plant and Equipment [Abstract]

NOTE 3 – Property and Equipment

NOTE 3 – Property and Equipment

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.

This property now has a $0 value after impairment on October 31, 2018.

The current executive offices are provided without cost, located at: 797 South First Street Fulton, NY 13069.

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NOTE 4 – Notes Payable

3 Months Ended

Jan. 31, 2021

Debt Disclosure [Abstract]

NOTE 4 – Notes Payable

NOTE 4 – Notes Payable

On May 31, 2016, 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 is $1,605.

At January 31, 2021, the Company has recorded $534 in accrued interest payable on the Note. The interest expense for the three months ended January 31, 2021 and 2020 was $16.

At January 31, 2021, the Company has a Promissory Note in the principal amount of $6,150 to an LLC. This Promissory Note (the “Note”) was issued in consideration of advances and loans made by the LLC to the Company.

These loans were for operating expenses of the Company, due upon demand and have no interest rate. 

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NOTE 5 – Note Payable-Related Party

3 Months Ended

Jan. 31, 2021

Note 5 Note Payable-related Party

NOTE 5 – Note Payable-Related Party

NOTE 5 – Note Payable-Related Party

Directors and President of the Company had loaned the company for operations from time to time on need basis. Company former director and president loaned the company of $ 4,066 which was non-interest bearing, unsecured and payable upon demand. As of the year ended, October 31, 2018, the Company had taken a gain on impairment of this loan, with $4,066 recognized in other income and adjusted loan payable balance to $0. The balance to this loan as of April 30, 2020 is $0.

As of January 31, 2021, loan amount of $11,929 is due to Custodian of the company. The note is non-interest bearing, unsecured and is payable on demand.

These loans were for operating expenses of the Company, due upon demand and have no interest rate.

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NOTE 6 – Income Taxes

3 Months Ended

Jan. 31, 2021

Income Tax Disclosure [Abstract]

NOTE 6 – Income Taxes

NOTE 6 – Income Taxes

The Company adopted the provisions of ASC 740-10 (formerly known as FIN No. 48, Accounting for Uncertainty in Income Taxes). ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. ASC 740-10 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The application of income tax law is inherently complex. Laws and regulation in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding the income tax exposures. Interpretations and guidance surrounding income tax laws and regulations change over time. As such, changes in the subjective assumptions and judgments can materially affect amounts recognized in the balance sheets and statements of income.

The Company has no unrecognized tax benefit, which would affect the effective tax rate if recognized. There has been no significant change in the unrecognized tax benefit during the period ended January 31, 2021.

We classify interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of January 31, 2021, we had no accrued interest or penalties related to uncertain tax positions.

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. 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 components of deferred income tax assets (liabilities) at January 31, 2021, were as follows:

	Balance		Rate			Tax
Federal loss carryforward	$	2,584,222		21	%	$	542,687
Valuation allowance							(542,687	)
Deferred tax asset						$	—

Due to the passage of the “Tax Cuts and Jobs Act” on December 20, 2017 the rate of the U.S. Federal Income Tax dropped from 34% to 21%, which is a flat percentage tax rate used for the calculation of the deferred income tax assets.

The new law also changes the rules on NOL carry forward. The 20-year limitation was eliminated, giving the taxpayer the ability to carry forward losses indefinitely. However, NOL carry forward arising after January 1, 2018, will now be limited to 80 percent of taxable income.

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NOTE 7 – Capital Changes

3 Months Ended

Jan. 31, 2021

Equity [Abstract]

NOTE 7 – Capital Changes

NOTE 7 – Capital Changes

On February 6, 2020, $4,145 of debt was purchased in the Company in exchange for 200,000,000 shares of common stock issued to a Related Party. The Company recorded a loss on the conversion of this debt in the amount of $615,855. The fair market value of the common stock was $.0031 on the date of the conversion.

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NOTE 8 – Contingencies and Commitments

3 Months Ended

Jan. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

NOTE 8 – Contingencies and Commitments

NOTE 8 – Contingencies and Commitments

The Company follows ASC 440 & ASC 450, subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies and commitments respectively. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur.

The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

Management of the Company has conducted a diligent search and concluded that there were no commitments, contingencies, or legal matters pending at the balance sheet dates.

The effects of Covid -19 could impact our ability to operate under the going concern and maintain sufficient liquidity to continue operations. The impact of Covid-19 on companies is evolving rapidly and its future effects are uncertain. There are material uncertainties from Covid-19 that cast significant doubt on the company’s ability to operate under the going concern. It is highly likely that our company will have issues relating to the current situation that need to be considered by management. There will be a wide range of factors to take into account in going concern judgments and financial projections including travel bans, restrictions, government assistance and potential sources of replacement financing, financial health of suppliers and customers and their effect on expected profitability and other key financial performance ratios including information that shows whether there will be sufficient liquidity to continue to meet obligations when they are due.

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NOTE 9 – Related Party Transactions

3 Months Ended

Jan. 31, 2021

Related Party Transactions [Abstract]

NOTE 9 – Related Party Transactions

NOTE 9 – Related Party Transactions

On February 3, 2020, the Custodian as an interim officer acting on behalf of the Company, appointed Yamilka Veras as President, Director and Sole officer of the Company.

On February 6, 2020, $4,145 of debt was purchased in the Company in exchange for 200,000,000 shares of common stock issued to a Related Party. The Company incurred a loss of $615,855 from the debt conversion.

As of January 31, 2021 loan amount of $11,929 is due to Custodian of the company on a note payable. The note payable is non-interest bearing, unsecured and is payable on demand.

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NOTE 10 – Legal Matters

3 Months Ended

Jan. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

NOTE 10 – Legal Matters

NOTE 10 – Legal Matters

On December 2, 2019, one of the Company’s shareholders made a motion and application to be appointed as custodian of the Company based on prior management abandoning its responsibilities to continue making filings at the Nevada Secretary of State’s office and for failing to hold a shareholders’ meeting in over 2 years and otherwise failing to keep current in its obligations to the Company.  Upon motion and application to the District Court, Clark County Nevada, the Court granted the shareholder’s request and the shareholder was appointed as custodian for the Company (“Custodian”). 

As Custodian of the Company, the shareholder was ordered to file an amendment to the Company’s articles of incorporation which was filed in conformity with N.R.S. 78.347(4) and the shareholder was ordered to have the Company’s charter reinstated in Nevada, to notice and hold a shareholder meeting; to provide a report to the Court of the actions taken at the shareholder meeting; to identify and name a new registered agent in the State of Nevada; to reinstate the Company in the State of Nevada; and the Custodian. In addition to the aforementioned items set forth in the Order Appointing the Custodian, the Custodian was given the power and authority to take any action it deemed reasonable and for the benefit of the Company and its shareholders.  The Custodian is now in the process of meeting all of the requirements set forth in the Court Order and filing a motion to terminate its services.  Upon granting the motion, the Court will issue an Order acknowledging that the Custodian has performed all of the duties that had been required of it and the management of the Company will revert exclusively to the officers and directors appointed by the Custodian.

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NOTE 11 – Subsequent Events

3 Months Ended

Jan. 31, 2021

Subsequent Events [Abstract]

NOTE 11 – Subsequent Events

NOTE 11 – Subsequent Events

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to January 31, 2021 through the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

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NOTE 12 – Restatement of Financial Statements

3 Months Ended

Jan. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 12 – Restatement of Financial Statements

NOTE 12 – Restatement of Financial Statements

During the year, the Company identified that in the year of 2016 the Company issued 500,000 shares of its common stock as on February 01, 2016 to director against services and originally no value was assigned to this issuance. The restatement for the year ended October 31, 2016 assigned a value of $20,000 to this transaction, or $.04 per share. Similarly, on December 8, 2016 the Company issued 46,000,000 shares of its common stock to director against services and originally, no value was assigned to this issuance. The restatement for the year ended October 31, 2017 assigned a value of $1,840,000 to this transaction, or $.04 per share.

Identified errors have been rectified by restating relevant years’ equity and expenses. Cumulative Effect of restatement as on October 31, 2019 on each line item in the financial statements is given below;

	As originally reported on October 31, 2019		Effects of Error in			Restated Amounts October 31, 2019
			2019	Prior to 2019
- - - - - - - - - - - - - - - - - USD- - - - - - - - - - - - - - - -
Restatement in Balance Sheet
Assets	-	-		-	-
Liabilities	-	-		-	-
Restatement in Statement of Operations
Revenue	-	-		-	-
Expenses	-	-		-	-

Overall Effect on Financial Statements and Shareholders’ deficit

Understatement of Common stock (value)	USD	41,055
Understatement of Additional paid-in-capital	USD	1,818,945
Understatement of Accumulated Loss	USD	1,860,000
Net effect of restatement on Stockholders’ deficit	USD	—

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NOTE 1- Business, Basis of Presentation and Significant Accounting Policies (Policies)

3 Months Ended

Jan. 31, 2021

Accounting Policies [Abstract]

Nature of Operations

Nature of Operations

Quest Management, Inc. (“Quest” or the “Company”) was incorporated in the State of Nevada on October 12, 2014. Quest originally intended to engage in the business of development of marketing channels to distribute fitness equipment to the wholesale market in the United States. The Company is currently for acquisition candidates that would bring operations, profitability and cash flows to the Company.

Basis of Presentation

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Financial Statements and related disclosures as of October 31, 2020 & 2019 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Unless the context otherwise requires, all references to “Quest Management,” “we,” “us,” “our” or the “Company” are to Quest Management Inc.

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Stock-based Compensation

Stock-based Compensation

The Company records stock-based compensation in accordance with ASC 718, Compensation - Stock Based Compensation which requires the measurement and recognition of compensation expense based on grant date fair values for all share-based awards made to third parties, employees and directors, including stock options. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

ASC 718 requires companies to estimate the fair value of share-based awards to employees and directors on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company's stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period.

Upon the adoption of ASU 2018-07, the Company measures the fair value of equity instruments for non-employee payment awards on the grant date.

Long-lived Assets

Long-lived Assets

Long-lived assets are stated at cost. Maintenance and repairs are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which is five years.

Where an impairment of a property’s value is determined to be other than temporary, impairment for the estimated potential loss is recorded to adjust the property to its net realizable value.

When items of building or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in the results of operations. The Company does not have any long-lived tangible assets, which are considered to be impaired as of January 31, 2021 and October 31, 2020.

The Company applies the provisions of ASC 360-10, Property, Plant and Equipment, where applicable to all long-lived assets. ASC 360-10 addresses accounting and reporting for impairment and disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 360-10. ASC 360-10 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

Intangible Assets

Intangible Assets

Goodwill and intangible assets are reviewed for potential impairment in accordance with ASC 350, Intangibles - Goodwill and Other, whenever events or circumstances indicate that their carrying amounts may not be recoverable.  The Company had no such intangibles at January 31, 2021 and October 31, 2020, and recorded no impairment losses during the three months ended January 31, 2021 and the year ended October 31, 2020, respectively.

Revenue Recognition

Revenue Recognition

The Company applies ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company will recognize revenue from the sale of our exercise equipment by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue as each performance obligation is satisfied.

Advertising

Advertising

Advertising costs are expensed as incurred.  Advertising expenses for the three months ended January 31, 2021 and the year ended October 31, 2020 were $0.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company adopted ASC 820, Fair Value Measurements and Disclosures, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices for identical assets and liabilities in active markets;

Level 2 — Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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 periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates.

Emerging Growth Company Critical Accounting Policy Disclosure

Emerging Growth Company Critical Accounting Policy Disclosure

The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.   As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has chosen to “opt out” of such extended transition period, and as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Income Taxes

Income Taxes

The Company accounts for income taxes under ASC 740-10-30, Income Taxes. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  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 statements of operations in the period that includes the enactment date.

The Company adopted ASC 740-10-25, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under ASC 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.  ASC 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.  The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of ASC 740-10-25.

Loss Per Share

Loss Per Share

Net loss per common share is computed pursuant to ASC 260-10-45, Earnings Per Share.  Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period, unless their effect is anti-dilutive due to continuing losses.  There were no potentially dilutive shares outstanding as of January 31, 2021 and October 31, 2020, respectively.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations or financial position.

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NOTE 6 – Income Taxes (Tables)

3 Months Ended

Jan. 31, 2021

Income Tax Disclosure [Abstract]

Deferred Income Tax Assets (Liabilities)

The components of deferred income tax assets (liabilities) at January 31, 2021, were as follows:

	Balance		Rate			Tax
Federal loss carryforward	$	2,584,222		21	%	$	542,687
Valuation allowance							(542,687	)
Deferred tax asset						$	—

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NOTE 12 – Restatement of Financial Statements (Tables)

3 Months Ended

Jan. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overall Effect on Financial Statements and Shareholders’ deficit

Overall Effect on Financial Statements and Shareholders’ deficit

Understatement of Common stock (value)	USD	41,055
Understatement of Additional paid-in-capital	USD	1,818,945
Understatement of Accumulated Loss	USD	1,860,000
Net effect of restatement on Stockholders’ deficit	USD	—

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NOTE 2 – Financial Condition and Going Concern (Details Narrative) - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Retained Earnings (Accumulated Deficit)	$ 2,584,222	$ 2,575,623
[custom:WorkingCapitalDeficit-0]	$ 45,222

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NOTE 3 – Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2018	Oct. 30, 2014
Property, Plant and Equipment [Abstract]
Property (Net)		$ 7,915
Estimated Useful Life		40 years
Asset Impairment Charges	$ 0

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NOTE 4 – Notes Payable (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2021	Feb. 06, 2020	Jan. 31, 2020	May 31, 2016
Debt Disclosure [Abstract]
Convertible debt, Principal amount					$ 16,605
Debt Conversion, Converted Instrument, Amount	$ 15,000
Convertible debt converted, Share	15,000,000		200,000,000
Accrued interest payable	$ 1,605
Deposit Liabilities, Accrued Interest		$ 534
Interest Expense		16		$ 16
Notes Payable		$ 6,150

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NOTE 5 – Note Payable-Related Party (Details Narrative) - USD ($)	12 Months Ended
	Oct. 31, 2018	Jan. 31, 2021	Apr. 30, 2020	Oct. 31, 2017
Note 5 Note Payable-related Party
Loan Payable to President	$ 0		$ 0	$ 4,066
Gain on Impairment of Note Payable	$ 4,066
Due to Related Parties, Current		$ 11,929

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Deferred Income Tax Assets (Liabilities) (Details)	Jan. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Federal loss carryforward	$ 2,584,222
Valuation allowance	542,687
Deferred tax asset	$ (542,687)

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NOTE 6 – Income Taxes (Details Narrative)	2 Months Ended	3 Months Ended
	Dec. 20, 2017	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Federal Tax Rate	34.00%	21.00%

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NOTE 7 – Capital Changes (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Feb. 06, 2020
Equity [Abstract]
Common stock issued for debt, amount		$ 4,145
Common stock issued for debt, shares	15,000,000	200,000,000
Gains (Losses) on Restructuring of Debt		$ 615,855
Share Price		$ 0.0031

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NOTE 9 – Related Party Transactions (Details Narrative) - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Related Party Transactions [Abstract]
Notes Payable, Related Parties, Current	$ 11,929	$ 11,721

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Overall Effect on Financial Statements and Shareholders’ deficit (Details)	Oct. 31, 2020 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Understatement of Common stock (value)	$ 41,055
Understatement of Additional paid-in-capital	1,818,945
Understatement of Accumulated Loss	$ 1,860,000

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NOTE 12 – Restatement of Financial Statements (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 08, 2016	Feb. 01, 2016
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Common stock, shares		500,000
Common stock, amount		$ 20,000
Price per share		$ 0.04
Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Common stock, shares	46,000,000
Common stock, amount	$ 1,840,000
Price per share	$ 0.04