Cover
Cover - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Jul. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 30, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 000-56260 | |
Entity Registrant Name | BioQuest Corp. | |
Entity Central Index Key | 0001568628 | |
Entity Tax Identification Number | 80-8975853 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4570 Campus Drive | |
Entity Address, Address Line Two | Suite 23 | |
Entity Address, City or Town | Newport Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92660 | |
City Area Code | 714 | |
Local Phone Number | 978.4425 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | Yes | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 585,450 | |
Entity Common Stock, Shares Outstanding | 11,485,230 | |
Documents Incorporated by Reference | None | |
Auditor Name | L J Soldinger Associates, LLC | |
Auditor Location | Deer Park Illinois | |
Auditor Firm ID | 318 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Current Assets | ||
Cash | $ 33,540 | $ 260 |
Prepaid Expenses | 16,837 | |
Total Current Assets | 33,540 | 17,097 |
Total Assets | 33,540 | 17,097 |
Current Liabilities | ||
Accounts Payable and Accrued Liabilities | 181,591 | 174,915 |
Accrued Compensation | 1,371,750 | |
Due to Officers Shareholders | 23,100 | 21,235 |
Accrued Interest | 15,500 | 5,981 |
Convertible Notes Payable Net of Discount of $-0- and 24,098 | 183,300 | 74,202 |
Derivative Liability | 63,039 | 138,555 |
Total Current Liabilities | 466,530 | 1,786,638 |
Total Liabilities | 466,530 | 1,786,638 |
Commitments and Contingencies | ||
Stockholders’ Deficit | ||
Common Stock, $.001 Par Value 500,000,000 Authorized; 11,310,230 and 8,730,733 Issued and Outstanding at April 30, 2022 and 2021 respectively | 11,310 | 8,731 |
Stock Payable | 206,700 | |
Additional-Paid-in-Capital | 10,013,892 | 8,065,598 |
Accumulated Deficit | (10,664,892) | (9,843,870) |
Total Stockholders’ Deficit | (432,990) | (1,769,541) |
Total Liabilities and Stockholders’ Deficit | $ 33,540 | $ 17,097 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Note payable discount | $ 0 | $ 24,098 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 11,310,230 | 8,730,733 |
Common stock, shares outstanding | 11,310,230 | 8,730,733 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating Expenses | ||
Compensation | 467,570 | 1,408,000 |
Stock Compensation Expense | 206,700 | 530,000 |
Professional Fees | 87,375 | 152,162 |
General and Administrative Expenses | 56,275 | 110,387 |
Total Operating Expenses | 817,920 | 2,200,549 |
Operating Loss | (817,920) | (2,200,549) |
Derivative Gain (Expense) | 75,516 | (85,775) |
Interest Expense | (78,618) | (37,638) |
Net Loss | $ (821,022) | $ (2,323,962) |
Basic and Fully Dilutive Loss per Share | $ (0.08) | $ (0.28) |
Weighted Average Common Shares - Basic and Fully Diluted | 10,139,985 | 8,283,502 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Deficit - USD ($) | Common Stock [Member] | Stock Payable [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Apr. 30, 2020 | $ 8,044 | $ 50,000 | $ 7,323,285 | $ (7,519,908) | $ (138,579) |
Beginning balance, shares at Apr. 30, 2020 | 8,044,233 | ||||
Shares Issued for Stock Payable, shares | 70,000 | ||||
Shares Issued for Cash | $ 68 | 134,932 | 135,000 | ||
Stock Issued for Cash, shares | 67,500 | ||||
Shares Issued for Stock Payable | $ 70 | (50,000) | 49,930 | ||
Shares Issued for Employment and Consulting Services | $ 540 | 539,460 | $ 540,000 | ||
Shares Issued for Employment and Consulting Services, shares | 540,000 | 70,000 | 67,500 | ||
Shares Issued for Prepaid Marketing Services | $ 9 | 17,991 | $ 18,000 | ||
Shares Issued for Prepaid Marketing Services, shares | 9,000 | ||||
Net Loss | (2,323,962) | (2,323,962) | |||
Ending balance, value at Apr. 30, 2021 | $ 8,731 | 8,065,598 | (9,843,870) | (1,769,541) | |
Ending balance, shares at Apr. 30, 2021 | 8,730,733 | ||||
Shares Issued for Cash | $ 65 | 64,935 | 65,000 | ||
Stock Issued for Cash, shares | 65,000 | ||||
Shares Issued for Employment and Consulting Services, shares | 65,000 | 206,700 | |||
Net Loss | (821,022) | (821,022) | |||
Shares Issued for Settlement of Accrued Compensation | $ 2,514 | 1,883,359 | 1,885,873 | ||
Shares Issued for Settlement of Accrued Compensation, shares | 2,514,497 | ||||
Stock Payable | 206,700 | 206,700 | |||
Ending balance, value at Apr. 30, 2022 | $ 11,310 | $ 206,700 | $ 10,013,892 | $ (10,664,892) | $ (432,990) |
Ending balance, shares at Apr. 30, 2022 | 11,310,230 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (821,022) | $ (2,323,962) |
Adjustments to reconcile net loss to net cash used in operating activities. | ||
Stock Based Compensation | 206,700 | 530,000 |
Amortization of Debt Discount | 24,098 | 27,245 |
Changes in Operating Assets and Liabilities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 6,676 | 156,585 |
Increase in Accrued Compensation | 492,888 | 1,301,750 |
Increase Due to Officers Shareholders for Expenses Paid | 23,100 | 11,645 |
Increase in Accrued Interest | 9,519 | 5,156 |
Decrease in Prepaid Expenses | 16,837 | 12,600 |
Derivative (Gain) Expense | (75,516) | 85,775 |
Net Cash Used From Operating Activities | (116,720) | (193,206) |
Cash Flows from Investing Activities | ||
Cash from Financing Activities | ||
Sale of Common Stock for Cash | 65,000 | 135,000 |
Stock Subscriptions Payable for Cash | ||
Issuance of Notes Payable | 85,000 | 58,300 |
Net Cash Provided in Financing Activities | 150,000 | 193,300 |
Net Increase in Cash | 33,280 | 94 |
Beginning Cash | 260 | 166 |
Ending Cash | 33,540 | 260 |
Supplemental Information | ||
Cash Paid for Interest | ||
Cash Paid for Income Taxes | ||
Non-Cash Items: | ||
Non-Cash Interest | 78,816 | |
Shares issued for Extinguishment of Accrued Compensation and Accrued Liabilities | $ 1,885,873 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | NOTE 1 - ORGANIZATION AND OPERATIONS Bioquest Corp.(the “Company”) was originally incorporated in the State of Nevada on May 17, 2011, as Renaissance Films Inc. On September 26, 2011, the Company changed its name to Sedition Films Inc. and on May 1, 2014, the Company changed its name to Select-TV Solutions, Inc. The Company was organized for the purpose of producing documentary films. On October 10, 2019, there was a change in control of the Company with the purchase of 270,000,000 454,254,585 237,233 The Company had previously intended to market, package, and distribute, Hemp-CBD based products. Our mission was to Create High End, Unique Content and aggregate all relevant CBD content in the Nutraceutical and Pharmaceutical markets. In 2022, after the effects of Covid, the Company decided to change direction and acquire companies in the green energy sector. The Company has executed a letter of intent on June 23,2022 to acquire its first energy company. ( See |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and Estimates The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with accounting principles generally accepted 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 period. Those estimates include the fair value of our common shares. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing, and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. Income Taxes The Company follows FASB ASC Subtopic 740, Income Taxes, for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Stock-based Compensation The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting for stock-based compensation. The guidance requires that new, modified, and unvested share-based payment transactions with employees, such as grants of stock options and restricted stock, be recognized in the consolidated financial statements based on their fair value at the grant date and recognized as compensation expense over their vesting periods. Basic Loss Per Share FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities including stock options and stock payable have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of April 30,2022, and 2021 the Company had 308,141 129,333 Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions without any restrictions. At April 30, 2022, and 2021, cash equivalents amounted to $ 33,540 260 Revenue Recognition Fair Value of Financial Instruments Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value 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. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Our company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts our company could realize in a current market exchange. As of April 30, 2022, and 2021, the carrying value of accounts payable and loans that are required to be measured at fair value, approximated fair value due to the short-term nature and maturity of these instruments. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had a Stockholders’ Deficit at April 30, 2022, of $ 432,990 The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS As of April 30, 2021, there were $ 1,258,250 21,235 The Company settled on September 30, 2021, all amounts of $ 1,885,873 2,514,497 1,257,251 1,257,246 23,100 The Company does not current lease any space. The Company has agreed to reimburse certain officers for office and warehouse space leased by them to their party landlords to be used in the business. In the year ended April 30, 2022, the Company reimbursed certain officers a total of $ 56,100 1,400 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 5 – CONVERTIBLE NOTES PAYABLE The Company issued multiple convertible notes payable in January and February 2020 in the amount of $ 40,000 two years 6 1.00 40,000 These notes contain contingent conversion features. The first feature triggers in the event that the Company has a qualified equity offering, as defined, in agreement. If triggered, this allows the holder to convert the principal and any unpaid and accrued interest at a price per share equal to the Discount Rate (as defined in the note agreement) multiplied by the price per share paid by the investors in the qualified financing. The second feature triggers in the event that the Company has an equity financing that does not qualify as a qualified financing. If triggered, this allows the holder to convert the principal and any unpaid and accrued interest into the equity financing security at a rate at the lower of the Discount Rate (as defined in the note agreement) multiplied by the price per share paid by the investors in the equity financing. The third feature triggers in the event that a Sale Event (as defined in the note agreements) occurs. If triggered, this allows the note holders to covert their outstanding principal and any unpaid and accrued interest into common stock of the Company at the Discount Rate (as defined in the note agreement) multiplied by proceeds per share payable in the Sales Event. Upon maturity, the holders of the notes may elect to convert their unpaid principal and accrued interest into that number of common shares determined by multiplying the Discount Rate (as defined in the note agreement) by the 5-trading day average closing price of the Company’s common stock. The Company issued a convertible note payable in September 2020 due in one year 27,500 10 The note is convertible at a 40% discount to the 20-day volume weighted average trading price of the Company’s common stock, after 90 days from issuance one year 30,800 10 60 10,000 58,300 30,000 In the year ended April 30, 2022, the Company recorded a penalty payable at non-payment upon maturity for the two notes above totaling $ 58,300 30,000 In March 2022, the Company received gross proceeds of $ 85,000 85,000 8 0.50 In March 2022, the Company received gross proceeds of $ 85,000 85,000 8 0.50 For the April 30, 2021 convertible notes, the Company has determined that the conversion features require bifurcation as derivatives. The Company has calculated the value of the derivative, a level 3 liability as follows: the expected volatility rate was estimated based on comparison to the volatility of a peer group of companies in similar industries. The term for the conversion of the notes is based upon the remaining term of the notes. The risk-free interest rate for periods within the contractual life is based on the yield derived from auctions of comparable periods of constant maturity U.S. Treasury securities. Circumstances may change, and additional data may become available over time, which could result in changes to these assumptions and methodologies, and thereby materially impact our fair value determination. In the year ended April 30, 2022, the Company amortized the remaining debt discount from its 2 year 24,098 63,039 75,516 138,555 The following table for the derivative liability summarizes the inputs used for the Black-Scholes pricing model on the nine months ended April 30, 2022. SUMMARY OF DERIVATIVE LIABILITY USED FOR BLACK-SCHOLES PRICING MODEL Note 1 Note 2 Exercise price $ 0.312 $ 0.208 Risk free interest rate 0.107 % 0.107 % Volatility 87.96 % 93.45 % Expected term years .001 .001 Dividend yield None None |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 12 Months Ended |
Apr. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 6 – STOCKHOLDERS’ DEFICIT Capital Stock Issued During the year ended April 30,2021 the Company issued 67,500 135,000 70,000 540,000 540,000 9,000 18,000 During the year ended April 30, 2022, the Company issued 65,000 65,000 400,000 2,114,497 1,885,833 206,700 285,000 Authorized Capital Stock Common Stock The Company is authorized to issue 500,000,000 0.001 11,310,230 8,730,733 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7- INCOME TAXES The components of the provision for income taxes are as follows: The benefit of income taxes for the years ended April 30, 2022 and 2021 are as follows: SCHEDULE OF INCOME TAXES BENEFIT For the Years Ended 2022 2021 U.S. Federal Current $ - $ - Deferred 35,000 78,000 State and local Current - - Deferred 11,000 - Valuation allowance (46,000 ) (78,000 ) Income tax benefit $ - $ - A reconciliation of the statutory federal rate to the Company’s effective tax rate is as follows: SCHEDULE OF STATUTORY FEDERAL RATE 2022 2021 April 30, 2022 2021 Federal rate 172,000 488,000 State income taxes, net of federal benefit 56,000 - Common stock issued and issuable for services (196,000 ) (386,000 ) Change in fair value of derivative 21,000 (18,000 ) Amortization of debt discount (7,000 ) (6,000 ) Change in valuation allowance (46,000 ) (78,000 ) Other - Income tax benefit - - The components of our deferred tax assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 April 30, 2022 2021 Deferred tax assets: Net operating losses $ 201,000 $ 155,000 Other - - Total deferred tax assets 201,000 155,000 Less: Valuation allowance (201,000 ) (155,000 ) Net deferred tax assets $ - $ - Total deferred tax liabilities $ - $ - Net deferred tax liabilities $ - $ - The Company regularly evaluates the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all the deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carryback and tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative loss in recent years, as a significant piece of negative evidence to overcome. At April 30, 2022 and 2021, the Company continued to maintain that the realization of its deferred tax assets has not achieved a more likely than not threshold therefore, net deferred tax assets have been offset by a valuation allowance. As of April 30, 2022, the Company had NOL carryforwards for federal and state purposes of approximately $ 937,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8– SUBSEQUENT EVENTS The Company issued 135,000 40,000 40,000 On June 23, 2022, the Company executed a non-binding Letter of Intent with the shareholders of Progressus Clean Technologies, Inc. (“Progressus”), whereby the Company shall acquire all of the issued and outstanding shares of Progressus, a private company incorporated in Delaware in exchange for the Company issuing 90,000,000 Progressus is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and Estimates | Basis of presentation and Estimates The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with accounting principles generally accepted 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 period. Those estimates include the fair value of our common shares. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing, and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. |
Income Taxes | Income Taxes The Company follows FASB ASC Subtopic 740, Income Taxes, for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. |
Stock-based Compensation | Stock-based Compensation The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting for stock-based compensation. The guidance requires that new, modified, and unvested share-based payment transactions with employees, such as grants of stock options and restricted stock, be recognized in the consolidated financial statements based on their fair value at the grant date and recognized as compensation expense over their vesting periods. |
Basic Loss Per Share | Basic Loss Per Share FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities including stock options and stock payable have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of April 30,2022, and 2021 the Company had 308,141 129,333 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions without any restrictions. At April 30, 2022, and 2021, cash equivalents amounted to $ 33,540 260 |
Revenue Recognition | Revenue Recognition Fair Value of Financial Instruments Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value 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. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Our company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts our company could realize in a current market exchange. As of April 30, 2022, and 2021, the carrying value of accounts payable and loans that are required to be measured at fair value, approximated fair value due to the short-term nature and maturity of these instruments. |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
SUMMARY OF DERIVATIVE LIABILITY USED FOR BLACK-SCHOLES PRICING MODEL | The following table for the derivative liability summarizes the inputs used for the Black-Scholes pricing model on the nine months ended April 30, 2022. SUMMARY OF DERIVATIVE LIABILITY USED FOR BLACK-SCHOLES PRICING MODEL Note 1 Note 2 Exercise price $ 0.312 $ 0.208 Risk free interest rate 0.107 % 0.107 % Volatility 87.96 % 93.45 % Expected term years .001 .001 Dividend yield None None |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAXES BENEFIT | The benefit of income taxes for the years ended April 30, 2022 and 2021 are as follows: SCHEDULE OF INCOME TAXES BENEFIT For the Years Ended 2022 2021 U.S. Federal Current $ - $ - Deferred 35,000 78,000 State and local Current - - Deferred 11,000 - Valuation allowance (46,000 ) (78,000 ) Income tax benefit $ - $ - |
SCHEDULE OF STATUTORY FEDERAL RATE | A reconciliation of the statutory federal rate to the Company’s effective tax rate is as follows: SCHEDULE OF STATUTORY FEDERAL RATE 2022 2021 April 30, 2022 2021 Federal rate 172,000 488,000 State income taxes, net of federal benefit 56,000 - Common stock issued and issuable for services (196,000 ) (386,000 ) Change in fair value of derivative 21,000 (18,000 ) Amortization of debt discount (7,000 ) (6,000 ) Change in valuation allowance (46,000 ) (78,000 ) Other - Income tax benefit - - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The components of our deferred tax assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 April 30, 2022 2021 Deferred tax assets: Net operating losses $ 201,000 $ 155,000 Other - - Total deferred tax assets 201,000 155,000 Less: Valuation allowance (201,000 ) (155,000 ) Net deferred tax assets $ - $ - Total deferred tax liabilities $ - $ - Net deferred tax liabilities $ - $ - |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details Narrative) - shares | Oct. 12, 2019 | Oct. 10, 2019 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 11, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Reverse stock split, description | On October 10, 2019, there was a change in control of the Company with the purchase of 270,000,000 of the Company’s Common stock and on that date the Company changed its name to Bioquest Corp. On October 12, 2019, the Company elected a new Board of Directors and approved a 2,000 to 1 Reverse Stock Split resulting in the reduction of the outstanding shares of the Company’s Common Stock from 454,254,585 shares to 237,233 shares of Common Stock | ||||
Number of common stock purchased | 270,000,000 | ||||
Common stock, shares outstanding | 237,233 | 11,310,230 | 8,730,733 | 454,254,585 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Accounting Policies [Abstract] | ||
Antidilutive shares | 308,141 | 129,333 |
Cash equivalents | $ 33,540 | $ 260 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 432,990 | $ 1,769,541 | $ 138,579 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 14, 2022 | Sep. 30, 2021 | Apr. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Related parties current | $ 23,100 | ||
Stock issued during period shares new issues | 40,000 | ||
Executive Officers And Consultants [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Related parties current | $ 1,885,873 | ||
Debt conversion converted instrument shares issued1 | 2,514,497 | ||
Stock issued during period shares new issues | 1,257,251 | ||
Stock issued during period shares restricted | 1,257,246 | ||
Officer [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Related parties current | 56,100 | ||
Reimbursed cost | 1,400 | ||
Employment and Consulting Agreement [Member] | Officers and Shareholders [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Accrued compensation | 1,258,250 | ||
Reimbursement expense | $ 21,235 |
SUMMARY OF DERIVATIVE LIABILITY
SUMMARY OF DERIVATIVE LIABILITY USED FOR BLACK-SCHOLES PRICING MODEL (Details) | 12 Months Ended |
Apr. 30, 2022 | |
Measurement Input, Exercise Price [Member] | Note 1 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 0.312 |
Measurement Input, Exercise Price [Member] | Note 2 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 0.208 |
Measurement Input, Risk Free Interest Rate [Member] | Note 1 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 0.107 |
Measurement Input, Risk Free Interest Rate [Member] | Note 2 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 0.107 |
Measurement Input, Option Volatility [Member] | Note 1 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 87.96 |
Measurement Input, Option Volatility [Member] | Note 2 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 93.45 |
Measurement Input, Expected Term [Member] | Note 1 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input term | 0 years |
Measurement Input, Expected Term [Member] | Note 2 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input term | 0 years |
Measurement Input, Expected Dividend Rate [Member] | Note 1 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 0 |
Measurement Input, Expected Dividend Rate [Member] | Note 2 [Member] | |
Short-Term Debt [Line Items] | |
Derivative liability measurement input | 0 |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Jul. 14, 2022 | Mar. 31, 2022 | Nov. 30, 2020 | Sep. 30, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | Apr. 30, 2022 | Apr. 30, 2021 | |
Short-Term Debt [Line Items] | ||||||||
Notes payable | $ 30,800 | $ 27,500 | $ 40,000 | $ 40,000 | ||||
Debt instrument term | 1 year | 1 year | 2 years | 2 years | 2 years | |||
Interst rate | 10% | 10% | 6% | 6% | ||||
Conversation rate | $ 0.50 | $ 1 | $ 1 | |||||
Stock issued during period shares new issues | 40,000 | |||||||
Convertible debt description | The note is convertible at a 40% discount to the 20-day volume weighted average trading price of the Company’s common stock, after 90 days from issuance | |||||||
Debt instrument interest discount rate percentage | 60% | |||||||
Penalty payable | $ 58,300 | |||||||
Accrued interest | 30,000 | |||||||
Gross proceeds | $ 85,000 | |||||||
Promissory note | $ 85,000 | |||||||
Decrease in note discount | 24,098 | |||||||
Gain of derivative expense | 63,039 | $ 138,555 | ||||||
Gain of derivative expense | $ 75,516 | $ (85,775) | ||||||
Convertible Notes Payable [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Stock issued during period shares new issues | 10,000 | |||||||
Promissory Note [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Interst rate | 8% |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Oct. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 12, 2019 | Oct. 11, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common stock shares issued for services | 67,500 | |||||
Stock issued during period value issued for services | $ 540,000 | |||||
Proceeds from cash | $ 65,000 | $ 135,000 | ||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Common stock, shares, issued | 11,310,230 | 8,730,733 | ||||
Common stock, shares, outstanding | 11,310,230 | 8,730,733 | 237,233 | 454,254,585 | ||
Markerting [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common stock shares issued for services | 9,000 | |||||
Stock issued during period value issued for services | $ 18,000 | |||||
Employment And Consulting [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common stock shares issued for services | 540,000 | |||||
Stock issued during period value issued for services | $ 540,000 | |||||
Officers Directors And Consultants [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common stock shares issued for services | 2,114,497 | |||||
Stock issued during period value issued for services | $ 1,885,833 | |||||
Consultant [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common stock shares issued for services | 285,000 | |||||
Stock Payable [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common stock shares issued for services | 206,700 | 70,000 | ||||
Stock issued during period value issued for services | ||||||
Common Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common stock shares issued for services | 400,000 | 65,000 | 540,000 | |||
Stock issued during period value issued for services | $ 540 | |||||
Proceeds from cash | $ 65,000 | |||||
Cash [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Stock issued during period value issued for services | $ 135,000 |
SCHEDULE OF INCOME TAXES BENEFI
SCHEDULE OF INCOME TAXES BENEFIT (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Current,U.S.Federal | ||
Deferred,U.S.Federal | 35,000 | 78,000 |
Current,State and local | ||
Deferred,State and local | 11,000 | |
Valuation allowance | (46,000) | (78,000) |
Income tax benefit |
SCHEDULE OF STATUTORY FEDERAL R
SCHEDULE OF STATUTORY FEDERAL RATE (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal rate | $ 172,000 | $ 488,000 |
State income taxes, net of federal benefit | 56,000 | |
Common stock issued and issuable for services | (196,000) | (386,000) |
Change in fair value of derivative | 21,000 | (18,000) |
Amortization of debt discount | (7,000) | (6,000) |
Change in valuation allowance | (46,000) | (78,000) |
Other | ||
Income tax benefit |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Apr. 30, 2022 | Apr. 30, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 201,000 | $ 155,000 |
Other | ||
Total deferred tax assets | 201,000 | 155,000 |
Less: Valuation allowance | (201,000) | (155,000) |
Net deferred tax assets | ||
Total deferred tax liabilities | ||
Net deferred tax liabilities |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Apr. 30, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards | $ 937,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 14, 2022 | Jun. 23, 2022 | Apr. 30, 2022 | Apr. 30, 2021 |
Subsequent Event [Line Items] | ||||
Stock issued during period shares new issues | 40,000 | |||
Notes payable current | $ 183,300 | $ 74,202 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares new issues | 135,000 | 90,000,000 | ||
Stock issued during period shares new issues | 40,000 | |||
Notes payable current | $ 40,000 |