Cover
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 |
Condensed Balance Sheets
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 |
Condensed Balance Sheets (Paren
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 |
Condensed Statements of Operati
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 | $ 0 |
Weighted average shares outstanding Basic and diluted | 261,055,120 | 61,055,120 |
Condensed Statements of Stockho
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 |
Condensed Statements of Cash Fl
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 |
NOTE 1- Business, Basis of Pres
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 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, Intangible Assets Goodwill and intangible assets are reviewed for potential impairment in accordance with ASC 350, Intangibles - Goodwill and Other Revenue Recognition The Company applies ASC 606, Revenue from Contracts with Customers 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 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 . Income Taxes The Company accounts for income taxes under ASC 740-10-30, Income Taxes 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. |
NOTE 2 _ Financial Condition an
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 45,222 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
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 The current executive offices are provided without cost, located at: 797 South First Street Fulton, NY 13069. |
NOTE 4 _ Notes Payable
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 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 15,000,000 $1,605 At January 31, 2021, the Company has recorded $ 534 16 At January 31, 2021, the Company has a Promissory Note in the principal amount of $ 6,150 These loans were for operating expenses of the Company, due upon demand and have no interest rate. |
NOTE 5 _ Note Payable-Related P
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 4,066 0 0 As of January 31, 2021, loan amount of $ 11,929 These loans were for operating expenses of the Company, due upon demand and have no interest rate. |
NOTE 6 _ Income Taxes
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: Deferred Income Tax Assets (Liabilities) 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% 21% 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. |
NOTE 7 _ Capital Changes
NOTE 7 – Capital Changes | 3 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
NOTE 7 – Capital Changes | NOTE 7 – Capital Changes On February 6, 2020, $ 4,145 200,000,000 $615,855 $.0031 |
NOTE 8 _ Contingencies and Comm
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. |
NOTE 9 _ Related Party Transact
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 |
NOTE 10 _ Legal Matters
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. |
NOTE 11 _ Subsequent Events
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. |
NOTE 12 _ Restatement of Financ
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 20,000 $.04 46,000,000 1,840,000 $.04 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 — |
NOTE 1- Business, Basis of Pr_2
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 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, |
Intangible Assets | Intangible Assets Goodwill and intangible assets are reviewed for potential impairment in accordance with ASC 350, Intangibles - Goodwill and Other |
Revenue Recognition | Revenue Recognition The Company applies ASC 606, Revenue from Contracts with Customers |
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 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 . |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740-10-30, Income Taxes 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. |
NOTE 6 _ Income Taxes (Tables)
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: Deferred Income Tax Assets (Liabilities) Balance Rate Tax Federal loss carryforward $ 2,584,222 21 % $ 542,687 Valuation allowance (542,687 ) Deferred tax asset $ — |
NOTE 12 _ Restatement of Fina_2
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 — |
NOTE 2 _ Financial Condition _2
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 |
NOTE 3 _ Property and Equipme_2
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 |
NOTE 4 _ Notes Payable (Details
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 |
NOTE 5 _ Note Payable-Related_2
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 |
Deferred Income Tax Assets (Lia
Deferred Income Tax Assets (Liabilities) (Details) | Jan. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Federal loss carryforward | $ 2,584,222 |
Valuation allowance | 542,687 |
Deferred tax asset | $ (542,687) |
NOTE 6 _ Income Taxes (Details
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% |
NOTE 7 _ Capital Changes (Detai
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 |
NOTE 9 _ Related Party Transa_2
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 |
Overall Effect on Financial Sta
Overall Effect on Financial Statements and Shareholders’ deficit (Details) | Oct. 31, 2020USD ($) |
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 |
NOTE 12 _ Restatement of Fina_3
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 |