Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Oct. 31, 2018 | Mar. 27, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Quest Management Inc | |
Entity Central Index Key | 0001627554 | |
Document Type | 10-K | |
Document Period End Date | Oct. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Interactive Data Current | Yes | |
Is Entity Emerging Growth Company? | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 261,055,120 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2018 |
Balance Sheets
Balance Sheets - USD ($) | Oct. 31, 2018 | Oct. 31, 2017 |
Current Assets | ||
Cash | $ 1,640 | |
Total Current Assets | 1,640 | |
Fixed Assets | ||
Property (Net) | 7,321 | |
Total Fixed Assets | 7,321 | |
Total Assets | 0 | 8,961 |
Current Liabilities | ||
Accounts Payable | 4,500 | |
Promissory Note Payable | 1,605 | 1,605 |
Accrued Interest (Promissory Note Payable) | 389 | 325 |
Loan Payable - Related Party | 4,066 | |
Total Current Liabilities | 6,494 | 5,996 |
Stockholders' Equity | ||
Common stock, $0.001 par value, 750,000,000 shares authorized; 61,055,120 shares issued and outstanding as of October 31, 2018 and October 31, 2017 | 20,000 | 20,000 |
Additional Paid-In Capital | 39,000 | 39,000 |
Net profit/ (loss) accumulated during development stage | (65,494) | (56,034) |
Total Stockholders' Equity | (6,494) | 2,966 |
Total Liabilities & Stockholders' Equity | $ 0 | $ 8,961 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 07, 2016 | Feb. 02, 2016 | Feb. 01, 2016 |
Stockholders' Equity | |||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 750,000,000 | 750,000,000 | 750,000,000 | 75,000,000 | |
Common stock, shares issued | 61,055,120 | 61,055,120 | 55,120 | ||
Common stock, shares outstanding | 61,055,120 | 61,055,120 | 55,120 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 12 Months Ended | 46 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | |
Revenues | |||
Merchandise Sales | $ 36,443 | $ 44,009 | $ 271,576 |
Cost of Goods Sold | (20,958) | (37,268) | (221,158) |
Gross Profit | 15,485 | 6,741 | 50,418 |
Expenses | |||
General and Administration | 16,294 | 5,402 | 91,496 |
Impairment Expense | 12,505 | 12,505 | |
Interest Expense | 64 | 48 | 389 |
Depreciation | 148 | 198 | 742 |
Research & Development | 14,846 | ||
Total Expenses | 29,011 | 5,648 | 119,978 |
Other Income | |||
Gain on Impairment of Note Payable | 4,066 | 4,066 | |
Net Income (Loss) | $ (9,460) | $ 1,093 | $ (65,494) |
Net Loss Per Basic and Diluted share | $ 0 | $ 0 | |
Weighted average number of Common Shares outstanding | 61,055,120 | 61,055,120 |
Statement of Changes in Stockho
Statement of Changes in Stockholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated During Develpment State | Total |
Beginning Balance, Shares at Oct. 11, 2014 | 4,000,000 | |||
Beginning Balance, Amount at Oct. 11, 2014 | $ 4,000 | $ 4,000 | ||
Net (Loss) | 8,097 | 8,097 | ||
Ending Balance, Shares at Oct. 31, 2014 | 4,000,000 | |||
Ending Balance, Amount at Oct. 31, 2014 | $ 4,000 | 8,097 | 12,097 | |
Common shares issued for cash, shares | 1,000,000 | |||
Common shares issued for cash, amount | $ 1,000 | 39,000 | 40,000 | |
Net (Loss) | (50,941) | (50,941) | ||
Ending Balance, Shares at Oct. 31, 2015 | 5,000,000 | |||
Ending Balance, Amount at Oct. 31, 2015 | $ 5,000 | 39,000 | (42,844) | 1,156 |
Forward stock split, shares | 49,500,000 | |||
Reverse stock split, shares | (54,945,000) | |||
Issuance in lieu of fractional shares from reverse split, shares | 120 | |||
Net (Loss) | (14,283) | (14,283) | ||
Ending Balance, Shares at Oct. 31, 2016 | 55,120 | |||
Ending Balance, Amount at Oct. 31, 2016 | $ 5,000 | 39,000 | (57,127) | (13,127) |
Restricted stock issued to director, shares | 46,000,000 | |||
Convertible promissory note, shares | 15,000,000 | |||
Convertible promissory note, amount | $ 15,000 | 15,000 | ||
Net (Loss) | 1,093 | 1,093 | ||
Ending Balance, Shares at Oct. 31, 2017 | 61,055,120 | |||
Ending Balance, Amount at Oct. 31, 2017 | $ 20,000 | 39,000 | (56,034) | 2,966 |
Net (Loss) | (9,460) | (9,460) | ||
Ending Balance, Shares at Oct. 31, 2018 | 61,055,120 | |||
Ending Balance, Amount at Oct. 31, 2018 | $ 20,000 | $ 39,000 | $ (65,494) | $ (6,494) |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 12 Months Ended | 46 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (Loss) | $ (9,460) | $ 1,093 | $ (65,494) |
Adjustments to reconcile net loss to net cash provided by / (used in) operating activities: | |||
Loss on Impairment | 7,173 | 7,173 | |
Changes in operating assets and liabilities: | |||
Accounts Payable | 4,500 | 4,500 | |
Accrued Interest - Promissory Note Payable | 64 | 48 | 389 |
Promissory Note Payable | (15,000) | 1,605 | |
Loan Payable - Related Party | (4,066) | ||
Net cash provided by (used in) operating activities | (1,788) | (13,859) | (51,827) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Property | (7,915) | ||
Depreciation | 148 | 198 | 742 |
Net cash provided by (used in) investing activities | 148 | 198 | (7,173) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuance of common stock | 15,000 | 59,000 | |
Net cash provided by (used in) financing activities | 15,000 | 59,000 | |
Net increase (decrease) in cash | (1,640) | 1,339 | |
Cash at beginning of period | 1,640 | 301 | |
Cash at end of period | 1,640 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid during year for : Interest | |||
Cash paid during year for : Income Taxes | |||
The Company had a Loss on Impairment - bank asset | 5,332 | 5,332 | |
The Company had an Gain on Impairment - note payable | $ 4,066 | $ 4,066 |
ORGANIZATION AND BASIS OF PREPA
ORGANIZATION AND BASIS OF PREPARATION | 12 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PREPARATION | Note 1 - ORGANIZATION AND BASIS OF PREPARATION Quest Management Inc. (the “Company”) is a for profit corporation established under the corporate laws of the State of Nevada on October 12, 2014. The Company is in the development phase and is in the business of distributing fitness equipment to the wholesale market in the US. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise. 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, 2018 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. |
SIGNIFICANT ACCOUNT POLICIES
SIGNIFICANT ACCOUNT POLICIES | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNT POLICIES | Note 2 - SIGNIFICANT ACCOUNT POLICIES 2.1 Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. 2.2 Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2018. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. 2.3 Cash & Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. 2.4 Revenue Recognition The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, the price is fixed or determinable, and collection of any resulting receivable is reasonably assured. Costs and expenses are recognized during the period in which they are incurred. Any revenues earned include sales of our exercise equipment. The Company recognizes these sales once delivery time is confirmed by the customer. 2.5 Cost of Sales Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our products. Such costs are recorded and allocated as incurred. Our cost of sales will consist primarily of the cost of product, packaging/labeling costs and shipping expenses. 2.6 Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. 2.7 Income Taxes The Company follows the guidance of the Financial Accounting Standards Board’s Accounting Standards Codification Topic 740 related to Income Taxes. According to Topic 740, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year-end. For federal income tax purposes, substantially all expenses incurred prior to the commencement of operations must be deferred and then they may be written off over a 180-month period. Tax deductible losses can be carried forward for 20 years until utilized for federal tax purposes. The Company will provide a valuation allowance in the full amount of the deferred tax assets since there is no assurance of future taxable income. The Company utilizes the Financial Accounting Standards Board’s Accounting Standards Codification Topic 740 related to Income Taxes to account for the uncertainty in income taxes. Topic 740 for Income Taxes clarifies the accounting for uncertainty in income taxes by prescribing rules for recognition, measurement and classification in financial statements of tax positions taken or expected to be in a tax return. Further, it prescribes a two-step process for the financial statement measurement and recognition of a tax position. The first step involves the determination of whether it is more likely than not (greater than 50 percent likelihood) that a tax position will be sustained upon examination, based on the technical merits of the position. The second step requires that any tax position that meets the more likely than not recognition threshold be measured and recognized in the financial statements at the largest amount of benefit that is a greater than 50 percent likelihood of being realized upon ultimate settlement. This topic also provides guidance on the accounting for related interest and penalties, financial statement classification and disclosure. The Company’s policy is that any interest or penalties related to uncertain tax positions are recognized in income tax expense when incurred. The Company has no uncertain tax positions or related interest or penalties requiring accrual at October 31, 2018. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENT | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENT | Note 3 - RECENT ACCOUNTING PRONOUNCEMENT The Company has adopted all recent accounting pronouncements as applicable and will continue to review and adopt those applicable as released within the timeframe required. Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Oct. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | Note 4 – CONCENTRATIONS Initial sales are concentrated with one client. Sales are made without collateral and the credit-related losses are insignificant or non-existent. Accordingly, there is no provision made to include an allowance for doubtful accounts. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Oct. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | Note 5 - FIXED ASSETS Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost. Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized. On October 30, 2014, the Company purchased our principal executive offices at 1 Kalnu iela, Malta, LV-4630 Latvia, for $7,915. As of October 31, 2018, an impairment has been taken, valuing this asset at $0. The current executive offices are provided without cost, located at: 797 South First Street Fulton, NY 13069. The Company depreciates its property using straight-line depreciation over the estimated useful life of 40 years. For the year ended October 31, 2018 the company recorded $148 in depreciation expense. From inception (October 12, 2014) through October 31, 2018 the company has recorded a total of $742 in depreciation expense. |
LOANS PAYABLE- RELATED PARTY
LOANS PAYABLE- RELATED PARTY | 12 Months Ended |
Oct. 31, 2018 | |
Loans Payable [Abstract] | |
LOANS PAYABLE- RELATED PARTY | Note 6 - LOAN PAYABLE - RELATED PARTY The Director and President of the Company has loaned the company for operations from time to time on need basis. As of October 31, 2018, the loan payable owed by the company to its officer and director for expenses that was paid on behalf of the company, has a $0 balance. The previous balance of $4,066 for loan payable was interest free and payable on demand as of July 31, 2018. As of October 31, 2018, the Company has taken a gain on impairment of this loan, with $4,066 recognized in other income and adjusted loan payable balance to $0. |
PROMISSORY NOTE PAYABLE
PROMISSORY NOTE PAYABLE | 12 Months Ended |
Oct. 31, 2018 | |
Debt Disclosure [Abstract] | |
PROMISSORY NOTE PAYABLE | Note 7 - PROMISSORY NOTE PAYABLE As 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. As of October 31, 2018, there is $1,605 remaining in principal on this note and $389 in accrued interest. |
COMMON STOCK AND ISSUANCE
COMMON STOCK AND ISSUANCE | 12 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
COMMON STOCK AND ISSUANCE | Note 8 - COMMON STOCK AND ISSUANCE The Company has authorized 750,000,000 common shares at $0.001 par value, of which 61,055,120 shares are issued and outstanding as of the years ended October 31, 2017 and October 31, 2018. On October 17, 2014, 4,000,000 shares were issued to our previous sole director for $4,000. The Company’s Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission to register 2,000,000 shares of common stock was declared effective on February 25, 2015. During March 2015, the company sold a total of 1,000,000 shares of common stock to 30 independent shareholders, pursuant to the Registration Statement, at a price of $.04 per share for total proceeds of $40,000. On February 1, 2016, 500,000 shares were issued to our previous sole director for services. On February 2, 2016, Quest Management Inc. (the “Company”) filed Articles of Amendment with the Nevada SOS whereby it authorized a forward split at a ratio of ten-for-one share (10:1) of the Company’s issued and outstanding shares of Common Stock. The Company also increased the authorized number of shares of Common Stock from 75,000,000 shares to 750,000,000 at a par value of $0.001. On February 10, 2016, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting the forward split at a ratio of ten-for-one share be effected in the market on February 22, 2016. On October 7, 2016, the Company filed Articles of Amendment to its Articles of Incorporation with the Nevada Secretary of State whereby it amended its Articles of Incorporation by decreasing the Company’s total issued and outstanding shares of common stock by conducting a reverse split of such shares at the rate of one (1) share for every one thousand (1,000) shares issued and outstanding. The reverse split resulted in the balance of 55,120 shares of issued and outstanding shares, including 120 shares issued in lieu of fractional shares. On December 8, 2016, 46,000,000 shares were issued to our previous sole director for services. During the month of January 2017, the Holders of a Promissory Note (see Note 7) provided notices of election to convert a total of $15,000 of the Note into shares, which totaled 15,000,000 shares. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 9 - INCOME TAXES We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. There was no income tax expense for the years ended October 31, 2018 and 2017. The reconciliation and the tax effects of temporary differences that give rise to significant portions of the net deferred tax assets at the U.S. statutory rate of 21% at October 31, 2018 are as follows: The significant components of deferred tax assets and liabilities are as follows: OCTOBER 31, OCTOBER 31, FROM INCEPTION (OCTOBER 12, 2014) TO OCTOBER 31, 2018 2017 2018 Deferred tax assets Net operating losses $ (9,460 ) $ — $ (65,494 ) Deferred tax liability Net deferred tax assets $ 1,987 $ — $ 13,754 Less valuation allowance $ (1,987 ) $ — $ (13,754 ) Deferred tax asset - net valuation allowance $ — $ — $ — |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Oct. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 10 - RELATED PARTY TRANSACTIONS On October 17, 2014, 4,000,000 shares of the Company’s common stock were issued to our sole director for $4,000. On February 1, 2016, 500,000 shares were issued to our sole director for services. On December 8, 2016, 46,000,000 shares were issued to our sole director for services. The director currently holds 46,045,000 shares of our common stock. A Director and President of the Company has loaned the company operating funds from time to time. As of October 31, 2018, the loan payable owed by the company to its officer and director for expenses that was paid on behalf of the company, has a $0 balance. The previous balance of $4,066 for loan payable was interest free and payable on demand as of July 31, 2018. As of October 31, 2018, the Company has taken a gain on impairment of this loan, with $4,066 recognized in other income and adjusted loan payable balance to $0. The Company’s sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available. |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Oct. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL MATTERS | Note 11 - 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 6 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. There were no other legal proceedings threatened or otherwise. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | Note 12 - GOING CONCERN The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. The Company had limited operations during the period from October 12, 2014 (date of inception) to October 31, 2018 with a net loss of $65,494. As of October 31, 2018, Company had working capital deficit of $6,494. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock. Management has funded operations of the Company through the proceeds from its offering pursuant to a Registration Statement on Form S-1, private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operation are achieved. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. The failure to achieve the necessary levels of profitability or obtaining additional funding would be detrimental to the Company. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Oct. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 13 - SUBSEQUENT EVENTS 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 6 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. 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. |
SIGNIFICANT ACCOUNT POLICIES (P
SIGNIFICANT ACCOUNT POLICIES (Policies) | 12 Months Ended |
Oct. 31, 2018 | |
Accounting Policies [Abstract] | |
2.1 Use of Estimates and Assumptions | 2.1 Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
2.2 Fair Value of Financial Instruments | 2.2 Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2018. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. |
2.3 Cash & Cash Equivalents | 2.3 Cash & Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
2.4 Revenue Recognition | 2.4 Revenue Recognition The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred, the price is fixed or determinable, and collection of any resulting receivable is reasonably assured. Costs and expenses are recognized during the period in which they are incurred. Any revenues earned include sales of our exercise equipment. The Company recognizes these sales once delivery time is confirmed by the customer. |
2.5 Cost of Sales | 2.5 Cost of Sales Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our products. Such costs are recorded and allocated as incurred. Our cost of sales will consist primarily of the cost of product, packaging/labeling costs and shipping expenses. |
2.6 Basic and Diluted Loss Per Share | 2.6 Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. |
2.7 Income Taxes | 2.7 Income Taxes The Company follows the guidance of the Financial Accounting Standards Board’s Accounting Standards Codification Topic 740 related to Income Taxes. According to Topic 740, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year-end. For federal income tax purposes, substantially all expenses incurred prior to the commencement of operations must be deferred and then they may be written off over a 180-month period. Tax deductible losses can be carried forward for 20 years until utilized for federal tax purposes. The Company will provide a valuation allowance in the full amount of the deferred tax assets since there is no assurance of future taxable income. The Company utilizes the Financial Accounting Standards Board’s Accounting Standards Codification Topic 740 related to Income Taxes to account for the uncertainty in income taxes. Topic 740 for Income Taxes clarifies the accounting for uncertainty in income taxes by prescribing rules for recognition, measurement and classification in financial statements of tax positions taken or expected to be in a tax return. Further, it prescribes a two-step process for the financial statement measurement and recognition of a tax position. The first step involves the determination of whether it is more likely than not (greater than 50 percent likelihood) that a tax position will be sustained upon examination, based on the technical merits of the position. The second step requires that any tax position that meets the more likely than not recognition threshold be measured and recognized in the financial statements at the largest amount of benefit that is a greater than 50 percent likelihood of being realized upon ultimate settlement. This topic also provides guidance on the accounting for related interest and penalties, financial statement classification and disclosure. The Company’s policy is that any interest or penalties related to uncertain tax positions are recognized in income tax expense when incurred. The Company has no uncertain tax positions or related interest or penalties requiring accrual at October 31, 2018. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Components | OCTOBER 31, OCTOBER 31, FROM INCEPTION (OCTOBER 12, 2014) TO OCTOBER 31, 2018 2017 2018 Deferred tax assets Net operating losses $ (9,460 ) $ — $ (65,494 ) Deferred tax liability Net deferred tax assets $ 1,987 $ — $ 13,754 Less valuation allowance $ (1,987 ) $ — $ (13,754 ) Deferred tax asset - net valuation allowance $ — $ — $ — |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 12 Months Ended | 46 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Property (Net) | $ 7,321 | |||
Estimated Useful Life | 40 years | |||
Depreciation expenses | $ 148 | $ 198 | $ 742 | |
Executive Offices [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property (Net) | $ 7,915 |
LOANS PAYABLE- RELATED PARTY (D
LOANS PAYABLE- RELATED PARTY (Details Narrative) - USD ($) | 12 Months Ended | 46 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | |
Loans Acquired, Accounted for as Debt Securities, Held-to-maturity Category [Abstract] | |||
Loan payable - Related party | $ 4,066 | ||
Gain on Impairment of Note Payable | $ 4,066 | $ 4,066 |
PROMISSORY NOTE PAYABLE (Detail
PROMISSORY NOTE PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Oct. 31, 2017 | Oct. 31, 2018 | May 31, 2016 | |
Debt Instrument [Line Items] | ||||
Convertible debt converted, Amount | $ 15,000 | |||
Accrued Interest (Promissory Note Payable) | $ 325 | $ 389 | ||
Convertible Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible debt, Principal amount | $ 16,605 | |||
Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Convertible debt converted, Amount | $ 15,000 | |||
Convertible debt converted, Shares issued | 15,000,000 | |||
Accrued interest payable | $ 1,605 |
COMMON STOCK AND ISSUANCE (Deta
COMMON STOCK AND ISSUANCE (Details Narrative) | Dec. 08, 2016shares | Oct. 07, 2016shares | Feb. 02, 2016$ / sharesshares | Feb. 01, 2016shares | Oct. 17, 2014USD ($)shares | Mar. 31, 2015USD ($)Integer$ / sharesshares | Oct. 31, 2018USD ($)$ / sharesshares | Oct. 31, 2017USD ($)$ / sharesshares | Oct. 31, 2015USD ($) | Oct. 31, 2018USD ($)$ / sharesshares | Feb. 25, 2015shares |
Common stock par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Common stock shares authorized | 750,000,000 | 75,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | ||||||
Common stock shares issued | 55,120 | 61,055,120 | 61,055,120 | 61,055,120 | |||||||
Common stock shares outstanding | 55,120 | 61,055,120 | 61,055,120 | 61,055,120 | |||||||
Stock issued for cash, Amount | $ | $ 40,000 | ||||||||||
Proceeds from issuance of common stock | $ | $ 40,000 | $ 15,000 | $ 59,000 | ||||||||
Common stock share registered with exchange | 2,000,000 | ||||||||||
Common stock shares sold | 1,000,000 | ||||||||||
Common stock price per share | $ / shares | $ .04 | ||||||||||
Stockholders equity foward split | 10:1 | ||||||||||
Number of shareholders | Integer | 30 | ||||||||||
Convertible Promissory Note, Amount | $ | $ 15,000 | ||||||||||
Common stock and issuance description | total issued and outstanding shares of common stock by conducting a reverse split of such shares at the rate of one (1) share for every one thousand (1,000) shares issued and outstanding. | ||||||||||
Shares issued in lieu of fractional shares | 120 | ||||||||||
Sole Director [Member] | |||||||||||
Common stock shares issued | 46,045,000 | 46,045,000 | |||||||||
Stock issued for cash, Amount | $ | $ 4,000 | ||||||||||
Stock issued for cash, Shares | 4,000,000 | ||||||||||
Shares issued for services | 46,000,000 | 500,000 |
INCOME TAXES - Income Tax Rates
INCOME TAXES - Income Tax Rates (Details) | 12 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Federal | 21.00% |
Total | 21.00% |
INCOME TAXES - Deferred Tax Com
INCOME TAXES - Deferred Tax Components (Details) - USD ($) | Oct. 31, 2018 | Oct. 31, 2016 |
Deferred tax assets | ||
Net operating losses | $ (9,460) | |
Deferred tax liability | ||
Net deferred tax assets | 1,987 | |
Less valuation allowance | (1,987) | |
Deferred tax asset - net valuation allowance | ||
From Inception | ||
Deferred tax assets | ||
Net operating losses | (65,494) | |
Deferred tax liability | ||
Net deferred tax assets | 13,754 | |
Less valuation allowance | (13,754) | |
Deferred tax asset - net valuation allowance |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 08, 2016 | Feb. 01, 2016 | Oct. 17, 2014 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2015 | Oct. 31, 2018 | Oct. 07, 2016 |
Related Party Transaction [Line Items] | ||||||||
Stock issued for cash, Amount | $ 40,000 | |||||||
Common stock shares issued | 61,055,120 | 61,055,120 | 61,055,120 | 55,120 | ||||
Loan Payable - Related Party | $ 4,066 | |||||||
Gain on Impairment of Note Payable | $ 4,066 | $ 4,066 | ||||||
Sole Director [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock issued for cash, Amount | $ 4,000 | |||||||
Stock issued for cash, Shares | 4,000,000 | |||||||
Shares issued for services | 46,000,000 | 500,000 | ||||||
Common stock shares issued | 46,045,000 | 46,045,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | 46 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net Income (Loss) | $ (9,460) | $ 1,093 | $ (65,494) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Feb. 06, 2020 | Oct. 31, 2017 | |
Convertible debt converted, Amount | $ 15,000 | |
Subsequent Event [Member] | ||
Convertible debt converted, Amount | $ 4,145 | |
Convertible debt converted, Shares issued | 200,000,000 |