Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jan. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | Global Quest Ltd. |
Entity Central Index Key | 1,649,676 |
Document Type | 10-Q |
Document Period End Date | Jan. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --04-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 10,050,000 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2,017 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Current assets | ||
Cash | $ 4,550 | $ 14,401 |
Total assets | 4,550 | 14,401 |
Current Liabilities | ||
Accounts Payable and Accrued Liabilities | 2,084 | 1,231 |
Related Party Loan | 28,359 | 27,509 |
Total Liabilities | 30,443 | 28,740 |
Stockholders' Equity | ||
Common stock; authorized 100,000,000; 10,050,000 shares at $0.001 par value | 10,050 | 10,050 |
Additional Paid in Capital | 32,479 | 30,188 |
Accumulated Deficit | (68,422) | (54,577) |
Total stockholders' equity | (25,893) | (14,339) |
Total liabilities and stockholders' equity | $ 4,550 | $ 14,401 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2017 | Apr. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ .001 | $ .001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, outstanding | 10,050,000 | 10,050,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
OPERATING EXPENSES | ||||
General and administrative | $ 3,203 | $ 3,710 | $ 11,554 | $ 27,135 |
Total Operating Expenses | 3,203 | 3,710 | 11,554 | 27,135 |
Other Expenses | ||||
Interest expense, net | 786 | 696 | 2,291 | 2,015 |
Net loss for the period | $ (3,989) | $ (4,406) | $ (13,845) | $ (29,150) |
Net loss per share, Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding, Basic and diluted | 10,050,000 | 10,050,000 | 10,050,000 | 10,050,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cash Flows From Operating Activities: | ||
Net loss: | $ (13,845) | $ (29,150) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Imputed interest expense | 2,291 | 2,015 |
Changes in operating assets and liabilities: | ||
Accounts Payable | 853 | |
Net cash used in operating activities | (10,701) | (27,135) |
Financing activities: | ||
Proceeds from Related Party Loan | 850 | 26,390 |
Net cash provided by financing activities | 850 | 26,390 |
(Decrease) Increase in cash during the period | (9,851) | (745) |
Cash, beginning of period | 14,401 | 32,728 |
Cash, end of period | 4,550 | 31,983 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period, Taxes | ||
Cash paid during the period, Interest |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 9 Months Ended |
Jan. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 1 - Organization and Basis of Presentation | NOTE 1 -ORGANIZATION AND BASIS OF PRESENTATION Global Quest Ltd. (the "Company") was incorporated in the State of Nevada on January 16, 2015. The Company was organized to develop a website and other IT applications in the Culinary Arts Industry and has not produced any revenue from its business. The accompanying unaudited condensed financial statements of Global Quest, Ltd. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended January 31, 2017 are not necessarily indicative of the results that may be expected for the year ending April 30, 2017. Going Concern The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed financial statements, the Company has incurred recurring net losses. For the three months ended January 31, 2017, the Company recorded a net loss of $3,989, used cash to fund operating activities of $3,203, and at January 31, 2017, had a shareholders’ deficit of $68,422. These factors create substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company's management plans to continue as a going concern revolve around its ability to develop its current business plan, as well as raise necessary capital to pay ongoing general and administrative expenses of the Company. The ability of the Company to continue as a going concern is dependent on securing additional sources of capital and the success of the Company's plan. There is no assurance that the Company will be successful in raising the additional capital or in achieving profitable operations. To date the Company has been un successful in raising additional funds. Our cash needs for the three months ended January 31, 2017 were primarily met by existing funds and a short-term loan payable of $850. As of January 31, 2017, we had a cash balance of $4,550. Our majority shareholder is providing all of our working capital and will continue to do so until at least April 30, 2017. |
Note 2- Significant Accounting
Note 2- Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2017 | |
Accounting Policies [Abstract] | |
Note 2- Significant Accounting Policies | NOTE 2 -SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. As of January 31, 2017 and April 30, 2016, there were no cash equivalents. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company utilizes FASB ACS 740, “ Income Taxes The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The Company recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authority’s widely understood administrative practices and precedents. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. We have implemented certain provisions of ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertain tax positions, as defined. ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 and have analyzed filing positions in United States jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the United States as our "major" tax jurisdiction. Generally, we remain subject to United States examination of our income tax returns. Fair Value of Financial Instruments The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “ Fair Value Measurements and Disclosures FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement dat e. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: - Level 1: Quoted prices in active markets for identical assets or liabilities - Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. - Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Basic and Diluted Earnings (loss) Per Share Net loss per share is calculated in accordance with FASB ASC 260, Earnings Per Share Recent Accounting Pronouncements In August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued financial statements are available to be issued financial statements are issued financial statements are available to be issued probable When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management’s plans should be considered only to the extent that (1) it is probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): a. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans) b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations c. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern a. Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations c. Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. The amendments in this Update are effective for the annual period ending after April 30, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are evaluating the effect, if any, adoption of ASU 2014-15 will have on our financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or is not believed by management to have a material impact on the Company's present or future financial statements. |
Note 3 - Loan from Related Part
Note 3 - Loan from Related Party | 9 Months Ended |
Jan. 31, 2017 | |
Related Party Transactions [Abstract] | |
Note 3 - Loan from Related Party | NOTE 3 - LOAN FROM RELATED PARTY As of January 31, 2017, and April 30, 2016, the Company received advances totaling an aggregate of $28,359 and $27,509 respectively from the CEO of the Company, the advance is unsecured, non-interest bearing and is due upon demand giving 30 days written notice to the borrower. The Company has recorded imputed interest for the three and nine month periods ended January 31, 2017 of $786 and $2,291 respectively. The Company has recorded imputed interest for the three and nine month periods ended January 31, 2016 of $696 and $2,015 respectively. |
Note 1 - Organization and Basi9
Note 1 - Organization and Basis of Presentation (Policies) | 9 Months Ended |
Jan. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying condensed financial statements, the Company has incurred recurring net losses. For the three months ended January 31, 2017, the Company recorded a net loss of $3,989, used cash to fund operating activities of $3,203, and at January 31, 2017, had a shareholders’ deficit of $68,422. These factors create substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company's management plans to continue as a going concern revolve around its ability to develop its current business plan, as well as raise necessary capital to pay ongoing general and administrative expenses of the Company. The ability of the Company to continue as a going concern is dependent on securing additional sources of capital and the success of the Company's plan. There is no assurance that the Company will be successful in raising the additional capital or in achieving profitable operations. To date the Company has been un successful in raising additional funds. Our cash needs for the three months ended January 31, 2017 were primarily met by existing funds and a short-term loan payable of $850. As of January 31, 2017, we had a cash balance of $4,550. Our majority shareholder is providing all of our working capital and will continue to do so until at least April 30, 2017. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. As of January 31, 2017 and April 30, 2016, there were no cash equivalents. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Income Taxes | Income Taxes The Company utilizes FASB ACS 740, Income Taxes The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The Company recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits and a consideration of the relevant taxing authoritys widely understood administrative practices and precedents. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. We have implemented certain provisions of ASC 740, Income Taxes (ASC 740), which clarifies the accounting and disclosure for uncertain tax positions, as defined. ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 and have analyzed filing positions in United States jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the United States as our "major" tax jurisdiction. Generally, we remain subject to United States examination of our income tax returns. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), Fair Value Measurements and Disclosures FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: - Level 1: Quoted prices in active markets for identical assets or liabilities - Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. - Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Basic and Diluted Earnings (loss) Per Share | Basic and Diluted Earnings (loss) Per Share Net loss per share is calculated in accordance with FASB ASC 260, Earnings Per Share |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued financial statements are available to be issued financial statements are issued financial statements are available to be issued probable When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management’s plans should be considered only to the extent that (1) it is probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): a. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans) b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations c. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern a. Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations c. Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. The amendments in this Update are effective for the annual period ending after April 30, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are evaluating the effect, if any, adoption of ASU 2014-15 will have on our financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or is not believed by management to have a material impact on the Company's present or future financial statements. |
Note 1 - Organization and Bas11
Note 1 - Organization and Basis of Presentation (Details Narrative) | 3 Months Ended |
Jan. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net loss | $ 3,989 |
Cash used to fund operating activities | 3,203 |
Shareholders deficit | 68,422 |
Short term loan increase in period | 850 |
Cash balance | $ 4,550 |
Note 2 - Significant Accounti12
Note 2 - Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | |
Accounting Policies [Abstract] | |||
Cash equivalents | |||
Potentially dilutive securities |
Note 3 - Loan from Related Pa13
Note 3 - Loan from Related Party (Details Narrative) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Apr. 30, 2016USD ($) | |
Related Party Transactions [Abstract] | |||||
Related party advances | $ 28,359 | $ 28,359 | $ 27,509 | ||
The advance is due on demand giving notice in days | 30 | 30 | 30 | ||
Imputed interest | $ 786 | $ 696 | $ 2,291 | $ 2,015 |