Quantumzyme (QTZM) 10-Q 13 Jun 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Apr. 30, 2017	Jun. 12, 2017
Document And Entity Information
Entity Registrant Name	RELIANT SERVICE INC
Entity Central Index Key	1,663,038
Document Type	10-Q
Document Period End Date	Apr. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--07-31
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		5,015,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

BALANCE SHEET

BALANCE SHEET - USD ($)	Apr. 30, 2017	Jul. 31, 2016
Current Assets
Cash (USD)	$ 2,052	$ 221
Income Tax Benefit	4,786
Total Current Assets	6,838	221
Fixed Assets
Czech Office Building	11,900	11,900
Less Accumulated Depreciation	(1,160)	(725)
Total Fixed Assets	10,740	11,175
TOTAL ASSETS	17,578	11,396
Current Liabilities
Income Taxes Payable		1,095
Loan Payable - Related Party	100	100
Total Current Liabilities	100	1,195
STOCKHOLDERS' EQUITY
Common stock, ($0.001 par value, 75,000,000 shares authorized; 5,015,000 and 4,000,000 shares issued and outstanding as of April 30, 2017 and July 31, 2016	5,015	4,000
Additional Paid-In Capital	39,585
Net profit (loss) accumulated during development stage	(27,122)	6,201
Total Stockholders' Equity	17,478	10,201
Total Liabilities & Stockholders' Equity	$ 17,578	$ 11,396

BALANCE SHEET (Parenthetical)

BALANCE SHEET (Parenthetical) - $ / shares	Apr. 30, 2017	Jul. 31, 2016
STOCKHOLDERS' EQUITY
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	5,015,000	4,000,000
Common stock, outstanding	5,015,000	4,000,000

STATEMENT OF OPERATIONS (Unaudi

STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017
Revenues
Merchandise Sales	$ 41,897	$ 30,976	$ 108,912	$ 91,115	$ 260,355
Cost of Goods Sold	27,798	28,638	87,630	74,458	209,746
Gross Profit	14,099	2,339	21,282	16,656	50,609
Expenses
General and Administration	2,226	2,249	21,352	20,257	46,752
Depreciation	145	145	435	435	1,160
Private Label Development			38,700		38,700
Total Expenses	2,371	2,394	60,487	20,692	86,612
Income Before Income Taxes	11,728	(55)	(39,205)	(4,036)	(36,003)
Income Tax Benefit (Provision)	(1,759)	(8)	5,881	(605)	8,881
Net Income	$ 9,969	$ (47)	$ (33,324)	$ (3,431)	$ (27,122)
Net Income (loss) Per Basic and Diluted share	$ 0.0025	$ 0	$ (0.0083)	$ (0.0009)	$ (0.0068)
Weighted average number of Common Shares outstanding	5,015,000	4,000,000	5,015,000	4,000,000	5,015,000

STATEMENT OF CASH FLOWS (Unaudi

STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended		25 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (33,324)	$ (3,431)	$ (27,122)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Accounts Payable
Income Taxes Benefit	(4,786)		(4,786)
Income Taxes Payable	(1,095)	(605)
Depreciation	435	435	1,160
Changes in operating assets and liabilities:
Net cash provided by (used in) operating activities	(38,770)	(3,601)	(30,748)
CASH FLOWS FROM INVESTING ACTIVITIES
Czech Office Building			(11,900)
Net cash provided by (used in) investing activities			(11,900)
CASH FLOWS FROM FINANCING ACTIVITIES
Loan Payable - Related Party			100
Issuance of common stock	40,600		44,600
Net cash provided by (used in) financing activities	40,600		44,700
Net increase (decrease) in cash	1,830	(3,601)	2,052
Cash at beginning of period	221	4,044
Cash at end of period	2,052	443	$ 2,052
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid Interest
Cash paid Income Taxes

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS	Reliant Service Inc. (the “Company”) was incorporated in the state of Nevada on March 20, 2015. The company develops marketing channels to distribute office equipment to the wholesale market in the United States. Our functional currency is the US Dollar and all the references to currency in the financial statements are in US Dollars. The Company is a development stage company as defined by the Financial Accounting Standards Board's Accounting Standards Codification Topic 915 related to Development Stage Entities. The Company qualifies as a development stage company as it has not generated significant revenues from operations. Basis of Presentation The Company prepares its financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	This summary of significant accounting policies is presented to assist in understanding these financial statements. The financial statements and notes are representations of management, who is responsible for their integrity and objectivity. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash The Company considers all cash balances on deposit with financial institutions and highly liquid investments with a maturity of three months or less to be cash equivalents. Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over estimated useful lives listed below: Estimated Useful Life Buildings 15 years The Company’s principal offices are located at 3 Rabi, Rabi, Czech Republic, 34201. The property was purchased on July 30, 2015 for $11,900. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of the asset and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold. We recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. 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 are from the sales of office equipment. The Company recognizes these sales once delivery time is confirmed by the customer. All revenue generated by the Company to date has been generated from U.S. sales and deposited to our U.S. bank account.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 3 - GOING CONCERN	The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. For the nine month period ended April 30, 2017, the Company had a net loss of $33,324. 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 plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations 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 obtain the additional funding would be detrimental to the Company.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 4 - RECENT ACCOUNTING PRONOUNCEMENTS	Recent Accounting Pronouncements In June 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014- 10 ("ASU2014-10"), Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. These amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The amendment eliminating the exception to the sufficiency-of-equity-at-risk criterion for development stage entities in paragraph 810-10-15-16 should be applied retrospectively for annual reporting periods beginning after December 15, 2015 and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued. The Company expects to adopt ASU 2014-10 in the fourth quarter of 2014 and does not expect this adoption to have a material impact on its financial condition, results of operations or cash flows. In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15 ("ASU 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.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 5 - PROPERTY AND EQUIPMENT	Property and equipment consists of the following: 4/30/2017 7/31/2016 Building $ 11,900 $ 11,900 Less accumulated depreciation (1,160 ) (725 ) $ 10,740 $ 11,175 Depreciation expense for the three months ended April 30, 2017 and 2016 was $145 and $145, respectively. Depreciation expense for the nine months ended April 30, 2017 and 2016 was $435 and $435, respectively.

COMMON STOCK AND ISSUANCE

COMMON STOCK AND ISSUANCE	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 6 - COMMON STOCK AND ISSUANCE	The Company has authorized 75,000,000 common shares at $0.001par value, of which 5,015,000 shares are issued and outstanding as of April 30, 2017. 4,000,000 shares were issued to our sole director for $4,000 on July 17, 2015. 1,015,000 shares were issued to 31 independent shareholders on October 28, 2016 pursuant to the company’s Registration Statement on Form S-1. The shares were issued at a per share price of $0.04 per share for total proceeds of $40,600.

DEBT

DEBT	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 7 - DEBT	On April 14, 2015 the Director and President of the Company, made the initial deposit to the Company bank account in the amount $100 and is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 8 - RELATED PARTY TRANSACTIONS	On July 17, 2015, 4,000,000 shares of the Company’s common stock were issued to our sole director for $4,000. On April 14, 2015 the Director and President of the Company made the initial deposit to the Company bank account in the amount $100. The loan is non-interest bearing, unsecured and due upon demand. 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.

FAIR VALUE MEASUREMENTS AND DIS

FAIR VALUE MEASUREMENTS AND DISCLOSURE	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 9 - FAIR VALUE MEASUREMENTS AND DISCLOSURE	FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy of fair value inputs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value. The fair value hierarchy prioritized the inputs to valuation techniques used to measure fair value into three broad levels: Level I inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Level II inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level III are unobservable inputs for the asset or liability and rely on management’s own assumptions that market participants would use in pricing the asset or liability. The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company’s own data. As of April 30, 2017 and 2016, there were no level I, II, or III assets or liabilities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 10 - SUBSEQUENT EVENTS	In preparing these financial statements, the company has evaluated events and transactions for potential recognition or disclosure through May 25, 2017, the date the financial statements were issued. There are no subsequent events to be reported.

UNAUDITED FINANCIAL STATEMENTS

UNAUDITED FINANCIAL STATEMENTS	9 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
NOTE 11 - UNAUDITED FINANCIAL STATEMENTS	The balance sheet as of April 30, 2017 and the statements of operations and cash flows for the three and nine month periods ended April 30, 2017 have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures, normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading. The results of operations for the three and nine months ended April 30, 2017 are not necessarily indicative of results expected for the full year ending July 31, 2017. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in financial position at April 30, 2017 have been made. It is suggested that these statements be read in conjunction with the July 31, 2016 and 2015 audited financial statements and the accompanying notes.

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Apr. 30, 2017
Summary Of Significant Accounting Policies Policies
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash	The Company considers all cash balances on deposit with financial institutions and highly liquid investments with a maturity of three months or less to be cash equivalents.
Property and Equipment	Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over estimated useful lives listed below: Estimated Useful Life Buildings 15 years
Property	The Company’s principal offices are located at 3 Rabi, Rabi, Czech Republic, 34201. The property was purchased on July 30, 2015 for $11,900.
Income Taxes	We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of the asset and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold. We recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
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 are from the sales of office equipment. The Company recognizes these sales once delivery time is confirmed by the customer. All revenue generated by the Company to date has been generated from U.S. sales and deposited to our U.S. bank account.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Apr. 30, 2017
Summary Of Significant Accounting Policies Tables
Estimated useful lives	Estimated Useful Life Buildings 15 years

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Apr. 30, 2017
Property And Equipment Tables
PROPERTY AND EQUIPMENT	4/30/2017 7/31/2016 Building $ 11,900 $ 11,900 Less accumulated depreciation (1,160 ) (725 ) $ 10,740 $ 11,175

ORGANIZATION AND NATURE OF BU20

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	9 Months Ended
	Apr. 30, 2017
Organization And Nature Of Business Details Narrative
Country or state of incorporation	Nevada
Date of incorporation	Mar. 20, 2015

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Apr. 30, 2017
Building [Member]
Estimated useful lives	15 years

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Jul. 30, 2015USD ($)
Summary Of Significant Accounting Policies Details Narrative
Property purchased	$ 11,900

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017
Going Concern Details Narrative
Net loss	$ 9,969	$ (47)	$ (33,324)	$ (3,431)	$ (27,122)

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Apr. 30, 2017	Jul. 31, 2016
Property And Equipment Details
Property and equipment gross	$ 11,900	$ 11,900
Less accumulated depreciation	(1,160)	(725)
Property and equipment net	$ 10,740	$ 11,175

PROPERTY AND EQUIPMENT (Detai25

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017
Property And Equipment Details Narrative
Depreciation expense	$ 145	$ 145	$ 435	$ 435	$ 1,160

COMMON STOCK AND ISSUANCE (Deta

COMMON STOCK AND ISSUANCE (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended		25 Months Ended
	Oct. 28, 2016	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Jul. 31, 2016	Jul. 17, 2015
Common stock, par value		$ 0.001		$ 0.001	$ 0.001
Common stock, authorized		75,000,000		75,000,000	75,000,000
Common stock, issued shares		5,015,000		5,015,000
Common stock, outstanding		5,015,000		5,015,000
Issuance of common stock		$ 40,600		$ 44,600
31 independent shareholders [Member]
Common stock, issued shares	1,015,000
Issuance of common stock	$ 40,600
Issuance of common stock, per share	$ 0.04
Director [Member]
Common stock, issued shares						4,000,000
Common stock shares issued amount						$ 4,000

DEBT (Details Narrative)

DEBT (Details Narrative)	Apr. 14, 2015USD ($)
Director and President [Member]
Loan payable	$ 100

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Apr. 30, 2017	Jul. 17, 2015	Apr. 14, 2015
Common stock, issued	5,015,000
Director [Member]
Common stock, issued		4,000,000
Common stock shares issued amount		$ 4,000
Director and President [Member]
Loan payable			$ 100