Thursday, July 7 2022

Forward-looking statements

This Quarterly Report on Form 10-Q contains forward-looking statements. For this purpose, all statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking information includes statements relating to future actions, potential products, future performance or results of current or anticipated products, sales and marketing efforts, costs and expenses, interest rates, outcome of contingencies , financial condition, results of operations, liquidity, business strategies, cost savings, management objectives and other matters. You can identify forward-looking statements by those that are not historical in nature, particularly those that use words such as “may”, “will”, “should”, “expect”, “anticipate”, “intend”. ‘, ‘estimates’, ‘believes’, ‘plans’, ‘projects’, ‘predicts’, ‘potential’ or ‘continues’ and similar expressions or the negative of these similar terms. The Private Securities Litigation Reform Act of 1995 provides a “safe harbour” for forward-looking information to encourage companies to provide forward-looking information about themselves without fear of litigation so long as such information is identified as forward-looking and is accompanied by Material Cautions identify important factors that could cause actual results to differ materially from those projected in the information.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict. When evaluating these forward-looking statements, you should consider a variety of factors, including: (a) the risks and uncertainties associated with general economic conditions, (b) whether we are able to effectively manage our expected growth and operate profitable operations, (c) whether we are able to generate sufficient revenue or obtain financing to maintain and grow our business, (d) whether we are able to successfully meet our major cash requirements, which are explained below under “Liquidity and Capital Resources”. We undertake no obligation to update forward-looking statements, except as required under applicable federal securities laws. Unless otherwise specified, terms such as the “Company”, “BioQuest,” “we”, “us”, “our” and other similar terms shall refer to BioQuest Corp., Inc.a Nevada company and its subsidiaries.



Results of Operations



Working Capital



                           January 31, 2022       April 30, 2021
                                  $                     $
Current assets                           116               17,097
Current liabilities                  393.674            1,786,638
Working capital deficit             (393,558 )         (1.769,541 )




Cash Flows



                                                    Nine Months Ended       Nine Months Ended
                                                    January 31, 2022        January 31, 2021
Cash flows used in operating activities            $           (65,144 )              (188,106 )
Cash flows provided by financing activities                     65,000                 188,000
Cash flows used in investing activities                              -                       -
Net increase (decrease) in cash during period      $              (144 )   $              (106 )




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Three and nine months ended January 3120221 Compared to the three and nine month periods ended January 31, 2021


Operating Revenue


The Company recorded no revenue for the three months and nine months ended January 31, 2022 or for the same periods in 2021.


Cost of Revenues


The Company had no cost of revenue for the three and nine months ended January 31, 2022or for the same periods in 2021.


Operating Expenses


The compensation was $ -0– and $467,570 for the three and nine month periods ended
January 31, 2022compared to $384,000 and $1,024,000 for the same periods in 2021.

The equity compensation was ($50,000) and $-0– for the three and nine months ended
January 31, 2022compared to $100,000 and $250,000 for the same periods in 2021.

Professional fees were $2,695 and $74,602 for the three and nine months ended
January 31, 2022compared to $36,683 and $105,843 for the same periods in 2021 and the decrease was limited activity during these periods. at

Stock-based compensation for the three months ended January 31, 2022due to the cancellation of a consulting contract by the Company, was credited with an amount of $
$50,000 for amounts accrued in previous periods with respect to $100,000 at the same period of the previous year. Share-based compensation for the nine months ended
January 31, 2022has been $ -0– compared to $250,000 the previous year

General and administrative expenses mainly include marketing, product development and general expenses. For the three and nine months ended January 31, 2022general and administrative expenses were ($5,415) and $45,887 compared to $43,943 and $98,902 for the same periods in 2021. The difference comes from reduced activity during the quarter ended January 31, 2022and reductions of previously accrued amounts.

The derived gain (expense) was $1,471 and $75,516 in the three and nine months ended January 31, 2022and $-0– and ($85,775) for the same periods of the previous year.

Interest charges were $4,098 and $62,347 in the three and nine months ended
January 31, 2022and $16,887 and $18,595 for the same periods of the previous year.



Net Income (Loss)



The Company recorded a net profit (loss) $50,094 and ($574,890) for the three and nine month periods ended January 31, 2022compared to a net loss of ($667,288) and ($1,619,798) for the same periods of the previous year.

Cash and capital resources

The Company’s ability to continue as a going concern depends on its ability to raise additional capital and implement its business plan. Since its inception, the Company has been financed by related parties through capital investments and borrowed funds.

From January 31, 2022the Company had total current assets of $116. Current assets mainly consisted of cash As of January 31, 2022the Company had total current liabilities of $393,674 compared to $1,786,868 of the April 30, 2021. Current liabilities consisted mainly of accounts payable and accrued liabilities.

We had a negative working capital of $393,558 of the January 31, 2022.

Cash flow from operating activities

In the nine months ended January 31, 2022cash used in operating activities was $65,144 compared to $188,106 for the same period of the previous year.

Cash flow from financing activities

For the nine months ended January 31, 2022cash from financing activities was $65,000 compared to

$188,000 planned for the same period ended the previous year


Quarterly Developments



None.



Subsequent Developments



None.



Going Concern



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The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles which contemplate the continuation of the Company on a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the normal course of business at the amounts disclosed in the consolidated financial statements. The Company has incurred recurring operating losses and has an accumulated deficit of $. The Company’s ability to continue as a going concern depends on its ability to obtain adequate financing to support its operations through continued debt and/or equity investments by qualified investors/creditors, internally generated working capital and monetization of intellectual property assets. These factors raise substantial doubts as to the Company’s ability to continue as a going concern. These consolidated financial statements do not include adjustments that may be necessary if the Company is unable to continue as a going concern. Management is currently pursuing a business strategy that includes raising the necessary funds to finance the Company’s development and marketing efforts.

Critical accounting estimates and policies

The preparation of financial statements in accordance 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 the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period . Note 1 to the financial statements describes the main accounting policies and methods used in the preparation of the financial statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from these estimates. The following critical accounting policies are strongly influenced by the judgments, assumptions and estimates used in the preparation of the financial statements.

We are subject to various loss contingencies that arise in the normal course of business. We consider the likelihood of loss or impairment of an asset or the occurrence of a liability, as well as our ability to reasonably estimate the amount of the loss in determining loss contingencies. A provision for estimated loss is recognized when management concludes that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. We regularly assess the current information available to us to determine if these accrued liabilities need to be adjusted.

We recognize deferred tax assets and liabilities (future tax benefits) for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of the assets and liabilities. Deferred tax assets and liabilities represent the expected consequences on future tax yield of these differences, which should be deductible or taxable when the assets and liabilities are recovered or settled. Future tax benefits have been fully offset by a 100% valuation allowance as management is unable to determine that it is more likely than not that this deferred tax asset will be realized. .

Recent accounting pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have a material impact on the financial statements, unless otherwise stated, and the Company does not believe that there are any other new accounting pronouncements that could have a material impact on its financial position. or its results of operations.

Off-balance sheet arrangements

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial position, changes in our financial position, our income or expenses, our results of operations, our liquidity , our capital expenditures or our capital resources and which be considered important to investors.

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