Sports Quest, Inc.
Consolidated Balance Sheet
As at June 30, 2022 (Unaudited)
Notes | |
ASSETS | |
Current Assets | |
Cash and cash equivalents | 4 |
Accounts receivable | 5 |
Prepaid expenses | 6 |
Total Current Assets | |
Long term receivables | |
Intangible assets - Allied / ECO | 8 |
Total Assets
STOCKHOLDERS' EQUITY & LIABILITIES | |
Current Liablities | |
Current portion of long term debts: | |
Notes payable - JB | |
Trade and other payables | 9 |
Accrued expenses
Total Current Liabilities
Long-term debt - net of current portion
Total Liabilities
SHAREHOLDER'S EQUITY
Preferred A Stock, $.0001 par value (1,200,000 Issued shares authorized)
Preferred B Stock, $.0001 par value (1,000,000 Issued shares authorized)
Common stock, $.0001 par value (5,000,000,000 issued shares authorized)
Accumulated deficit
Total Shareholders' Equity
Total Liabilities and Equity
As at June 30, 2022 | As at December 31, | |
(Unaudited) | 2021 (Unaudited) | |
($) | ($) | |
41,392 | 62,615 | |
17,244 | 3,946 | |
19,884 | 4,186 | |
78,520 | 70,747 | |
- | - | |
- | - | |
78,520 | 70,747 | |
- | - | |
- | - | |
- | - | |
- | - | |
- | - | |
- | - |
1,200 | - | |
1,000 | 1,000 | |
417,876 | 417,876 | |
(341,556) | (348,129) | |
78,520 | 70,747 | |
78,520 | 70,747 | |
Sports Quest, Inc.
Consolidated Statement of Operations
For the period ended June 30, 2022
For the period ended | For the period ended | ||
June 30, 2022 | June 30, 2021 | ||
---- $ ---- | |||
REVENUE | 147,334 | 162,506 | |
COST OF GOODS SOLD | (97,178) | (66,990) | |
GROSS PROFIT | |||
50,156 | 95,516 | ||
OPERATING EXPENSES | |||
Selling, general and administrative expense | |||
31,365 | 25,176 | ||
TOTAL OPERATING EXPENSES | 31,365 | 25,176 | |
OPERATING PROFIT / (LOSS) | |||
18,791 | 70,340 | ||
OTHER INCOME / (EXPENSE) | |||
Other income | - | - | |
Interest expense | (12,218) | (7,048) | |
Liabilities write off | - | - | |
PROFIT / (LOSS) BEFORE TAX | |||
6,573 | 63,292 | ||
Taxes | - | - | |
NET PROFIT / (LOSS) | |||
6,573 | 63,292 | ||
Sports Quest, Inc.
Statement of Shareholders' Equity
As at June 30, 2022 (Unaudited)
Series A - Preferred Stock | Series B - Preferred Stock | Common Stock | Accumulated Profit | |||||||
Shares | Par | Shares | Par | Shares | Par | / (Deficit) | ||||
As at January 1, 2022 (Unaudited) | - | - | 10,000,000 | 1,000 | 4,178,763,151 | 417,876 | (348,129) | |||
Series A - preferred stock issued during the period | 1,200,000 | 1,200 | - | - | - | - | - | |||
Profit / (loss) for the period | 6,573 | |||||||||
As at June 30, 2022 (Unaudited) | ||||||||||
1,200,000 | 1,200 | 10,000,000 | 1,000 | 4,178,763,151 | 417,876 | (341,556) | ||||
Total
70,747
1,200
6,573
78,520
Sports Quest, Inc.
Statement of cashflows
As at June 30, 2022 (Unaudited)
Cash flow from operating activities | 2022 | 2021 | |||||
(Loss) / profit before income tax | 6,573 | - | |||||
Adjustment for non cash charges and other items | - | - | |||||
Changes in operating assets | 6,573 | - | |||||
Decrease / (increase) in account receivable | |||||||
(13,298) | 820 | ||||||
Decrease / (increase) in long term receivable | - | - | |||||
(Decrease) / increase in trade payables | - | 43,627 | |||||
(Decrease) / increase in accrued expenses | - | - | |||||
Decrease / (increase) in prepaid expenses | (15,698) | 1,130 | |||||
(28,996) | 45,577 | ||||||
Cash flow from operating activities | (22,423) | 45,577 | |||||
Cash flow from investing activities | |||||||
Additions / disposal in intellectual properties | |||||||
- | - | ||||||
Disposal of wireless division | - | - | |||||
Additions in investments | - | - | |||||
Cash flow from / (used) in investing activities | - | - | |||||
Cash flow from financing activities | |||||||
Increase / (decrease) in long term debts | - | - | |||||
Issuance of share capital | - | - | |||||
Issuance / (Buy back) of shares | 1,200 | - | |||||
Cash flow from financing activities | |||||||
1,200 | - | ||||||
Increase / (decrease) in cash and cash equivalents | (21,223) | 45,577 | |||||
Cash and cash equivalents at beginning of the period | 62,615 | 7,761 | |||||
Cash and cash equivalents at end of the period | |||||||
41,392 | 53,338 | ||||||
Sports Quest, Inc.
Notes to the Financial Statements
For the period ended June 30, 2022
-
LEGAL STATUS AND OPERATIONS
Sports Quest, Inc. ("the Company") currently is a holding company operating two separate operating divisions. The company operates a beverage business from its 10,000 sq foot Phoenix Az location www.clearvoda.com as its core business model. The company is also engaged in certain R&D of solar- powered or green energy type energy product lines; including other "unicorn" type of products and in non- aligned industry, spaces encompassing new or emerging technologies with hyper-growth type opportunities - BASIS OF PREPARATION
-
Statement of compliance
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") on a going concern. - Accounting Convention
These financial statements have been prepared on the basis of 'historical cost convention using accrual basis of accounting except as otherwise stated in the respective accounting policies notes. - Going concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern no adjustments have been made for any other outcome.
The company is currently in negotiations with current debt holders to satisfy terms for delinquent debt and seeking financing to continue our current business model. As of the date of these financial statements the company has not been successful in finding financing. There is no assurance that the company will find financing to continue our projects.The Company is currenty disputing approx 2.2 Billion common shares issued to various individuals and corporations in a private placement certain fixed assets and for services rendered. To date none of these assets were delivered nor services provided. The company transfer agent has been notified to place these stock presentations on the watch.The Company does NOT expect these shaes to enter the marketplace.
The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and expand its business and to satisfy current delinquent debt. 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 anticipates raising additional working capital through the issuance of debt and
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SportsQuest Inc. published this content on 14 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2022 19:33:01 UTC.