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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ______________ to________________
Commission
file number 000-56480
QUEST
WATER GLOBAL, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
27-1994359 |
(State
or other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
Suite
209 – 828 Harbourside Drive
North
Vancouver, British Columbia, Canada |
|
V7P
3R9 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(888)
897-5536
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
None |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”,
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☐ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of November 12, 2024, the registrant’s outstanding common stock consisted of 131,903,029 shares.
TABLE
OF CONTENTS
Item
1. Financial Statements
Quest
Water Global, Inc.
Condensed
Consolidated Financial Statements
Nine Months Ended September 30, 2024 and 2023
(Expressed
in US dollars)
(Unaudited)
QUEST
WATER GLOBAL, INC.
Condensed
Consolidated Interim Balance Sheets
(Expressed
in US Dollars)
(Unaudited)
| |
September 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
| | |
(Audited) | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 12 | | |
$ | 3 | |
Prepaid expenses | |
| 5,182 | | |
| 1,529 | |
Total Current Assets | |
| 5,194 | | |
| 1,532 | |
Equipment, net (Note 4) | |
| 292 | | |
| 667 | |
Total assets | |
$ | 5,486 | | |
$ | 2,199 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 69,720 | | |
$ | 62,387 | |
Due to related company (Note 3) | |
| 21,898 | | |
| 41,273 | |
Due to related parties (Note 5) | |
| 2,171,471 | | |
| 1,733,443 | |
Due to related parties | |
| 2,171,471 | | |
| 1,733,443 | |
Total liabilities | |
| 2,263,089 | | |
| 1,837,103 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ deficit | |
| | | |
| | |
Preferred stock, 5,000,000 shares authorized, $0.000001 par value 2 shares issued and outstanding | |
| 1 | | |
| 1 | |
Common stock, 500,000,000 shares authorized, $0.000001 par value 131,903,029 issued and outstanding (December 31, 2023 – 131,903,029) | |
| 132 | | |
| 132 | |
Additional paid-in capital | |
| 10,187,703 | | |
| 10,000,348 | |
Deficit | |
| (12,445,439 | ) | |
| (11,835,385 | ) |
Total stockholders’ deficit | |
| (2,257,603 | ) | |
| (1,834,904 | ) |
Total liabilities and stockholders’ deficit | |
$ | 5,486 | | |
$ | 2,199 | |
(The
accompanying notes are an integral part of these condensed consolidated financial statements)
QUEST
WATER GLOBAL, INC.
Condensed
Consolidated Interim Statements of Operations and Comprehensive Loss
(Expressed
in US Dollars)
(Unaudited)
| |
For the three months ended September 30, 2024 | | |
For the three months ended September 30, 2023 | | |
For the nine months ended September 30, 2024 | | |
For the nine months ended September 30, 2023 | |
| |
| | |
(Restated) | | |
| | |
(Restated) | |
Expenses | |
| | | |
| | | |
| | | |
| | |
Automotive | |
$ | 859 | | |
$ | 2,212 | | |
$ | 2,551 | | |
$ | 6,819 | |
Depreciation | |
| 125 | | |
| 125 | | |
| 375 | | |
| 375 | |
Management fees | |
| 123,750 | | |
| 123,750 | | |
| 371,250 | | |
| 371,250 | |
Office and miscellaneous | |
| 1,921 | | |
| 1,554 | | |
| 3,679 | | |
| 5,668 | |
Professional fees | |
| 6,076 | | |
| 3,209 | | |
| 28,382 | | |
| 16,772 | |
Rent | |
| - | | |
| 5,250 | | |
| - | | |
| 15,750 | |
Telephone | |
| 734 | | |
| 824 | | |
| 2,252 | | |
| 2,561 | |
Transfer agent and filing fees | |
| 3,864 | | |
| 3,574 | | |
| 14,210 | | |
| 14,744 | |
Consulting fees | |
| - | | |
| - | | |
| 187,355 | | |
| - | |
Total expenses | |
| 137,329 | | |
| 140,498 | | |
| 610,054 | | |
| 433,939 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net loss and comprehensive loss | |
$ | (137,329 | ) | |
$ | (140,498 | ) | |
$ | (610,054 | ) | |
$ | (433,939 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.001 | ) | |
$ | (0.001 | ) | |
$ | (0.005 | ) | |
$ | (0.003 | ) |
Weighted average number of shares outstanding, basic and diluted | |
| 131,903,029 | | |
| 131,903,029 | | |
| 131,903,029 | | |
| 131,903,029 | |
(The
accompanying notes are an integral part of these condensed consolidated financial statements)
QUEST
WATER GLOBAL, INC.
Condensed
Consolidated Interim Statements of Stockholder’s Deficit
(Expressed
in US Dollars)
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred stock | | |
Common stock | | |
Additional paid-in | | |
| | |
| |
| |
Number | | |
Amount $ | | |
Number | | |
Amount $ | | |
capital $ | | |
Deficit $ | | |
Total $ | |
For September 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2023 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,000,348 | | |
| (11,835,385 | ) | |
| (1,834,904 | ) |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 187,355 | | |
| - | | |
| 187,355 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (332,310 | ) | |
| (332,310 | ) |
Balance, March 31, 2024 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,187,703 | | |
| (12,167,695 | ) | |
| (1,979,859 | ) |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (140,415 | ) | |
| (140,415 | ) |
Balance, June 30 2024 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,187,703 | | |
| (12,308,110 | ) | |
| (2,120,274 | ) |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (137,329 | ) | |
| (137,329 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2024 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,187,703 | | |
| (12,445,439 | ) | |
| (2,257,603 | ) |
| |
Preferred stock | | |
Common stock | | |
Additional paid-in | | |
| | |
| |
(Restated) | |
Number | | |
Amount $ | | |
Number | | |
Amount $ | | |
capital $ | | |
Deficit $ | | |
Total $ | |
For September 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,000,348 | | |
| (11,239,372 | ) | |
| (1,238,891 | ) |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (142,411 | ) | |
| (142,411 | ) |
Balance, March
31, 2023 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,000,348 | | |
| (11,381,783 | ) | |
| (1,381,302 | ) |
Net
loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (151,030 | ) | |
| (151,030 | ) |
Balance, June 30. 2023 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,000,348 | | |
| (11,532,813 | ) | |
| (1,532,232 | ) |
Balance | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,000,348 | | |
| (11,532,813 | ) | |
| (1,532,232 | ) |
Net
loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (140,498 | ) | |
| (140,498 | ) |
Balance, September 30, 2023 | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,000,348 | | |
| (11,673,311 | ) | |
| (1,672,830 | ) |
Balance | |
| 2 | | |
| 1 | | |
| 131,903,029 | | |
| 132 | | |
| 10,000,348 | | |
| (11,673,311 | ) | |
| (1,672,830 | ) |
(The
accompanying notes are an integral part of these condensed consolidated financial statements)
QUEST
WATER GLOBAL, INC.
Condensed
Consolidated Interim Statements of Cash Flows
(Expressed
in US Dollars)
(Unaudited)
| |
For the nine months ended September 30, 2024 | | |
For the nine months ended September 30, 2023 | |
| |
| | |
(Restated) | |
Cash Flows from Operating Activities: | |
| | | |
| | |
Net loss for the period | |
$ | (610,054 | ) | |
$ | (433,939 | ) |
Depreciation | |
| 375 | | |
| 375 | |
Stock based compensation | |
| 187,355 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaids | |
| (3,653 | ) | |
| (3,764 | ) |
Accounts payable and accrued liabilities | |
| 7,333 | | |
| 13,029 | |
Due to related company | |
| (19,375 | ) | |
| (7,539 | ) |
| |
| | | |
| | |
Net cash provided by (used in) operating activities | |
| (438,019 | ) | |
| (431,838 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Equipment purchase | |
| - | | |
| - | |
| |
| | | |
| | |
Net cash used in investing activities | |
| - | | |
| - | |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Advances from related parties | |
| 438,028 | | |
| 431,880 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 438,028 | | |
| 431,880 | |
| |
| | | |
| | |
Change in cash | |
| 9 | | |
| 42 | |
Cash, beginning of period | |
| 3 | | |
| - | |
| |
| | | |
| | |
Cash, end of period | |
$ | 12 | | |
$ | 42 | |
| |
| | | |
| | |
Supplemental disclosures: | |
| | | |
| | |
Interest paid | |
$ | - | | |
$ | - | |
Income tax paid | |
$ | - | | |
$ | - | |
(The
accompanying notes are an integral part of these condensed consolidated financial statements)
QUEST
WATER GLOBAL, INC.
Notes
to the Condensed Consolidated Interim Financial Statements
For
the Nine Months Ended September 30, 2024
(Expressed
in US Dollars)
1.
Nature of Operations and Continuance of Business
Quest
Water Global, Inc. (the “Company”) was incorporated on February 25, 2010, under the laws of the State of Delaware. The Company
is an innovative water technology company that provides solutions to water scarce regions. The Company’s operations to date have
been limited primarily to capital formation, organization, and development of its business plan.
These
condensed consolidated interim financial statements have been prepared on a going concern basis, which implies the Company will continue
to realize its assets and discharge its liabilities in the normal course of business. At September 30, 2024, the Company has a working
capital deficiency of $2,257,895 of which $2,171,471 is owed to the two principal shareholders (Note 5), and an accumulated deficit of
$12,445,439. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders,
the ability of the Company to obtain necessary equity financing to continue to develop its business and ultimately on the attainment
of profitable operations. The Company has in the past, and is expected to in the future, arrange additional capital financing that may
assist in addressing these issues; however, these factors continue to raise substantial doubt regarding the Company’s ability to
continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded
asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
2.
Summary of Significant Accounting Policies
(a)
Basis of Presentation and Principles of Consolidation
These
condensed consolidated interim financial statements and related notes are presented in accordance with accounting principles generally
accepted in the United States (“US GAAP”) and are expressed in US dollars. These consolidated financial statements include
the accounts of the Company; the Company’s wholly-owned subsidiary Quest Water Solutions, Inc., a company incorporated under the
laws of the State of Nevada (“Quest Nevada”); AQUAtap Global, Inc., a company incorporated under the laws of the State of
Wyoming; and Quest Nevada’s wholly-owned subsidiary, Quest Water Solutions Inc., a company incorporated under the laws of the Province
of British Columbia, Canada. All inter-company balances and transactions have been eliminated on consolidation.
(b)
Interim Financial Statements
The
accompanying condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial
statements and accompanying notes for the fiscal year ended December 31, 2023. In the opinion of management, the accompanying condensed
consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s
financial position and the results of its operations and its cash flows for the periods shown.
The
preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United
States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially
from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to
be expected for the full year.
(c)
Foreign Currency Translation
The
Company’s functional currency is US dollars. Transactions in foreign currencies are translated into the currency of measurement
at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated
into US dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in
income.
The
Company’s integrated foreign subsidiaries are financially or operationally dependent on the Company. The Company uses the temporal
method to translate the accounts of its integrated operations into US dollars. Monetary assets and liabilities are translated at the
exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues
and expenses are translated at average rates for the period, except for amortization, which is translated on the same basis as the related
asset. The resulting exchange gains or losses are recognized in income.
(d)
Stock-based Compensation
The
Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation”, using the
fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments
are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever
is more reliably measurable.
The
Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the
Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but
are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected employee
stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense
in the consolidated statement of operations over the requisite service period.
(e)
Recent Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial
position or results of operations.
3.
Investment in and Due to Related Company
During
the year ended December 31, 2019, the Company invested $7,600 in AQUAtap Oasis Partnership S.A.R.L. (“AQUAtap”), a limited
liability company domiciled in the Democratic Republic of the Congo, and by doing so obtained 38% of the issued and outstanding shares
in AQUAtap. The Company accounts for this investment using the equity method. During the year ended December 31, 2022, the investment
balance was reduced to zero therefore the Company discontinued the equity method. The Company adjusted the loss of $45,064 and has restated
the financial statements for September 30, 2023 to reflect what was previously recorded. The Company also reclassified some items for
presentation purposes. The accounts impacted by the change are detailed below.
Schedule
of Restatement of Financial Statements
Restatement
Consolidated Statements of Operations and Comprehensive Loss | |
Originally Reported | | |
Change | | |
As Restated | |
| |
| | |
| | |
| |
For September 30, 2023 | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | |
Automotive | |
$ | 6,819 | | |
| - | | |
$ | 6,819 | |
Depreciation | |
| 375 | | |
| - | | |
| 375 | |
Management fees | |
| 371,250 | | |
| - | | |
| 371,250 | |
Office and miscellaneous | |
| 4,934 | | |
| 734 | | |
| 5,668 | |
Professional fees | |
| 16,772 | | |
| - | | |
| 16,772 | |
Rent | |
| 16,484 | | |
| (734 | ) | |
| 15,750 | |
Telephone | |
| 2,561 | | |
| - | | |
| 2,561 | |
Transfer agent and filing fees | |
| 14,744 | | |
| - | | |
| 14,744 | |
Total expenses | |
| 433,939 | | |
| - | | |
| 433,939 | |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | |
Decrease in equity of investment in partnership | |
| (11,085 | ) | |
| 11,085 | | |
| - | |
| |
| | | |
| | | |
| | |
Net loss and comprehensive loss | |
$ | (445,024 | ) | |
| 11,085 | | |
$ | (433,939 | ) |
| |
| | | |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.003 | ) | |
| - | | |
$ | (0.003 | ) |
| |
| | | |
| | | |
| | |
Weighted average number of shares outstanding, basic and diluted | |
| 131,903,029 | | |
| - | | |
| 131,903,029 | |
| |
Originally | | |
| | |
| |
Consolidated Statements of Cash Flows for September 30, 2023 | |
Reported | | |
Change | | |
As Restated | |
| |
| | |
| | |
| |
Operating Activities: | |
| | | |
| | | |
| | |
Net loss for the period | |
$ | (445,024 | ) | |
$ | 11,085 | | |
| (433,939 | ) |
Decrease in equity of partnership investment | |
| 11,085 | | |
| (11,085 | ) | |
| - | |
Depreciation | |
| 375 | | |
| - | | |
| 375 | |
Changes in operating assets and liabilities: | |
| | | |
| | | |
| | |
Prepaids | |
| (3,764 | ) | |
| - | | |
| (3,764 | ) |
Accounts payable and accrued liabilities | |
| 13,029 | | |
| - | | |
| 13,029 | |
Due to related company | |
| (7,539 | ) | |
| - | | |
| (7,539 | ) |
Due to related parties | |
| 431,880 | | |
| (431,880 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Net cash used in operating activities | |
| - | | |
| (431,880 | ) | |
| (431,838 | ) |
| |
| | | |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | | |
| | |
Equipment purchase | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Net cash used in investing activities | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | | |
| | |
Advances from related parties | |
| - | | |
| 431,880 | | |
| 431,880 | |
| |
| | | |
| | | |
| | |
Net cash provided by financing activities | |
| - | | |
| 431,880 | | |
| 431,880 | |
| |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Change in cash | |
| 42 | | |
| - | | |
| 42 | |
Cash, beginning of period | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Cash, end of period | |
$ | 42 | | |
$ | – | | |
$ | 42 | |
| |
| | | |
| | | |
| | |
Supplemental disclosures: | |
| | | |
| | | |
| | |
Interest paid | |
$ | – | | |
$ | – | | |
$ | - | |
Income tax paid | |
$ | – | | |
$ | – | | |
$ | - | |
The
due to related company amounts pertain to funds received on behalf of AQUAtap relating to rights agreements for water units. At September
30, 2024, a balance of $21,898 (December 31, 2023 - $41,273) was owing to AQUAtap.
4.
Equipment
Equipment
is depreciated over its useful life of three years.
Schedule
of Equipment
| |
| |
September 30, | | |
December 31, | |
| |
| |
2024 | | |
2023 | |
Computer | |
Cost | |
$ | 1,500 | | |
$ | 1,500 | |
| |
Depreciation | |
| 1,208 | | |
| 833 | |
| |
Net | |
$ | 292 | | |
$ | 667 | |
5.
Related Party Transactions
(a) |
As
at September 30, 2024, a total of $1,040,471 (September 30, 2023 - $711,845) was owed to the President of the Company, which is non-interest
bearing, unsecured, and due on demand. |
|
|
(b) |
As
at September 30, 2024, a total of $1,131,000 (September 30, 2023 - $873,648) was owed to the Vice President of the Company, which
is non-interest bearing, unsecured, and due on demand. |
|
|
(c) |
For
the nine months ended September 30, 2024, the Company incurred a total of $371,250 (September 30, 2023 - $371,250) in management
fees to the President and the Vice President of the Company. |
|
|
(d) |
For
the nine months ended September 30, 2023, the Company incurred $15,750 in rent to the Vice President of the Company. The rent was
payable for a residential office on a month-to-month basis. At December 31, 2023, the arrangement was terminated. |
6.
Common Stock
At
September 30, 2024, the Company had 131,903,029 shares of common stock outstanding (December 31, 2023 - 131,903,029 shares).
The
calculation of the basic and diluted loss per share for the nine months ended September 30, 2024 was based on the loss attributable to
common stockholders of $610,054 (December 31, 2023 - $596,013) and a weighted average number of shares of common stock outstanding of
131,903,029 (December 31, 2023 - 131,903,029 shares).
At
September 30, 2024, 10,050,000 stock options were excluded from the diluted weighted average number of shares calculation as their effect
would have been anti-dilutive (December 31, 2023 - 6,300,000 stock options).
7.
Share Based Payments
Stock
Options
The
Company adopted a stock option plan in May 2012 (the “Plan”) under which it is authorized to grant options to directors,
officers, employees and consultants enabling them to acquire up to a maximum of 10% of the issued and outstanding common stock of the
Company. The options can be granted for a maximum term of 10 years and vest as determined by the board of directors.
Stock
option transactions are summarized as follows:
Schedule
of Stock Option Transactions
| |
Number of | | |
Weighted Average | |
| |
Options | | |
Exercise Price | |
| |
| | |
| |
Balance, December 31, 2022 | |
| 6,300,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Balance, December 31, 2023 | |
| 6,300,000 | | |
$ | 0.10 | |
Granted | |
| 3,750,000 | | |
| 0.10 | |
| |
| | | |
| | |
Balance, September 30, 2024 | |
| 10,050,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Exercisable at September 30, 2024 | |
| 10,050,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Weighted average fair value of options granted | |
| | | |
$ | 0.10 | |
The
following weighted average assumption were used for the Black-Scholes valuation of the stock options granted:
Schedule of Weighted Average
Assumption of Stock Option Granted
| |
September 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Risk-free interest rate | |
| 4.02 | % | |
| 3.17 | % |
Expected life of options | |
| 5 Years | | |
| 5 Years | |
Annualized volatility | |
| 294.32 | % | |
| 306.66 | % |
Dividend rate | |
| Nil | | |
| Nil` | |
The
stock options granted effective January 4, 2024 have a 5 year period during which they may be exercised. The share price at the time
of the grant was $0.05 per share. The stock options have an exercise price of $0.10 per share and have a remaining life of 4.25 years.
The awards are Level 3 with non-recuring valuation.
The
stock options outstanding and exercisable at December 31, 2023 were granted effective July 20, 2022 and have a 5 year period during which
they may be exercised. The share price at the time of the grant was $0.10 per share. The stock options have an exercise price of $0.10
per share and have a remaining life of 2.79 years. The awards are Level 3 with non-recuring valuation.
8.
Operating Segment
The
Company has only one operating segment, that being the construction and distribution of water equipment that provides drinking water
to areas of the world where water and/or infrastructure is scarce. Currently the only customer is a related company in the Democratic
Republic of Congo.
9.
South African Partnership
On
October 12, 2023, the Company entered into a partnership with Yonga Industries (Pty) Ltd. and Yorown Energy (Pty) Ltd. to form AQUAtap
Oasis South Africa (Pty) Ltd. The Company holds a 49% interest in AQUAtap Oasis South Africa (Pty) Ltd., and the purpose of the partnership
is to bring about positive social change by supplying and distributing affordable clean water to underserved communities throughout South
Africa. The Company accounts for this investment using the equity method. As at September 30, 2024, there were no transactions.
10.
Subsequent Event
The
Company has evaluated all subsequent events as of the date that these financial statements were available to be issued and has determined
that there are no events that require disclosure as of the date of issuance.
PRESENTATION
OF INFORMATION
As
used in this quarterly report, the terms “we”, “us”, “our” and the “Company” mean Quest
Water Global, Inc. and its consolidated subsidiaries, unless otherwise indicated.
This
quarterly report includes our condensed consolidated interim financial statements as at and for the period ended September 30, 2024.
These financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US
GAAP”). All financial information in this quarterly report is presented in U.S. dollars, unless otherwise indicated, and should
be read in conjunction with the financial statements and the notes thereto included in this quarterly report.
As
disclosed in our current report on Form 8-K dated January 10, 2012, on January 6, 2012, we completed a share exchange with Quest Water
Solutions, Inc. (“Quest NV”), a Nevada corporation that is now our wholly owned subsidiary and operating business (the “Share
Exchange”). The Share Exchange was treated as a recapitalization effected through a share exchange, with Quest NV as the accounting
acquirer and the Company as the accounting acquiree. Our consolidated financial statements are therefore, in substance, those of Quest
NV.
FORWARD-LOOKING
STATEMENTS
This
quarterly report, any supplement to this quarterly report, and any documents incorporated by reference in this quarterly report, include
“forward-looking statements”. To the extent that the information presented in this quarterly report discusses financial projections,
information or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about
future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as “intends”,
“anticipates”, “believes”, “estimates”, “projects”, “forecasts”, “expects”,
“plans” and “proposes”. Although we believe that the expectations reflected in these forward-looking statements
are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially
from such forward-looking statements.
The
forward-looking statements made in this quarterly report relate only to events or information as of the date on which the statements
are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You
should read this quarterly report and the documents that we reference in this quarterly report and have filed as exhibits with the understanding
that our actual future results may be materially different from what we expect. You should not rely upon forward-looking statements as
predictions of future events.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion and analysis of our results of operations and financial condition has been derived from and should be read in conjunction
with our interim unaudited condensed consolidated financial statements and the related notes thereto that appear elsewhere in this quarterly
report, as well as the “Presentation of Information” section that appears at the beginning of this quarterly report.
Overview
We
are an innovative water technology company that provides sustainable and environmentally sound solutions to water-scarce regions. We
use proven technologies to create economically viable products that address the critical shortage of clean drinking water in both domestic
and foreign emerging markets.
Our
goal is to address the vital issue of water quality and water supply by providing an alternative, sustainable source of pure water at
the smallest possible environmental cost to global areas in need, while becoming a leading company in providing decentralized, turn-key
solutions using alternative energy for the purification, desalination and distribution of clean drinking water.
We
focus on the manufacture and sale of two products: our AQUAtapTM Community Water Purification and Distribution system and
our WEPSTM (atmospheric Water Extraction and Purification System). Our AQUAtapTM system is an autonomous, decentralized,
self-contained, solar-powered water purification and distribution system, while our WEPSTM is a unique, proprietary water
extraction and purification system that produces clean drinking water from humidity in the atmosphere.
To
date, we have focused our activities on the formation of safe water partnerships and the sale and installation of our products, with
emphasis on our AQUAtapTM Community Water Purification & Distribution systems throughout North America, Latin America,
the Caribbean and Africa, with specific attention to the Democratic Republic of the Congo (the “DRC”), Angola and South Africa.
Corporate
History and Background
We
were incorporated under the laws of Delaware on February 25, 2010. Prior to the Share Exchange, we had minimal revenue and our operations
were limited to capital formation, organization and development of our business plan. As a result of the Share Exchange, we ceased our
prior operations and, through Quest NV, we now operate as an innovative water technology company that provides sustainable and environmentally
sound solutions to water-scarce regions.
Quest
NV was incorporated under the laws of Nevada on October 20, 2008 and commenced operations on February 20, 2009. Its operations to date
have consisted of business formation, strategic development, marketing, technologies development, negotiations with technologies companies
and capital raising activities. Quest NV has not generated any revenues since its inception.
Acquisition
of Quest NV
On
January 6, 2012, we completed the Share Exchange whereby we acquired all of the issued and outstanding capital stock of Quest NV in exchange
for 2,568,493 shares of our common stock (on a pre-forward split basis), or approximately 62.74% of our issued and outstanding common
stock as of the consummation of the Share Exchange. Subsequent to the Share Exchange, we completed a 20 for 1 forward split of our common
stock (the “Forward Split”) that became effective on March 1, 2012. Pursuant to the Forward Split, the 2,568,493 shares described
above increased to 51,369,860 shares.
As
a result of the Share Exchange, Quest NV became our wholly owned subsidiary, John Balanko and Peter Miele became our directors, officers
and principal stockholders, and we assumed the business and operations of Quest NV. The Share Exchange was treated as a recapitalization
effected through a share exchange, with Quest NV as the accounting acquirer and the Company as the accounting acquiree.
AQUAtap
Global
In
July 2021, we incorporated a new operating subsidiary, AQUAtap Global, Inc., a Wyoming corporation (“AQUAtap”). Through this
entity, we expect to coordinate, facilitate and manage our current, planned and future safe water partnerships throughout Africa, Latin
America and the Caribbean that provide clean water initiatives for underserved communities. AQUAtap, together with its strategic global
partners, plans to establish separate partnerships in each country in which it plans to operate and engage experienced local individuals
and organizations for operational expertise. We anticipate that this will enable these partnerships to enter into public-private partnerships
(commonly known as PPPs) with NGOs, strategic investors and various levels of government.
Quest
Water Solutions Inc., a British Columbia, Canada corporation and wholly owned subsidiary of Quest NV (“Quest BC”), will remain
as the technology provider to our safe water initiatives. Quest BC is responsible for designing, engineering and manufacturing our range
of products, and it also sells these water technology products directly to end users through our corporate sales & marketing divisions
and through global distributors and agents.
Results
of Operations
For
the Three Months Ended September 30, 2024
Revenue
We
did not generate any revenue during the three months ended September 30, 2024 or 2023. We anticipate that we will incur substantial losses
for the foreseeable future and our ability to generate any revenues in the next 12 months continues to be uncertain.
Expenses
During
the three months ended September 30, 2024, we incurred $137,329 in total expenses, including $123,750 in management fees, $6,076 in professional
fees, $3,864 in transfer agent and filing fees, $1,921 in office and miscellaneous expenses, $859 in automotive expenses, $734 in telephone
expenses and $125 in depreciation. During the same period in the prior year, we incurred $140,498 in total expenses, including $123,750
in management fees, $5,250 in rent, $3,574 in transfer agent and filing fees, $3,209 in professional fees, $$2,212 in automotive expenses,
$1,554 in office and miscellaneous expenses, $824 in telephone expenses and $125 in depreciation. Our expenses were therefore relatively
consistent between the two periods.
Net
Loss
During
the three months ended September 30, 2024, we incurred a net loss of $137,329, whereas we incurred a net loss of $140,498 during the
same period in the prior year. Our net loss per share during each of the three months ended September 30, 2024 and 2023 was $0.001.
For
the Nine Months Ended September 30, 2024
Revenue
We
did not generate any revenue during the nine months ended September 30, 2024 or 2023. As described above, we anticipate that we will
incur substantial losses for the foreseeable future and our ability to generate any revenues in the next 12 months continues to be uncertain.
Expenses
During
the nine months ended September 30, 2024, we incurred $610,054 in total expenses, including $371,250 in management fees, $187,355 in
consulting fees, $28,382 in professional fees, $14,210 in transfer agent and filing fees, $3,679 in office and miscellaneous expenses,
$2,551 in automotive expenses, $2,252 in telephone expenses and $375 in depreciation. During the same period in the prior year, we incurred
$433,939 in total expenses, including $371,250 in management fees, $16,772 in professional fees, $15,570 in rent, $14,744 in transfer
agent and filing fees, $6,819 in automotive expenses, $5,668 in office and miscellaneous expenses, $2,561 in telephone expenses and $375
in depreciation.
Except
for the significant consulting fees we incurred during the current year, which was entirely attributable to the granting of an aggregate
of 3,750,000 options which vested during the first quarter, and an increase in our professional fees that was associated with having
our financial statements for the year ended December 31, 2022 re-audited, our expenses were relatively consistent between the two periods.
Net
Loss
During
the nine months ended September 30, 2024, we incurred a net loss of $610,054 and a net loss per share of $0.005, whereas we incurred
a net loss of $433,939 and a net loss per share of $0.003 during the same period in the prior year. The increase was substantially attributable
to the increase in our stock-based compensation expense from period-to-period as described above.
Liquidity
and Capital Resources
As
of September 30, 2024 we had $12 in cash, $5,486 in total assets, $2,263,089 in total liabilities and a working capital deficiency of
$2,257,895. As of that date, we also had an accumulated deficit of $12,445,439.
To
date, we have experienced negative cash flows from operations and we have been dependent on sales of our common stock and capital contributions
to fund our operations. We expect this situation to continue for the foreseeable future, and we anticipate that we will experience negative
cash flows during the year ended December 31, 2024.
During
the nine months ended September 30, 2024, we used $438,019 in net cash on operating activities, compared to $431,838 in net cash used
on operating activities during the same period in the prior year. Our net cash spending on operating activities during the two fiscal
years was therefore reasonably consistent.
We
did not use any net cash on investing activities during the nine months ended September 30, 2024 or 2023.
We
received $438,028 in net cash from financing activities during the nine months ended September
30, 2024, all of which was in the form of advances from related parties. During the same period in the prior year, we received $431,880
in net cash from financing activities, all of which was also in the form of advances from related parties.
During
the nine months ended September 30, 2024, our cash decreased by $12 as a result of our operating activities. As of September 30, 2024,
we did not have sufficient cash resources to meet our operating expenses for the next month based on our then-current burn rate.
Plan
of Operations
Our
plan of operations over the next 12 months is to continue to address water quality and supply issues in the DRC through the installation
of our AQUAtapTM Community Water Purification & Distribution systems as well as the employment of our WEPSTM
technology, and we anticipate that we will require a minimum of $990,000 to pursue those plans.
We
intend to meet the balance of our cash requirements for the next 12 months through advances from related parties as well as a combination
of debt financing and equity financing through private placements as circumstances allow. We are presently in the process of contacting
broker/dealers in Canada and elsewhere regarding possible financing arrangements. There is no assurance that we will be successful in
completing any private placement or other financings. If we are unsuccessful in obtaining sufficient funds through our capital raising
efforts, we may review other financing options.
During
the next 12 months, we estimate that our planned expenditures will include the following:
Description | |
Amount
($) | |
Equipment purchases | |
| 250,000 | |
Management fees | |
| 495,000 | |
Consulting fees | |
| 120,000 | |
Professional fees | |
| 50,000 | |
Advertising and promotion expenses | |
| 15,000 | |
Travel and automotive expenses | |
| 30,000 | |
Other general and administrative expenses | |
| 30,000 | |
Total | |
| 990,000 | |
Going
Concern
Our
financial statements have been prepared on a going concern basis, which implies we will continue to realize our assets and discharge
our liabilities in the normal course of business. As at September 30, 2024, we had a working capital deficiency of $2,257,895 and an
accumulated deficit of $12,445,439. Our continuation as a going concern is dependent upon the continued financial support from our creditors,
our ability to obtain necessary equity financing to continue operations, and ultimately on the attainment of profitable operations. These
factors raise substantial doubt regarding our ability to continue as a going concern. Our financial statements do not include any adjustments
to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should we
be unable to continue as a going concern.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources
that is material to investors.
Critical
Accounting Policies
We
have identified certain accounting policies, described below, that are important to the portrayal of our current financial condition
and results of operations.
Basis
of Presentation and Consolidation
The
Company’s condensed consolidated interim financial statements and related notes are presented in accordance with accounting principles
generally accepted in the United States, and are expressed in US dollars. The condensed consolidated financial statements include the
accounts of the Company; the Company’s wholly-owned subsidiaries Quest Water Solutions, Inc., a company incorporated under the
laws of the State of Nevada (“Quest Nevada”), and AQUAtap Global, Inc., a company incorporated under the laws of the State
of Wyoming; and Quest Nevada’s wholly owned subsidiary, Quest Water Solutions Inc., a company incorporated under the laws of the
province of British Columbia, Canada. All inter-company balances and transactions have been eliminated on consolidation.
Foreign
Currency Translation
The
Company’s functional currency is US dollars. Transactions in foreign currencies are translated into the currency of measurement
at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated
into US dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in
income.
The
Company’s integrated foreign subsidiaries are financially or operationally dependent on the Company. The Company uses the temporal
method to translate the accounts of its integrated operations into US dollars. Monetary assets and liabilities are translated at the
exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues
and expenses are translated at average rates for the period, except for amortization, which is translated on the same basis as the related
asset. The resulting exchange gains or losses are recognized in income.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
required.
Item
4. Controls and Procedures
Disclosure
Controls and Procedures
We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934
(the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we
file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules
and forms of the SEC, and that such information is accumulated and communicated to management, including our Chief Executive Officer
and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.
As
of the end of the period covered by this report, management, with the participation of our Chief Executive and Chief Financial Officer,
carried out an evaluation of the effectiveness of our disclosure controls and procedures. Based upon this evaluation, management concluded
that our disclosure controls and procedures were not effective due to certain deficiencies in our internal control over financial reporting.
Internal
Control over Financial Reporting
There
were no changes in our internal control over financial reporting (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange
Act) during the period ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
We
are currently not involved in any litigation that we believe could have a materially adverse effect on our financial condition or results
of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending or, to the knowledge of our executive officers or any of our subsidiaries, threatened against
or affecting us, our common stock, any of our subsidiaries or our officers or directors of those of our subsidiaries’ in their
capacities as such, in which an adverse decision could have a material adverse effect.
Item
1A. Risk Factors
Not
applicable.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
The
following documents are filed as a part of this quarterly report.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
November 12, 2024 |
QUEST
WATER GLOBAL, INC. |
|
|
|
|
By: |
/s/
John Balanko |
|
|
John
Balanko |
|
|
Chairman,
President, Chief Executive Officer, Director |
Exhibit
31.1
Certification
of the Chief Executive Officer pursuant to Rule 13a-14(A) or 15d-14(A) under
the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
John Balanko, certify that:
1. | I
have reviewed this quarterly report on Form 10-Q of Quest Water Global, Inc. (the “Registrant”); |
| |
2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| |
3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant, as of, and for, the periods presented in this report; |
| |
4. | The
Registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| | |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| | |
| (c) | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| | |
| (d) | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect the Registrant’s internal control over financial
reporting; and |
5. | The
Registrant’s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and |
| | |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Dated:
November 12, 2024
By: |
/s/
John Balanko |
|
|
John
Balanko |
|
|
Chairman,
President, Chief Executive Officer, Director |
|
Exhibit
31.2
Certification
of the Chief Financial Officer pursuant to Rule 13a-14(A) or 15d-14(A) under
the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
Peter Miele, certify that:
1. | I
have reviewed this quarterly report on Form 10-Q of Quest Water Global, Inc. (the “Registrant”); |
| |
2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report; |
| |
3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant, as of, and for, the periods presented in this report; |
| |
4. | The
Registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| | |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| | |
| (c) | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| | |
| (d) | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect the Registrant’s internal control over financial
reporting; and |
5. | The
Registrant’s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and |
| | |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Dated:
November 12, 2024
By: |
/s/
Peter Miele |
|
|
Peter
Miele |
|
|
Vice
President, Chief Financial Officer, Secretary, Director |
|
Exhibit
32.1
Certification
of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In
connection with the quarterly report of Quest Water Global, Inc. (the “Registrant”) on Form 10-Q for the period ended September
30, 2024 as filed with the Securities and Exchange Commission (the “Report”), I, John Balanko, certify pursuant to 18 U.S.C.
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge
1. | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| |
2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Dated:
November 12, 2024
By: |
/s/
John Balanko |
|
|
John
Balanko |
|
|
Chairman,
President, Chief Executive Officer, Director |
|
Exhibit
32.2
Certification
of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In
connection with the quarterly report of Quest Water Global, Inc. (the “Registrant”) on Form 10-Q for the period ended September
30, 2024 as filed with the Securities and Exchange Commission (the “Report”), I, Peter Miele, certify pursuant to 18 U.S.C.
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge
1. | The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| |
2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Dated:
November 12, 2024
By: |
/s/
Peter Miele |
|
|
Peter
Miele |
|
|
Vice
President, Chief Financial Officer, Secretary, Director |
|
v3.24.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Nov. 12, 2024 |
Cover [Abstract] |
|
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10-Q
|
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|
|
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Q3
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-56480
|
|
Entity Registrant Name |
QUEST
WATER GLOBAL, INC.
|
|
Entity Central Index Key |
0001487091
|
|
Entity Tax Identification Number |
27-1994359
|
|
Entity Incorporation, State or Country Code |
DE
|
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Suite
209 – 828 Harbourside Drive
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North
Vancouver
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v3.24.3
Condensed Consolidated Interim Balance Sheets - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash |
$ 12
|
$ 3
|
Prepaid expenses |
5,182
|
1,529
|
Total Current Assets |
5,194
|
1,532
|
Equipment, net (Note 4) |
292
|
667
|
Total assets |
5,486
|
2,199
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
69,720
|
62,387
|
Total liabilities |
2,263,089
|
1,837,103
|
Commitments and Contingencies |
|
|
Stockholders’ deficit |
|
|
Preferred stock, 5,000,000 shares authorized, $0.000001 par value 2 shares issued and outstanding |
1
|
1
|
Common stock, 500,000,000 shares authorized, $0.000001 par value 131,903,029 issued and outstanding (December 31, 2023 – 131,903,029) |
132
|
132
|
Additional paid-in capital |
10,187,703
|
10,000,348
|
Deficit |
(12,445,439)
|
(11,835,385)
|
Total stockholders’ deficit |
(2,257,603)
|
(1,834,904)
|
Total liabilities and stockholders’ deficit |
5,486
|
2,199
|
Related Company [Member] |
|
|
Current liabilities |
|
|
Due to related parties |
21,898
|
41,273
|
Related Party [Member] |
|
|
Current liabilities |
|
|
Due to related parties |
$ 2,171,471
|
$ 1,733,443
|
X |
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v3.24.3
Condensed Consolidated Interim Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, par value |
$ 0.000001
|
$ 0.000001
|
Preferred stock, shares issued |
2
|
2
|
Preferred stock, shares outstanding |
2
|
2
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, par value |
$ 0.000001
|
$ 0.000001
|
Common stock, shares issued |
131,903,029
|
131,903,029
|
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131,903,029
|
131,903,029
|
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v3.24.3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Expenses |
|
|
|
|
Automotive |
$ 859
|
$ 2,212
|
$ 2,551
|
$ 6,819
|
Depreciation |
125
|
125
|
375
|
375
|
Management fees |
123,750
|
123,750
|
371,250
|
371,250
|
Office and miscellaneous |
1,921
|
1,554
|
3,679
|
5,668
|
Professional fees |
6,076
|
3,209
|
28,382
|
16,772
|
Rent |
|
5,250
|
|
15,750
|
Telephone |
734
|
824
|
2,252
|
2,561
|
Transfer agent and filing fees |
3,864
|
3,574
|
14,210
|
14,744
|
Consulting fees |
|
|
187,355
|
|
Total expenses |
137,329
|
140,498
|
610,054
|
433,939
|
Loss before other income |
(137,329)
|
(140,498)
|
(610,054)
|
(433,939)
|
Net loss and comprehensive loss |
$ (137,329)
|
$ (140,498)
|
$ (610,054)
|
$ (433,939)
|
Net loss per share, basic |
$ (0.001)
|
$ (0.001)
|
$ (0.005)
|
$ (0.003)
|
Net loss per share, diluted |
$ (0.001)
|
$ (0.001)
|
$ (0.005)
|
$ (0.003)
|
Weighted average number of shares outstanding, basic |
131,903,029
|
131,903,029
|
131,903,029
|
131,903,029
|
Weighted average number of shares outstanding, diluted |
131,903,029
|
131,903,029
|
131,903,029
|
131,903,029
|
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v3.24.3
Condensed Consolidated Interim Statements of Stockholder's Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 1
|
$ 132
|
$ 10,000,348
|
$ (11,239,372)
|
$ (1,238,891)
|
Balance, shares at Dec. 31, 2022 |
2
|
131,903,029
|
|
|
|
Net loss for the period |
|
|
|
(142,411)
|
(142,411)
|
Balance at Mar. 31, 2023 |
$ 1
|
$ 132
|
10,000,348
|
(11,381,783)
|
(1,381,302)
|
Balance, shares at Mar. 31, 2023 |
2
|
131,903,029
|
|
|
|
Balance at Dec. 31, 2022 |
$ 1
|
$ 132
|
10,000,348
|
(11,239,372)
|
(1,238,891)
|
Balance, shares at Dec. 31, 2022 |
2
|
131,903,029
|
|
|
|
Net loss for the period |
|
|
|
|
(433,939)
|
Balance at Sep. 30, 2023 |
$ 1
|
$ 132
|
10,000,348
|
(11,673,311)
|
(1,672,830)
|
Balance, shares at Sep. 30, 2023 |
2
|
131,903,029
|
|
|
|
Balance at Mar. 31, 2023 |
$ 1
|
$ 132
|
10,000,348
|
(11,381,783)
|
(1,381,302)
|
Balance, shares at Mar. 31, 2023 |
2
|
131,903,029
|
|
|
|
Net loss for the period |
|
|
|
(151,030)
|
(151,030)
|
Balance at Jun. 30, 2023 |
$ 1
|
$ 132
|
10,000,348
|
(11,532,813)
|
(1,532,232)
|
Balance, shares at Jun. 30, 2023 |
2
|
131,903,029
|
|
|
|
Net loss for the period |
|
|
|
(140,498)
|
(140,498)
|
Balance at Sep. 30, 2023 |
$ 1
|
$ 132
|
10,000,348
|
(11,673,311)
|
(1,672,830)
|
Balance, shares at Sep. 30, 2023 |
2
|
131,903,029
|
|
|
|
Balance at Dec. 31, 2023 |
$ 1
|
$ 132
|
10,000,348
|
(11,835,385)
|
(1,834,904)
|
Balance, shares at Dec. 31, 2023 |
2
|
131,903,029
|
|
|
|
Stock based compensation |
|
|
187,355
|
|
187,355
|
Net loss for the period |
|
|
|
(332,310)
|
(332,310)
|
Balance at Mar. 31, 2024 |
$ 1
|
$ 132
|
10,187,703
|
(12,167,695)
|
(1,979,859)
|
Balance, shares at Mar. 31, 2024 |
2
|
131,903,029
|
|
|
|
Balance at Dec. 31, 2023 |
$ 1
|
$ 132
|
10,000,348
|
(11,835,385)
|
(1,834,904)
|
Balance, shares at Dec. 31, 2023 |
2
|
131,903,029
|
|
|
|
Net loss for the period |
|
|
|
|
(610,054)
|
Balance at Sep. 30, 2024 |
$ 1
|
$ 132
|
10,187,703
|
(12,445,439)
|
(2,257,603)
|
Balance, shares at Sep. 30, 2024 |
2
|
131,903,029
|
|
|
|
Balance at Mar. 31, 2024 |
$ 1
|
$ 132
|
10,187,703
|
(12,167,695)
|
(1,979,859)
|
Balance, shares at Mar. 31, 2024 |
2
|
131,903,029
|
|
|
|
Net loss for the period |
|
|
|
(140,415)
|
(140,415)
|
Balance at Jun. 30, 2024 |
$ 1
|
$ 132
|
10,187,703
|
(12,308,110)
|
(2,120,274)
|
Balance, shares at Jun. 30, 2024 |
2
|
131,903,029
|
|
|
|
Net loss for the period |
|
|
|
(137,329)
|
(137,329)
|
Balance at Sep. 30, 2024 |
$ 1
|
$ 132
|
$ 10,187,703
|
$ (12,445,439)
|
$ (2,257,603)
|
Balance, shares at Sep. 30, 2024 |
2
|
131,903,029
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement.
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v3.24.3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Cash Flows from Operating Activities: |
|
|
Net loss for the period |
$ (610,054)
|
$ (433,939)
|
Depreciation |
375
|
375
|
Stock based compensation |
187,355
|
|
Changes in operating assets and liabilities: |
|
|
Prepaids |
(3,653)
|
(3,764)
|
Accounts payable and accrued liabilities |
7,333
|
13,029
|
Due to related company |
(19,375)
|
(7,539)
|
Net cash provided by (used in) operating activities |
(438,019)
|
(431,838)
|
Cash Flows from Investing Activities: |
|
|
Equipment purchase |
|
|
Net cash used in investing activities |
|
|
Cash Flows from Financing Activities: |
|
|
Advances from related parties |
438,028
|
431,880
|
Net cash provided by financing activities |
438,028
|
431,880
|
Change in cash |
9
|
42
|
Cash, beginning of period |
3
|
|
Cash, end of period |
12
|
42
|
Supplemental disclosures: |
|
|
Interest paid |
|
|
Income tax paid |
|
|
X |
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v3.24.3
Nature of Operations and Continuance of Business
|
9 Months Ended |
Sep. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations and Continuance of Business |
1.
Nature of Operations and Continuance of Business
Quest
Water Global, Inc. (the “Company”) was incorporated on February 25, 2010, under the laws of the State of Delaware. The Company
is an innovative water technology company that provides solutions to water scarce regions. The Company’s operations to date have
been limited primarily to capital formation, organization, and development of its business plan.
These
condensed consolidated interim financial statements have been prepared on a going concern basis, which implies the Company will continue
to realize its assets and discharge its liabilities in the normal course of business. At September 30, 2024, the Company has a working
capital deficiency of $2,257,895 of which $2,171,471 is owed to the two principal shareholders (Note 5), and an accumulated deficit of
$12,445,439. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders,
the ability of the Company to obtain necessary equity financing to continue to develop its business and ultimately on the attainment
of profitable operations. The Company has in the past, and is expected to in the future, arrange additional capital financing that may
assist in addressing these issues; however, these factors continue to raise substantial doubt regarding the Company’s ability to
continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded
asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
|
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v3.24.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
(a)
Basis of Presentation and Principles of Consolidation
These
condensed consolidated interim financial statements and related notes are presented in accordance with accounting principles generally
accepted in the United States (“US GAAP”) and are expressed in US dollars. These consolidated financial statements include
the accounts of the Company; the Company’s wholly-owned subsidiary Quest Water Solutions, Inc., a company incorporated under the
laws of the State of Nevada (“Quest Nevada”); AQUAtap Global, Inc., a company incorporated under the laws of the State of
Wyoming; and Quest Nevada’s wholly-owned subsidiary, Quest Water Solutions Inc., a company incorporated under the laws of the Province
of British Columbia, Canada. All inter-company balances and transactions have been eliminated on consolidation.
(b)
Interim Financial Statements
The
accompanying condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial
statements and accompanying notes for the fiscal year ended December 31, 2023. In the opinion of management, the accompanying condensed
consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s
financial position and the results of its operations and its cash flows for the periods shown.
The
preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United
States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially
from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to
be expected for the full year.
(c)
Foreign Currency Translation
The
Company’s functional currency is US dollars. Transactions in foreign currencies are translated into the currency of measurement
at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated
into US dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in
income.
The
Company’s integrated foreign subsidiaries are financially or operationally dependent on the Company. The Company uses the temporal
method to translate the accounts of its integrated operations into US dollars. Monetary assets and liabilities are translated at the
exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues
and expenses are translated at average rates for the period, except for amortization, which is translated on the same basis as the related
asset. The resulting exchange gains or losses are recognized in income.
(d)
Stock-based Compensation
The
Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation”, using the
fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments
are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever
is more reliably measurable.
The
Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the
Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but
are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected employee
stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense
in the consolidated statement of operations over the requisite service period.
(e)
Recent Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial
position or results of operations.
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v3.24.3
Investment in and Due to Related Company
|
9 Months Ended |
Sep. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Investment in and Due to Related Company |
3.
Investment in and Due to Related Company
During
the year ended December 31, 2019, the Company invested $7,600 in AQUAtap Oasis Partnership S.A.R.L. (“AQUAtap”), a limited
liability company domiciled in the Democratic Republic of the Congo, and by doing so obtained 38% of the issued and outstanding shares
in AQUAtap. The Company accounts for this investment using the equity method. During the year ended December 31, 2022, the investment
balance was reduced to zero therefore the Company discontinued the equity method. The Company adjusted the loss of $45,064 and has restated
the financial statements for September 30, 2023 to reflect what was previously recorded. The Company also reclassified some items for
presentation purposes. The accounts impacted by the change are detailed below.
Schedule
of Restatement of Financial Statements
Restatement
Consolidated Statements of Operations and Comprehensive Loss | |
Originally Reported | | |
Change | | |
As Restated | |
| |
| | |
| | |
| |
For September 30, 2023 | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | |
Automotive | |
$ | 6,819 | | |
| - | | |
$ | 6,819 | |
Depreciation | |
| 375 | | |
| - | | |
| 375 | |
Management fees | |
| 371,250 | | |
| - | | |
| 371,250 | |
Office and miscellaneous | |
| 4,934 | | |
| 734 | | |
| 5,668 | |
Professional fees | |
| 16,772 | | |
| - | | |
| 16,772 | |
Rent | |
| 16,484 | | |
| (734 | ) | |
| 15,750 | |
Telephone | |
| 2,561 | | |
| - | | |
| 2,561 | |
Transfer agent and filing fees | |
| 14,744 | | |
| - | | |
| 14,744 | |
Total expenses | |
| 433,939 | | |
| - | | |
| 433,939 | |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | |
Decrease in equity of investment in partnership | |
| (11,085 | ) | |
| 11,085 | | |
| - | |
| |
| | | |
| | | |
| | |
Net loss and comprehensive loss | |
$ | (445,024 | ) | |
| 11,085 | | |
$ | (433,939 | ) |
| |
| | | |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.003 | ) | |
| - | | |
$ | (0.003 | ) |
| |
| | | |
| | | |
| | |
Weighted average number of shares outstanding, basic and diluted | |
| 131,903,029 | | |
| - | | |
| 131,903,029 | |
| |
Originally | | |
| | |
| |
Consolidated Statements of Cash Flows for September 30, 2023 | |
Reported | | |
Change | | |
As Restated | |
| |
| | |
| | |
| |
Operating Activities: | |
| | | |
| | | |
| | |
Net loss for the period | |
$ | (445,024 | ) | |
$ | 11,085 | | |
| (433,939 | ) |
Decrease in equity of partnership investment | |
| 11,085 | | |
| (11,085 | ) | |
| - | |
Depreciation | |
| 375 | | |
| - | | |
| 375 | |
Changes in operating assets and liabilities: | |
| | | |
| | | |
| | |
Prepaids | |
| (3,764 | ) | |
| - | | |
| (3,764 | ) |
Accounts payable and accrued liabilities | |
| 13,029 | | |
| - | | |
| 13,029 | |
Due to related company | |
| (7,539 | ) | |
| - | | |
| (7,539 | ) |
Due to related parties | |
| 431,880 | | |
| (431,880 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Net cash used in operating activities | |
| - | | |
| (431,880 | ) | |
| (431,838 | ) |
| |
| | | |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | | |
| | |
Equipment purchase | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Net cash used in investing activities | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | | |
| | |
Advances from related parties | |
| - | | |
| 431,880 | | |
| 431,880 | |
| |
| | | |
| | | |
| | |
Net cash provided by financing activities | |
| - | | |
| 431,880 | | |
| 431,880 | |
| |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Change in cash | |
| 42 | | |
| - | | |
| 42 | |
Cash, beginning of period | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Cash, end of period | |
$ | 42 | | |
$ | – | | |
$ | 42 | |
| |
| | | |
| | | |
| | |
Supplemental disclosures: | |
| | | |
| | | |
| | |
Interest paid | |
$ | – | | |
$ | – | | |
$ | - | |
Income tax paid | |
$ | – | | |
$ | – | | |
$ | - | |
The
due to related company amounts pertain to funds received on behalf of AQUAtap relating to rights agreements for water units. At September
30, 2024, a balance of $21,898 (December 31, 2023 - $41,273) was owing to AQUAtap.
|
X |
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v3.24.3
Equipment
|
9 Months Ended |
Sep. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Equipment |
4.
Equipment
Equipment
is depreciated over its useful life of three years.
Schedule
of Equipment
| |
| |
September 30, | | |
December 31, | |
| |
| |
2024 | | |
2023 | |
Computer | |
Cost | |
$ | 1,500 | | |
$ | 1,500 | |
| |
Depreciation | |
| 1,208 | | |
| 833 | |
| |
Net | |
$ | 292 | | |
$ | 667 | |
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v3.24.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
5.
Related Party Transactions
(a) |
As
at September 30, 2024, a total of $1,040,471 (September 30, 2023 - $711,845) was owed to the President of the Company, which is non-interest
bearing, unsecured, and due on demand. |
|
|
(b) |
As
at September 30, 2024, a total of $1,131,000 (September 30, 2023 - $873,648) was owed to the Vice President of the Company, which
is non-interest bearing, unsecured, and due on demand. |
|
|
(c) |
For
the nine months ended September 30, 2024, the Company incurred a total of $371,250 (September 30, 2023 - $371,250) in management
fees to the President and the Vice President of the Company. |
|
|
(d) |
For
the nine months ended September 30, 2023, the Company incurred $15,750 in rent to the Vice President of the Company. The rent was
payable for a residential office on a month-to-month basis. At December 31, 2023, the arrangement was terminated. |
|
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v3.24.3
Common Stock
|
9 Months Ended |
Sep. 30, 2024 |
Equity [Abstract] |
|
Common Stock |
6.
Common Stock
At
September 30, 2024, the Company had 131,903,029 shares of common stock outstanding (December 31, 2023 - 131,903,029 shares).
The
calculation of the basic and diluted loss per share for the nine months ended September 30, 2024 was based on the loss attributable to
common stockholders of $610,054 (December 31, 2023 - $596,013) and a weighted average number of shares of common stock outstanding of
131,903,029 (December 31, 2023 - 131,903,029 shares).
At
September 30, 2024, 10,050,000 stock options were excluded from the diluted weighted average number of shares calculation as their effect
would have been anti-dilutive (December 31, 2023 - 6,300,000 stock options).
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v3.24.3
Share Based Payments
|
9 Months Ended |
Sep. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Share Based Payments |
7.
Share Based Payments
Stock
Options
The
Company adopted a stock option plan in May 2012 (the “Plan”) under which it is authorized to grant options to directors,
officers, employees and consultants enabling them to acquire up to a maximum of 10% of the issued and outstanding common stock of the
Company. The options can be granted for a maximum term of 10 years and vest as determined by the board of directors.
Stock
option transactions are summarized as follows:
Schedule
of Stock Option Transactions
| |
Number of | | |
Weighted Average | |
| |
Options | | |
Exercise Price | |
| |
| | |
| |
Balance, December 31, 2022 | |
| 6,300,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Balance, December 31, 2023 | |
| 6,300,000 | | |
$ | 0.10 | |
Granted | |
| 3,750,000 | | |
| 0.10 | |
| |
| | | |
| | |
Balance, September 30, 2024 | |
| 10,050,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Exercisable at September 30, 2024 | |
| 10,050,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Weighted average fair value of options granted | |
| | | |
$ | 0.10 | |
The
following weighted average assumption were used for the Black-Scholes valuation of the stock options granted:
Schedule of Weighted Average
Assumption of Stock Option Granted
| |
September 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Risk-free interest rate | |
| 4.02 | % | |
| 3.17 | % |
Expected life of options | |
| 5 Years | | |
| 5 Years | |
Annualized volatility | |
| 294.32 | % | |
| 306.66 | % |
Dividend rate | |
| Nil | | |
| Nil` | |
The
stock options granted effective January 4, 2024 have a 5 year period during which they may be exercised. The share price at the time
of the grant was $0.05 per share. The stock options have an exercise price of $0.10 per share and have a remaining life of 4.25 years.
The awards are Level 3 with non-recuring valuation.
The
stock options outstanding and exercisable at December 31, 2023 were granted effective July 20, 2022 and have a 5 year period during which
they may be exercised. The share price at the time of the grant was $0.10 per share. The stock options have an exercise price of $0.10
per share and have a remaining life of 2.79 years. The awards are Level 3 with non-recuring valuation.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.3
Operating Segment
|
9 Months Ended |
Sep. 30, 2024 |
Segment Reporting [Abstract] |
|
Operating Segment |
8.
Operating Segment
The
Company has only one operating segment, that being the construction and distribution of water equipment that provides drinking water
to areas of the world where water and/or infrastructure is scarce. Currently the only customer is a related company in the Democratic
Republic of Congo.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.3
South African Partnership
|
9 Months Ended |
Sep. 30, 2024 |
South African Partnership |
|
South African Partnership |
9.
South African Partnership
On
October 12, 2023, the Company entered into a partnership with Yonga Industries (Pty) Ltd. and Yorown Energy (Pty) Ltd. to form AQUAtap
Oasis South Africa (Pty) Ltd. The Company holds a 49% interest in AQUAtap Oasis South Africa (Pty) Ltd., and the purpose of the partnership
is to bring about positive social change by supplying and distributing affordable clean water to underserved communities throughout South
Africa. The Company accounts for this investment using the equity method. As at September 30, 2024, there were no transactions.
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v3.24.3
Subsequent Event
|
9 Months Ended |
Sep. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Event |
10.
Subsequent Event
The
Company has evaluated all subsequent events as of the date that these financial statements were available to be issued and has determined
that there are no events that require disclosure as of the date of issuance.
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
(a)
Basis of Presentation and Principles of Consolidation
These
condensed consolidated interim financial statements and related notes are presented in accordance with accounting principles generally
accepted in the United States (“US GAAP”) and are expressed in US dollars. These consolidated financial statements include
the accounts of the Company; the Company’s wholly-owned subsidiary Quest Water Solutions, Inc., a company incorporated under the
laws of the State of Nevada (“Quest Nevada”); AQUAtap Global, Inc., a company incorporated under the laws of the State of
Wyoming; and Quest Nevada’s wholly-owned subsidiary, Quest Water Solutions Inc., a company incorporated under the laws of the Province
of British Columbia, Canada. All inter-company balances and transactions have been eliminated on consolidation.
|
Interim Financial Statements |
(b)
Interim Financial Statements
The
accompanying condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial
statements and accompanying notes for the fiscal year ended December 31, 2023. In the opinion of management, the accompanying condensed
consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s
financial position and the results of its operations and its cash flows for the periods shown.
The
preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United
States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially
from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to
be expected for the full year.
|
Foreign Currency Translation |
(c)
Foreign Currency Translation
The
Company’s functional currency is US dollars. Transactions in foreign currencies are translated into the currency of measurement
at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated
into US dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in
income.
The
Company’s integrated foreign subsidiaries are financially or operationally dependent on the Company. The Company uses the temporal
method to translate the accounts of its integrated operations into US dollars. Monetary assets and liabilities are translated at the
exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues
and expenses are translated at average rates for the period, except for amortization, which is translated on the same basis as the related
asset. The resulting exchange gains or losses are recognized in income.
|
Stock-based Compensation |
(d)
Stock-based Compensation
The
Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation”, using the
fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments
are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever
is more reliably measurable.
The
Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the
Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but
are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected employee
stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense
in the consolidated statement of operations over the requisite service period.
|
Recent Accounting Pronouncements |
(e)
Recent Accounting Pronouncements
The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial
position or results of operations.
|
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v3.24.3
Investment in and Due to Related Company (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Schedule of Restatement of Financial Statements |
Schedule
of Restatement of Financial Statements
Restatement
Consolidated Statements of Operations and Comprehensive Loss | |
Originally Reported | | |
Change | | |
As Restated | |
| |
| | |
| | |
| |
For September 30, 2023 | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | |
Automotive | |
$ | 6,819 | | |
| - | | |
$ | 6,819 | |
Depreciation | |
| 375 | | |
| - | | |
| 375 | |
Management fees | |
| 371,250 | | |
| - | | |
| 371,250 | |
Office and miscellaneous | |
| 4,934 | | |
| 734 | | |
| 5,668 | |
Professional fees | |
| 16,772 | | |
| - | | |
| 16,772 | |
Rent | |
| 16,484 | | |
| (734 | ) | |
| 15,750 | |
Telephone | |
| 2,561 | | |
| - | | |
| 2,561 | |
Transfer agent and filing fees | |
| 14,744 | | |
| - | | |
| 14,744 | |
Total expenses | |
| 433,939 | | |
| - | | |
| 433,939 | |
| |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | |
Decrease in equity of investment in partnership | |
| (11,085 | ) | |
| 11,085 | | |
| - | |
| |
| | | |
| | | |
| | |
Net loss and comprehensive loss | |
$ | (445,024 | ) | |
| 11,085 | | |
$ | (433,939 | ) |
| |
| | | |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.003 | ) | |
| - | | |
$ | (0.003 | ) |
| |
| | | |
| | | |
| | |
Weighted average number of shares outstanding, basic and diluted | |
| 131,903,029 | | |
| - | | |
| 131,903,029 | |
| |
Originally | | |
| | |
| |
Consolidated Statements of Cash Flows for September 30, 2023 | |
Reported | | |
Change | | |
As Restated | |
| |
| | |
| | |
| |
Operating Activities: | |
| | | |
| | | |
| | |
Net loss for the period | |
$ | (445,024 | ) | |
$ | 11,085 | | |
| (433,939 | ) |
Decrease in equity of partnership investment | |
| 11,085 | | |
| (11,085 | ) | |
| - | |
Depreciation | |
| 375 | | |
| - | | |
| 375 | |
Changes in operating assets and liabilities: | |
| | | |
| | | |
| | |
Prepaids | |
| (3,764 | ) | |
| - | | |
| (3,764 | ) |
Accounts payable and accrued liabilities | |
| 13,029 | | |
| - | | |
| 13,029 | |
Due to related company | |
| (7,539 | ) | |
| - | | |
| (7,539 | ) |
Due to related parties | |
| 431,880 | | |
| (431,880 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Net cash used in operating activities | |
| - | | |
| (431,880 | ) | |
| (431,838 | ) |
| |
| | | |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | | |
| | |
Equipment purchase | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Net cash used in investing activities | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | | |
| | |
Advances from related parties | |
| - | | |
| 431,880 | | |
| 431,880 | |
| |
| | | |
| | | |
| | |
Net cash provided by financing activities | |
| - | | |
| 431,880 | | |
| 431,880 | |
| |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Change in cash | |
| 42 | | |
| - | | |
| 42 | |
Cash, beginning of period | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Cash, end of period | |
$ | 42 | | |
$ | – | | |
$ | 42 | |
| |
| | | |
| | | |
| | |
Supplemental disclosures: | |
| | | |
| | | |
| | |
Interest paid | |
$ | – | | |
$ | – | | |
$ | - | |
Income tax paid | |
$ | – | | |
$ | – | | |
$ | - | |
|
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v3.24.3
Share Based Payments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Option Transactions |
Stock
option transactions are summarized as follows:
Schedule
of Stock Option Transactions
| |
Number of | | |
Weighted Average | |
| |
Options | | |
Exercise Price | |
| |
| | |
| |
Balance, December 31, 2022 | |
| 6,300,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Balance, December 31, 2023 | |
| 6,300,000 | | |
$ | 0.10 | |
Granted | |
| 3,750,000 | | |
| 0.10 | |
| |
| | | |
| | |
Balance, September 30, 2024 | |
| 10,050,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Exercisable at September 30, 2024 | |
| 10,050,000 | | |
$ | 0.10 | |
| |
| | | |
| | |
Weighted average fair value of options granted | |
| | | |
$ | 0.10 | |
|
Schedule of Weighted Average Assumption of Stock Option Granted |
The
following weighted average assumption were used for the Black-Scholes valuation of the stock options granted:
Schedule of Weighted Average
Assumption of Stock Option Granted
| |
September 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Risk-free interest rate | |
| 4.02 | % | |
| 3.17 | % |
Expected life of options | |
| 5 Years | | |
| 5 Years | |
Annualized volatility | |
| 294.32 | % | |
| 306.66 | % |
Dividend rate | |
| Nil | | |
| Nil` | |
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.24.3
Nature of Operations and Continuance of Business (Details Narrative) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Working capital deficiency |
$ 2,257,895
|
|
Liability of principal stockholders |
2,171,471
|
|
Accumulated deficit |
$ 12,445,439
|
$ 11,835,385
|
X |
- DefinitionLiability to principal stockholders due to working capital deficiency.
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v3.24.3
Schedule of Restatement of Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Expenses |
|
|
|
|
|
|
|
|
|
Automotive |
$ 859
|
|
|
$ 2,212
|
|
|
$ 2,551
|
$ 6,819
|
|
Depreciation |
125
|
|
|
125
|
|
|
375
|
375
|
|
Management fees |
123,750
|
|
|
123,750
|
|
|
371,250
|
371,250
|
|
Office and miscellaneous |
1,921
|
|
|
1,554
|
|
|
3,679
|
5,668
|
|
Professional fees |
6,076
|
|
|
3,209
|
|
|
28,382
|
16,772
|
|
Rent |
|
|
|
5,250
|
|
|
|
15,750
|
|
Telephone |
734
|
|
|
824
|
|
|
2,252
|
2,561
|
|
Transfer agent and filing fees |
3,864
|
|
|
3,574
|
|
|
14,210
|
14,744
|
|
Total expenses |
137,329
|
|
|
140,498
|
|
|
610,054
|
433,939
|
|
Loss before other income |
(137,329)
|
|
|
(140,498)
|
|
|
(610,054)
|
(433,939)
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Net loss and comprehensive loss |
$ (137,329)
|
$ (140,415)
|
$ (332,310)
|
$ (140,498)
|
$ (151,030)
|
$ (142,411)
|
$ (610,054)
|
$ (433,939)
|
|
Net loss per share, basic |
$ (0.001)
|
|
|
$ (0.001)
|
|
|
$ (0.005)
|
$ (0.003)
|
|
Net loss per share, diluted |
$ (0.001)
|
|
|
$ (0.001)
|
|
|
$ (0.005)
|
$ (0.003)
|
|
Weighted average number of shares outstanding, basic |
131,903,029
|
|
|
131,903,029
|
|
|
131,903,029
|
131,903,029
|
131,903,029
|
Weighted average number of shares outstanding, diluted |
131,903,029
|
|
|
131,903,029
|
|
|
131,903,029
|
131,903,029
|
|
Previously Reported [Member] |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Automotive |
|
|
|
|
|
|
|
$ 6,819
|
|
Depreciation |
|
|
|
|
|
|
|
375
|
|
Management fees |
|
|
|
|
|
|
|
371,250
|
|
Office and miscellaneous |
|
|
|
|
|
|
|
4,934
|
|
Professional fees |
|
|
|
|
|
|
|
16,772
|
|
Rent |
|
|
|
|
|
|
|
16,484
|
|
Telephone |
|
|
|
|
|
|
|
2,561
|
|
Transfer agent and filing fees |
|
|
|
|
|
|
|
14,744
|
|
Total expenses |
|
|
|
|
|
|
|
433,939
|
|
Loss before other income |
|
|
|
|
|
|
|
(433,939)
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Decrease in equity of investment in partnership |
|
|
|
|
|
|
|
(11,085)
|
|
Net loss and comprehensive loss |
|
|
|
|
|
|
|
$ (445,024)
|
|
Net loss per share, basic |
|
|
|
|
|
|
|
$ (0.003)
|
|
Net loss per share, diluted |
|
|
|
|
|
|
|
$ (0.003)
|
|
Weighted average number of shares outstanding, basic |
|
|
|
|
|
|
|
131,903,029
|
|
Weighted average number of shares outstanding, diluted |
|
|
|
|
|
|
|
131,903,029
|
|
Revision of Prior Period, Reclassification, Adjustment [Member] |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Automotive |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
Management fees |
|
|
|
|
|
|
|
|
|
Office and miscellaneous |
|
|
|
|
|
|
|
734
|
|
Professional fees |
|
|
|
|
|
|
|
|
|
Rent |
|
|
|
|
|
|
|
(734)
|
|
Telephone |
|
|
|
|
|
|
|
|
|
Transfer agent and filing fees |
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
|
|
|
|
|
|
|
Loss before other income |
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Decrease in equity of investment in partnership |
|
|
|
|
|
|
|
11,085
|
|
Net loss and comprehensive loss |
|
|
|
|
|
|
|
11,085
|
|
Restated [Member] |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Automotive |
|
|
|
|
|
|
|
6,819
|
|
Depreciation |
|
|
|
|
|
|
|
375
|
|
Management fees |
|
|
|
|
|
|
|
371,250
|
|
Office and miscellaneous |
|
|
|
|
|
|
|
5,668
|
|
Professional fees |
|
|
|
|
|
|
|
16,772
|
|
Rent |
|
|
|
|
|
|
|
15,750
|
|
Telephone |
|
|
|
|
|
|
|
2,561
|
|
Transfer agent and filing fees |
|
|
|
|
|
|
|
14,744
|
|
Total expenses |
|
|
|
|
|
|
|
433,939
|
|
Loss before other income |
|
|
|
|
|
|
|
(433,939)
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Decrease in equity of investment in partnership |
|
|
|
|
|
|
|
|
|
Net loss and comprehensive loss |
|
|
|
|
|
|
|
$ (433,939)
|
|
Net loss per share, basic |
|
|
|
|
|
|
|
$ (0.003)
|
|
Net loss per share, diluted |
|
|
|
|
|
|
|
$ (0.003)
|
|
Weighted average number of shares outstanding, basic |
|
|
|
|
|
|
|
131,903,029
|
|
Weighted average number of shares outstanding, diluted |
|
|
|
|
|
|
|
131,903,029
|
|
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v3.24.3
Schedule of Restatement of Consolidated Statements of Cash Flows (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss for the period |
$ (137,329)
|
$ (140,415)
|
$ (332,310)
|
$ (140,498)
|
$ (151,030)
|
$ (142,411)
|
$ (610,054)
|
$ (433,939)
|
Depreciation |
|
|
|
|
|
|
375
|
375
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaids |
|
|
|
|
|
|
(3,653)
|
(3,764)
|
Accounts payable and accrued liabilities |
|
|
|
|
|
|
7,333
|
13,029
|
Due to related company |
|
|
|
|
|
|
(19,375)
|
(7,539)
|
Net cash provided by (used in) operating activities |
|
|
|
|
|
|
(438,019)
|
(431,838)
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Equipment purchase |
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Advances from related parties |
|
|
|
|
|
|
438,028
|
431,880
|
Net cash provided by financing activities |
|
|
|
|
|
|
438,028
|
431,880
|
Change in cash |
|
|
|
|
|
|
9
|
42
|
Cash, beginning of period |
|
|
$ 3
|
|
|
|
3
|
|
Cash, end of period |
$ 12
|
|
|
42
|
|
|
12
|
42
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
Interest paid |
|
|
|
|
|
|
|
|
Income tax paid |
|
|
|
|
|
|
|
|
Previously Reported [Member] |
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
(445,024)
|
Decrease in equity of partnership investment |
|
|
|
|
|
|
|
11,085
|
Depreciation |
|
|
|
|
|
|
|
375
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaids |
|
|
|
|
|
|
|
(3,764)
|
Accounts payable and accrued liabilities |
|
|
|
|
|
|
|
13,029
|
Due to related company |
|
|
|
|
|
|
|
(7,539)
|
Due to related parties |
|
|
|
|
|
|
|
431,880
|
Net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Equipment purchase |
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Advances from related parties |
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
|
|
|
|
|
|
Change in cash |
|
|
|
|
|
|
|
42
|
Cash, beginning of period |
|
|
|
|
|
|
|
|
Cash, end of period |
|
|
|
42
|
|
|
|
42
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
Interest paid |
|
|
|
|
|
|
|
|
Income tax paid |
|
|
|
|
|
|
|
|
Revision of Prior Period, Reclassification, Adjustment [Member] |
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
11,085
|
Decrease in equity of partnership investment |
|
|
|
|
|
|
|
(11,085)
|
Depreciation |
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaids |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
|
|
|
|
|
|
Due to related company |
|
|
|
|
|
|
|
|
Due to related parties |
|
|
|
|
|
|
|
(431,880)
|
Net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
(431,880)
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Equipment purchase |
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Advances from related parties |
|
|
|
|
|
|
|
431,880
|
Net cash provided by financing activities |
|
|
|
|
|
|
|
431,880
|
Change in cash |
|
|
|
|
|
|
|
|
Cash, beginning of period |
|
|
|
|
|
|
|
|
Cash, end of period |
|
|
|
|
|
|
|
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
Interest paid |
|
|
|
|
|
|
|
|
Income tax paid |
|
|
|
|
|
|
|
|
Restated [Member] |
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
|
|
(433,939)
|
Decrease in equity of partnership investment |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
375
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaids |
|
|
|
|
|
|
|
(3,764)
|
Accounts payable and accrued liabilities |
|
|
|
|
|
|
|
13,029
|
Due to related company |
|
|
|
|
|
|
|
(7,539)
|
Due to related parties |
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
(431,838)
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Equipment purchase |
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Advances from related parties |
|
|
|
|
|
|
|
431,880
|
Net cash provided by financing activities |
|
|
|
|
|
|
|
431,880
|
Change in cash |
|
|
|
|
|
|
|
42
|
Cash, beginning of period |
|
|
|
|
|
|
|
|
Cash, end of period |
|
|
|
$ 42
|
|
|
|
42
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
Interest paid |
|
|
|
|
|
|
|
|
Income tax paid |
|
|
|
|
|
|
|
|
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v3.24.3
Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
Management fee |
$ 123,750
|
$ 123,750
|
$ 371,250
|
$ 371,250
|
President [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Due to related parties |
1,040,471
|
711,845
|
1,040,471
|
711,845
|
Vice President [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Due to related parties |
$ 1,131,000
|
$ 873,648
|
1,131,000
|
873,648
|
Payment of rent |
|
|
|
15,750
|
President and Vice President [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Management fee |
|
|
$ 371,250
|
$ 371,250
|
X |
- DefinitionAmount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment.
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v3.24.3
Common Stock (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
|
|
|
Common stock, shares outstanding |
131,903,029
|
|
131,903,029
|
|
131,903,029
|
Loss attributable to common shareholders |
|
|
$ 610,054
|
|
$ 596,013
|
Weighted average number of shares outstanding |
131,903,029
|
131,903,029
|
131,903,029
|
131,903,029
|
131,903,029
|
Antidilutive securities, shares |
|
|
10,050,000
|
|
6,300,000
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.24.3
Schedule of Stock Option Transactions (Details) - $ / shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
|
Number of Options, Beginning balance |
10,050,000
|
6,300,000
|
Weighted Average Exercise Price, Beginning |
$ 0.10
|
$ 0.10
|
Number of Options, Beginning balance |
6,300,000
|
|
Weighted Average Exercise Price, Beginning |
$ 0.10
|
|
Number of Options, Granted |
3,750,000
|
|
Weighted Average Exercise Price, Granted |
$ 0.10
|
|
Number of Options, Ending balance |
10,050,000
|
|
Weighted Average Exercise Price, Exercisable |
$ 0.10
|
|
Number of Options, Exercisable |
10,050,000
|
|
Weighted Average Exercise Price, Granted |
$ 0.10
|
|
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- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
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