SportsQuest : SPQS Q4 Financial Statement 2021

Sports Quest, Inc.

Consolidated Balance Sheet

As at December 31, 2021 (Unaudited)

	Notes
ASSETS
Current Assets
Cash and cash equivalents	4
Accounts receivable	5
Prepaid expenses	6
Total Current Assets
Long term receivables - Magnum First
Intangible assets - Magnum First	8

Total Assets

STOCKHOLDERS' EQUITY & LIABILITIES

Current Liablities

Trade and other payables9 Accrued expenses

Total Current Liabilities

Total Liabilities

SHAREHOLDER'S EQUITY

Preferred A Stock, $.0001 par value (1,200,000 Issued shares authorized)

Preferred B Stock, $.0001 par value (1,000,000 Issued shares authorized)

Common stock, $.0001 par value (4,178,763,151 Issued shares authorized)

Accumulated deficit

Total Shareholders' Equity

Total Liabilities and Equity

As at December 31,		As at September 30,
2021 (Unaudited)		2021 (Unaudited)
($)	($)
62,615	235,952
3,946	2,775
4,186	3,655
70,747	242,382
-	600,000
-	350,000
70,747	1,192,382

-	175,420
-	69,217
-	244,637
-	-
-	244,637

-	800,000
1,000	150,000
417,876	417,876
(348,129)	(420,131)
70,747	947,745
70,747		1,192,382

Sports Quest, Inc.

Consolidated Statement of Operations

For the quarter ended December 31, 2021

	For the quarter ended December
	31, 2021
	---- $ ----
REVENUE	219,720
COST OF GOODS SOLD	(105,101)
GROSS PROFIT
114,619
OPERATING EXPENSES
Selling, general and administrative expense
42,617
TOTAL OPERATING EXPENSES	42,617
OPERATING PROFIT / (LOSS)
72,002
OTHER INCOME / (EXPENSE)
Other income	-
Interest expense	-
Liabilities write off	-
PROFIT / (LOSS) BEFORE TAX
72,002
Taxes	-
NET PROFIT / (LOSS)
72,002

Sports Quest, Inc.

Statement of Shareholders' Equity

As at December 31, 2021 (Unaudited)

	Series A - Preferred Stock	Series B - Preferred Stock	Common Stock		Accumulated Profit /
	Shares	Par	Shares	Par	Shares		Par	(Deficit)
As at September 30, 2021 (Unaudited)	8,000,000,000	800,000	1,500,000,000	150,000	4,178,763,151		417,876	(420,131)
Series B - preferred stock issued during the quarter	(8,000,000,000)	(800,000)	(1,490,000,000)	(149,000)	-		-	-
Profit / (loss) for the period								72,002
As at December 31, 2021 (Unaudited)	-	-	10,000,000	1,000	4,178,763,151		417,876	(348,129)

Total

947,745

(949,000)

72,002

70,747

Sports Quest, Inc.

Statement of cashflows

As at December 31, 2021 (Unaudited)

Cash flow from operating activities

(Loss) / profit before income tax

Adjustment for non cash charges and other items

Changes in operating assets

Decrease / (increase) in account receivable Decrease / (increase) in long term receivable (Decrease) / increase in trade payables

(Decrease) / increase in accrued expenses Decrease / (increase) in prepaid expenses

Cash flow from operating activities

Cash flow from investing activities

Additions / disposal in intellectual properties Disposal of wireless division

Additions in investments

Cash flow from / (used) in investing activities

Cash flow from financing activities

Increase / (decrease) in long term debts

Issuance of share capital

Issuance / (Buy back) of shares

Cash flow from financing activities

Increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the quarter

Cash and cash equivalents at end of the year

2021

72,002

-

72,002

(1,171)

600,000

(175,420)

(69,217)

(531)

353,661

425,663

350,000

-

-

350,000

-

-

(949,000)

(949,000)

(173,337)

235,952

62,615

Sports Quest, Inc.

Notes to the Financial Statements

For the quarter ended December 31, 2021

1. LEGAL STATUS AND OPERATIONS
   Sports Quest, Inc. ("the Company") currently is a holding company operating two separate operating divisions. Magnum First is a smart energy saving device manufacturing and distributing Center in Ohio www.magnumfirst.com and a Cryptocurrency dark pool investment fund. Www.smallcryptohub.com
   The company entered into a strategic cooperation agreement with Magnum Industries through the secured Bank creditor as a quit sale which will allow Magnum First to collect on various receivables and outstanding collectibles to settle the bank debt and take over the entire enterprise.
   Cryptocurrency dark pool investment fund. Www.smallcryptohub.com is fully operational. The company engages in high risk High Leverage over the top type of financing of distressed companies. This earns the company immediate Revenue and the opportunity to take over the financed business enterprise should a default occur on the Sports Quest security.
2. BASIS OF PREPARATION

1. Statement of compliance
   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") on a going concern.
2. Accounting Convention
   These financial statements have been prepared on the basis of 'historical cost convention using accrual basis of accounting except as otherwise stated in the respective accounting policies notes.
3. Going concern
   The accompanying financial statements have been prepared assuming that the Company will continue as a going concern no adjustments have been made for any other outcome.
4. Critical accounting estimates and judgements
   The preparation of financial statements in conformity with the approved accounting standards require management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
   The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods.
   The areas involving higher degree of judgment and complexity, or areas where assumptions and estimates made by the management are significant to the financial statements are as follows:

1. Provision for income tax (note - 3.1)

1. Stock based compensation (note - 3.12)