Forward Looking Statements

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

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that we cannot predict. In evaluating these forward-looking statements, you should consider various factors, including the following: (a) those risks and uncertainties related to general economic conditions, (b) whether we are able to manage our planned growth efficiently and operate profitable operations, (c) whether we are able to generate sufficient revenues or obtain financing to sustain and grow our operations, (d) whether we are able to successfully fulfil our primary requirements for cash, which are explained below under "Liquidity and Capital Resources". We assume no obligation to update forward-looking statements, except as otherwise required under the applicable federal securities laws. Unless stated otherwise, terms such as the "Company," "BioQuest," "we," "us," "our," and similar terms shall refer to BioQuest Corp., Inc., a Nevada corporation, and its subsidiaries.





Results of Operations



Working Capital



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




Cash Flows



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




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Three and nine months ended January 31, 20221 Compared to the three and nine months ended January 31, 2021





Operating Revenue

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





Cost of Revenues

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





Operating Expenses

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

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

Professional Fees were $2,695 and $74,602 for the three and nine months ended January 31, 2022, as compared to $36.683 and $105,843 for the same periods in 2021and the decrease was limited activity in those periods. to

Stock Compensation for the three months ended January 31, 2022, due to a cancellation of a consulting contract by the Company was $a credit to expense of $50,000 for amounts accrued in previous periods as compared with $100,000 in the same period in the previous year. Stock Compensation for the nine months ended January 31, 2022, was $ -0- compared with $250,000 in the previous year

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

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

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





Net Income (Loss)

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

Liquidity and Capital Resources

The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan. Since its inception, the Company has been funded by related parties through capital investment and borrowing of funds.

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

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

Cash flow from Operating Activities

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

Cash flow from Financing Activities

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

$ 188,000 provided for the same period ended in the preceding year





Quarterly Developments



None.



Subsequent Developments



None.



Going Concern



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

Critical Accounting Estimates and Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Note 1 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Financial Statements.

We are subject to various loss contingencies arising in the ordinary course of business. We consider the likelihood of loss or impairment of an asset or the incurrence of a liability, as well as our ability to reasonably estimate the amount of loss in determining loss contingencies. An estimated loss contingency is accrued when management concludes that it is probable that an asset has been impaired, or a liability has been incurred and the amount of the loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted.

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

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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.

Off Balance Sheet Arrangements

We have not entered 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 and would be considered material to investors.

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