UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2015

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ____________

Commission File No.:  333-195543

(Exact name of registrant as specified in its charter)

(Address of principal executive offices) (Zip Code)

 (Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

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QUINTEC CORP.

Condensed Statements of Operations

(Unaudited)

The accompanying notes are an integral part of these condensed financial statements.

 

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QUINTEC CORP.

Condensed Statements of Cash Flows

(Unaudited)

 

		Three months ended
		April 30,				April 30,
		2015				2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(11,360	)		$	(1,875	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation expense			125				125
Changes in operating assets and liabilities:
Prepaid expenses			-				150
Accounts payable and accrued liabilities			(3,100	)			-
Cash used in operating activities			(14,335	)			(1,600	)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash used in investing activities			-				-
CASH FLOWS FROM FINANCING ACTIVITIES
Cash provided by financing activities			-				-
Net change in cash			(14,335	)			(1,600	)
CASH, BEGINNING OF PERIOD			14,379				9,608
CASH, END OF PERIOD		$	44			$	8,008
SUPPLEMENTAL CASH FLOW DISCLOSURES
Interest paid		$	-			$	-
Income taxes paid		$	-			$	-

 

 

QUINTEC CORP.

Notes to the Condensed Financial Statements

(Unaudited)

NOTE 1. INCORPORATION AND CONTINUANCE OF OPERATIONS

QUINTEC CORP. ("we", "us", "our" or the "Company") was formed on May 23, 2013, in Nevada.  We are engaged in the business of establishing kiosks that are equipped with a 3D printing machine, printing materials, and design files to be marketed and sold under the brand name "3D Xpress". We have not commenced our planned principal operations.  The Company's fiscal year end is January 31.

These financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.  We have incurred operating losses and require additional funds to maintain our operations.  Management's plans in this regard are to raise equity financing as required.

These conditions raise substantial doubt about our ability to continue as a going concern.  These financial statements do not include any adjustments that might result from this uncertainty.

We have not generated any operating revenues to date.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

Interim Financial Statements

The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at April 30, 2015, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's January 31, 2015 audited financial statements. The results of operations for the periods ended April 30, 2015 and 2014 are not necessarily indicative of the operating results for the full years.

Estimates and Assumptions

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of American requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions and could have a material effect on the Company's reported financial position and results of operations.

Foreign Currency Transactions

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Basic and Diluted Loss per Share

Loss per share is computed using the weighted average number of shares outstanding during the period.  We have adopted ASC 260, "Earnings per Share".  Diluted loss per share for period ended April 30, 2015 and 2014 was equivalent to basic loss per share as there were no potential dilutive equity instruments.

New Accounting Pronouncements

The Company's management has considered all recent accounting pronouncements. Management believes that these recent pronouncements will not have a material effect on the Company's financial statements. 

NOTE 3. PROPERTY AND EQUIPMENT

Property and equipment is stated at cost.  Depreciation on property and equipment is computed using the diminishing balance method over the estimated useful lives of the assets.  The estimated useful lives of the assets are as follows:

Property and equipment consisted of the following as at April 30, 2015 and January 31, 2015

During the period ended April 30, 2015 and 2014, the Company incurred depreciation expense of $125 and $125, respectively.

NOTE 4. DUE TO RELATED PARTY

As at April 30, 2015 and January 31, 2015, the Company owed its president and director $767 for incorporation fees he paid its behalf and this $767 has been included in due to related parties. The total amount is unsecured, non-interest bearing, and has no specific terms for repayment.

NOTE 5. STOCKHOLDERS' EQUITY

During the period ended April 30, 2015, the Company did not issue any common stock.

During the year ended January 31, 2015, the Company issued 8,933,336 shares of common stock for cash proceeds of $26,800.

As at April 30, 2015 and January 31, 2015, the Company had 28,933,336 shares issued and outstanding.

 

NOTE 6.  SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date these financial statements were available to be issued.  Based on our evaluation no material events have occurred that require disclosure.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

As used in this Form 10-Q, references to "Quintec" the "Company," "we," "our" or "us" refer to Quintec Corp. unless the context otherwise indicates.

Forward-Looking Statements

Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses.  Such forward-looking statements include, among others, those statements including the words "expects," "anticipates," "intends," "believes" and similar language.  Our actual results may differ significantly from those projected in the forward-looking statements.   Factors that might cause or contribute to such differences include, but are not limited to, those discussed herein as well as in the "Description of Business – Risk Factors" section in our Prospectus, Form 424(B)(3), as filed on August 12, 2014.  You should carefully review the risks described in our Prospectus and in other documents we file from time to time with the Securities and Exchange Commission.  You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report.  We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

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.

All references in this Form 10-Q to the "Company," "Quintec" "we," "us," or "our" are to Quintec Corp.

Plan of Operation

Results of Operation

The following table provides selected financial data about our company for the period ended April 30, 2015 and the year ended January 31, 2015.

Our decrease in cash was primarily due to cash used in operating expenses.

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Liquidity and Capital Resources

In response to these problems, management intends to raise additional funds through public or private placement offerings.  At this time, however, the Company does not have plans or intentions to raise additional funds by way of the sale of additional securities.  No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to us.

 

	As at				As at
	April 30,				January 31,
	2015				2015
Current Assets		$	44			$	14,379
Current Liabilities		$	1,271			$	4,371
Working Capital (Deficiency)		$	(1,227	)		$	10,008

As at April 30, 2015, our company's cash balance was $44 compared to $14,379 as at January 31, 2015 and our total current assets were $44 compared with $14,379 as at January 31, 2015. The decrease in cash and total assets was primarily due to the costs associated with ongoing regulatory requirements.

As at April 30, 2015, our company had total liabilities of $1,271 compared with total liabilities of $4,371 as at January 31, 2015.

As at April 30, 2015, our company had working capital deficiency of $1,227 compared with working capital of $9,386 as at January 31, 2015. The decrease in working capital was primarily due to the costs associated with ongoing regulatory requirements.

Critical Accounting Policies and Estimates

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.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

A smaller reporting company, as defined by Item 10 of Regulation S-K, is not required to provide the information required by this item.

Item 4(T).   Controls and Procedures.

Disclosure Controls and Procedures

Management's Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer, principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report due our limited number of officers and members of the Board of Directors.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the period ended April 30, 2015, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1.      Legal Proceedings.

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

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Item 1A.   Risk Factors

A smaller reporting company, as defined by Item 10 of Regulation S-K, is not required to provide the information required by this item.

Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds.

We did not issue unregistered equity securities during the quarter ended April 30, 2015.

Item 3.      Defaults Upon Senior Securities.

None.

Item 4.      Mine Safety Disclosures.

 

Not applicable.

Item 5.      Other Information.

None.

Item 6.      Exhibits

 

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