SportsQuest, Inc. (SPQS) Releases Full China AI Disclosure Filing & Updated Business Plan
In This Article:
(Updated V2 58-page business report filed with OTC. Company conducting GAAP accounting to capture of 240 million Chinese Yuan (equivalent to $34 million USD) in previous years to acquire the cinema portfolio).
West Palm Beach, Florida--(Newsfile Corp. - April 11, 2024) - The Company, SportsQuest, Inc. (OTC Pink: SPQS) www.sports-quest.co (Company), is providing the following V2 update on the targeted China-based AI cinema chain https://huayicinemas.net/ (AIC) https://www.otcmarkets.com/otcapi/company/financial-report/397304/content.
The updated Business Plan for our cinema company, including financial data, has been posted on OTC Markets as Business Plan Disclosure. This is a comprehensive 60 plus page disclosure document which supersedes the V1 version with additional details and disclosures.
Key Takeaways
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The company has currently acquired 12 movie theaters and 3 more under acquisition, located in major cities in China.
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The company employs a total of 139 employees at the headquarters and various theaters.
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The company is planning to acquire 50 cinemas by the end of 2024; and expand to 150 in 2025; and reach 500 in 2028. At the same time, through independent research and development of AI technology.
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The company is expected to manage 1,000 franchised cinemas in 2025-2026, becoming China's leading cinema chain brand.
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The company's goal is to achieve 70% market share.
Kindly note the following:
1) To undergo auditing in compliance with GAAP standards, we plan to engage a Chinese accounting consulting firm to review and adjust these data accordingly. This process mirrors the requirements for companies seeking listing on NASDAQ.
2) An investment of 240 million Chinese yuan (equivalent to $34 million USD) was made in previous years to acquire cinemas. These cinemas were initially owned by Huayi when Huayi Excellent Cinemas Ltd was established in 2023. We need to accurately reflect this ownership transfer in the 2023 financial reports.
We will continue to update the business plan and the filings for our shareholders and followers as new material becomes available.
More details will follow on a timely basis.
About SportsQuest, Inc.:
Sports and entertainment hospitality company. In the USA, the Company developed and maintains a franchise portal for both front and back-office end users. The Company is in the process of amalgamation with a Mainland China-based theater (cinema) operator with a chain of corporately-owned and franchised locations.
China-based targeted Business: Shenzhen Huayi Excellent Cinemas Co., Ltd. (Huayi)