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 ~~June~~September 30, 2025

☐ 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)

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 ~~August~~March 175, ~~2025~~2026, the registrant’s outstanding common stock consisted of 131,903,029 shares.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION Item 1. Financial Statements ~~F-1~~3 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 4 Item 3. Quantitative and Qualitative Disclosures about Market Risk 9 Item 4. Controls and Procedures 9 PART II – OTHER INFORMATION Item 1. Legal Proceedings 10 Item 1A. Risk Factors 10 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10 Item 3. Defaults Upon Senior Securities 10 Item 4. Mine Safety Disclosures 10 Item 5. Other Information 10 Item 6. Exhibits 11

Item 1. Financial Statements

QUEST WATER GLOBAL, INC.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025 AND 2024

(EXPRESSED IN US DOLLARS)

(Unaudited)

	Index

Condensed Consolidated Interim Balance Sheets	F-2

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss	F-3

Condensed Consolidated Interim Statements of Stockholders’ Deficit	F-4

Condensed Consolidated Interim Statements of Cash Flows	F-5

Notes to the Condensed Consolidated Interim Financial Statements	F-6

F-1

QUEST WATER GLOBAL, INC.

Condensed Consolidated Interim Balance Sheets

(Expressed in US Dollars)

	June 30,			December 31,
	September 30,			December 31,
	2025			2024
	(Unaudited)	~~(Unaudited)~~		(Audited)	~~(Audited)~~
ASSETS
Current assets
Cash	$	669		$	4
Prepaid expenses		56,~~551~~059			1,362
Total current assets		56,~~617~~068			1,366
Equipment, net (Note 4)		-			167
Due from related company (Note 3)		66,726			-
Total assets	$	72,~~343~~794		$	1,533
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued liabilities	$	78134,~~150~~351		$	85,176
Due to related company (Note 3)		-			20,564
Due to related parties (Note 5)		2,~~738~~875,~~847~~310			2,300,953
Due to related parties (Note 5)		2,~~738~~875,~~847~~310			2,300,953
Total liabilities		23,~~816~~009,~~997~~661			2,406,693
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, 2024 – 131,903,029)		132			132
Additional paid-in capital		10,187,703			10,187,703
Deficit		(12,932,490	)		(12,592,996	)
Shares to be issued		99,200			-
Total stockholders’ deficit		(2,744,654	)		(2,405,160	)
Deficit		(13,223,903	)		(12,592,996	)
Total liabilities and stockholders’ deficit	$	72,343		$	1,533
Total stockholders’ deficit		(2,936,867	)		(2,405,160	)
Total liabilities and stockholders’ deficit	$	72,794		$	1,533

(The accompanying notes are an integral part of these condensed consolidated financial statements)

F-2

QUEST WATER GLOBAL, INC.

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

(Expressed in US Dollars)

(Unaudited)

	For the three			For the three			For the six			For the six
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	For the three			For the three			For the nine			For the nine
	months ended			months ended			months ended			months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Expenses
Automotive	$	~~767~~817		$	~~806~~859		$	12,~~680~~497		$	12,~~692~~551
Depreciation		42-			125			167			~~250~~375
Consulting fees		~~50,000~~-			-			50,000			187,355
Management fees		~~123~~153,750			123,750			~~247~~401,~~500~~250			~~247~~371,~~500~~250
Office and miscellaneous		7,057			941			8,774			1,758
Marketing		120,311			-			120,311			-
Professional fees		9,489			8,374			19,489			22,306
Office and miscellaneous		(190	)		1,921			8,584			3,679
Telephone		412			628			1,241			1,518
Professional fees		11,000			6,076			30,489			28,382
Transfer agent and filing fees		6,672			5,791			10,643			10,346
Telephone		384			734			1,625			2,252
Total expenses		198,189			140,415			339,494			472,725
Transfer agent and filing fees		5,341			3,864			15,984			14,210
Loss before other income		(198,189	)		(140,415	)		(339,494	)		(472,725	)
Total expenses		291,413			137,329			630,907			610,054
Loss before income tax		(~~198~~291,~~189~~413	)		(~~140~~137,~~415~~329	)		(~~339~~630,~~494~~907	)		(~~472~~610,~~725~~054	)
Provision for income tax-		-			-			-			-
Net loss and comprehensive loss	$	(~~198~~291,~~189~~413	)	$	(~~140~~137,~~415~~329	)	$	(~~339~~630,~~494~~907	)	$	(~~472~~610,~~725~~054	)
Net loss per share, basic and diluted	$	(0.002	)	$	(0.001	)	$	(0.~~003~~005	)	$	(0.~~004~~005	)
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)

F-3

QUEST WATER GLOBAL, INC.

Condensed Consolidated Interim Statements of Stockholders’ Deficit

(Expressed in US Dollars)

(Unaudited)

For June 30, 2025	Number		$		Number		$		$		$			$
			Amount				Amount		capital		Issued			Deficit			Total
	Preferred stock				Common stock				Additional paid-in		Shares to be
			Amount				Amount		capital		~~Deficit~~Issued			~~Total~~Deficit			Total
For June 30, 2025	Number		$		Number		$		$		$			$
September 30, 2025	Number		$		Number		$		$		$			$			$
Balance, December 31, 2024		2		1		131,903,029		132		10,187,703		~~(12,592,996~~-	)		(212,~~405~~592,~~160~~996	)		(2,405,160	)
Net loss for the period		-		-		-		-		-		~~(141,305~~-	)		(141,305	)		(141,305	)
Balance, March 31, 2025		2		1		131,903,029		132		10,187,703		~~(12,734,301~~-	)		(212,~~546~~734,~~465~~301	)		(2,546,465	)
Net loss for the period		-		-		-		-		-		~~(198,189~~-	)		(198,189	)		(198,189	)
Balance, June 30, 2025		2		1		131,903,029		132		10,187,703		~~(12,932,490~~-	)		(212,~~744~~932,~~654~~490	)		(2,744,654	)
Share based compensation		-		-		-		-		-		99,200			-			99,200
Net loss for the period		-		-		-		-		-		-			(291,413	)		(291,413	)
Balance, September 30, 2025		2		1		131,903,029		132		10,187,703		99,200			(13,223,903	)		(2,936,867	)

	Preferred stock				Common stock				Additional paid-in
Stock based payments		-		-		-		-		187,355			-			187,355
									Additional
	Preferred stock				Common stock				paid-in
			Amount				Amount		capital			Deficit			Total
For June 30, 2024	Number		$		Number		$		$			$			$
September 30, 2024	Number		$		Number		$		$			$			$
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
Stock based payments		-		-		-		-		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	)
Balance		2		1		131,903,029		132		10,187,703			(12,167,695	)		(1,979,859	)
Net loss for the period		-		-		-		-		-	-		(140,415	)		(140,415	)
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	)
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		2		1		131,903,029		132		10,187,703			(12,308,110	)		(2,120,274	)
Balance, September 30, 2024		2		1		131,903,029		132		10,187,703	-		(12,445,439	)		(2,257,603	)

(The accompanying notes are an integral part of these condensed consolidated financial statements)

F-4

QUEST WATER GLOBAL, INC.

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in US Dollars)

(Unaudited)

	For the six months ended June 30, 2025			For the six months ended June 30, 2024
	For the nine months ended September 30, 2025			For the nine months ended September 30, 2024
Cash Flows from Operating Activities:
Net loss for the period	$	(~~339~~630,~~494~~907	)	$	(~~472~~610,~~725~~054	)
Depreciation		167			~~250~~375
Stock based compensation		-99,200			187,355
Changes in operating assets and liabilities:
Prepaids		(4,~~189~~697	)		(3,~~293~~653	)
Due from related company		(66,726	)		-
Accounts payable and accrued liabilities		(749,~~026~~175	)		57,~~569~~333
Due to related company		(20,564	)		-(19,375	)
Net cash provided by (used in) operating activities		(~~437~~574,~~832~~352	)		(~~282~~438,~~844~~019	)
Cash Flows from Investing Activities:
Equipment purchase		-			-
Net cash used in investing activities		-			-
Cash flows from financing activities
Advances from related parties		~~437~~574,~~894~~357			~~282~~438,~~841~~028
Net cash provided by financing activities		~~437~~574,~~894~~357			~~282~~438,~~841~~028
Change in cash		625			(39	)
Cash, beginning of period		4			3
Cash, end of period	$	669		$	-12
Supplemental disclosures:
Interest paid	$	–		$	–
Income tax paid	$	–		$	–

(The accompanying notes are an integral part of these condensed consolidated financial statements)

F-5

QUEST WATER GLOBAL, INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the ~~Six~~Nine Months Ended ~~June~~September 30, 2025

(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. As at ~~June~~September 30, 2025, the Company has a working capital deficiency of $23,~~744~~003,~~654~~593 of which $2,~~738~~875,~~847~~310 is owed to the two principal shareholders (Note 5), and an accumulated deficit of $1213,~~932~~223,~~490~~903. 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 condensed consolidated financial statements ~~include~~ 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.

The prior period presentation was updated to conform to current period presentation. There was no effect on net loss.

(b) Interim Financial Statements

~~The~~These ~~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, 2024. In the opinion of management, ~~the~~these ~~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 US GAAP 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.

F-6

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 suspended the equity method. The Company will not recognize additional losses unless it has incurred obligation or guarantees. The equity method will be resumed when prior losses not recognized have been recovered.

The due to related company amounts pertain to funds received on behalf of AQUAtap relating to rights agreements for water units. As of ~~June~~September 30, 2025, there was nil owing to AQUAtap (December 31, 2024 - $20,564).

The due from related company amounts pertain to funds that the Company advanced to AQUAtap. As of ~~June~~September 30, 2025, the amount was $66,726.

F-7

4. Equipment

Equipment is depreciated over its useful life of three years.

Schedule of Equipment

		June 30,		December 31,
		September 30,		December 31,
		2025		2024
Computer	Cost	$	1,500	$	1,500
	Depreciation		1,500		1,333
	Net	$	-	$	167

5. Related Party Transactions

(a) As of ~~June~~September 30, 2025, a total of $1,~~421~~495,~~071~~660 (~~June~~September 30, 2024 - $~~948~~1,~~030~~040,471) was owed to the President of the Company, which is non-interest bearing, unsecured, and due on demand. (b) As of ~~June~~September 30, 2025, a total of $1,~~317~~379,~~776~~650 (~~June~~September 30, 2024 - $1,~~068~~131,~~254~~000) was owed to the Vice President of the Company, which is non-interest bearing, unsecured, and due on demand. (c) For the ~~six~~nine months ended ~~June~~September 30, 2025, the Company incurred a total of $~~247~~401,~~500~~250 (~~June~~September 30, 2024 - $~~247~~371,~~500~~250 for the President and Vice President) in management fees to the President, ~~and~~ the Vice President and the Chief Operating Officer of the Company.

6. ~~Common Stock~~Commitments

AtOn ~~June~~July 3021, 2025, the Company ~~had~~entered ~~131~~into a public-private partnership agreement with the National Office for Rural Hydraulics (“ONHR”),~~903,029~~ a ~~shares~~branch of ~~common~~the ~~stock~~Ministry ~~outstanding~~of Rural Development in the Democratic Republic of Congo (~~December~~“DRC”). ~~31,~~The ~~2024~~objective -of ~~131~~the partnership is for the Company to manufacture and install 300 AQUAtap community water centers over the next 5 years in DRC communities. The Company is responsible for contributing $30,~~903~~000,~~029~~000 ~~shares)~~to the partnership over the anticipated 10-year term of the agreement in order to fund the 300 AQUAtap systems. ONHR is entitled to receive 40% of the gross revenue generated by the partnership while the Company is entitled to receive 60% of the revenue. The Company and ONHR are currently in the process of amending the agreement.

~~The~~On ~~calculation~~August of25, 2025, the ~~basic~~Company ~~and~~entered ~~diluted~~into ~~loss~~a ~~per~~brand ~~share~~ambassador agreement with JK International Management LLC (“JKIM”) for a term of 3 years. Pursuant to the ~~six~~agreement, ~~months~~the ~~ended~~Company ~~June~~agreed 30to pay $200,000 ~~2025~~per ~~was~~year ~~based~~to onJKIM and issue 2,000,000 shares of the ~~loss~~Company’s common ~~attributable~~stock to ~~common stockholders~~JKIM. ofThe ~~$339,494~~Company ~~(June~~also agreed to provide other performance-based bonuses to JKIM upon achieving certain targets. At September 30, ~~2024~~2025, -the Company owed $~~472~~20,~~725)~~513 ~~and~~to aJKIM ~~weighted~~under ~~average~~the ~~number~~agreement ofand the 2,000,000 shares of common stock ~~outstanding~~had ofnot ~~131~~been issued. The 2,~~903~~000,~~029~~000 ~~(June~~shares ~~30,~~of ~~2024~~common -stock ~~131,903,029~~were ~~shares)~~valued at $0.0496 per share for a deemed value of $99,200.

At7. ~~June~~Common 30, 2025, 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, 2024 - 10,050,000 stock options).Stock

7.At ~~Share~~September ~~Based~~30, ~~Payments~~2025, the Company had 131,903,029 shares of common stock outstanding (December 31, 2024 - 131,903,029 shares).

The calculation of the basic and diluted loss per share for the nine months ended September 30, 2025 was based on the loss attributable to common stockholders of $630,907 (September 30, 2024 - $610,054) and a weighted average number of shares of common stock outstanding of 131,903,029 (September 30, 2024 - 131,903,029 shares).

At September 30, 2025, 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, 2024 - 10,050,000 stock options).

F-8

8. 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.

F-8

Stock option transactions are summarized as follows:

Schedule of Stock Option Transactions

	Number of		Weighted Average
	Options		Exercise Price
Balance, December 31, 2023		6,300,000	$	0.10
Granted		3,750,000		0.10
Balance, December 31, 2024		10,500,000	$	0.10
Balance, June 30, 2025		10,050,000	$	0.10
Balance, September 30, 2025		10,050,000	$	0.10
Exercisable at June 30, 2025		10,050,000	$	0.10
Exercisable at September 30, 2025		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:

	June 30, 2025			December 31, 2024
	September 30, 2025			December 31, 2024
Risk-free interest rate		4.02	%		4.02	%
Expected life of options		5 Years			5 Years
Annualized volatility		294.32	%		294.32	%
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 3.5025 years. The awards are Level 3 with non-recuring valuation.

The stock options granted effective July 20, 2022 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 21.0479 years. The awards are Level 3 with non-recuring valuation.

89. Operating Segment

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance of its businesses on a corporation-wide basis. The Chief Operating Decision Maker (CODM), the Chief Executive Officer, evaluates the Company’s performance and allocates resources based on consolidated operating results. At the moment, 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. The segment’s performance evaluation is based on its income. Segment income is defined as gross sales and miscellaneous income. Currently the only customer is a related company in the Democratic Republic of Congo. For the ~~six~~nine months ended ~~June~~September 30, 2025, there was no income.

910. 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 of ~~June~~September 30, 2025, there were no transactions.

1011. Subsequent Events

~~Subsequent~~The ~~to June 30, 2025, the~~ Company ~~entered~~has ~~into~~evaluated aall ~~public-private~~subsequent ~~partnership~~events ~~agreement~~as ~~with the National Office for Rural Hydraulics (“ONHR”), a branch~~ of the ~~Ministry~~date of ~~Rural~~these ~~Development~~financial instatements ~~the~~were ~~Democratic~~available ~~Republic of Congo (“DRC”). The objective of the partnership is for the Company~~ to ~~manufacture~~be issued and ~~install~~has ~~300 AQUAtap community water centers over the next 5 years in DRC communities. The Company~~determined isthat ~~responsible~~there ~~for~~are ~~contributing~~no ~~$30,000,000~~events tothat ~~the~~require ~~partnership~~disclosure ~~over~~as ~~the anticipated 10-year term~~ of the ~~agreement~~date ~~in order to fund the 300 AQUAtap systems. ONHR is entitled to receive 40%~~ of ~~the gross revenue generated by the partnership while the Company is entitled to receive 60% of the revenue~~issuance.

F-9

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 ~~June~~September 30, 2025. ~~These~~ 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~~AQUAtap Community Water Purification and Distribution system and our ~~WEPSTM~~WEPS (atmospheric Water Extraction and Purification System). Our ~~AQUAtapTM~~AQUAtap 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~~AQUAtap Community Water Purification & Distribution systems throughout North America, Bangladesh, 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 ~~June~~September 30, 2025

Revenue

We did not generate any revenue during the three months ended ~~June~~September 30, 2025 or 2024. 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 ~~June~~September 30, 2025, we incurred $~~198~~291,~~189~~413 in total expenses, including $~~123~~153,750 in management fees, $50120,~~000~~311 in ~~consulting~~ ~~fees~~marketing expenses, $911,~~489~~000 in professional fees, $65,~~672~~341 in transfer agent and filing fees, $~~7,057~~817 in ~~office~~automotive ~~and miscellaneous~~ expenses, and $~~767~~384 in ~~automotive~~telephone expenses, ~~$412~~as inoffset ~~telephone~~by ~~expenses~~a ~~and~~recovery of $42190 in ~~depreciation~~office and miscellaneous expenses. During the same period in the prior year, we incurred $~~140~~137,~~415~~329 in total expenses, including $123,750 in management fees, $86,~~374~~076 in professional fees, $53,~~791~~864 in transfer agent and filing fees, $~~941~~1,921 in office and miscellaneous expenses, $~~806~~859 in automotive expenses, $~~628~~734 in telephone expenses and $125 in depreciation. Other than the $50120,~~000~~ 311 in ~~consulting~~marketing ~~fees~~expenses that we incurred during the current quarter and the $30,000 year-over-year increase in management fees, our expenses were relatively consistent from period-to-period.

Net Loss

During the three months ended ~~June~~September 30, 2025, we incurred a net loss of $~~198~~291,~~189~~413, whereas we incurred a net loss of $~~140~~137,~~415~~329 during the ~~same~~ same period in the prior year. Our net loss per share during the three months ended ~~June~~September 30, 2025 and 2024 was $0.002 and $0.001, respectively.

For the ~~Six~~Nine Months Ended ~~June~~September 30, 2025

Revenue

We did not generate any revenue during the ~~six~~nine months ended ~~June~~September 30, 2025 or 2024. As described above, we anticipate that we will ~~incur~~ 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 ~~six~~nine months ended ~~June~~September 30, 2025, we incurred $~~339~~630,~~494~~907 in total expenses, including $~~247~~401,~~500~~250 in management fees, $120,311 in marketing expenses, $50,000 in consulting fees, $1930,489 in professional fees, $1015,~~643~~984 in transfer agent and filing fees, $8,~~774~~584 in office and miscellaneous expenses, $12,~~680~~497 in automotive expenses, $1,~~241~~625 in telephone expenses and $167 in depreciation. During the same period in the prior year, we incurred $~~472~~610,~~725~~ 054 in total expenses, including $~~247~~371,~~500~~250 in management fees, $187,355 in consulting fees, $2228,~~306~~ 382 in professional fees, $1014,~~346~~210 in transfer agent and filing fees, $13,~~758~~679 in office and miscellaneous expenses, $12,~~692~~551 in automotive expenses, $12,~~518~~252 in telephone expenses and $~~250~~ 375 in depreciation.

Except for the significant consulting fees we incurred during the prior year, which was entirely attributable to the granting of an aggregate of 3,750,000 options which vested during the first quarter of that year, and the increases in our marketing fees and management fees described above, our expenses were relatively consistent between the two periods.

Net Loss

During the ~~six~~nine months ended ~~June~~September 30, 2025, we incurred a net loss of $~~339~~630,~~494~~907 and a net loss per share of $0.~~003~~005, whereas we incurred a net loss of $~~472~~610,~~725~~054 and a net loss per share of $0.~~004~~005 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 ~~June~~September 30, 2025 we had $669 in cash, $72,~~343~~794 in total assets, $23,~~816~~009,~~997~~661 in total liabilities and a working capital deficiency of $23,~~811~~003,~~380~~593. As of that date, we also had an accumulated deficit of $1213,~~932~~223,~~490~~903.

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, 2025.

During the ~~six~~nine months ended ~~June~~September 30, 2025, we used $~~437~~574,~~832~~352 in net cash on operating activities, compared to $~~282~~438,~~844~~019 in net cash used on operating activities during the same period in the prior year. Although our adjusted net loss for the two periods was similar, certain ~~changes~~ changes in our operating assets and liabilities during the current period, notably the ~~increase~~increases in the “~~due~~accounts topayable ~~related~~and ~~company~~related liabilities” and ~~decrease~~ ~~in the~~ “due from related company” balances, meant that we spent more net cash.

We did not use any net cash on investing activities during the ~~six~~nine months ended ~~June~~September 30, 2025 or 2024.

We received $~~437~~574,~~894~~357 in net cash from financing activities during the ~~six~~nine months ended ~~June~~September 30, 2025, all of which was in the form of advances from related parties. During the same period in the prior year, we received $~~282~~438,~~841~~028 in net cash from financing activities, all of which was also in the form of advances from related parties.

During the ~~six~~nine months ended ~~June~~September 30, 2025, our cash increased by $625 as a result of our operating activities. As of that date, we did not ~~have~~ 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~~AQUAtap 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 ~~June~~September 30, 2025, we had a working capital deficiency of $23,~~811~~003,~~380~~593 and an ~~accumulated~~ accumulated deficit of $1213,~~932~~223,~~490~~903. Our continuation as a going concern is dependent upon the continued financial support from our creditors, ~~our~~ 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

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 ~~June~~September 30, 2025 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.

Exhibit Number		Description of 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
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
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
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
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase
101.PRE		Inline XBRL Taxonomy Presentation Linkbase
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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: September 15, 2025	QUEST WATER GLOBAL, INC.
Date: March 5, 2026	QUEST WATER GLOBAL, INC.
	By:	/s/ John Balanko
		John Balanko
		Chairman, President, Chief Executive Officer, Director

1211

Filing Compare · Quest Water Global, Inc.