SEC Comment Letter for LIFEQUEST WORLD CORP. (LQWC) (CIK 0001060888) (LQWC) — Feb 14, 2020
LIFEQUEST WORLD CORP. (LQWC) (CIK 0001060888)
Date: Feb. 14, 2020 · CIK: 0001060888 · Accession: 0000000000-20-001446
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File numbers found in text: 024-11073
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February 14, 2020
Max Khan
President and Chief Executive Officer
LifeQuest World Corp.
100 Challenger Road, 8th Floor
Ridgefield Park, NJ 07660
Re:LifeQuest World Corp.
Amendment No. 2 to Offering Statement on Form 1-A
Filed February 5, 2020
File No. 024-11073
Dear Mr. Khan:
We have reviewed your amended offering statement and have the following
comments. In some of our comments, we may ask you to provide us with information so we
may better understand your disclosure.
Please respond to this letter by amending your offering statement and providing the
requested information. If you do not believe our comments apply to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why in your
response.
After reviewing any amendment to your offering statement and the information you
provide in response to these comments, we may have additional comments. Unless we note
otherwise, our references to prior comments are to comments in our January 3, 2020 letter.
Amendment No. 2 to Offering Statement on Form 1-A
Offering Circular Summary, page 10
1.Disclosure in this section indicates that you intend to use the proceeds from this offering,
in part, to fund acquisitions and retire debt. However, this information does not appear in
the Use of Proceeds section. Please reconcile.
Risk Factors, page 13
2.We note your disclosure elsewhere in the offering statement that each of Max Khan, your
President, CEO, Secretary, Treasurer and Director, and Enes Kutluca, your COO and
Director, is entitled to an option to purchase 10% of the fully diluted shares of the
company at market value and an option to purchase another 5% of the fully diluted shares
FirstName LastNameMax Khan
Comapany NameLifeQuest World Corp.
February 14, 2020 Page 2
FirstName LastName
Max Khan
LifeQuest World Corp.
February 14, 2020
Page 2
each quarter at market value. We further note that Mr. Kutluca currently owns 28.15% of
your shares. Please revise to include a risk factor to disclose management's potential
ownership of a majority of your shares as a result of these options. In doing so, please
also discuss the risk that their interests may differ from other shareholders.
You may contact Jennifer O'Brien, Staff Accountant, at (202) 551-3721 or Ethan
Horowitz, Accounting Branch Chief, at (202) 551-3311 if you have questions regarding
comments on the financial statements and related matters. Please contact Irene Barberena-
Meissner, Attorney-Advisor, at (202) 551-6548 or Lauren Nguyen, Legal Branch Chief, at (202)
551-3642 with any other questions.
Sincerely,
Division of Corporation Finance
Office of Energy & Transportation
cc: Scott Doney, Esq.