Company Quick10K Filing
Quick10K
Strategic Acquisitions
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-02
TPIV Tapimmune 430
RRBI Red River Bancshares 323
FXNC First National 93
CHCR Advanzeon 20
MXSG Mexus Gold 19
FNHI Franchise Holdings International 3
SECI Sector 10 0
SFIV Sector 5 0
NCAP Northsight Capital 0
ARS Aleris 0
STQN 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Stockholders' Equity
Note 3. Related Party Transactions
Note 4. Going Concern
Note 5. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31-1.htm
EX-32.1 ex32-1.htm

Strategic Acquisitions Earnings 2019-06-30

STQN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

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

 

For the quarterly period ended June 30, 2019

 

[  ] 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: 0-28963

 

 

 

STRATEGIC ACQUISITIONS, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

Nevada   13-3506506
(State or other jurisdiction of   (IRS Employer
incorporation or organization)   Identification Number)

 

30 Broad Street, 14th Floor, New York, NY 10004

(Address of principal executive offices, including zip code)

 

(212) 878-6519

(Registrant’s telephone number, including area code)

 

 

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Securities registered pursuant to Section 12(g) of the Act: Common Stock

                          (Title of class)

 

 

 

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 [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]   Accelerated filer [  ]

Non-accelerated filer [  ] (Do not check if a smaller reporting company)

  Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [X] No [  ]

 

As of August 8, 2019, the registrant had 2,515,000 shares of common stock outstanding.

 

 

 

   
   

 

STRATEGIC ACQUISITIONS, INC.

 

TABLE OF CONTENTS

 

  Page
PART I ⸺ FINANCIAL INFORMATION  
     
  ITEM 1 — Financial Statements 3
     
  Balance Sheets 3
     
  Statements of Operations 4
     
  Statements of Stockholders’ Equity 5
     
  Statements of Cash Flows 6
     
  Notes to Financial Statements 7
     
  ITEM 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations 8
     
  ITEM 4 — Controls and Procedures 8
     
PART II ⸺ OTHER INFORMATION  
     
  ITEM 1 — Legal Proceedings 9
     
  ITEM 2 — Unregistered Sales of Equity Securities and Use of Proceeds 9
     
  ITEM 5 — Other Information 9
     
  ITEM 6 — Exhibits 10
     
SIGNATURES 11

 

 2 
   

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

STRATEGIC ACQUISITIONS, INC.

BALANCE SHEETS

(UNAUDITED)

 

  

June 30, 2019

   December 31, 2018 
ASSETS        
Current assets:          
Cash  $99,670   $148,579 
Prepaid rent – related party   -    1,750 
Rent deposit – related party   -    3,500 
Total current assets   99,670    153,829 
Total assets  $99,670   $153,829 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $1,939   $- 
Total current liabilities   1,939    - 
Total liabilities   1,939    - 
Stockholders’ equity:          
Common stock, $0.001 par value; 50,000,000 shares authorized; 2,515,000 shares issued and outstanding   2,515    2,515 
Additional paid-in capital   535,888    535,888 
Accumulated deficit   (440,672)   (384,574)
Total stockholders’ equity   97,731    153,829 
Total liabilities and stockholders’ equity  $99,670   $153,829 

 

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

 

 3 
   

 

STRATEGIC ACQUISITIONS, INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2019   2018   2019   2018 
Revenues  $-   $-   $-   $- 
                     
Expenses                    
General & Administrative   3,074    2,508    9,494    8,741 
General & Administrative – related party   21,850    12,000    46,650    38,500 
Total Expenses   24,924    14,508    56,144    47,241 
Other Income                    
Interest Income   21    158    46    301 
Total Other Income   21    158    46    301 
                     
Net (loss) before provision for taxes  $(24,903)  $(14,350)  $(56,098)  $(46,940)
Income tax provision   -    -    -    - 
Net (loss)  $(24,903)  $(14,350)  $(56,098)  $(46,940)
                     
Net (Loss) Per Common Share – Basic & Diluted  $(0.01)  $(0.01)  $(0.02)  $(0.02)
                     
Weighted average number of shares of common stock outstanding – Basic & Diluted   2,515,000    2,515,000    2,515,000    2,515,000 

 

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

 

 4 
   

 

STRATEGIC ACQUISITIONS, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

           Additional      Total 
   Common Stock   Paid-in-   Accumulated    Stockholders’ 
   Outstanding   Amount   Capital   (Loss)   Equity 
Balance at December 31, 2018   2,515,000   $2,515   $535,888   $(384,574)  $153,829 
Net (loss)               (31,195)   (31,195)
Balance at March 31, 2019   2,515,000   $2,515   $535,888   $(415,769)  $122,634 
Net (loss)               (24,903)   (24,903)
Balance at June 30, 2019   2,515,000   $2,515   $535,888   $(440,672)  $97,731 
                          
Balance at December 31, 2017   2,515,000   $2,515   $535,888   $(288,993)  $249,410 
Net (loss)               (32,590)   (32,590)
Balance at March 31, 2018   2,515,000   $2,515   $535,888   $(321,583)  $216,820 
Net (loss)               (14,350)   (14,350)
Balance at June 30, 2018   2,515,000   $2,515   $535,888   $(335,933)  $202,470 

 

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

 

 5 
   

 

STRATEGIC ACQUISITIONS, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

  

Six Months Ended

June 30,

 
   2019   2018 
Cash Flows From Operating Activities          
Net (loss)  $(56,098)  $(46,940)
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:          
(Increase) Decrease in prepaid rent – related party   1,750    - 
(Increase) Decrease in security deposit – related party   3,500    - 
Increase (Decrease) in accounts payable   1,939    567 
Net cash provided by (used in) operating activities   (48,909)   (46,373)
Cash Flows From Financing Activities          
Issuance of common stock, net of costs   -    - 
Net cash provided by (used in) financing activities   -    - 
Net increase (decrease) in cash   (48,909)   (46,373 
Cash at beginning of the period   148,579    244,160 
Cash at end of the period  $99,670   $197,787 

 

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

 

 6 
   

 

STRATEGIC ACQUISITIONS, INC.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

 

Note 1. Basis of Presentation

 

The accompanying unaudited financial information as of and for the three and six months ended June 30, 2019 and 2018 has been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) as set forth in the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position at such date and the operating results and cash flows for such periods. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the entire year or for any other subsequent interim period.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the SEC. These unaudited financial statements and related notes should be read in conjunction with our audited financial statements for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 1, 2019.

 

The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP in the U.S. for complete financial statements.

 

Note 2. Stockholders’ Equity

 

The Company is authorized to issue 50,000,000 shares of its $0.001 par value Common Stock.

 

There were no issuances of common stock for the period ended June 30, 2019.

 

Note 3. Related Party Transactions

 

The Company had been renting office space from Westminster Securities Corp., an entity controlled by the Company’s President, John O’Shea, at the rate of $3,500 per month, in addition to having paid a $3,500 security deposit. Rent expense to Westminster Securities Corp. during the period was $5,250 for the three-month period and $15,750 for the six-month period ended June 30, 2019. The agreement terminated during the period as the Company transitioned to a new service agreement for office space on a month-to-month basis with a non-affiliated entity. The Company has adopted ASC 842 and evaluated the new service agreement under ASC 842 and determined that it qualifies for the short-term lease measurement and recognition exemption.

 

The Company has periodically issued payment to certain officers and directors or their affiliates for services in connection with maintaining the Company’s financial statements and regulatory status in good standing and evaluating potential business opportunities. The total compensation issued during the three-month period ended June 30, 2019 to related parties was: $13,600 to Jonathan Braun, a director of the Company, and $3,000 to Marika Tonay, an officer and director of the Company.

 

The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.

 

Note 4. Going Concern

 

The Company has incurred net losses of approximately $440,000 for the period from January 27, 1989 (Inception) through June 30, 2019 and has commenced limited operations, raising substantial doubt about the Company’s ability to continue as a going concern. The Company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance the Company will be successful in accomplishing its objectives.

 

The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company’s plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Note 5. Subsequent Events

 

The Company evaluates events that have occurred after the balance sheet date of June 30, 2019, through the date which the financial statements were issued. Based upon the review, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.

 

 7 
   

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with the accompanying financial statements for the three-month period ended June 30, 2019 and the Form 10-K for the fiscal year ended December 31, 2018.

 

Liquidity and Capital Resources

 

At June 30, 2019, the Company had current assets in the form of cash and cash equivalents of $99,670 and liabilities of $1,939.

 

Results of Operations

 

The Company has not realized any revenues from operations in the past two years, and its plan of operation for the next twelve months shall be to continue its efforts to locate a suitable acquisition/merger candidate.

 

It is unlikely the Company will have any revenue, other than interest income, unless it is able to effect an acquisition of or merger with an operating company, of which there can be no assurance.

 

For the quarters ended June 30, 2019 and 2018, the Company showed net losses of $24,903 and $14,350, respectively. The increase in net loss was due primarily to increased expenses of paying consultants (including related parties) for services in connection with evaluation of merger candidates and maintaining the company’s public status.

 

For the six-month periods ended June 30, 2019 and 2018, the Company showed net losses of $56,098 and $46,940, respectively. The increase in net loss was due primarily to increased expenses of paying consultants (including related parties) for services in connection with evaluation of merger candidates and maintaining the company’s public status.

 

ITEM 4. CONTROLS AND PROCEDURES

 

As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”).

 

Based on this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. Additionally, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding disclosure.

 

There was no change in the Company’s internal control over financial reporting during the Company’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

***

 

 8 
   

 

PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 5. OTHER INFORMATION

 

None.

 

 9 
   

 

ITEM 6. EXHIBITS

 

The following exhibits are filed with this Report or incorporated by reference:

 

EXHIBIT LIST

 

Exhibit
Number
  Description
     
31.1   Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1   Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, Section 906 of the Sarbanes-Oxley Act of 2002

 

 10 
   

 

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.

 

 

  STRATEGIC ACQUISITIONS, INC.
  (Registrant)
     
Date: August 14, 2019 By: /s/ JOHN P. O’SHEA
    John P. O’Shea
   

President and

Principal Financial Officer

 

***

 

 11