Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 13, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | STRATEGIC ACQUISITIONS INC /NV/ | |
Entity Central Index Key | 0000847942 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 2,515,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 46,547 | $ 64,615 |
Prepaid expense | 2,125 | 1,750 |
Total current assets | 48,672 | 66,365 |
Total assets | 48,672 | 66,365 |
Current liabilities: | ||
Accounts payable | ||
Total current liabilities | ||
Total liabilities | ||
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 | (489,731) | (472,038) |
Total stockholders' equity | 48,672 | 66,365 |
Total liabilities and stockholders' equity | $ 48,672 | $ 66,365 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 2,515,000 | 2,515,000 |
Common stock, shares outstanding | 2,515,000 | 2,515,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses | ||
General & Administrative | 9,200 | 6,420 |
General & Administrative - related party | 8,500 | 24,800 |
Total Expenses | 17,700 | 31,220 |
Other Income | ||
Interest Income | 7 | 25 |
Total Other Income | 7 | 25 |
Net loss before provision for taxes | (17,693) | (31,195) |
Income tax provision | ||
Net loss | $ (17,693) | $ (31,195) |
Net Loss Per Common Share - Basic & Fully Diluted | $ (0.01) | $ (0.01) |
Weighted average number of shares of common stock outstanding - Basic & Fully Diluted | 2,515,000 | 2,515,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance beginning at Dec. 31, 2018 | $ 2,515 | $ 535,888 | $ (384,574) | $ 153,829 |
Balance beginning, shares at Dec. 31, 2018 | 2,515,000 | |||
Net Loss | (31,195) | (31,195) | ||
Balance ending at Mar. 31, 2019 | $ 2,515 | 535,888 | (415,769) | 122,634 |
Balance ending, shares at Mar. 31, 2019 | 2,515,000 | |||
Balance beginning at Dec. 31, 2019 | $ 2,515 | 535,888 | (472,038) | 66,365 |
Balance beginning, shares at Dec. 31, 2019 | 2,515,000 | |||
Net Loss | (17,693) | (17,693) | ||
Balance ending at Mar. 31, 2020 | $ 2,515 | $ 535,888 | $ (489,731) | $ 48,672 |
Balance ending, shares at Mar. 31, 2020 | 2,515,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities | ||
Net loss | $ (17,693) | $ (31,195) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
(Increase) Decrease in prepaid expense | (375) | |
Increase (Decrease) in accounts payable | 741 | |
Net cash used in operating activities | (18,068) | (30,454) |
Net decrease in cash | (18,068) | (30,454) |
Cash at beginning of the period | 64,615 | 148,579 |
Cash at end of the period | $ 46,547 | $ 118,125 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying unaudited financial information as of and for the three months ended March 31, 2020 and 2019 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 8 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 months ended March 31, 2020 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, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 14, 2020. The balance sheet at December 31, 2019 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. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 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 three-month period ended March 31, 2020. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3. Related Party Transactions The Company previously rented office space on a month-to-month basis from Westminster Securities Corp., an entity controlled by the Company’s President, John O’Shea, at the rate of $3,500 per month. Effective May 15, 2019, the rental agreement terminated. The total related party rent expense was $10,500 for the first quarter of 2019 and $0 in 2020. The Company 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 payment for services issued during the three months ended March 31, 2020 to related parties was: $7,500 to Jonathan Braun, a director of the Company, and $1,000 to Marika Tonay, an officer and director of the Company. For the prior year period the amount was: $12,500 to Jonathan Braun, and $1,800 to Westminster Securities Corp. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 4. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has not generated any revenue since inception, incurred accumulated losses of approximately $490,000 for the period from January 27, 1989 (Inception) through March 31, 2020 and has commenced limited operations. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans include that 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 business plan. The global pandemic, COVID-19, could adversely affect the Company’s ability to obtain additional financing or identify a potential merger or acquisition candidate. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 5. Subsequent Events In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to March 31, 2020 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Number of shares issued during period |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Westminster Securities Corp [Member] | ||
Rent expense | $ 0 | $ 10,500 |
Compensation for related party service | 1,800 | |
Jonathan Braun [Member] | ||
Compensation for related party service | 7,500 | $ 12,500 |
Marika Tonay [Member] | ||
Compensation for related party service | $ 1,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (489,731) | $ (472,038) |