Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | USA EQUITIES CORP. | ||
Entity Central Index Key | 0000856984 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 108,945 | ||
Entity Common Stock, Shares Outstanding | 3,590,135 | ||
Trading Symbol | USAQ | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Prepaid expenses | $ 1,750 | |
Total Assets | 1,750 | 0 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 539 | 10,943 |
Accrued interest expenses | 95,568 | 84,316 |
Advances from and accruals due to related party | 109,977 | 70,444 |
Total current liabilities | 206,084 | 165,703 |
Total long-term liabilities | 329,181 | 329,181 |
Total liabilities | 535,265 | 494,884 |
Stockholders' Deficit: | ||
Preferred stock, 10,000,000 shares authorized, $0.0001 par value; none issued and outstanding | ||
Common stock, 900,000,000 shares authorized, $0.0001 par value; 3,590,135 shares issued and outstanding at December 31, 2018 and 3,588,740 shares issued and outstanding at December 31, 2017 | 359 | 359 |
Additional paid-in capital | 720,941 | 720,941 |
Accumulated deficit | (1,254,815) | (1,216,184) |
Total stockholders' deficit | (533,515) | (494,884) |
Total liabilities and stockholders' deficit | $ 1,750 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 3,590,135 | 3,588,740 |
Common stock, shares outstanding | 3,590,135 | 3,588,740 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue | ||
Costs and Expenses: | ||
General and administrative | 27,379 | 105 |
Total general and administrative expenses | 27,379 | 105 |
Net operating loss | (27,379) | (105) |
Interest expense | 11,252 | 11,251 |
Income taxes | ||
Net loss | $ (38,631) | $ (11,356) |
Basic and diluted net loss per share | $ 0 | $ 0 |
Weighted average shares outstanding (basic and diluted) | 3,590,135 | 3,588,740 |
Statement of Stockholders' Defi
Statement of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2016 | $ 359 | $ 720,941 | $ (1,204,828) | $ (483,528) |
Balance, shares at Dec. 31, 2016 | 3,588,740 | |||
Net loss | (11,356) | (11,356) | ||
Balance at Dec. 31, 2017 | $ 359 | $ 720,941 | $ (1,216,184) | $ (494,884) |
Balance, shares at Dec. 31, 2017 | 3,588,740 | |||
Stock adjustment, shares | 1,395 | |||
Net loss | $ (38,631) | $ (38,631) | ||
Balance at Dec. 31, 2018 | $ 359 | $ 720,941 | $ (1,254,815) | $ (533,515) |
Balance, shares at Dec. 31, 2018 | 3,590,135 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Net loss | $ (38,631) | $ (11,356) |
Changes in net assets and liabilities: | ||
Increase in prepaid expenses | (1,750) | |
Increase in accounts payable and accrued expenses | 848 | 11,251 |
Cash flows from operating activities | (39,533) | (105) |
Financing activities: | ||
Proceeds of related party borrowings | 39,533 | 105 |
Cash from financing activities | 39,533 | 105 |
Change in cash | ||
Cash - beginning of year | ||
Cash - end of year |
The Company
The Company | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | Note 1. The Company USA Equities Corp. (the “Company”, “We” or the “Registrant”) was incorporated in Delaware on September 1, 1983. The Company’s Board of Directors approved the name change from American Biogenetic Sciences, Inc. to USA Equities Corp on May 29, 2015. Prior to ceasing its operations in 2002, the Company was engaged in the research, development and production of bio-pharmaceutical products. On September 19, 2002, the Registrant filed for bankruptcy under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District of New York. On November 4, 2005, the Company emerged from Bankruptcy Court. On April 14, 2015, the Company incorporated a wholly-owned subsidiary in Delaware (USA Equity Trust, Inc.) for the purpose of acquiring real estate. The Company has no present operations and has determined to direct its efforts and limited resources to pursue acquisitions and/or effect a business combination. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2. Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses, has negative operational cash flows and has no revenues. The future of the Company is dependent upon Management’s success in its efforts and limited resources to pursue and effect a business combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might arise from this uncertainty. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 3. Basis of Presentation The Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. In the opinion of management, the accompanying audited consolidated financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows. Accounting Policies Use of Estimates: Principles of Consolidation Cash and Cash Equivalents: Earnings Per Common Share: Income Taxes: “Accounting for Income Taxes,” The Company has net operating losses of $1,254,815, which begin to expire in 2027. Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations. The annual limitation may result in the expiration of NOL and tax credit carry-forwards before full utilization. Reclassification: Impact of recently issued accounting standards There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position. |
Convertible Notes to Related Pa
Convertible Notes to Related Party | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Notes to Related Party | Note 4. Convertible Notes to Related Party Convertible notes payable at December 31, 2018 and 2017 consist of the following: December 31, 2018 December 31, 2017 Note 1 payable and accrued interest – Majority shareholder $ 156,408 $ 147,684 Note 2 payable and accrued interest – Majority shareholder 268,341 265,813 Total Convertible notes and accrued interest $ 424,749 $ 413,497 On October 2, 2009, the Company issued a convertible promissory with a current principal amount of $73,500 to its sole officer/ director and majority shareholder (Note 1). The note bears interest at the rate of 12% per annum until paid or the note and accrued interest is converted into shares of the Company’s common stock at a conversion price of $0.001. On August 24, 2018, the maturity date of the note was extended to December 31, 2019 and on December 24, 2018, the maturity date of the note was further extended to December 31, 2020. As of December 31, 2018 and December 31, 2017, this note had accumulated $ 82,908 On December 31, 2013, the Company issued a convertible promissory note in the amount of $255,681 to its majority shareholder (Note 2). The note bears interest at the rate of 1% per annum until paid or the note and accrued interest is converted into shares of the Company’s common stock at a conversion price of $0.25 per share. On August 24, 2018, the maturity date of the note was extended to December 31, 2019 and on December 24, 2018, the maturity date of the note was further extended to December 31, 2020. As of December 31, 2018 and December 31, 2017, this note had accumulated $12,660 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5. Related Party Transactions Due Related Parties: 109,977 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies There are no pending or threatened legal proceedings as of December 31, 2018. The Company has no non-cancellable operating leases. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates: |
Principles of Consolidation | Principles of Consolidation |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Earnings Per Common Share | Earnings Per Common Share: |
Income Taxes | Income Taxes: “Accounting for Income Taxes,” The Company has net operating losses of $1,254,815, which begin to expire in 2027. Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations. The annual limitation may result in the expiration of NOL and tax credit carry-forwards before full utilization. |
Reclassification | Reclassification: |
Impact of Recently Issued Accounting Standards | Impact of recently issued accounting standards There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position. |
Convertible Notes to Related _2
Convertible Notes to Related Party (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | Convertible notes payable at December 31, 2018 and 2017 consist of the following: December 31, 2018 December 31, 2017 Note 1 payable and accrued interest – Majority shareholder $ 156,408 $ 147,684 Note 2 payable and accrued interest – Majority shareholder 268,341 265,813 Total Convertible notes and accrued interest $ 424,749 $ 413,497 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | |||
Net operating losses | $ 1,254,815 | ||
Net operating losses carryforwards, expire date | begin to expire in 2027 |
Convertible Notes to Related _3
Convertible Notes to Related Party (Details Narrative) - USD ($) | Dec. 24, 2018 | Aug. 24, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2013 | Oct. 02, 2009 |
Accrued interest | $ 95,568 | $ 84,316 | ||||
Convertible Promissory Note Two [Member] | Sole Officer/Director and Majority Shareholder [Member] | ||||||
Debt instrument, principal amount | $ 73,500 | |||||
Debt instrument, interest rate | 12.00% | |||||
Debt instrument, conversion price | $ 0.001 | |||||
Debt instrument, maturity date | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Accrued interest | 82,908 | 74,184 | ||||
Convertible Promissory Note Three [Member] | Majority Shareholder [Member] | ||||||
Debt instrument, principal amount | $ 255,681 | |||||
Debt instrument, interest rate | 1.00% | |||||
Debt instrument, conversion price | $ 0.25 | |||||
Debt instrument, maturity date | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Accrued interest | $ 12,660 | $ 10,132 |
Convertible Notes to Related _4
Convertible Notes to Related Party - Schedule of Convertible Notes Payable (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Convertible notes payable | $ 424,749 | $ 413,494 |
Note 1 Payable and Accrued Interest - Majority Shareholder [Member] | ||
Convertible notes payable | 156,408 | 147,681 |
Note 2 Payable and Accrued Interest - Majority Shareholder [Member] | ||
Convertible notes payable | $ 268,341 | $ 265,813 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transactions [Abstract] | ||
Due to related parties | $ 109,977 | $ 70,444 |