Renewable Energy Acquisition 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 16, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	Renewable Energy Acquisition Corp.
Entity Central Index Key	0001418302
Entity Filer Category	Non-accelerated Filer
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-53900
Entity Tax Identification Number	74-3219044
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2694 Blackwater Rd NW
Entity Address, City or Town	Longville
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	56655
City Area Code	952
Local Phone Number	541-1155
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		700,000

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 160	$ 143
Other receivable, net of allowance for credit loss of $27,923	13,795	5,750
Total Current Assets	13,955	5,893
Current Liabilities
Accounts payable - trade	48,259	43,077
Short-term advances	12,000	12,000
Notes payable to stockholders	83,819	83,819
Notes payable	15,650	15,650
Accrued interest payable - stockholders	19,770	18,748
Accrued interest payable - other	1,727	1,492
Total Current Liabilities	181,225	174,786
Commitments and Contingencies
Stockholders' Deficit
Preferred stock - $0.001 par value; 5,000,000 shares authorized; none issued and outstanding	0	0
Common stock - $0.001 par value; 5,000,000 shares authorized; 700,000 shares issued and outstanding	70	70
Additional paid-in capital	63,586	63,586
Accumulated deficit	(230,926)	(232,549)
Total Stockholders' Deficit	(167,270)	(168,893)
Total Liabilities and Stockholders' Deficit	$ 13,955	$ 5,893

Balance Sheets _Parenthetical_

Balance Sheets [Parenthetical] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Shares, Issued	700,000	700,000
Common Stock, Shares, Outstanding	700,000	700,000
Allowance for doubtful accounts, other receivables	$ 27,923	$ 27,923

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 0	$ 0
Operating expenses
Professional fees	10,114	9,439
Other expenses	1,292	2,086
Income-Standstill Payments	(15,000)	(15,000)
Total operating expenses	(3,594)	(3,475)
Income from operations	3,594	3,475
Other expenses:
Interest expense	(949)	(868)
Interest expense - related party	(1,022)	(937)
Total other expenses:	(1,971)	(1,805)
Income before provision for income taxes	1,623	1,670
Provision for income taxes	0	0
Net income	$ 1,623	$ 1,670
Net loss per weighted-average share of common stock outstanding - basic and diluted	$ 0	$ 0
Weighted-average number of shares of common stock outstanding - basic and diluted	700,000	700,000

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Deficit - USD ($)	Total	Common Stock [Member]	Additional paid in capital [Member]	Accumulated deficit [Member]
Balance at Dec. 31, 2020	$ (165,328)	$ 70	$ 63,586	$ (228,984)
Balance (in shares) at Dec. 31, 2020		700,000
Net income	1,670			1,670
Balance at Mar. 31, 2021	(163,658)	$ 70	63,586	(227,314)
Balance (in shares) at Mar. 31, 2021		700,000
Balance at Dec. 31, 2021	(168,893)	$ 70	63,586	(232,549)
Balance (in shares) at Dec. 31, 2021		700,000
Net income	1,623			1,623
Balance at Mar. 31, 2022	$ (167,270)	$ 70	$ 63,586	$ (230,926)
Balance (in shares) at Mar. 31, 2022		700,000

Condensed Statements of Cash F

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net income	$ 1,623	$ 1,670
Adjustments to reconcile net income to net cash provided by operating activities
Allowance for doubtful accounts	0
Increase in Other receivable	(8,045)	(6,000)
Increase in
Accounts payable - trade	5,182	5,946
Accrued interest payable	1,257	1,172
Net cash provided by (used in) operating activities	17	2,788
Increase in cash and cash equivalents	17	2,788
Cash and cash equivalents at beginning of period	143	7,190
Cash and cash equivalents at end of period	160	9,978
Supplemental Disclosure of Interest and Income Taxes Paid
Interest paid during the period	714	633
Income taxes paid during the period	$ 0	$ 0

Background and Description of B

Background and Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note A - Background and Description of Business Renewable Energy Acquisition Corp. (the “Company”) was incorporated on June 21, 2007 under the laws of the State of Nevada. The Company was formed as a blank check company to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business in either the renewable energy or the environmental industry and their related infrastructures. To date, the Company’s efforts have been limited to organizational activities and the investigation of various potential business transactions, none of which has yet led to a definitive agreement.

Preparation of Financial Statem

Preparation of Financial Statements	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]	Note B - Preparation of Financial Statements The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles and has elected a year-end of December 31. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. For segment reporting purposes, the Company operated in only one industry segment during the periods represented in the accompanying financial statements and makes all operating decisions and allocates resources based on the best benefit to the Company as a whole. We have prepared the accompanying condensed financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial reporting. These condensed consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the condensed financial statements in accordance with accounting principles generally accepted in the United States for interim information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Operating results for the three- month period ended March 31, 2022 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2022.

Going Concern Uncertainty

Going Concern Uncertainty	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern Uncertainty [Text Block]	Note C - Going Concern Uncertainty The Company was formed to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business in either the renewable energy or the environmental industry and their related infrastructures. To date, the Company’s efforts have been limited to organizational activities and the investigation of various potential business transactions, none of which has yet led to a definitive agreement. There is no assurance that the Company will be able to be successful in the implementation of this business plan. The Company has no operating history, limited cash on hand, no operating assets and has a business plan with inherent risk. Because of these factors, management has determined that substantial doubt about our ability to continue as a going concern exists from the twelve months following the issuance of these financial statements. Because of the Company's lack of operating assets, the Company’s continuance is fully dependent upon either future sales of securities and/or advances or loans from significant stockholders or corporate officers to provide sufficient working capital to preserve the integrity of the corporate entity during the development phase. The Company's continued existence is dependent upon its ability to implement its business plan, generate sufficient cash flows from operations to support its daily operations, and provide sufficient resources to retire existing liabilities and obligations on a timely basis. The Company faces considerable risk in its business plan and a potential shortfall of funding due to our uncertainty to raise adequate capital in the equity securities market. The Company is dependent upon existing cash balances to support its day-to-day operations. In the event that working capital sufficient to maintain the corporate entity and implement our business plan is not available, the Company’s existing controlling stockholders intend to maintain the corporate status of the Company and provide all necessary working capital support on the Company's behalf. However, no formal commitments or arrangements to advance or loan funds to the Company or repay any such advances or loans exist. There is no legal obligation for either management or existing controlling stockholders to provide additional future funding. Further, the Company is at the mercy of future economic trends and business operations for the Company’s existing controlling stockholders to have the resources available to support the Company. The Company anticipates offering future sales of equity securities. However, there is no assurance that the Company will be able to obtain additional funding through the sales of additional equity securities or, that such funding, if available, will be obtained on terms favorable to or affordable by the Company. The Company’s Articles of Incorporation authorizes the issuance of up to 5,000,000 million shares of preferred stock and 5,000,000 shares of common stock. The Company’s ability to issue preferred stock may limit the Company’s ability to obtain debt or equity financing as well as impede the implementation of the Company’s business plan. The Company’s ability to issue these authorized but unissued securities may also negatively impact our ability to raise additional capital through the sale of our debt or equity securities. In such a restricted cash flow scenario, the Company would be unable to complete its business plan steps, and would, instead, delay all cash intensive activities. Without necessary cash flow, the Company may become dormant during the next twelve months, or until such time as necessary funds could be raised in the equity securities market. While the Company is of the opinion that good faith estimates of the Company’s ability to secure additional capital in the future to reach its goals have been made, there is no guarantee that the Company will receive sufficient funding to sustain operations or implement any future business plan steps.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note D - Summary of Significant Accounting Policies Cash and cash equivalents The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. Cash and cash equivalents The Company files income tax returns in the United States of America and various states, as appropriate and applicable. The Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to January 1, 2018. The Company uses the asset and liability method of accounting for income taxes. At March 31, 2022 and December 31, 2021, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences generally represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily accrued interest. Recognition of potential liabilities are required as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. The Company has no liability for uncertain tax positions. Earnings (loss) per share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. For the three months ended March 31, 2022 and 2021 respectively, the Company did not have any outstanding items which could be deemed to be dilutive. New and Pending Accounting Pronouncements The Company is of the opinion that any and all pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company's financial position or results of operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Measures And Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note E - Fair Value of Financial Instruments The carrying amount of cash, accounts receivable, short term advances and notes payable, as applicable, approximates fair value due to the short-term nature of these items and/or the current interest rates payable in relation to current market conditions. Interest rate risk is the risk that the Company’s earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to interest rate risk, if any. Financial risk is the risk that the Company’s earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to financial risk, if any.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2022
Notes Payable [Abstract]
Notes Payable Disclosure [Text Block]	Note F - Notes Payable These advances are due upon demand and bear interest at 6.0% per annum. As of March 31, 2022 and December 31, 2021, accrued interest amounted to $1,727 and $1,492, respectively.

Notes Payable to Stockholders

Notes Payable to Stockholders	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note G - Notes Payable to Stockholders The Company borrowed $200 from the majority shareholder during year ended December 31, 2021. The advances are due upon demand and bear interest at 6.0% per annum. The Company has accrued interest payable to the majority stockholder aggregating $19,770 and $18,748 as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, the outstanding aggregate balances payable to stockholders were as follows: March 31, December 31, 2022 2021 Notes payable $ 83,819 $ 83,819 Accrued interest payable 19,770 18,748 Total due stockholders $ 103,589 $ 102,567

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Loss Contingency [Abstract]
Contingencies [Text Block]	Note H - Contingencies On March 11, 2020, the World Health Organization declared the new strain of the coronavirus (COVID-19) a global pandemic. Federal, state, and local governments have since implemented various restrictions, including travel restrictions, border closings, restrictions on public gatherings, quarantining of people who may have been exposed to the virus, shelter-in-place restrictions and limitations on business operations. While this uncertain matter may negatively impact the results of operations, cash flows and financial position of the Company in the future, the related financial impact cannot be reasonably estimated at this time.

Short Term Advances

Short Term Advances	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Short-term Debt [Text Block]	Note I – Short Term Advances During the year ended December 31, 2018, the Company borrowed $17,000 in advances from credit card lines of credit. During the year ended December 31, 2019 the Company repaid $5,000 leaving a balance of $12,000 at March 31, 202 2 and $633 respectively on these advances.

Standstill Agreement

Standstill Agreement	3 Months Ended
	Mar. 31, 2022
Standstill Agreements [Abstract]
Disclosure Of Standstill Agreements [Text Block]	Note J – Standstill Agreement On November 13, 2020, pursuant to a Standstill Agreement dated October 30, 2020 ("the Agreement"), the Company received a $5,000 standstill fee from Florida Intellectual Properties, LLC ("FIP"). Pursuant to the terms of the Agreement, the Company agreed to negotiate in good faith to enter into a business combination agreement with FIP, and to not consider or negotiate other similar transactions so long as the Agreement remains in effect. The Agreement does not obligate either party to consummate a transaction, and until a definitive agreement is reached, or until the Agreement is cancelled by either party, FPI agreed to pay an additional $5,000 standstill fee on the first of each successive month. For the three months ended March 31, 2022 and 2021, the Company received and recorded $ 3,594 and $3,475 respectively as The Company estimated credit losses for these receivables were $27,923 and $30,169 at March 31, 2022 and December 31, 2021 respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note K - Subsequent Events Management has evaluated all activity of the Company through May 16 2 The Company received an additional $9,778 in standstill fees from FIP during the period April 1, 2022 to May 1 6 , 2

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	Cash and cash equivalents The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.
Income taxes	Cash and cash equivalents The Company files income tax returns in the United States of America and various states, as appropriate and applicable. The Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to January 1, 2018. The Company uses the asset and liability method of accounting for income taxes. At March 31, 2022 and December 31, 2021, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences generally represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily accrued interest. Recognition of potential liabilities are required as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. The Company has no liability for uncertain tax positions.
Income (loss) per share	Earnings (loss) per share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. For the three months ended March 31, 2022 and 2021 respectively, the Company did not have any outstanding items which could be deemed to be dilutive.
New and Pending Accounting Pronouncements	New and Pending Accounting Pronouncements The Company is of the opinion that any and all pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company's financial position or results of operations.

Notes Payable to Stockholders (

Notes Payable to Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Other Current Liabilities [Table Text Block]	As of March 31, 2022 and December 31, 2021, the outstanding aggregate balances payable to stockholders were as follows: March 31, December 31, 2022 2021 Notes payable $ 83,819 $ 83,819 Accrued interest payable 19,770 18,748 Total due stockholders $ 103,589 $ 102,567

Going Concern Uncertainty (Deta

Going Concern Uncertainty (Details Textual) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Shares Authorized	5,000,000	5,000,000
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	5,000,000	5,000,000

Notes Payable (Details Textual)

Notes Payable (Details Textual) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Interest Payable Third Parties Current	$ 1,727	$ 1,492
Third Party Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Interest Payable Third Parties Current	$ 1,727	$ 1,492

Notes Payable to Stockholders_2

Notes Payable to Stockholders (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable	$ 83,819	$ 83,819
Accrued interest payable	19,770	18,748
Total due stockholders	$ 103,589	$ 102,567

Notes Payable to Stockholders_3

Notes Payable to Stockholders (Details Textual) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowings		$ 200
Interest Payable, Current	$ 19,770	$ 18,748
Stockholders [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%

Short Term Advances (Details Te

Short Term Advances (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2018
Line of Credit, Current	$ 12,000			$ 12,000	$ 17,000
Debt, Weighted Average Interest Rate	15.00%
Line of Credit Facility, Remaining Borrowing Capacity	$ 0
Interest on short term advances	$ 634	$ 633
Repayments Of Lines Of Credit			$ 5,000

Standstill Agreement (Details T

Standstill Agreement (Details Textual) - USD ($)	Nov. 13, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disclosure of standstill agreements [Line Items]
Additional stand still payment accepted from unrelated third party payment terms		FPI agreed to pay an additional $5,000 standstill fee on the first of each successive month.
Income from standstill payments		$ 3,594	$ 3,475
Standstill Agreement [Member]
Disclosure of standstill agreements [Line Items]
Accounts Receivable, Allowance for Credit Loss		$ 27,923		$ 30,169
Florida Intellectual Properties LLC [Member]
Disclosure of standstill agreements [Line Items]
Company accepted a "stand still" payment from an unrelated third party	$ 5,000
Additional stand still payment accepted from unrelated third party	$ 5,000

Subsequent Events (Details Text

Subsequent Events (Details Textual)	2 Months Ended
	May 16, 2022USD ($)
Subsequent Event [Member] | Florida Intellectual Properties, LLC[Member]
Additional Standstill Fees Received	$ 9,778