Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Jul. 16, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Entity Registrant Name | SMSA CRANE ACQUISITION CORP. | |
Entity Central Index Key | 0001473287 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,047,495 | |
Emerging Growth Company | false | |
Smaller Reporting Company | true | |
Reporting Status | No | |
Entity File Number | 000-53800 | |
Entity Shell Company | true | |
Entity Interactive Data Current | No | |
Entity Incorporation State Country Code | NV |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash - attorney escrow account | $ 2,826 | |
Total Current Assets | 2,826 | |
Current Liabilities | ||
Accounts payable and accrued expenses | 25,015 | 21,691 |
Due to shareholder | 46,615 | 46,615 |
Total Current Liabilities | 71,630 | 68,306 |
Total Liabilities | 71,630 | 68,306 |
Stockholders' Deficit | ||
Preferred stock - $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding | ||
Common stock - $0.001 par value, 100,000,000 shares authorized, 10,047,495 shares issued and outstanding | 10,048 | 10,048 |
Additional paid-in capital | 341,928 | 341,928 |
Accumulated deficit | (423,606) | (417,456) |
Total Stockholders' Deficit | (71,630) | (65,480) |
Total Liabilities and Stockholders' Deficit | $ 2,826 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 10,047,495 | 10,047,495 |
Common stock, shares outstanding | 10,047,495 | 10,047,495 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses | ||||
Professional fees | 1,056 | 649 | 3,335 | 23,256 |
Other general and administrative expenses | 1,160 | 987 | 2,815 | 6,211 |
Total operating expenses | 2,216 | 1,636 | 6,150 | 29,467 |
Other Income (Expense) | ||||
Total Other Income (Expense) | ||||
Income (Loss) from operations | (2,216) | (1,636) | (6,150) | (29,467) |
Provision for income taxes | ||||
Net Income (Loss) | $ (2,216) | $ (1,636) | $ (6,150) | $ (29,467) |
Loss per common share) - basic and fully diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted-average number of shares of common stock outstanding - basic and fully diluted | 10,047,495 | 10,047,495 | 10,047,495 | 10,047,495 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, value at Dec. 31, 2017 | $ 10,048 | $ 341,928 | $ (379,219) | $ (27,243) |
Beginning balance, shares at Dec. 31, 2017 | 10,047,495 | |||
Net loss for the period | (6,881) | (6,881) | ||
Ending balance, value at Mar. 31, 2018 | $ 10,048 | 341,928 | (386,100) | (34,124) |
Ending balance, shares at Mar. 31, 2018 | 10,047,495 | |||
Beginning balance, value at Dec. 31, 2017 | $ 10,048 | 341,928 | (379,219) | $ (27,243) |
Beginning balance, shares at Dec. 31, 2017 | 10,047,495 | |||
Cancellation of shares, shares | 0 | |||
Issuance of shares for debt, shares | 0 | |||
Net loss for the period | $ (29,467) | |||
Ending balance, value at Sep. 30, 2018 | $ 10,048 | 341,928 | (408,686) | (56,710) |
Ending balance, shares at Sep. 30, 2018 | 10,047,495 | |||
Beginning balance, value at Mar. 31, 2018 | $ 10,048 | 341,928 | (386,100) | (34,124) |
Beginning balance, shares at Mar. 31, 2018 | 10,047,495 | |||
Net loss for the period | (20,950) | (20,950) | ||
Ending balance, value at Jun. 30, 2018 | $ 10,048 | 341,928 | (407,050) | (55,074) |
Ending balance, shares at Jun. 30, 2018 | 10,047,495 | |||
Net loss for the period | (1,636) | (1,636) | ||
Ending balance, value at Sep. 30, 2018 | $ 10,048 | 341,928 | (408,686) | (56,710) |
Ending balance, shares at Sep. 30, 2018 | 10,047,495 | |||
Beginning balance, value at Dec. 31, 2018 | $ 10,048 | 341,928 | (417,456) | $ (65,480) |
Beginning balance, shares at Dec. 31, 2018 | 10,047,495 | 10,047,495 | ||
Net loss for the period | (2,638) | $ (2,638) | ||
Ending balance, value at Mar. 31, 2019 | $ 10,048 | 341,928 | (420,094) | (68,118) |
Ending balance, shares at Mar. 31, 2019 | 10,047,495 | |||
Beginning balance, value at Dec. 31, 2018 | $ 10,048 | 341,928 | (417,456) | $ (65,480) |
Beginning balance, shares at Dec. 31, 2018 | 10,047,495 | 10,047,495 | ||
Cancellation of shares, shares | 0 | |||
Issuance of shares for debt, shares | 0 | |||
Net loss for the period | $ (6,150) | |||
Ending balance, value at Sep. 30, 2019 | $ 10,048 | 341,928 | (423,606) | $ (71,630) |
Ending balance, shares at Sep. 30, 2019 | 10,047,495 | 10,047,495 | ||
Beginning balance, value at Mar. 31, 2019 | $ 10,048 | 341,928 | (420,094) | $ (68,118) |
Beginning balance, shares at Mar. 31, 2019 | 10,047,495 | |||
Net loss for the period | (1,296) | (1,296) | ||
Ending balance, value at Jun. 30, 2019 | $ 10,048 | 341,928 | (421,390) | (69,414) |
Ending balance, shares at Jun. 30, 2019 | 10,047,495 | |||
Net loss for the period | (2,216) | (2,216) | ||
Ending balance, value at Sep. 30, 2019 | $ 10,048 | $ 341,928 | $ (423,606) | $ (71,630) |
Ending balance, shares at Sep. 30, 2019 | 10,047,495 | 10,047,495 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net loss for the period | $ (6,150) | $ (29,467) |
Changes in operating working capital items: | ||
Increase in accounts payable and accrued expenses | 3,324 | 10,202 |
Net Cash Used in Operating Activities | (2,826) | (19,265) |
Cash Flows from Investing Activities: | ||
Net Cash Provided by Investing Activities | ||
Cash Flows from Financing Activities: | ||
Repayment to a related party | ||
Net Change in Cash | (2,826) | (19,265) |
Cash at beginning of period | 2,826 | 19,265 |
Cash at end of period | ||
Supplemental Disclosure of Interest and Income Taxes Paid: | ||
Interest paid during the period | ||
Income taxes paid during the period |
Basis of Presentation, Backgrou
Basis of Presentation, Background and Description of Business | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Background and Description of Business | Note A - Basis of Presentation, Background and Description of Business Basis of Presentation The accompanying unaudited condensed financial statements of SMSA Crane Acquisition Corp. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements for the year ended December 31, 2018, included in our Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three and nine month periods have been made. Results for the interim period presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms "Company", "we", "us" or "our" mean SMSA Crane Acquisition Corp. Background and Description of Business SMSA Crane Acquisition Corp. was organized on September 9, 2009 as a Nevada corporation to effect the reincorporation of Senior Management Services of Crane, Inc., a Texas corporation, mandated by the plan of reorganization discussed below. The Company's emergence from Chapter 11 of Title 11 of the United States Code on August 1, 2007 caused a change in majority ownership and voting control - that is, loss of control by the then-existing stockholders, a court-approved reorganization, and a reliable measure of the entity's fair value - resulting in a fresh start, creating, in substance, a new reporting entity. Accordingly, the Company, post-bankruptcy, had no significant assets, liabilities or operating activities. Therefore, the Company, as a new reporting entity, qualified as a shell company as defined in Rule 405 under the Securities Act of 1933, and Rule 12b-2 under the Securities Exchange Act of 1934. The Company's Plan of Reorganization (the "Plan") was confirmed by the United States Bankruptcy Court, Northern District of Texas – Dallas Division on August 1, 2007 and became effective on August 10, 2007. On November 5, 2010, the Company entered into a transaction with Carolyn C. Shelton as discussed in Note A and a Certificate of Compliance with certain bankruptcy confirmation provisions was issued by the Bankruptcy Court on November 10, 2010. The Company's business plan is now to pursue a business combination through the acquisition of, or merger with, an existing company seeking the perceived advantages of being a publicly traded corporation. The Company is not restricting its potential target companies to any specific business, industry or geographical location. No assurances can be given that the Company will be successful in locating or negotiating with any target company. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2019 | |
Going Concern [Abstract] | |
Going Concern | Note B – Going Concern We have incurred recurring losses since inception and expect to continue to incur losses as a result of legal and professional fees and our corporate general and administrative expenses. Our net losses incurred for the nine months ended September 30, 2019 and 2018, amounted to $6,150 and $29,467, respectively, and working capital deficits were $71,630 and $65,480 at September 30, 2019 and December 31, 2018, respectively. As a result, there is substantial doubt about our ability to continue as a going concern. In the event that we are unable to generate sufficient cash from our operating activities or raise additional funds, we may be required to delay, reduce or severely curtail our operations or otherwise impede our on-going business efforts, which could have a material adverse effect on our business, operating results, financial condition and long-term prospects. The Company expects to seek to obtain additional funding through future equity issuances. There can be no assurance as to the availability or terms upon which such financing and capital might be available. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note C - Summary of Significant Accounting Policies and Recent Accounting Pronouncements Use of Estimates 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. Significant estimates include the valuation of deferred tax assets. Actual results could differ from those estimates. 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 The Company files income tax returns in the United States of America and various states, as appropriate and applicable. The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes.” The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has adopted the provisions of ASC 740-10 "Accounting for Uncertain Income Tax Positions." The Codification Topic requires the recognition of potential liabilities 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. As a result of the implementation of Codification's Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits. Income (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. Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock warrants, options or convertible securities, using the if-converted method, and only if the common stock equivalents are considered dilutive based upon the Company's net income (loss) position. As of September 30, 2019 and December 31, 2018, the Company had no outstanding stock warrants, options or convertible securities which could be considered dilutive for purposes of the loss per share calculation. Recently Adopted Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and fair value measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and fair value measurements | Note D - Fair Value of Financial Instruments and fair value measurements The carrying amount of cash, accounts payable and accrued expenses and due to stockholder, 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. · Level 1: Observable inputs such as quoted prices in active markets; · Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note E - Related Party Transactions Due to Shareholder |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Note F - Concentration of Credit Risk At times cash deposited with financial institutions may exceed federally insured limits. The Company has not experienced any losses in such accounts through September 30, 2019. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note G - Contingencies The Company's business plan is now to pursue a business combination through the acquisition of, or merger with, an existing company seeking the perceived advantages of being a publicly traded corporation. No assurances can be given that the Company will be successful in pursuing a business combination in the near future or at all. |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Note H- Stockholders' Deficit Pursuant to our Articles of Incorporation, our board has the authority, without further stockholder approval, to provide for the issuance of up to 10,000,000 shares of our preferred stock in one or more series and to determine the dividend rights, conversion rights, voting rights, rights in terms of redemption, liquidation preferences, the number of shares constituting any such series and the designation of such series. Our board has the power to afford preferences, powers and rights (including voting rights) to the holders of any preferred stock preferences, such rights and preferences being senior to the rights of holders of common stock. There were no preferred shares issued and outstanding at September 30, 2019 or December 31, 2018. There were 10,047,495 shares of common stock with a par value $0.001 issued and outstanding as of September 30, 2019 and December 31, 2018. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note I- Subsequent Events In accordance with ASC 855-10, Company management reviewed all material events through the date of the issuance of these financial statements and determined that there are no additional material subsequent events to report, except as noted. During October 2019, the Company received a loan of $35,000 from Mr. Irwin Eskanos, the principal shareholder of the Company, for the funding of its current operating expenses. The amount owing is unsecured, non-interest bearing, and due on demand. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates 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. Significant estimates include the valuation of deferred tax assets. Actual results could differ from those estimates. |
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 | Income Taxes The Company files income tax returns in the United States of America and various states, as appropriate and applicable. The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes.” The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has adopted the provisions of ASC 740-10 "Accounting for Uncertain Income Tax Positions." The Codification Topic requires the recognition of potential liabilities 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. As a result of the implementation of Codification's Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits. |
Income (Loss) Per Share | Income (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. Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock warrants, options or convertible securities, using the if-converted method, and only if the common stock equivalents are considered dilutive based upon the Company's net income (loss) position. As of September 30, 2019 and December 31, 2018, the Company had no outstanding stock warrants, options or convertible securities which could be considered dilutive for purposes of the loss per share calculation. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements |
Basis of presentation, Backgr_2
Basis of presentation, Background and Description of Business (Details) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||
Shares of common stock issued for cash | 0 | 0 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Going Concern [Abstract] | |||||||||
Net Loss | $ 2,216 | $ 1,296 | $ 2,638 | $ 1,636 | $ 20,950 | $ 6,881 | $ 6,150 | $ 29,467 | |
Working capital deficits | $ 71,630 | $ 71,630 | $ 65,480 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Outstanding stock warrants, options or convertible securities which could be considered as dilutive for purposes of the loss per share calculation | 0 | 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Due to shareholder | $ 46,615 | $ 46,615 |
Stockholders' Deficit (Narrativ
Stockholders' Deficit (Narrative) (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, shares issued | 10,047,495 | 10,047,495 | |
Common stock, shares outstanding | 10,047,495 | 10,047,495 | |
Common stock, par value per share | $ 0.001 | $ 0.001 | |
Shares of common stock issued during period | 0 | 0 | |
Shares of common stock cancelled during period | 0 | 0 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | 1 Months Ended |
Oct. 31, 2019USD ($) | |
Subsequent Events [Abstract] | |
Proceeds from loan | $ 35,000 |