Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 10, 2021 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 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 | FY | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 10,047,495 | ||
Entity Public Float | $ 0 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity File Number | 000-53800 | ||
Entity Interactive Data Current | No | ||
Entity Incorporation | NV |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash - attorney escrow account | $ 19,730 | $ 2,826 |
Total Current Assets | 19,730 | 2,826 |
Current Liabilities | ||
Accounts payable and accrued expenses | 14,516 | 21,691 |
Due to shareholder | 81,615 | 46,615 |
Total Current Liabilities | 96,131 | 68,306 |
Total Liabilities | 96,131 | 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 | (428,377) | (417,456) |
Total Stockholders' Deficit | (76,401) | (65,480) |
Total Liabilities and Stockholders' Deficit | $ 19,730 | $ 2,826 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating expenses | ||
Professional fees | 6,941 | 31,075 |
Other general and administrative costs | 3,980 | 7,162 |
Total operating expenses | 10,921 | 38,237 |
Other Income (Expense) | ||
Total Other Income (Expense) | ||
Loss from operations | (10,921) | (38,237) |
Provision for income taxes | ||
Net Loss | $ (10,921) | $ (38,237) |
Loss per common share - basic and fully diluted | $ 0 | $ 0 |
Weighted-average number of shares of common stock outstanding - basic and fully diluted | 10,047,495 | 10,047,495 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2017 | $ 10,048 | $ 341,928 | $ (379,219) | $ (27,243) |
Balance (in Shares) at Dec. 31, 2017 | 10,047,495 | |||
Cancellation of shares | ||||
Issuance of shares for debt | 157,194 | |||
Shareholders' contribution | 133,572 | |||
Net loss for the period | (38,237) | (38,237) | ||
Balance at Dec. 31, 2018 | $ 10,048 | 341,928 | (417,456) | $ (65,480) |
Balance (in Shares) at Dec. 31, 2018 | 10,047,495 | 10,047,495 | ||
Net loss for the period | (10,921) | $ (10,921) | ||
Balance at Dec. 31, 2019 | $ 10,048 | $ 341,928 | $ (428,377) | $ (76,401) |
Balance (in Shares) at Dec. 31, 2019 | 10,047,495 | 10,047,495 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net loss for the period | $ (10,921) | $ (38,237) |
Changes in operating working capital items: | ||
Increase in accounts payable and accrued expenses | (7,175) | 14,298 |
Net Cash Used in Operating Activities | (18,096) | (23,939) |
Cash Flows from Investing Activities: | ||
Cash Flows from Financing Activities: | ||
Repayment to a Related Party | ||
Advance from shareholder | 35,000 | 7,500 |
Advance from a former Shareholder | ||
Net Cash Provided by Financing Activities | 35,000 | 7,500 |
Increase (Decrease in Cash | 16,904 | (16,439) |
Cash at beginning of period | 2,826 | 19,265 |
Cash at end of period | 19,730 | 2,826 |
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 | 12 Months Ended |
Dec. 31, 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 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. 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. |
Change of Control
Change of Control | 12 Months Ended |
Dec. 31, 2019 | |
Change of Control [Abstract] | |
Change of Control | Note B - Change of Control Coqui, the principal shareholder of the Company, entered into a Stock Purchase Agreement, effective as of the 26th day of June, 2017, with Irwin Eskanos (“Buyer”). Coqui agreed to sell to the Buyer, and the Buyer agreed to purchase from Coqui, a total of 9,947,490 shares of common stock of the Company for a total purchase price of $250,000. These purchased shares represented approximately 99% of the Company’s issued and outstanding shares of Common Stock. Concurrent with the sale of controlling interest, Coqui (“Indemnitor”) entered into an Indemnity Agreement with SMSA Crane Acquisition Corp (“indemnitee”). Coqui agreed to paid $133,572 of the Company’s outstanding debts at or prior to the closing of Stock Sale. The Company recorded Coqui’s forgiveness of debt of $133,572 under Additional paid in capital, for the year ended December 31, 2017. On June 26, 2017, the board of directors appointed Irwin Eskanos as our new sole Director, President, Secretary, Treasurer, CEO, and CFO. Following these appointments, the board accepted the resignation of Carmen I. Bigles as our former sole officer and director. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Going Concern [Abstract] | |
Going Concern | Note C – 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 years ended December 31, 2019 and 2018, amounted to approximately $10,921 and $38,237 respectively, and working capital (deficits) for the years ended December 31, 2019 and 2018 were approximately $76,401 and $65,480, 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 | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note D - 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 original 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 December 31, 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. Recent 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 | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | Note E - Fair Value of Financial Instruments and Fair Value Measurements The carrying amount of cash, accounts payable and accrued expenses and due to shareholder, 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. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, "Financial Instruments," defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · 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 | 12 Months Ended |
Dec. 31, 2019 | |
Due to Related Parties, Current [Abstract] | |
Related Party Transactions | Note F - Related Party Transactions Due to Shareholder |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Note G - 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 December 31, 2019. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note H - Contingencies The Company was contemplating a possible merger by the Company and Coquí. 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note I - Income Taxes As of December 31, 2019 and 2018, the Company has a net operating loss carryforward of approximately $428,000 and $417,000, respectively, to offset future taxable income. The amount and availability of any net operating loss carryforwards will be subject to the limitations set forth in the Internal Revenue Code. Such factors as the number of shares ultimately issued within a three year look-back period; whether there is a deemed more than a 50 percent change in control; the applicable long-term tax exempt bond rate; continuity of historical business; and subsequent income of the Company all enter into the annual computation of allowable annual utilization of any net operating loss carryforward(s). The Company's income tax expense (benefit) for each of the year ended December 31, 2019 and 2018 is 21%: Year Ended December 31, 2019 2018 Statutory rate applied to income before income taxes $ (2,200 ) $ (8,100 ) Effects of rate changes on deferred tax assets and valuation allowance Change in valuation allowance 2,200 8,100 Income tax expense $ — $ — The Company's only temporary difference due to statutory requirements in the recognition of assets and liabilities for tax and financial reporting purposes, as of December 31, 2019 and 2018, respectively, relate solely to the Company's net operating loss carryforward(s). This difference gives rise to the financial statement carrying amounts and tax bases of assets and liabilities causing either deferred tax assets or liabilities, as necessary, as of December 31, 2019 and 2018, respectively: December 31, 2019 2018 Deferred tax assets – 21% Net operating loss carryforwards $ 89,900 $ 87,700 Less valuation allowance (89,900 ) (87,700 ) Net Deferred Tax Asset $ — $ — During the ended December 31, 2019 and 2018, respectively, the valuation allowance for the deferred tax asset increased by approximately $2,200 and $8,100, respectively. Open tax years that are subject to IRS examination start from 2013. The Company’s policy for recording interest and penalties are based on estimates and during the year ended December 31, 2019 and 2018, the Company recorded $0 and $0, respectively, in interest and penalties. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Note J- 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 December 31, 2019 and 2018. There were 10,047,495 shares of common stock with a par value $0.001 issued and outstanding as of December 31, 2019 and 2018. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note K- 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 May 2021, the Company received a loan of $20,000 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) | 12 Months Ended |
Dec. 31, 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 original 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 December 31, 2019 and 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. |
Recent Accounting Pronouncements | Recent 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. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes Tables | |
Schedule of income tax expense (benefit) reconciliation to statutory rate | The Company's income tax expense (benefit) for each of the year ended December 31, 2019 and 2018 is 21%: Year Ended December 31, 2019 2018 Statutory rate applied to income before income taxes $ (2,200 ) $ (8,100 ) Effects of rate changes on deferred tax assets and valuation allowance Change in valuation allowance 2,200 8,100 Income tax expense $ — $ — |
Schedule of net deferred tax asset | The Company's only temporary difference due to statutory requirements in the recognition of assets and liabilities for tax and financial reporting purposes, as of December 31, 2019 and 2018, respectively, relate solely to the Company's net operating loss carryforward(s). This difference gives rise to the financial statement carrying amounts and tax bases of assets and liabilities causing either deferred tax assets or liabilities, as necessary, as of December 31, 2019 and 2018, respectively: December 31, 2019 2018 Deferred tax assets – 21% Net operating loss carryforwards $ 89,900 $ 87,700 Less valuation allowance (89,900 ) (87,700 ) Net Deferred Tax Asset $ — $ — |
Change of Control (Details)
Change of Control (Details) | Jun. 26, 2017USD ($)shares |
Change of Control [Abstract] | |
Number of shares sold to buyer of company | shares | 9,947,490 |
Total purchase price of shares sold to buyer of company | $ 250,000 |
Percentage of outstanding shares sold to buyer in purchase of company | 99.00% |
Accounts payable paid by previous owner of company | $ 133,572 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Going Concern [Abstract] | ||
Net Loss | $ 10,921 | $ 38,237 |
Working capital (deficits) | $ (76,401) | $ (65,480) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
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 |
Outstanding common stock warrants which could dilute future earnings per share | 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Due to Related Parties, Current [Abstract] | ||
Due to shareholder | $ 81,615 | $ 46,615 |
Advance from shareholder | $ 35,000 | $ 7,500 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward available to offset future taxable income | $ 428,000 | $ 417,000 |
Look-back period | 3 years | |
Minimum percentage change in control | 50.00% | |
Increase (decrease) in valuation allowance for deferred tax asset | $ 2,200 | 8,100 |
Accrued interest and penalties | ||
Corporate income tax rate for 2018 | 21.00% |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense (Benefit) Varied From Statutory Rate) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate applied to income before income taxes | $ (2,200) | $ (8,100) |
Increase (decrease) in income taxes resulting from: | ||
Change in valuation allowance | 2,200 | 8,100 |
Total income tax expense |
Income Taxes (Schedule of Net D
Income Taxes (Schedule of Net Deferred Tax Asset) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 89,900 | $ 87,700 |
Less valuation allowance | (89,900) | (87,700) |
Net Deferred Tax Asset |
Stockholders' Deficit (Narrativ
Stockholders' Deficit (Narrative) (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
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 issued | 10,047,495 | 10,047,495 |
Common stock, shares outstanding | 10,047,495 | 10,047,495 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Advance from shareholder | $ 35,000 | $ 7,500 | |
Subsequent Event [Member] | |||
Advance from shareholder | $ 20,000 |