Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Sep. 27, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-53800 | |
Entity Registrant Name | SMSA Crane Acquisition Corp. | |
Entity Central Index Key | 0001473287 | |
Entity Tax Identification Number | 27-0984742 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4 Orinda Way | |
Entity Address, Address Line Two | Suite 180-C | |
Entity Address, City or Town | Orinda | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94563 | |
City Area Code | (925) | |
Local Phone Number | 791-1440 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 10,047,495 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash – attorney escrow account | $ 1,824 | $ 1,824 |
Total Current Assets | 1,824 | 1,824 |
Current Liabilities | ||
Accounts payable and accrued expenses | 20,543 | 27,275 |
Notes payable | 20,000 | |
Due to shareholder | 81,615 | 81,615 |
Total Current Liabilities | 122,158 | 108,890 |
Total Liabilities | 122,158 | 108,890 |
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 | (472,310) | (459,042) |
Total Stockholders' Deficit | (120,334) | (107,066) |
Total Liabilities and Stockholders' Deficit | $ 1,824 | $ 1,824 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses | ||||
Professional fees | 10,000 | 9,562 | 10,000 | 20,548 |
Other general and administrative | 1,934 | 3,226 | 3,268 | 5,521 |
Total operating expenses | 11,934 | 12,788 | 13,268 | 26,069 |
Other income (expense) | ||||
Total other income (expense) | ||||
Loss from operations | (11,934) | (12,788) | (13,268) | (26,069) |
Provision for income taxes | ||||
Net loss | $ (11,934) | $ (12,788) | $ (13,268) | $ (26,069) |
Loss per common shares - basic and fully diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted-average number of common shares 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 (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 10,048 | $ 341,928 | $ (428,377) | $ (76,401) |
Beginning balance, shares at Dec. 31, 2019 | 10,047,495 | |||
Net loss for the period | (13,281) | (13,281) | ||
Ending balance, value at Mar. 31, 2020 | $ 10,048 | 341,928 | (441,658) | (89,682) |
Ending balance, shares at Mar. 31, 2020 | 10,047,495 | |||
Net loss for the period | (12,788) | (12,788) | ||
Ending balance, value at Jun. 30, 2020 | $ 10,048 | 341,928 | (454,446) | (102,470) |
Ending balance, shares at Jun. 30, 2020 | 10,047,495 | |||
Beginning balance, value at Dec. 31, 2020 | $ 10,048 | 341,928 | (459,042) | (107,066) |
Beginning balance, shares at Dec. 31, 2020 | 10,047,495 | |||
Net loss for the period | (1,334) | (1,334) | ||
Ending balance, value at Mar. 31, 2021 | $ 10,048 | 341,928 | (460,376) | (108,400) |
Ending balance, shares at Mar. 31, 2021 | 10,047,495 | |||
Net loss for the period | (11,934) | (11,934) | ||
Ending balance, value at Jun. 30, 2021 | $ 10,048 | $ 341,928 | $ (472,310) | $ (120,334) |
Ending balance, shares at Jun. 30, 2021 | 10,047,495 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (13,268) | $ (26,069) |
Changes in operating working capital items: | ||
Increase (decrease) in accounts payable and accrued expenses | (6,732) | 10,520 |
Net Cash Used in Operating Activities | (20,000) | (15,549) |
Cash Flows from Investing Activities: | ||
Cash Flows from Financing Activities: | ||
Proceeds from notes payable | 20,000 | |
Net Cash Provided by Financing Activities | 20,000 | |
Net Change in Cash | (15,549) | |
Cash at beginning of period | 1,824 | 19,730 |
Cash at end of period | 1,824 | 4,181 |
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 | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020, included in our Annual Report on Form 10-K for the year ended December 31, 2020. 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 six month period 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. The Company's business plan is 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 | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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 six months ended June 30, 2021 and 2020, amounted to $ 13,268 26,069 120,334 107,066 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note C - Summary of Significant Accounting Policies 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 follows ASC 740-10 "Accounting for Uncertain Income Tax Positions," which 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. To date, the Company has no uncertain tax positions and has not incurred 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 June 30, 2021 and December 31, 2020, the Company had no 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 amounts of cash, accounts payable and accrued expenses, notes payable, and due to shareholder, approximate 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 | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note E - Related Party Transactions Due to Shareholder 81,615 81,615 |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note G – Notes Payable During the six months ended June 30, 2021, the Company received a $ 20,000 20,000 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note H - Contingencies The Company's business plan is 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 | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Deficit | Note I- 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. no There were no 10,047,495 0.001 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note J- 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 material subsequent events to report. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 follows ASC 740-10 "Accounting for Uncertain Income Tax Positions," which 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. To date, the Company has no uncertain tax positions and has not incurred 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 June 30, 2021 and December 31, 2020, the Company had no |
Recently Adopted Accounting Pronouncements | 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. |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net Loss | $ 11,934 | $ 12,788 | $ 13,268 | $ 26,069 | |
Working capital deficits | $ 120,334 | $ 120,334 | $ 107,066 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
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 Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Due to shareholder | $ 81,615 | $ 81,615 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Proceeds from Notes Payable | $ 20,000 | ||
Notes payable | 20,000 | ||
Individual Counterparty [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Notes payable | $ 20,000 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - $ / shares | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Shares of common stock issued during period | 0 | 0 | |
Shares of common stock cancelled during period | 0 | 0 | |
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 |