UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission File Number: 000-55819
STRONG SOLUTIONS, INC.
(Exact name of Registrant as specified in its charter)
| Nevada | | 38-3942046 |
| (State of incorporation) | | (IRS Employer ID Number) |
1894 William Street, Ste 4-250, Carson City, NV 89701
(Address of Principal Executive Offices) Zip Code
775-434-4451
(Registrant’s telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ |
| | |
| Non-accelerated filer ☐ | Smaller reporting company ☐ |
| | |
| Emerging Growth Company ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☒ No ☐
As of March 31, 2022 there were 42,051,000 shares of common stock issued and outstanding.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included in this Quarterly Report on Form 10-Q and other filings of the Registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the availability of working capital to fund our operations, the competitive market in which we operate, the efficient and uninterrupted operation of our computer and communications systems, our ability to generate a profit and execute our business plan, the retention of key personnel, our ability to protect and defend our intellectual property, the effects of governmental regulation, and other risks identified in the Registrant’s filings with the Securities and Exchange Commission from time to time.
In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. Although the Registrant believes that the expectations reflected in the forward-looking statements contained herein are reasonable, the Registrant cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Registrant, nor any other person, assumes responsibility for the accuracy and completeness of such statements. The Registrant is under no duty to update any of the forward-looking statements contained herein after the date of this Quarterly Report on Form 10-Q.
TABLE OF CONTENTS
STRONG SOLUTIONS, INC.
BALANCE SHEETS
(Unaudited)
| | | | 1 | | | | 2 | |
| | | March 31, 2022 | | December 31,2021 |
| ASSETS | | | | | | | | |
| CURRENT ASSETS: | | | | | | | | |
| Cash | | $ | - | | | $ | - | |
| Total current assets | | | - | | | | - | |
| | | | | | | | | |
| | | | - | | | | - | |
| Assets of discontinued operations | | | - | | | | - | |
| TOTAL ASSETS | | $ | - | | | $ | - | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | |
| | | | | | | | | |
| CURRENT LIABILITIES: | | | | | | | | |
| Accounts payable and accrued liabilities | | | 9,751 | | | | 2,371 | |
| Accounts Payable – related party | | | 105,435 | | | | 105,435 | |
| Note Payable – related party | | | 32,824 | | | | 30,075 | |
| Liabilities of discontinued operations | | | 146,350 | | | | 146,350 | |
| Total current liabilities | | | 294,360 | | | | 284,231 | |
| | | | | | | | | |
| Commitments and Contingencies | | | - | | | | - | |
| | | | | | | | | |
| STOCKHOLDERS’ DEFICIT | | | | | | | | |
| Common stock, par value $0.0001 per share; 75,000,000 shares authorized; 42,051,000 and 42,051,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | | | 4,205 | | | | 4,205 | |
| Additional paid in capital | | | 853,939 | | | | 853,939 | |
| Accumulated deficit | | | (1,152,504 | ) | | | (1,142,375 | ) |
| Total stockholders’ deficit | | | (294,360 | ) | | | (284,231 | ) |
| | | | | | | | | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | | $ | - | | | $ | - | |
STRONG SOLUTIONS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
| | | | 2022 | | | | 2021 | |
| | | For the three months ended March 31, |
| | | 2022 | | 2021 |
| Operating expenses | | | | | | | | |
| Stock based compensation – related party | | | - | | | | 461,125 | |
| General and administrative | | | 8,499 | | | | 6,078 | |
| Total operating expense | | | 8,499 | | | | 467,203 | |
| | | | | | | | | |
| Other Income (Expense) | | | | | | | | |
| Interest expense | | | (1,631 | ) | | | (13 | ) |
| Loss from disposition of discontinued operations | | | - | | | | (17,061 | ) |
| Total other income (expense) | | | (1,631 | ) | | | (17,074 | ) |
| | | | | | | | | |
| Net loss from continuing operations | | | (10,129 | ) | | | (484,277 | ) |
| Net loss from discontinued operations | | | - | | | | (5,050 | ) |
| Net loss | | $ | (10,129 | ) | | $ | (489,327 | ) |
| Net loss per common share – basic and diluted | | $ | | | | $ | | |
| Continuing operations | | | (0.00 | ) | | | (0.00 | ) |
| Discontinued operations | | | (0.00 | ) | | | (0.00 | ) |
| | | | (0.00 | ) | | | (0.00 | ) |
| Weighted average common shares outstanding – basic and diluted | | | 42,051,000 | | | | 38,730,231 | |
STRONG SOLUTIONS, INC.
STATEMENT OF STOCKHOLDERS’ DEFICIT
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(Unaudited)
| | | | Common Stock:
Shares | | | Common Stock:
Amount | | | | Additional Paid in Capital | | | | Accumulated
Deficit | | | | Totals | |
| | | Common Stock:
Shares | | Common Stock:
Amount | | Additional Paid in Capital | | Accumulated
Deficit | | Totals |
| Balance - December 31, 2021 | | | 42,051,000 | | | $ | 4,205 | | | $ | 853,939 | | | $ | (1,142,375 | ) | | $ | (284,231 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net loss for the period | | | - | | | | - | | | | - | | | | (10,129 | ) | | | (10,129 | ) |
| Balance March 31, 2022 | | | 42,051,000 | | | $ | 4,205 | | | $ | 853,939 | | | $ | (1,152,504 | ) | | $ | (294,360 | ) |
| | | | Common Stock:
Shares | | | Common Stock:
Amount | | | | Additional Paid in Capital | | | | Accumulated
Deficit | | | | Totals | |
| | | Common Stock:
Shares | | Common Stock:
Amount | | Additional Paid in Capital | | Accumulated
Deficit | | Totals |
| Balance – December 31, 2020 | | | 38,193,000 | | | $ | 3,819 | | | $ | 363,111 | | | $ | (492,973 | ) | | $ | (126,043 | ) |
| Balance | | | 38,193,000 | | | $ | 3,819 | | | $ | 363,111 | | | $ | (492,973 | ) | | $ | (126,043 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Common stock issued to related party for cash | | | 526,200 | | | | 53 | | | | 5,147 | | | | | | | | 5,200 | |
| Common stock issued to related party for services | | | 81,800 | | | | 8 | | | | 800 | | | | | | | | 808 | |
| Stock compensation paid to CEO | | | 750,000 | | | | 75 | | | | 460,425 | | | | | | | | 460,500 | |
| Net loss for the period | | | - | | | | - | | | | - | | | | (489,327 | ) | | | (489,327 | ) |
| Balance March 31, 2021 | | | 39,551,000 | | | $ | 3,955 | | | $ | 829,483 | | | $ | (982,300 | ) | | $ | (148,862 | ) |
| Balance | | | 39,551,000 | | | $ | 3,955 | | | $ | 829,483 | | | $ | (982,300 | ) | | $ | (148,862 | ) |
STRONG SOLUTIONS, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | 1 | | | | 1 | |
| | | For the Three Months Ended March 31, |
| | | 2022 | | 2021 |
| OPERATING ACTIVITIES: | | | | | | | | |
| Net loss from continuing operations | | $ | (10,129 | ) | | $ | (484,277 | ) |
| Net loss from discontinued operations | | | - | | | | (5,050 | ) |
| Net loss | | | (10,129 | ) | | | (489,327 | ) |
| Adjustments to reconcile net loss to net cash (used in) operating activities: | | | | | | | | |
| Shares issued to related party for services | | | | | | | 808 | |
| Shares issued to CEO | | | | | | | 460,500 | |
| Loss on disposition of discontinued operations | | | | | | | 17,457 | |
| Changes in assets and liabilities | | | | | | | | |
| Accounts payable and accrued expenses | | | 7,381 | | | | 5,362 | |
| Loan payable – related party | | | 2,749 | | | | | |
| NET CASH USED IN CONTINUED OPERATING ACTIVITIES | | | - | | | | (5,200 | ) |
| NET CASH USED IN DISCONTINUED OPERATING ACTIVITIES | | | - | | | | | |
| NET CASH USED IN OPERATION ACTIVITIES | | | - | | | | (5,200 | ) |
| Common stock issued to related party | | | - | | | | 5,200 | |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | | | - | | | | 5,200 | |
| | | | | | | | | |
| EFFECT OF EXCHANGE RATE CHANGES | | | - | | | | - | |
| | | | | | | | | |
| NET INCREASE (DECREASE) IN CASH | | | - | | | | - | |
| | | | | | | | | |
| CASH – BEGINNING OF PERIOD | | | - | | | | - | |
| CASH – END OF PERIOD | | $ | - | | | $ | - | |
| LESS NET CASH FROM DISCONTINUED OPERATIONS - END OF PERIOD | | | - | | | | - | |
| NET CASH FROM CONTINUING OPERATIONS – END OF PERIOD | | | - | | | | - | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | | | | | | | | |
| Cash paid for income taxes | | | - | | | | - | |
| Cash paid for interest | | | - | | | | - | |
| | | | | | | | | |
| NON-CASH INVESTING AND FINANCING ACTIVITES: | | | | | | | | |
STRONG SOLUTIONS INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2022
AND THE YEAR ENDED DECEMBER 31, 2021
(Unaudited)
NOTE 1 – DESCRIPTION OF BUSINESS
Strong Solutions, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on June 18, 2014.
Since the equity transfer agreement on May 13, 2020 and divestor on January 1, 2021, the Company had no business operations. Management has determined to direct its efforts and limited resources to pursue potential new business opportunities. The Company does not intend to limit itself to a particular industry and has not established any particular criteria upon which it shall consider a business opportunity.
On January 31, 2022 David Anderson resigned as President and Director for the Company. In a Special Board Meeting the Company accepted Mr. Anderson’s resignation without prejudice as president and appointed Eric Stevenson to serve as President until the annual shareholders meeting. The board then accepted Mr. Anderson’s resignation as a Director. David Anderson is 82 years old.
As a development-stage enterprise, the Company had no operating revenue from January 01, 2021 through March 31, 2022.
The Company is currently devoting substantially all its present efforts to securing and establishing a new business in the United States.
NOTE 2 – GOING CONCERN
The financial statements have been prepared assuming that the Company will continue as a going concern. Currently, the Company has a cash balance of $0 as of March 31, 2022 and net loss from operation of $10,129 for the three months ended March 31, 2021. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that the Company’s capital requirements will depend on many factors including the success of our development efforts and our efforts to raise capital. Management also believes the Company needs to raise additional capital for working purposes. There is no assurance that such financing will be available in the future. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash equivalents
The Company considers all highly liquid instruments and tries to work in cash equivalent segment. The Company’s funds are deposited in insured institutions.
Fixed Assets
Fixed assets are stated at historical cost less accumulated depreciation. The historical cost of acquiring an item of fixed assets includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. Costs associated with repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets.
Use of estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates.
Revenue recognition
We base our judgment on guidance ASC 606. Accounting Standards Update 2016-08.
All revenues appear in current periods to be recognized as gross, so, there is no net revenue recognized in current periods.
FASB’s new single, principle-based approach to accounting for revenue from contracts with customers. As the entity, we involved in providing a good and provide service to the customers. In those circumstances, Topic 606 requires us to determine whether the nature of our promise is to provide that good or service to the customers (that is, the entity is a principal) or to arrange for the good or service to be provided to the customers by the other party (that is, the entity is an agent).
This determination is based upon whether we control the good or the service before it is transferred to the customer. Some indicators help in this evaluation.
1. We identify obligations in a contract.
2. We determine the transaction price. The transaction price is the reasonable amount of which we and our customer agree.
3. We recognize revenue when we deliver a product to a customer and are then paid.
4. The transaction price also can include variable consideration or consideration in a form other than cash. If the consideration is variable, we estimate the amount of consideration to which we will be entitled in exchange for the services. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
The Company considered recognizes the revenue on the accrual basis, revenue is recognized when earned and services have been performed. We are principal, and recognize the gross amount received from the customer as revenue. Revenues are reported on the income statement when the services have been performed.
Stock Based Compensation
The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors and non-employees, the fair value of the award is measured on the grant date. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Stock-based compensation expense is recorded by the Company in the same expense classifications in the consolidated statements of operations, as if such amounts were paid in cash.
NOTE 4 – COMMITMENTS AND CONTINGENCIES
The Company is not currently a party to any material legal proceedings, nor is we aware of any other pending or threatened litigation that would have a material adverse effect on our business, operating results, cash flows or financial condition should such litigation be resolved unfavorable.
NOTE 5 – RELATED PARTY TRANSACTIONS
Andri Guzii was our controlling shareholder. Mr. Guzii sold his controlling interest to NV Share Services LLC on May 13, 2020. On March 22, 2021 a Special Shareholders Meeting was held at which Mr. Guzii was removed as an officer and director of the Company without prejudice due to the Covid 19 Pandemic, at the request in writing by NV Share Services LLC. On April 5, 2021 a special board meeting was held at which all business in the Ukraine was cancelled, effective January 1, 2021, so that the Company could devote all of its time to finding new business in the United States.
On February 24, 2021 the Company issued 750,000 of common stock to Mr. Guzii as compensation for services valued at $460,500. On that same date, the Company issued 608,000 shares of common stock to NV Share Services LLC for cash valued at $6,080.
For the three month period ending March 31, 2022, a related party paid $2,379 in company related expense on behalf of the Company. As of March 31, 2022 a total of $32,824 was owed to the related party.
NOTE 6 – COMMON STOCK
The company authorized 75,000,000 Common shares $0.0001 par value.
We issued 300,000 shares of common stock to Andrii Guzii in consideration of expenses incurred on December 9, 2020.
We issued 800,000 shares of common stock to NV Share Services LLC in consideration of $8,000 in cash on December 7, 2020.
We issued 400,000 shares of common stock to NV Share Services LLC in consideration of $4,000 in cash on August 27, 2020.
We issued 400,000 shares of common stock NV Share Services LLC in consideration of $4,000 in cash on May 26, 2020.
We issued 1,293,000 common shares for cash at a purchase price of $0.01 per share to 31 nonaffiliated shareholders.
We issued 5,000,000 common shares for cash at a purchase price of $0.002 per share to our director Mr.Guzii.
30,000,000 shares were issued to our director Mr.Guzii for repayment of accrued salary on $30,000 and $270,000 of stock compensation value at $0.01 per share. This value was determined based on the previous sale of stock to unrelated parties at 0.01 per share.
On February 24, 2021 the Company issued 750,000 of common stock to Mr. Andrii Guzii as compensation for services valued at $460,500. On that same date, the Company issued 608,000 shares of common stock to NV Share Services LLC for cash valued at $5,200 and services valued at $880.
As of March 31, 2022, the Company had issued and outstanding 42,051,000 shares of common stock.
NOTE 7 – DISCONTINUED OPERATIONS
The Company had just two contracts for property management and equipment rental in the Ukraine where the Pandemic had affected our business and as a result the Board of Directors canceled its contracts with both Protel Management and Marcus effective January 1, 2021. The office rented for the Company had also been canceled as of January 1, 2021.
We provided property management services for Protel Management in the Ukraine. We owned construction equipment which was rented out to Marcus monthly. Protel’s property is vacant due to the Pandemic. Marcus’ equipment rental stopped due the Pandemic. With no further business interests in the Ukraine, the Company stopped paying office rent as of January 1, 2021, as determined by the Board of Directors.
The major classes of assets and liabilities of Strong Solutions, Inc. at March 31, 2022 are as follows:
SCHEDULE OF DISCONTINUED OPERATIONS
| Current assets | | | 1 | | | | 2 | |
| | | March 31,2022 | | December 31 2021 |
| | | | | |
| ASSETS | | | | | | | | |
| Current assets | | | | | | | | |
| Cash and cash equivalents | | $ | - | | | $ | - | |
| | | | | | | | | |
| Total current assets | | | - | | | | - | |
| Non-current assets | | | | | | | | |
| Equipment, net | | | - | | | | - | |
| Assets of discontinued operations | | $ | - | | | $ | - | |
| | | | | | | | | |
| LIABILITIES | | | | | | | | |
| Current liabilities | | | | | | | | |
| Related party accrued shareholder salary | | $ | 143,350 | | | $ | 143,350 | |
| Accounts payable loan from related party | | | 3,000 | | | | 3,000 | |
| Total current liabilities | | | 146,350 | | | | 146,350 | |
| Liabilities of discontinued operations | | | 146,350 | | | | 146,350 | |
| | | | | | | | | |
| Net (liabilities) assets of discontinued operations | | $ | (146,350 | ) | | $ | (146,350 | ) |
NOTE 8 – SUBSEQUENT EVENTS
In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there was only one material subsequent event.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Operating results for the three months ended March 31, 2022, are not necessarily indicative of results that may occur in future interim periods or for the full fiscal year.
As used in this Form 10-Q, references to the Company,” “we,” “our” or “us” refer to Strong Solutions, Inc. a Nevada Corporation unless the context otherwise indicates.
Forward-Looking Statements
Our Form 10 contains “forward–looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and such statements are intended to enjoy the benefit of that act. Unless the context is otherwise, we use words such as “anticipate”, “assumption”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “objective”, “outlook”, “plan” and “plans”, “potential”, “predict”, project” and “projection”, “seek”, “should”, “will continue”, “will result” and “would”, or other such words, whether nouns or pronouns and verbs or adverbs in the future tense and words and phrases that convey similar meaning and uncertainty of and information about future events or outcomes and statements about performance that is not an historical fact to identify these forward–looking statements. Such words and statements involve estimates, assumptions and uncertainties, which could cause actual results to differ materially from those expressed in them. Any forward–looking statements are qualified in their entirety by reference to the factors discussed throughout this document. All forward-looking statements concerning economic conditions, rates of growth, rates of income or values as may be included in this document are based on information available to us on the dates noted, and we assume no obligation to update any such forward–looking statements. It is important to note that our actual results may differ materially from those anticipated in such forward-looking statements due to fluctuations in interest rates, inflation, government regulations, economic conditions and competitive product and pricing pressures in the geographic and business areas in which we conduct operations, including our plans, objectives, expectations and intentions and other factors discussed elsewhere in this registration statement.
There are a number of important factors beyond our control that could cause actual results to differ materially from the results anticipated by these forward–looking statements. While we make these forward–looking statements based on our beliefs and on various factors and using numerous assumptions using information available at the time we make these statements. Forward-looking statements are neither predictions nor guaranties of future events or circumstances, and the assumptions, beliefs, expectations, forecasts and projections about future events may differ materially from actual results. You have no assurance the factors and assumptions we have used as a basis for forward–looking statements will prove to be materially accurate when the events they anticipate actually occur in the future; and, you should not place undue reliance on any such forward–looking statements. We undertake no obligation to publicly update any forward–looking statement to reflect developments occurring after the date of this registration statement.
Business Overview
Strong Solutions, Inc. was incorporated in Nevada in 2014. The Company was formed to provide real estate management services to customers in the Ukraine. Since the equity transfer agreement on May 13, 2020 and divestor on January 1, 2021, the Company had no business operations. Management has determined to direct its efforts and limited resources to pursue potential new business opportunities. The Company does not intend to limit itself to a particular industry and has not established any particular criteria upon which it shall consider a business opportunity.
We are now committed to developing new business in the United States.
Results of Operations for the three months period ended March 31, 2022 and for the three months period ended March 31, 2021
For the three months period ended March 31, 2022 we generated $0 in revenues.
For the three months period ended March 31, 2022 we had $10,129 in company expenses consisting of $8,499 general and administration expense.
Eric Stevenson, President, has loaned cash to the Corporation every quarter from January 1, 2021 through March 31, 2022 for its expenses. The Company agreed to pay Mr. Stevenson 1.5% interest per month for those loans. As of March 31, 2022 the balance owed Mr. Stevenson is $32,824.
At the present time, we have not made any arrangements to raise additional cash. If we are unable to raise additional cash, we will either have to suspend operations until we do raise the cash or cease operations entirely.
During the startup period, our operations were limited due to the limited amount of funds on hand. Our goal was to profitably market and rent our construction equipment and sell related property management and property rehabilitation services. This business was discontinued January 1, 2021 due to several lockdowns in the Ukraine due to the Covid 19 Pandemic. The Board of Directors determined that after three years and no growth in revenue in the Ukraine that it would be better for the Company to cancel all Ukraine contracts and focus on new business in the United States.
Liquidity and Capital Resources
As of March 31, 2022, and March 31, 2021 we had cash of $0 and $0 respectively.
We have no fixed assets as of March 31, 2022.
Off Balance Sheet Arrangements
None
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
An Emerging Growth company, as defined on form 10 is not required to provide the information required by this item.
An emerging growth company is also exempt from Section 404(b) of the Sarbanes-Oxley Act which requires that the registered accounting firm shall, in the same report, attest to and report on the assessment on the effectiveness of the internal control structure and procedures for financial reporting. Similarly, as a Smaller Reporting Company we are exempt from Section 404(b) of the Sarbanes-Oxley Act and our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until such time as we cease being a Smaller Reporting Company.
As an emerging growth company, we are exempt from Section 14A (a) and (b) of the Securities Exchange Act of 1934 which require the shareholder approval of executive compensation and golden parachutes.
Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefit of this extended transition period.
Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards. We would cease to be an emerging growth company upon the earliest of: ● the first fiscal year after our annual gross revenues are $1 billion or more; ● the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt securities; ● as of the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year.
ITEM 4. CONTROLS AND PROCEDURES
Laws and regulations use controls, disclosure obligations and other restrictions that affect development. Such laws and regulations tend to discourage rent and leasing activities. Transactions in which we were involved may be delayed or abandoned as a result of these restrictions.
We are implementing procedures to control costs. These procedures are necessary to assure our proper representation and include review of all advertising material and restrictions on how our clients and others can advertise using our brand.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the Company’s last fiscal quarter that has materially affected, or is reasonable likely to materially affect, the Company’s internal control over financial reporting.
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not currently a party to any material legal proceedings, nor is we aware of any other pending or threatened litigation that would have a material adverse effect on our business, operating results, cash flows or financial condition should such litigation be resolved unfavorable.
ITEM 1A. RISK FACTORS
Because we are classified as an Emerging Growth Company under the federal securities laws, we are not required to include risk factors in this 10Q report. The risk factors were included in our form 10.
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the quarter ended March 31, 2022 we sold no unregistered securities. We sold unregistered securities during the quarter ended March 31 ,2021. NV Share Services LLC paid cash, $0.01 per share of common stock, to purchase 608,000 shares for $6,008 in cash on February 24, 2021. We issued 750,000 shares of common stock to Mr. Andrii Guzii on February 24, 2021 for compensation valued at $460,500.
Purchases of equity securities by the issuer and affiliated purchasers
During the quarter ended March 31, 2022 there were no purchases of equity securities by us or affiliated purchasers.
Use of Proceeds
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
We have no senior securities outstanding.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
| 101.INS | | Inline XBRL Instance Document |
| 101.SCH | | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Strong Solutions Inc. | |
| | | |
| May 20, 2022 | |
| | | |
| By: | /s/ Eric Stevenson | |
| | | |
| President | |
