Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | STRATEGIC ACQUISITIONS INC /NV/ | ||
Entity Central Index Key | 0000847942 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Reporting Status Current | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 44,000 | ||
Entity Common Stock, Shares Outstanding | 2,515,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 19,530 | $ 64,615 |
Prepaid expense | 500 | 1,750 |
Total current assets | 20,030 | 66,365 |
Total assets | 20,030 | 66,365 |
Current liabilities: | ||
Accounts payable | 205 | |
Total current liabilities | 205 | |
Total liabilities | 205 | |
Stockholders' equity: | ||
Common stock, $0.001 par value; 50,000,000 shares authorized; 2,515,000 shares issued and outstanding | 2,515 | 2,515 |
Additional paid-in capital | 535,888 | 535,888 |
Accumulated deficit | (518,578) | (472,038) |
Total stockholders' equity | 19,825 | 66,365 |
Total liabilities and stockholders' equity | $ 20,030 | $ 66,365 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 2,515,000 | 2,515,000 |
Common stock, shares outstanding | 2,515,000 | 2,515,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses | ||
General & Administrative | 22,301 | 17,981 |
General & Administrative - related party | 24,250 | 69,550 |
Total Expenses | 46,551 | 87,531 |
Other Income | ||
Interest Income | 11 | 67 |
Total Other Income | 11 | 67 |
Net loss before provision for taxes | (46,540) | (87,464) |
Income tax provision | ||
Net loss | $ (46,540) | $ (87,464) |
Net Loss Per Common Share - Basic & Fully Diluted | $ (0.02) | $ (0.03) |
Weighted average number of shares of common stock outstanding - Basic & Fully Diluted | 2,515,000 | 2,515,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance beginning at Dec. 31, 2018 | $ 2,515 | $ 535,888 | $ (384,574) | $ 153,829 |
Balance beginning, shares at Dec. 31, 2018 | 2,515,000 | |||
Net Loss | (87,464) | (87,464) | ||
Balance ending at Dec. 31, 2019 | $ 2,515 | 535,888 | (472,038) | 66,365 |
Balance ending, shares at Dec. 31, 2019 | 2,515,000 | |||
Net Loss | (46,540) | (46,540) | ||
Balance ending at Dec. 31, 2020 | $ 2,515 | $ 535,888 | $ (518,578) | $ 19,825 |
Balance ending, shares at Dec. 31, 2020 | 2,515,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities | ||
Net loss | $ (46,540) | $ (87,464) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Increase (Decrease) in accounts payable | 205 | |
(Increase) Decrease in prepaid rent - related party | 1,750 | |
(Increase) Decrease in security deposit - related party | 3,500 | |
(Increase) Decrease in prepaid expense | 1,250 | (1,750) |
Net cash provided by (used in) operating activities | (45,085) | (83,964) |
Net increase (decrease) in cash | (45,085) | (83,964) |
Cash at beginning of the period | 64,615 | 148,579 |
Cash at end of the period | $ 19,530 | $ 64,615 |
Significant Accounting Policies
Significant Accounting Policies and Procedures | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Procedures | Note 1. Significant Accounting Policies and Procedures Organization The Company was organized January 27, 1989 (Date of Inception) under the laws of the State of Nevada, as Strategic Acquisitions, Inc. Since inception, the Company has not engaged in any business other than organizational efforts, the sale of stock, and the evaluation of potential acquisition targets. It has no full-time employees and owns no real property. The Company intends to seek to acquire one or more existing businesses that have existing management, through merger or acquisition. Management of the Company will have virtually unlimited discretion in determining the business activities in which the Company might engage. No assurance can be given that the Company will be successful in finding or acquiring a desirable business opportunity, given that limited funds are available for acquisitions, or that any acquisition that occurs will be on terms that are favorable to the Company or its stockholders. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash The Company maintains a cash balance in an interest-bearing account that currently does not exceed federally insured limits. Concentration of Credit Risk At December 31, 2020, and 2019, the Company maintained all of its cash in one commercial bank. The Company has not experienced any losses on such accounts. Start-Up Costs ASC 720-15, “Start-Up Costs,” which provides guidance on the financial reporting of start-up costs and organizational costs, requires costs of start-up activities and organizational costs to be expensed as incurred. Loss Per Share Net loss per share is provided in accordance with ASC 260, “Earnings Per Share”. Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period. The Company had no dilutive common stock equivalents, such as stock options or warrants, as of December 31, 2020 and December 31, 2019. Fair Value of Financial Instruments The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value. Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurable date Level 2 - Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability through coorboration with market data at the measurement date Level 3 - Unobservable inputs that reflect management’s best estimate of what participants would use in pricing the asset or liability at the measurement date Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2020. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Income Taxes The Company follows ASC 740, “Income Taxes” for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as non-current. The Company will recognize interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2020, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statement of operations. Recently Issued Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. All other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 2. Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes”, which requires use of the liability method. ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes. The sources and tax effects of the differences are as follows: U.S. federal statutory rate (21.0 %) Valuation reserve 21.0 % Total - % The tax effects of temporary differences that give rise to the Company’s net deferred tax assets are as follows: December 31, 2020 2019 Net Operating Loss carryforward $ 94,407 $ 90,465 Valuation allowance (94,407 ) (90,465 ) Net deferred tax asset $ - $ - As of December 31, 2020, the Company has a net operating loss carryforward of approximately $450,000 for tax purposes, which it expects to be available to offset future taxable income. If not used, the portion of the carryforward for tax years prior to 2018 will expire between 2021 and 2037. The carryforward for tax years after 2018 can be carried forward indefinitely and can offset up to 80% of taxable income. Management has provided a full valuation allowance of all deferred tax assets relating to net operating loss carryforwards as of December 31, 2020. The availability of this operating loss to offset future earnings may be limited under the change of control provisions of Internal Revenue Code Section 381. For the years ended December 31, 2020 and 2019, the valuation allowance increased by approximately $4,000 and $17,000, respectively. Management has concluded that the Company has no uncertain tax positions requiring disclosure pursuant to ASC 740. The tax years open for audit are 2017 to 2020. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3. Related Party Transactions The Company previously rented office space on a month-to-month basis from Westminster Securities Corp., an entity controlled by the Company’s President, John O’Shea, at the rate of $3,500 per month. Effective May 15, 2019, the rental agreement terminated. The security deposit of $3,500 was applied to the final month’s rent. The total related party rent expense was $0 for 2020 and $15,750 for 2019. The Company paid compensation to certain officers and directors or their affiliates for services in connection with identifying and evaluating potential business opportunities and maintaining the Company’s financial statements and regulatory status in good standing. The total paid during 2020 to related parties was: $750 to Westminster Securities Corp., $19,000 to Jonathan Braun, a director of the Company, and $4,500 to Marika Tonay, an officer and director of the Company. In 2019, the total was: $1,800 to Westminster Securities Corp., $47,500 to Jonathan Braun and $4,500 to Marika Tonay. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 4. Stockholders’ Equity The Company is authorized to issue 50,000,000 shares of its $0.001 par value Common Stock. There were no issuances of Common Stock during the years ended December 31, 2020 and December 31, 2019. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 5. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has not generated any revenue since inception, incurred accumulated losses of approximately $520,000 for the period from January 27, 1989 (Inception) through December 31, 2020 and has commenced limited operations. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans include that the Company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance the Company will be successful in accomplishing its objectives. The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company’s business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6. Subsequent Events Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued. |
Significant Accounting Polici_2
Significant Accounting Policies and Procedures (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization | Organization The Company was organized January 27, 1989 (Date of Inception) under the laws of the State of Nevada, as Strategic Acquisitions, Inc. Since inception, the Company has not engaged in any business other than organizational efforts, the sale of stock, and the evaluation of potential acquisition targets. It has no full-time employees and owns no real property. The Company intends to seek to acquire one or more existing businesses that have existing management, through merger or acquisition. Management of the Company will have virtually unlimited discretion in determining the business activities in which the Company might engage. No assurance can be given that the Company will be successful in finding or acquiring a desirable business opportunity, given that limited funds are available for acquisitions, or that any acquisition that occurs will be on terms that are favorable to the Company or its stockholders. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash | Cash The Company maintains a cash balance in an interest-bearing account that currently does not exceed federally insured limits. |
Concentration of Credit Risk | Concentration of Credit Risk At December 31, 2020, and 2019, the Company maintained all of its cash in one commercial bank. The Company has not experienced any losses on such accounts. |
Start-Up Costs | Start-Up Costs ASC 720-15, “Start-Up Costs,” which provides guidance on the financial reporting of start-up costs and organizational costs, requires costs of start-up activities and organizational costs to be expensed as incurred. |
Loss Per Share | Loss Per Share Net loss per share is provided in accordance with ASC 260, “Earnings Per Share”. Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period. The Company had no dilutive common stock equivalents, such as stock options or warrants, as of December 31, 2020 and December 31, 2019. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value. Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurable date Level 2 - Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability through coorboration with market data at the measurement date Level 3 - Unobservable inputs that reflect management’s best estimate of what participants would use in pricing the asset or liability at the measurement date Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2020. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. |
Income Taxes | Income Taxes The Company follows ASC 740, “Income Taxes” for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as non-current. The Company will recognize interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2020, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statement of operations. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. All other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes. The sources and tax effects of the differences are as follows: U.S. federal statutory rate (21.0 %) Valuation reserve 21.0 % Total - % |
Schedule of Deferred Tax Assets | The tax effects of temporary differences that give rise to the Company’s net deferred tax assets are as follows: December 31, 2020 2019 Net Operating Loss carryforward $ 94,407 $ 90,465 Valuation allowance (94,407 ) (90,465 ) Net deferred tax asset $ - $ - |
Significant Accounting Polici_3
Significant Accounting Policies and Procedures (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued interest or penalties related to uncertain tax positions | ||
Stock Options or Warrants [Member] | ||
Dilutive common stock equivalents |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal income tax rate | 21.00% | |
Net operating loss carry forward amount | $ 450,000 | |
Net operating loss carryforwards expiration term | Expire between 2021 and 2037. | |
Percentage for taxable income | 80.00% | |
Operating loss carryforwards, change in valuation allowance | $ 4,000 | $ 17,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
U.S. federal statutory rate | (21.00%) |
Valuation reserve | 21.00% |
Total | 0.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Net Operating Loss carryforward | $ 94,407 | $ 90,465 |
Valuation allowance | (94,407) | (90,465) |
Net deferred tax asset |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Security deposit | $ 3,500 | |
Westminster Securities Corp [Member] | ||
Monthly rent expense | 3,500 | |
Security deposit | 3,500 | |
Rent expense | 0 | 15,750 |
Compensation for related party service | 750 | 1,800 |
Jonathan Braun [Member] | ||
Compensation for related party service | 19,000 | 47,500 |
Marika Tonay [Member] | ||
Compensation for related party service | $ 4,500 | $ 4,500 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Number of shares issued during period |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (518,578) | $ (472,038) |