Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-28963 | |
Entity Registrant Name | STRATEGIC ACQUISITIONS, INC. | |
Entity Central Index Key | 0000847942 | |
Entity Tax Identification Number | 13-3506506 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 30 Broad Street | |
Entity Address, Address Line Two | 14th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10004 | |
City Area Code | (212) | |
Local Phone Number | 878-6532 | |
Title of 12(g) Security | Common Stock | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 2,715,000 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 12,100 | $ 39,732 |
Total current assets | 12,100 | 39,732 |
Total assets | 12,100 | 39,732 |
Current liabilities: | ||
Accounts payable | 2,000 | |
Total current liabilities | 2,000 | |
Total liabilities | 2,000 | |
Stockholders’ equity: | ||
Common stock, $0.001 par value; 50,000,000 shares authorized; 2,715,000 shares issued and outstanding | 2,715 | 2,715 |
Additional paid-in capital | 634,088 | 575,688 |
Accumulated deficit | (624,703) | (540,671) |
Total stockholders’ equity | 12,100 | 37,732 |
Total liabilities and stockholders’ equity | $ 12,100 | $ 39,732 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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 | 2,715,000 | 2,715,000 |
Common stock, shares outstanding | 2,715,000 | 2,715,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Expenses | ||||
General & Administrative | 4,699 | 4,627 | 16,135 | 18,353 |
General & Administrative – related party | 9,500 | 9,500 | ||
General & Administrative – stock-based compensation – related party warrants | 58,400 | 58,400 | ||
Total Expenses | 72,599 | 4,627 | 84,035 | 18,353 |
Other Income | ||||
Interest Income | 1 | 3 | ||
Total Other Income | 1 | 3 | ||
Net (loss) before provision for taxes | (72,598) | (4,627) | (84,032) | (18,353) |
Income tax provision | ||||
Net (loss) | $ (72,598) | $ (4,627) | $ (84,032) | $ (18,353) |
Net (Loss) Per Common Share – Basic | $ (0.03) | $ 0 | $ (0.03) | $ (0.01) |
Net (Loss) Per Common Share – Diluted | $ (0.03) | $ 0 | $ (0.03) | $ (0.01) |
Weighted average number of shares of common stock outstanding – Basic | 2,715,000 | 2,562,283 | 2,715,000 | 2,530,934 |
Weighted average number of shares of common stock outstanding – Diluted | 2,763,913 | 2,562,283 | 2,731,484 | 2,530,934 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 2,515 | $ 535,888 | $ (518,578) | $ 19,825 |
Beginning balance, shares at Dec. 31, 2020 | 2,515,000 | |||
Net loss | (10,126) | (10,126) | ||
Ending balance, value at Mar. 31, 2021 | $ 2,515 | 535,888 | (528,704) | 9,699 |
Ending balance, shares at Mar. 31, 2021 | 2,515,000 | |||
Beginning balance, value at Dec. 31, 2020 | $ 2,515 | 535,888 | (518,578) | 19,825 |
Beginning balance, shares at Dec. 31, 2020 | 2,515,000 | |||
Net loss | (18,353) | |||
Ending balance, value at Sep. 30, 2021 | $ 2,715 | 575,688 | (536,931) | 41,472 |
Ending balance, shares at Sep. 30, 2021 | 2,715,000 | |||
Beginning balance, value at Mar. 31, 2021 | $ 2,515 | 535,888 | (528,704) | 9,699 |
Beginning balance, shares at Mar. 31, 2021 | 2,515,000 | |||
Net loss | (3,600) | (3,600) | ||
Ending balance, value at Jun. 30, 2021 | $ 2,515 | 535,888 | (532,304) | 6,099 |
Ending balance, shares at Jun. 30, 2021 | 2,515,000 | |||
Net loss | (4,627) | (4,627) | ||
Issuance of common stock on September 8, 2021 at $0.20 per share for cash | $ 150 | 29,850 | 30,000 | |
Issuance of common stock on September 8, 2021, shares | 150,000 | |||
Issuance of common stock on September 13, 2021 at $0.20 per share for cash | $ 50 | 9,950 | 10,000 | |
Issuance of common stock on September 13, 2021, shares | 50,000 | |||
Ending balance, value at Sep. 30, 2021 | $ 2,715 | 575,688 | (536,931) | 41,472 |
Ending balance, shares at Sep. 30, 2021 | 2,715,000 | |||
Beginning balance, value at Dec. 31, 2021 | $ 2,715 | 575,688 | (540,671) | 37,732 |
Beginning balance, shares at Dec. 31, 2021 | 2,715,000 | |||
Net loss | (5,304) | (5,304) | ||
Ending balance, value at Mar. 31, 2022 | $ 2,715 | 575,688 | (545,975) | 32,428 |
Ending balance, shares at Mar. 31, 2022 | 2,715,000 | |||
Beginning balance, value at Dec. 31, 2021 | $ 2,715 | 575,688 | (540,671) | 37,732 |
Beginning balance, shares at Dec. 31, 2021 | 2,715,000 | |||
Net loss | (84,032) | |||
Ending balance, value at Sep. 30, 2022 | $ 2,715 | 634,088 | (624,703) | 12,100 |
Ending balance, shares at Sep. 30, 2022 | 2,715,000 | |||
Beginning balance, value at Mar. 31, 2022 | $ 2,715 | 575,688 | (545,975) | 32,428 |
Beginning balance, shares at Mar. 31, 2022 | 2,715,000 | |||
Net loss | (6,130) | (6,130) | ||
Ending balance, value at Jun. 30, 2022 | $ 2,715 | 575,688 | (552,105) | 26,298 |
Ending balance, shares at Jun. 30, 2022 | 2,715,000 | |||
Net loss | (72,598) | (72,598) | ||
Issuance of 150,000 warrants on August 31, 2022 at 0.39 fair value for services | 58,400 | 58,400 | ||
Ending balance, value at Sep. 30, 2022 | $ 2,715 | $ 634,088 | $ (624,703) | $ 12,100 |
Ending balance, shares at Sep. 30, 2022 | 2,715,000 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | Aug. 31, 2022 | Sep. 13, 2021 | Sep. 08, 2021 |
Statement of Stockholders' Equity [Abstract] | |||
Warrants issued | 150,000 | ||
Share issued price per share | $ 0.39 | $ 0.20 | $ 0.20 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities | ||||||
Net (loss) | $ (72,598) | $ (5,304) | $ (4,627) | $ (10,126) | $ (84,032) | $ (18,353) |
Adjustments to reconcile net (loss) to net cash (used in) operating activities: | ||||||
Issuance of warrants for services – related party | 58,400 | |||||
Change in operating assets and liabilities: | ||||||
Decrease in prepaid expense | 500 | |||||
(Decrease) in accounts payable | (2,000) | (205) | ||||
Net cash (used in) operating activities | (27,632) | (18,058) | ||||
Cash Flows from Financing Activities | ||||||
Proceeds from issuance of common stock | 40,000 | |||||
Net cash flows from financing activities | 40,000 | |||||
Net increase (decrease) in cash | (27,632) | 21,942 | ||||
Cash at beginning of the period | $ 39,732 | $ 19,530 | 39,732 | 19,530 | ||
Cash at end of the period | $ 12,100 | $ 41,472 | $ 12,100 | $ 41,472 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying unaudited financial information as of and for the three and nine months ended September 30, 2022 and 2021 has been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) as set forth in the instructions to Quarterly Report on Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, such financial information includes all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial position at such date and the operating results and cash flows for such periods. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the entire year or for any other subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the SEC. These unaudited financial statements and related notes should be read in conjunction with our audited financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 15, 2022. The balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP in the U.S. for complete financial statements. |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 2. Stockholders’ Equity The Company is authorized to issue 50,000,000 0.001 There were no issuances of Common Stock for the three- or nine-month periods ended September 30, 2022. The Company issued an aggregate of 150,000 are valid for a period of 5 1.20 The Company used the following as inputs for its valuation methodology for the warrant derivatives as their fair value was determined by using the Black-Scholes-Merton pricing model based on various assumptions. Weighted average assumptions used to estimate fair value are as follows: Schedule of Weighted Average Assumptions Used to Estimate Fair Value August 31, 2022 Expected volatility 213.78 % Expected Risk free interest rate 3.30 % Expected term (years) 5 Expected dividend rate 0.0 % |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3. Related Party Transactions The Company may periodically issue payment to certain officers and directors or their affiliates for services in connection with maintaining the company’s financial statements and regulatory status in good standing and evaluating potential business opportunities. For the three- and nine-month periods ended September 30, 2022, the total payment for services to related parties was: $ 3,500 3,500 2,500 For the three- and nine-month periods ended September 30, 2021, there were no payments for services issued to officers or directors. As disclosed in Note 2, on August 31, 2022, the Company issued an aggregate of 150,000 58,400 |
Change in Control
Change in Control | 9 Months Ended |
Sep. 30, 2022 | |
Change In Control | |
Change in Control | Note 4. Change in Control On August 31, 2022, the Company underwent a change in control. As further discussed in Item 5 of this report, Exworth Management LLC (“Exworth”) became the controlling shareholder of the Company, and Yuanyuan Huang and Wei Huang, managing partners of Exworth, became officers and directors of the Company. Marika Tonay and Jonathan Braun resigned their respective positions with the Company. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2022 | |
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 $ 624,703 for the period from January 27, 1989 (Inception) through September 30, 2022 and has commenced limited operations. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The Company underwent a change in control during the quarter, including resignation of two officers/directors and appointment of two officers/directors. Management’s plans include that the Company will seek to fulfill the Company’s business plan to enter into a business combination, and while evaluating any such opportunities seek to minimize expenses and seek additional sources of capital as needed through the issuance of debt or equity financing. 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 global pandemic, COVID-19, and deteriorating global economic conditions, including risk of recession, could adversely affect the Company’s ability to obtain additional financing or identify a potential merger or acquisition candidate. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6. Subsequent Events In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to September 30, 2022 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Weighted Average Assumptions Used to Estimate Fair Value | The Company used the following as inputs for its valuation methodology for the warrant derivatives as their fair value was determined by using the Black-Scholes-Merton pricing model based on various assumptions. Weighted average assumptions used to estimate fair value are as follows: Schedule of Weighted Average Assumptions Used to Estimate Fair Value August 31, 2022 Expected volatility 213.78 % Expected Risk free interest rate 3.30 % Expected term (years) 5 Expected dividend rate 0.0 % |
Schedule of Weighted Average As
Schedule of Weighted Average Assumptions Used to Estimate Fair Value (Details) - Warrant [Member] | 1 Months Ended |
Aug. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expected volatility rate | 213.78% |
Expected risk free interest rate | 3.30% |
Expected term | 5 years |
Expected dividend rate | 0% |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - $ / shares | Sep. 30, 2022 | Aug. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | |||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Warrants issued | 150,000 | ||
Warrants vested term | 5 years | ||
Purchase price per share | $ 1.20 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Aug. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | |||
Warrants issued | 150,000 | ||
Fair value of warrants | $ 58,400 | ||
Westminster Securities Corp [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for services to related party | $ 3,500 | $ 3,500 | |
Jonathan Braun [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for services to related party | 3,500 | 3,500 | |
Marika Tonay [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for services to related party | $ 2,500 | $ 2,500 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Accumulated loss | $ 624,703 | $ 540,671 |
Inception from January 27, 1989 to September 30, 2022 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Accumulated loss | $ 624,703 |