QHSLab (USAQ) 10-K 28 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 28, 2019	Jun. 30, 2018
Document And Entity Information
Entity Registrant Name	USA EQUITIES CORP.
Entity Central Index Key	0000856984
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 108,945
Entity Common Stock, Shares Outstanding		3,590,135
Trading Symbol	USAQ
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current Assets:
Prepaid expenses	$ 1,750
Total Assets	1,750	0
Current Liabilities:
Accounts payable and accrued expenses	539	10,943
Accrued interest expenses	95,568	84,316
Advances from and accruals due to related party	109,977	70,444
Total current liabilities	206,084	165,703
Total long-term liabilities	329,181	329,181
Total liabilities	535,265	494,884
Stockholders' Deficit:
Preferred stock, 10,000,000 shares authorized, $0.0001 par value; none issued and outstanding
Common stock, 900,000,000 shares authorized, $0.0001 par value; 3,590,135 shares issued and outstanding at December 31, 2018 and 3,588,740 shares issued and outstanding at December 31, 2017	359	359
Additional paid-in capital	720,941	720,941
Accumulated deficit	(1,254,815)	(1,216,184)
Total stockholders' deficit	(533,515)	(494,884)
Total liabilities and stockholders' deficit	$ 1,750	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized	900,000,000	900,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	3,590,135	3,588,740
Common stock, shares outstanding	3,590,135	3,588,740

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenue
Costs and Expenses:
General and administrative	27,379	105
Total general and administrative expenses	27,379	105
Net operating loss	(27,379)	(105)
Interest expense	11,252	11,251
Income taxes
Net loss	$ (38,631)	$ (11,356)
Basic and diluted net loss per share	$ 0	$ 0
Weighted average shares outstanding (basic and diluted)	3,590,135	3,588,740

Statement of Stockholders' Defi

Statement of Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2016	$ 359	$ 720,941	$ (1,204,828)	$ (483,528)
Balance, shares at Dec. 31, 2016	3,588,740
Net loss			(11,356)	(11,356)
Balance at Dec. 31, 2017	$ 359	$ 720,941	$ (1,216,184)	$ (494,884)
Balance, shares at Dec. 31, 2017	3,588,740
Stock adjustment, shares	1,395
Net loss			$ (38,631)	$ (38,631)
Balance at Dec. 31, 2018	$ 359	$ 720,941	$ (1,254,815)	$ (533,515)
Balance, shares at Dec. 31, 2018	3,590,135

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net loss	$ (38,631)	$ (11,356)
Changes in net assets and liabilities:
Increase in prepaid expenses	(1,750)
Increase in accounts payable and accrued expenses	848	11,251
Cash flows from operating activities	(39,533)	(105)
Financing activities:
Proceeds of related party borrowings	39,533	105
Cash from financing activities	39,533	105
Change in cash
Cash - beginning of year
Cash - end of year

The Company

The Company	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	Note 1. The Company USA Equities Corp. (the “Company”, “We” or the “Registrant”) was incorporated in Delaware on September 1, 1983. The Company’s Board of Directors approved the name change from American Biogenetic Sciences, Inc. to USA Equities Corp on May 29, 2015. Prior to ceasing its operations in 2002, the Company was engaged in the research, development and production of bio-pharmaceutical products. On September 19, 2002, the Registrant filed for bankruptcy under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District of New York. On November 4, 2005, the Company emerged from Bankruptcy Court. On April 14, 2015, the Company incorporated a wholly-owned subsidiary in Delaware (USA Equity Trust, Inc.) for the purpose of acquiring real estate. The Company has no present operations and has determined to direct its efforts and limited resources to pursue acquisitions and/or effect a business combination.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2. Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses, has negative operational cash flows and has no revenues. The future of the Company is dependent upon Management’s success in its efforts and limited resources to pursue and effect a business combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might arise from this uncertainty.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Note 3. Basis of Presentation The Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. In the opinion of management, the accompanying audited consolidated financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows. Accounting Policies Use of Estimates: Principles of Consolidation Cash and Cash Equivalents: Earnings Per Common Share: Income Taxes: “Accounting for Income Taxes,” The Company has net operating losses of $1,254,815, which begin to expire in 2027. Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations. The annual limitation may result in the expiration of NOL and tax credit carry-forwards before full utilization. Reclassification: Impact of recently issued accounting standards There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position.

Convertible Notes to Related Pa

Convertible Notes to Related Party	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Convertible Notes to Related Party	Note 4. Convertible Notes to Related Party Convertible notes payable at December 31, 2018 and 2017 consist of the following: December 31, 2018 December 31, 2017 Note 1 payable and accrued interest – Majority shareholder $ 156,408 $ 147,684 Note 2 payable and accrued interest – Majority shareholder 268,341 265,813 Total Convertible notes and accrued interest $ 424,749 $ 413,497 On October 2, 2009, the Company issued a convertible promissory with a current principal amount of $73,500 to its sole officer/ director and majority shareholder (Note 1). The note bears interest at the rate of 12% per annum until paid or the note and accrued interest is converted into shares of the Company’s common stock at a conversion price of $0.001. On August 24, 2018, the maturity date of the note was extended to December 31, 2019 and on December 24, 2018, the maturity date of the note was further extended to December 31, 2020. As of December 31, 2018 and December 31, 2017, this note had accumulated $ 82,908 On December 31, 2013, the Company issued a convertible promissory note in the amount of $255,681 to its majority shareholder (Note 2). The note bears interest at the rate of 1% per annum until paid or the note and accrued interest is converted into shares of the Company’s common stock at a conversion price of $0.25 per share. On August 24, 2018, the maturity date of the note was extended to December 31, 2019 and on December 24, 2018, the maturity date of the note was further extended to December 31, 2020. As of December 31, 2018 and December 31, 2017, this note had accumulated $12,660

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions Due Related Parties: 109,977

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies There are no pending or threatened legal proceedings as of December 31, 2018. The Company has no non-cancellable operating leases.

Basis of Presentation (Policies

Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates:
Principles of Consolidation	Principles of Consolidation
Cash and Cash Equivalents	Cash and Cash Equivalents:
Earnings Per Common Share	Earnings Per Common Share:
Income Taxes	Income Taxes: “Accounting for Income Taxes,” The Company has net operating losses of $1,254,815, which begin to expire in 2027. Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations. The annual limitation may result in the expiration of NOL and tax credit carry-forwards before full utilization.
Reclassification	Reclassification:
Impact of Recently Issued Accounting Standards	Impact of recently issued accounting standards There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position.

Convertible Notes to Related _2

Convertible Notes to Related Party (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Convertible Notes Payable	Convertible notes payable at December 31, 2018 and 2017 consist of the following: December 31, 2018 December 31, 2017 Note 1 payable and accrued interest – Majority shareholder $ 156,408 $ 147,684 Note 2 payable and accrued interest – Majority shareholder 268,341 265,813 Total Convertible notes and accrued interest $ 424,749 $ 413,497

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents
Net operating losses	$ 1,254,815
Net operating losses carryforwards, expire date	begin to expire in 2027

Convertible Notes to Related _3

Convertible Notes to Related Party (Details Narrative) - USD ($)	Dec. 24, 2018	Aug. 24, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2013	Oct. 02, 2009
Accrued interest			$ 95,568	$ 84,316
Convertible Promissory Note Two [Member] | Sole Officer/Director and Majority Shareholder [Member]
Debt instrument, principal amount						$ 73,500
Debt instrument, interest rate						12.00%
Debt instrument, conversion price						$ 0.001
Debt instrument, maturity date	Dec. 31, 2020	Dec. 31, 2019
Accrued interest			82,908	74,184
Convertible Promissory Note Three [Member] | Majority Shareholder [Member]
Debt instrument, principal amount					$ 255,681
Debt instrument, interest rate					1.00%
Debt instrument, conversion price					$ 0.25
Debt instrument, maturity date	Dec. 31, 2020	Dec. 31, 2019
Accrued interest			$ 12,660	$ 10,132

Convertible Notes to Related _4

Convertible Notes to Related Party - Schedule of Convertible Notes Payable (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Convertible notes payable	$ 424,749	$ 413,494
Note 1 Payable and Accrued Interest - Majority Shareholder [Member]
Convertible notes payable	156,408	147,681
Note 2 Payable and Accrued Interest - Majority Shareholder [Member]
Convertible notes payable	$ 268,341	$ 265,813

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Due to related parties	$ 109,977	$ 70,444