QHSLab (USAQ) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 14, 2019
Document And Entity Information
Entity Registrant Name	USA EQUITIES CORP.
Entity Central Index Key	0000856984
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		3,590,135
Trading Symbol	USAQ
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Prepaid expenses	$ 875	$ 1,750
Total Assets	875	1,750
Current Liabilities:
Accounts payable and accrued expenses	5,850	539
Accrued interest expenses	98,342	95,568
Advances from and accruals due to related party	114,117	109,977
Total current liabilities	218,309	206,084
Total long-term liabilities	329,181	329,181
Total liabilities	547,490	535,265
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 March 31, 2019 and December 31, 2018	359	359
Additional paid-in capital	720,941	720,941
Accumulated deficit	(1,267,914)	(1,254,815)
Total stockholders' deficit	(546,615)	(533,715)
Total liabilities and stockholders' deficit	$ 875	$ 1,750

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	3,590,135
Common stock, shares outstanding	3,590,135	3,590,135

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue
Costs and Expenses:
General and administrative	10,325
Total general and administrative expenses	10,325
Net operating loss	(10,325)
Interest expense	2,774	2,774
Income taxes
Net loss	$ (13,099)	$ (2,774)
Basic and diluted net loss	$ 0	$ 0
Weighted average shares outstanding (basic and diluted)	3,590,135	3,588,740

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2017	$ 359	$ 720,941	$ (1,216,184)	$ (494,884)
Balance shares at Dec. 31, 2017	3,588,740
Net loss			(2,774)	(2,774)
Balance at Mar. 31, 2018	$ 359	720,941	(1,218,958)	(497,658)
Balance shares at Mar. 31, 2018	3,588,740
Balance at Dec. 31, 2018	$ 359	720,941	(1,254,815)	(533,715)
Balance shares at Dec. 31, 2018	3,590,135
Net loss			(13,099)	(13,099)
Balance at Mar. 31, 2019	$ 359	$ 720,941	$ (1,267,914)	$ (546,615)
Balance shares at Mar. 31, 2019	3,590,135

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net loss	$ (13,099)	$ (2,774)
Changes in net assets and liabilities:
Decrease in prepaid expenses	875
Increase in accounts payable and accrued expenses	8,085	2,774
Cash flows from operating activities	(4,139)
Financing activities:
Proceeds of related party borrowings	4,139
Cash from financing activities	4,139
Change in cash
Cash - beginning of year
Cash - end of year

The Company

The Company	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2. Going Concern The accompanying condensed 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 condensed consolidated financial statements do not include any adjustments that might arise from this uncertainty.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Note 3. Basis of Presentation The condensed 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 unaudited condensed 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. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. The accounting policies are described in the “Notes to the Consolidated Financial Statements” in the 2018 Annual Report on Form 10-K and updated, as necessary, in this Form 10-Q. The year-end balance sheet data presented for comparative purposes was derived from audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the three months ended March 31, 2019 and 2018 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period. 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 $1,267,914 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 provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of NOL and tax credit carry-forwards before full utilization. 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	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Convertible Notes to Related Party	Note 4. Convertible Notes to Related Party Convertible notes payable at March 31, 2019 and December 31, 2018 consist of the following: March 31, 2019 December 31, 2018 Note 1 payable and accrued interest – Majority shareholder $ 158,558 $ 156,408 Note 2 payable and accrued interest – Majority shareholder 268,965 268,341 Total Convertible notes and accrued interest $ 427,523 $ 424,749 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 March 31, 2019 and December 31, 2018, this note had accumulated $85,058 and $82,908, respectively, in accrued interest. 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 March 31, 2019 and December 31, 2018, this note had accumulated $13,284 and $12,660, respectively, in accrued interest.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions Due Related Parties:

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies There are no pending or threatened legal proceedings as of March 31, 2019. The Company has no non-cancellable operating leases.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
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 $1,267,914 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 provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of NOL and tax credit carry-forwards before full utilization.
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)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Convertible Notes Payable	Convertible notes payable at March 31, 2019 and December 31, 2018 consist of the following: March 31, 2019 December 31, 2018 Note 1 payable and accrued interest – Majority shareholder $ 158,558 $ 156,408 Note 2 payable and accrued interest – Majority shareholder 268,965 268,341 Total Convertible notes and accrued interest $ 427,523 $ 424,749

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents
Net operating losses	$ 1,267,914
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	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2013	Oct. 02, 2009
Accrued interest			$ 98,342	$ 95,568
Convertible Promissory Note One [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			85,058	82,908
Convertible Promissory Note Two [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			$ 13,284	$ 12,660

Convertible Notes to Related _4

Convertible Notes to Related Party - Schedule of Convertible Notes Payable (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Convertible notes payable	$ 427,523	$ 424,749
Note 1 Payable and Accrued Interest - Majority Shareholder [Member]
Convertible notes payable	158,558	156,408
Note 2 Payable and Accrued Interest - Majority Shareholder [Member]
Convertible notes payable	$ 268,965	$ 268,341

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Due to related parties	$ 114,117	$ 109,977