EDGAR 10-K Filing

Company CIK: 847942
Filing Year: 2022
Filename: 847942_10-K_2022_0001493152-22-010058.json

---

ITEM 1. BUSINESS
ITEM 1. BUSINESS
Strategic Acquisitions, Inc. (the “Company” or “Strategic”) was incorporated under the laws of the State of Nevada on January 27, 1989. Since inception the Company had no revenues other than nominal interest income. As of the date hereof, the Company has no commercial operations, has no full- or part-time employees, and owns no real estate.
The Company’s current business plan is to seek, investigate, and, if warranted, acquire a business, and to pursue other related activities intended to enhance shareholder value. The acquisition of a business opportunity may be made by purchase, merger, exchange of stock, or otherwise, and may encompass assets or a business entity, such as a corporation, joint venture, or partnership. The Company has limited capital, and it is unlikely that the Company will be able to take advantage of more than one such business opportunity. The Company intends to seek opportunities demonstrating the potential of long-term growth as opposed to short-term earnings.
At the present time the Company has not identified any business opportunity that it plans to pursue, nor has the Company reached any agreement or definitive understanding with any person concerning an acquisition.
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.
The Company’s search will be directed toward small and medium-sized enterprises which have a desire to become public corporations and which are able to satisfy, or anticipate in the reasonably near future being able to satisfy, the minimum asset requirements in order to qualify shares for trading on NASDAQ or another stock exchange.
The Company anticipates that the business opportunities presented to it will (i) be recently organized with no operating history, or a history of losses attributable to under-capitalization or other factors; (ii) be experiencing financial or operating difficulties; (iii) be in need of funds to develop a new product or service or to expand into a new market; (iv) be relying upon an untested product or marketing concept; or (v) have a combination of the characteristics mentioned in (i) through (iv) above. The Company intends to concentrate its acquisition efforts on properties or businesses that it believes to be undervalued. Given the above factors, investors should expect that any acquisition candidate may have a history of losses or low profitability.
The Company does not propose to restrict its search for investment opportunities to any particular geographical area or industry, and may, therefore, engage in essentially any business, to the extent of its limited resources. The Company’s discretion in the selection of business opportunities is unrestricted, subject to the availability of such opportunities, economic conditions, and other factors.
In connection with such a merger or acquisition, it is highly likely that an amount of stock constituting control of the Company would be issued by the Company or purchased from the current principal shareholders of the Company by the acquiring entity or its affiliates. If stock is purchased from the current shareholders, the transaction is very likely to result in substantial gains to them relative to their purchase price for such stock. In the Company’s judgment, none of its officers and directors would thereby become an “underwriter” within the meaning of the Section 2(11) of the Securities Act of 1933, as amended (the “Act”).
It is anticipated that business opportunities will come to the Company’s attention from various sources, including its officers and directors, its other stockholders, professional advisors such as attorneys and accountants, securities broker-dealers, venture capitalists, members of the financial community, and others who may present unsolicited proposals. The Company has no plans, understandings, agreements, or commitments with any individual for such person to act as a finder of opportunities for the Company, although its officers, directors and significant shareholders seek out such opportunities and respond to unsolicited proposals in their ordinary course of business.
The Company does not foresee that it would enter into a merger or acquisition transaction with any business with which its officers or directors are currently affiliated. Should the Company determine in the future, contrary to foregoing expectations, that a transaction with an affiliate would be in the best interests of the Company and its stockholders, the Company is in general permitted by Nevada law to enter into such a transaction if:
1. The material facts as to the relationship or interest of the affiliate and as to the contract or transaction are disclosed or are known to the Board of Directors, and the Board in good faith authorizes the contract or transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors constitute less than a quorum; or
2. The material facts as to the relationship or interest of the affiliate and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or
3. The contract or transaction is fair as to the Company as of the time it is authorized, approved or ratified, by the Board of Directors or the stockholders.
Investigation and Selection of Business Opportunities
To a large extent, a decision to participate in a specific business opportunity may be made upon management’s analysis of the quality of the other company’s management and personnel, the anticipated acceptability of new products or marketing concepts, the merit of technological changes, and numerous other factors which are difficult, if not impossible, to analyze through the application of any objective criteria. In many instances, it is anticipated that the historical operations of a specific business opportunity may not necessarily be indicative of the potential for the future because of the possible need to shift marketing approaches substantially, expand significantly, change product emphasis, change or substantially augment management, or make other changes. The Company will be dependent upon the owners of a business opportunity to identify any such problems which may exist and to implement, or be primarily responsible for the implementation of, required changes. Because the Company may participate in a business opportunity with a newly organized firm or with a firm which is entering a new phase of growth, it should be emphasized that the Company will incur further risks, because management in many instances will not have proven its abilities or effectiveness, the eventual market for such company’s products or services will likely not be established, and such company may not be profitable when acquired.
It is anticipated that the Company will not be able to diversify, but will essentially be limited to only one venture because of the Company’s limited financing. This lack of diversification will not permit the Company to offset potential losses from one business opportunity against profits from another, and should be considered an adverse factor affecting any decision to purchase the Company’s securities.
It is emphasized that management of the Company may effect transactions having a potentially adverse impact upon the Company’s shareholders pursuant to the authority and discretion of the Company’s management to complete acquisitions without submitting any proposal to the stockholders for their consideration. Holders of the Company’s securities should not anticipate that the Company necessarily will furnish such holders, prior to any merger or acquisition, with financial statements, or any other documentation, concerning a target company or its business. In some instances, however, the proposed participation in a business opportunity may be submitted to the stockholders for their consideration, either voluntarily by such directors, to seek the stockholders’ advice and consent, or because state law so requires.
The analysis of business opportunities will be undertaken by or under the supervision of the Company’s officers and directors. Although there are no current plans to do so, Company management might also hire an outside consultant to assist in the investigation and selection of business opportunities, and might pay a finder’s fee. Since Company management has no current plans to use any outside consultants or advisors to assist in the investigation and selection of business opportunities, no policies have been adopted regarding use of such consultants or advisors, the criteria to be used in selecting such consultants or advisors, the services to be provided, the term of service, or regarding the total amount of fees that may be paid. However, because of the limited resources of the Company, it is likely that any such fee would be paid in stock and not in cash.
In assessing a potential transaction, the Company anticipates that it will consider, among other things, the following factors:
1. Potential for growth and profitability, indicated by new technology, anticipated market expansion, or new products;
2. The Company’s perception of how any particular business opportunity will be received by the investment community and by the Company’s stockholders;
3. Whether, following the business combination, the financial condition of the business opportunity would be, or would have a significant prospect in the foreseeable future of becoming sufficient to enable the securities of the Company to qualify for trading in the over-the-counter markets or listing on a securities exchange;
4. Capital requirements and anticipated availability of required funds, to be provided by the Company or from operations, through the sale of additional securities, through joint ventures or similar arrangements, or from other sources;
5. The extent to which the business opportunity can be advanced;
6. Competitive position as compared to other companies of similar size and experience within the industry;
7. Strength and diversity of existing management, or management prospects that are scheduled for recruitment; and
8. The accessibility of required management expertise, personnel, raw materials, services, professional assistance, and other required items.
No one of the factors described above will be controlling in the selection of a business opportunity, and management will attempt to analyze all factors appropriate to each opportunity and make a determination based upon reasonable investigative measures and available data. Potentially available business opportunities may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex. Potential investors must recognize that, because of the Company’s limited capital available for investigation and management’s limited experience in business analysis, the Company may not discover or adequately evaluate adverse facts about the opportunity to be acquired. It should be noted that the Company has not completed a transaction in over twenty years of its existence.
The Company is unable to predict when it may participate in a business opportunity. It expects, however, that the analysis of specific proposals, if and when any are received, and the selection of a business opportunity may take several months or more.
The Company has no business proposals under consideration as of the date of this annual report.
Prior to making a decision to participate in a business opportunity, the Company will generally request that it be provided with written materials regarding the business opportunity containing such items as a description of products, services and company history; management resumes; financial information; available projections, with related assumptions upon which they are based; an explanation of proprietary products and services; evidence of existing patents, trademarks, or services marks, or rights thereto; present and proposed forms of compensation to management; a description of transactions between such company and its affiliates during relevant periods; a description of present and required facilities; an analysis of risks and competitive conditions; a financial plan of operation and estimated capital requirements; audited financial statements, or if they are not available, unaudited financial statements, together with reasonable assurances that audited financial statements would be able to be produced prior to completion of a merger transaction; and other information deemed relevant.
As part of the Company’s investigation, the Company’s executive officers and directors may meet personally with management and key personnel, may visit and inspect material facilities, obtain independent analysis or verification of certain information provided, check references of management and key personnel, and take other reasonable investigative measures, to the extent of the Company’s limited financial resources and management expertise.
Company management believes that various types of potential merger or acquisition candidates might find a business combination with the Company to be attractive. These include acquisition candidates desiring to create a public market for their shares in order to enhance liquidity for current shareholders, acquisition candidates which have long-term plans for raising capital through the public sale of securities and believe that the possible prior existence of a public market for their securities would be beneficial, and acquisition candidates which plan to acquire additional assets through issuance of securities rather than for cash, and believe that the possibility of development of a public market for their securities will be of assistance in that process. Acquisition candidates which have a need for an immediate cash infusion are not likely to find a potential business combination with the Company to be an attractive alternative.
Form of Acquisition
It is impossible to predict the manner in which the Company may participate in a business opportunity. Specific business opportunities will be reviewed as well as the respective needs and desires of the Company and the promoters of the opportunity and, upon the basis of that review and the relative negotiating strength of the Company and such promoters, the legal structure or method deemed by management to be suitable will be selected. Such structure may include, but is not limited to leases, purchase and sale agreements, licenses, joint ventures and other contractual arrangements. The Company may act directly or indirectly through an interest in a partnership, corporation or other form of organization. Implementing such structure may require the merger, consolidation or reorganization of the Company with other corporations or forms of business organization, and although it is likely, there can be no assurance that the Company would be the surviving entity. In addition, the present management and stockholders of the Company most likely will not have control of a majority of the voting shares of the Company following a reorganization transaction. As part of such a transaction, the Company’s existing directors may resign and new directors may be appointed without any vote by stockholders.
It is likely that the Company will acquire its participation in a business opportunity through the issuance of common stock or other securities of the Company. Although the terms of any such transaction cannot be predicted, it should be noted that in certain circumstances the criteria for determining whether or not an acquisition is a so-called “tax free” reorganization under the Internal Revenue Code of 1986 (the “Internal Revenue Code”), depends upon the issuance to the stockholders of the acquired company of a controlling interest (i.e., 80% or more) of the common stock of the combined entities immediately following the reorganization. If a transaction were structured to take advantage of these provisions rather than other “tax free” provisions provided under the Internal Revenue Code, the Company’s current stockholders would retain in the aggregate 20% or less of the total issued and outstanding shares. This could result in substantial additional dilution in the equity of those who were stockholders of the Company prior to such reorganization. Any such issuance of additional shares might also be done simultaneously with a sale or transfer of shares representing a controlling interest in the Company by the current officers, directors and principal shareholders.
It is anticipated that any new securities issued in any reorganization would be issued in reliance upon exemptions, if any are available, from registration under applicable federal and state securities laws. In some circumstances, however, as a negotiated element of the transaction, the Company may agree to register such securities either at the time the transaction is consummated, or under certain conditions or at specified times thereafter. The issuance of substantial additional securities and their potential sale into any trading market that might develop in the Company’s securities may have a depressive effect upon such market.
The Company will participate in a business opportunity only after the negotiation and execution of a written agreement. Although the terms of such agreement cannot be predicted, generally such an agreement would require specific representations and warranties by all of the parties thereto, specify certain events of default, detail the terms of closing and the conditions which must be satisfied by each of the parties thereto prior to such closing, outline the manner of bearing costs if the transaction is not closed, set forth remedies upon default, and include miscellaneous other terms.
As a general matter, the Company anticipates that it, and/or its officers and principal shareholders will enter into a letter of intent with the management, principals or owners of a prospective business opportunity prior to signing a binding agreement. Such a letter of intent will set forth the terms of the proposed acquisition but will not bind any of the parties to consummate the transaction. Execution of a letter of intent will by no means indicate that consummation of an acquisition is probable. Neither the Company nor any of the other parties to the letter of intent will be bound to consummate the acquisition unless and until a definitive agreement concerning the acquisition as described in the preceding paragraph is executed. Even after a definitive agreement is executed, it is possible that the acquisition would not be consummated should any party elect to exercise any right provided in the agreement to terminate it on specified grounds.
It is anticipated that the investigation of specific business opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require substantial management time and attention and substantial costs for accountants, attorneys and others. If a decision were made not to participate in a specific business opportunity, the costs theretofore incurred in the related investigation would not be recoverable. Moreover, because many providers of goods and services require compensation at the time or soon after the goods and services are provided, the inability of the Company to pay until an indeterminate future time may make it impossible to procure goods and services.
An acquisition made by the Company may be in an industry which is regulated or licensed by federal, state or local authorities. Compliance with such regulations can be expected to be a time-consuming and expensive process.
Competition
The Company expects to encounter substantial competition in its efforts to locate attractive opportunities, primarily from business development companies, venture capital partnerships and corporations, venture capital affiliates of large industrial and financial companies, small investment companies, and wealthy individuals. Many of these entities will have significantly greater experience, resources and managerial capabilities than the Company and will therefore be in a better position than the Company to obtain access to attractive business opportunities. The Company also will possibly experience competition from other public “Blank Check” companies, some of which may have more funds available than does the Company.
No Rights of Dissenting Shareholders
The Company does not intend to provide its shareholders with disclosure documentation concerning a possible target company prior to acquisition, because the Nevada Business Corporation Act vests authority in the board of directors to decide and approve matters involving acquisitions within certain restrictions. If any transaction is structured as an acquisition, not a merger, with the Company being the parent company and the acquire being merged into a wholly owned subsidiary, a shareholder will have no right of dissent under Nevada law.
Employees
The Company has no employees. Management of the Company expects to use consultants, attorneys and accountants as necessary, and does not anticipate a need to engage any full-time employees so long as it is seeking and evaluating business opportunities. The need for employees and their availability will be addressed in connection with the decision whether or not to acquire or participate in specific business opportunities. The Company has periodically paid its Secretary/Treasurer for services in bookkeeping, recordkeeping, filing tax forms and filing of reports with the SEC. The Company has also periodically paid a director and an entity controlled by the Company’s President for consulting services in connection with evaluating certain business opportunities on behalf of the Company. Although there is no current plan with respect to its nature or amount, additional remuneration may be paid to or accrued for the benefit of, the Company’s officers or directors prior to, or in conjunction with, the completion of a business acquisition for services actually rendered.
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.

---

ITEM 1A. RISK FACTORS

---

ITEM 1B. UNRESOLVED STAFF COMMENTS

---

ITEM 2. PROPERTIES
ITEM 2. PROPERTIES
The Company has no property. The Company has a month-to-month lease to rent office space at 30 Broad Street, New York, NY 10004 at a rate of approximately $100 per month. For 2021, this rent expense was paid by the Company’s Chairman at no cost to the Company. This arrangement could change or terminate at any time.

---

ITEM 3. LEGAL PROCEEDINGS
ITEM 3. LEGAL PROCEEDINGS
The Company is not a party to any legal proceedings, and no such proceedings are known to be contemplated.

---

ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
***
PART II

---

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
There is a limited public trading market for the Company’s shares of common stock, under the symbol STQN. The shares are traded on the OTC Pink marketplace. The following table shows the quarterly high and low bid prices during 2021 and 2020 as reported by Bloomberg, LP. These are the inter-dealer bid quotations, without retail mark-up, mark-down or commission, and may not necessarily represent actual transactions.
Inter-dealer bid quotations for
Common Stock
High Low
Year Ended December 31, 2021
First Quarter $ 0.282 $ 0.166
Second Quarter 0.2078 0.18
Third Quarter 1.10 0.2078
Fourth Quarter 0.401 0.40
Year Ended December 31, 2020
First Quarter $ 0.151 $ 0.12
Second Quarter 0.18 0.10
Third Quarter 0.21 0.05
Fourth Quarter 0.165 0.151
As of March 8, 2022, there were approximately 58 holders of record and 80 beneficial owners of the Company’s common stock.
The Board of Directors has never declared a dividend and the Company does not anticipate paying dividends at any time in the foreseeable future. Also, in the event of the acquisition of a business by the Company, control of the Company and its Board of Directors may pass to others and the payment of dividends would be wholly dependent upon the decisions of such persons.
The Company does not have an equity compensation plan.
The Company did not repurchase any equity securities during the last fiscal year.

---

ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. SELECTED FINANCIAL DATA
Not applicable. As a smaller reporting company, we are not required to provide the information otherwise required by this item.

---

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations together with the accompanying financial statements and related notes thereto included elsewhere in this report.
Liquidity and Capital Resources
At December 31, 2021, the Company had liquid assets in the form of cash of $39,732 and liabilities of $2,000. This compares to cash of $19,530 and prepaid expense in the amount of $500 and liabilities of $205 as of December 31, 2020. The Company’s increase in assets over the period was due to proceeds from the issuance of common stock in a private placement transaction, partially offset by expenses incurred in maintaining the Company’s public status and seeking a suitable acquisition/merger candidate.
The Company had no material commitments for capital expenditures at December 31, 2021.
Results of Operations
The Company has not realized any revenues from operations in the past two years, and its plan of operation for the next twelve months shall be to continue its efforts to locate a suitable acquisition/merger candidate.
It is unlikely the Company will have any revenue, other than interest income, unless it is able to effect an acquisition of or merger with an operating company, of which there can be no assurance.
For the years ended December 31, 2021 and 2020, the Company showed net losses of $22,093 and $46,540, respectively. The decrease in net loss was due primarily to decreased related party expenses, as officers and directors provided services to the Company at no cost amidst the difficult COVID-19 pandemic environment.
Off-Balance Sheet Arrangements
The Company has no off-balance sheet arrangements.
***

---

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

---

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Financial Statements and Supplementary Data
Report of independent registered public accounting firm (PCAOB ID: 217)
Balance Sheets at December 31, 2021 and 2020
Statements of Operations for the Years Ended December 31, 2021 and 2020
Statements of Stockholders’ Equity for the Years Ended December 31, 2021 and 2020
Statements of Cash Flows for the Years Ended December 31, 2021 and 2020
Notes to Financial Statements
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Stockholders of Strategic Acquisitions, Inc.
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Strategic Acquisitions, Inc. (the “Company”) as of December 31, 2021 and 2020 and the related statements of operations, stockholders’ equity, and cash flows for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 5 to the financial statements, the Company has no revenues, has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in Note 5. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
The assessment of the Company’s ability to continue as a going concern.
As discussed in Note 5 to the financial statements, such financial statements have been prepared as a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has determined that there are factors that raise substantial doubt about its ability to continue as a going concern.
We identified the assessment of substantial doubt about the Company’s ability to continue as a going concern as a critical audit matter. Significant auditor judgment was required to evaluate certain key assumptions, specifically, the judgments related to the Company’s plans to minimize expenses and seek additional sources of capital.
The following are the primary procedures we performed to address this critical audit matter. We inquired of Company officials and inspected documents to evaluate the likelihood that the Company had the ability to reduce operating expenses. We evaluated the Company’s projected undiscounted cash outflows from operations for the period through April 2023. We inquired and obtained representations from the Company regarding the status and evaluation of any potential capital raising activities.
/s/ Berkower LLC
We have served as the Company’s auditor since 2020
Iselin, NJ
April 15, 2022
STRATEGIC ACQUISITIONS, INC.
BALANCE SHEETS
December 31,
December 31,
ASSETS
Current assets:
Cash $ 39,732 $ 19,530
Prepaid expense -
Total current assets 39,732 20,030
Total assets $ 39,732 $ 20,030
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,000 $ 205
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 and 2,515,000 shares issued and outstanding, respectively 2,715 2,515
Additional paid-in capital 575,688 535,888
Accumulated deficit (540,671 ) (518,578 )
Total stockholders’ equity 37,732 19,825
Total liabilities and stockholders’ equity $ 39,732 $ 20,030
The accompanying notes are an integral part of these financial statements.
STRATEGIC ACQUISITIONS, INC.
STATEMENTS OF OPERATIONS
Years Ended December 31,
Revenues $ - $ -
Expenses
General & Administrative 22,095 22,301
General & Administrative - related party - 24,250
Total Expenses 22,095 46,551
Operating Income (loss)
Other Income
Interest Income
Total Other Income
Net loss before provision for taxes (22,093 ) (46,540 )
Income tax provision - -
Net loss $ (22,093 ) $ (46,540 )
Net Loss Per Common Share - Basic & Fully Diluted $ (0.01 ) $ (0.02 )
Weighted average number of shares of common stock outstanding - Basic & Fully Diluted 2,577,329 2,515,000
The accompanying notes are an integral part of these financial statements.
STRATEGIC ACQUISITIONS, INC.
STATEMENTS OF STOCKHOLDERS’ EQUITY
YEARS ENDED DECEMBER 31, 2021 AND 2020
Additional
Total
Common Stock Paid-in Accumulated Stockholders’
Outstanding Amount Capital Deficit Equity
Balance at December 31, 2019 2,515,000 $ 2,515 $ 535,888 $ (472,038 ) $ 66,365
Net Loss, December 31, 2020
- - (46,540 ) (46,540 )
Balance at December 31, 2020 2,515,000 2,515 535,888 (518,578 ) 19,825
Balance 2,515,000 2,515 535,888 (518,578 ) 19,825
Issuance of common stock on September 8, 2021 at $0.20 per share for cash 150,000 29,850
30,000
Issuance of common stock on September 13, 2021 at $0.20 per share for cash 50,000 9,950
10,000
Net Loss, December 31, 2021
(22,093 ) (22,093 )
Balance at December 31, 2021 2,715,000 $ 2,715 $ 575,688 $ (540,671 ) $ 37,732
Balance 2,715,000 $ 2,715 $ 575,688 $ (540,671 ) $ 37,732
The accompanying notes are an integral part of these financial statements.
STRATEGIC ACQUISITIONS, INC.
STATEMENTS OF CASH FLOWS
Years Ended December 31,
Cash Flows From Operating Activities
Net loss $ (22,093 ) $ (46,540 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Increase (Decrease) in accounts payable 1,795
(Increase) Decrease in prepaid expense 1,250
Net cash provided by (used in) operating activities (19,798 ) (45,085 )
Cash Flows from Financing Activities
Proceeds from issuance of common stock 40,000 -
Net cash provided by financing activities 40,000 -
Net increase (decrease) in cash 20,202 (45,085 )
Cash at beginning of the period 19,530 64,615
Cash at end of the period $ 39,732 $ 19,530
The accompanying notes are an integral part of these financial statements.
STRATEGIC ACQUISITIONS, INC.
NOTES TO FINANCIAL STATEMENTS
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 (“GAAP”) 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 cash balances in a checking account and an interest-bearing account that do not exceed federally insured limits at December 31, 2021 and 2020.
Concentration of Credit Risk
At December 31, 2021, and 2020, 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, 2021 and December 31, 2020 or for the years then ended.
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, 2021. 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, 2021, 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.
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:
Schedule of Effective Income Tax Rate Reconciliation
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:
Schedule of Deferred Tax Assets
December 31,
Net Operating Loss carryforward $ 98,092 $ 94,407
Valuation allowance (98,092 ) (94,407 )
Net deferred tax asset $ - $ -
As of December 31, 2021, the Company has a net operating loss carryforward of approximately $460,000 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, 2021. 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, 2021 and 2020, the valuation allowance increased by approximately $4,000 and $4,000, 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 2018 to 2021.
Note 3. Related Party Transactions
From time to time, the Company may pay 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. In 2021, officers and directors waived the right to compensation for their services rendered or expenses paid on behalf of the Company and there were no such related party payments. This arrangement could change or terminate at any time. The total paid during 2020 to related parties was: $750 to Westminster Securities Corp., an entity controlled by the Company’s President John O’Shea, $19,000 to Jonathan Braun, a director of the Company, and $4,500 to Marika Tonay, an officer and director of the Company.
The Company has a month-to-month lease to rent office space at 30 Broad Street, New York, NY 10004 at a rate of approximately $100 per month. For 2021, this rent expense was paid by the Company’s Chairman at no cost to the Company. This arrangement could change or terminate at any time.
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.
Note 4. Stockholders’ Equity
The Company is authorized to issue 50,000,000 shares of its $0.001 par value Common Stock.
On September 8, 2021, the Company issued 150,000 shares of its Common Stock to three investors in a private placement transaction, for cash in the aggregate amount of $30,000. Two of the investors are also investors in NextCoal International, Inc., the Company’s majority shareholder.
On September 13, 2021, the Company issued 50,000 shares of its Common Stock to an additional investor in a private placement transaction, for cash in the aggregate amount of $10,000.
These two issuances resulted in an aggregate of 200,000 shares being issued for an aggregate of $40,000 during the three-month period ended September 30, 2021.
There were no other issuances of Common Stock during the years ended December 31, 2021 and December 31, 2020.
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 $540,000 for the period from January 27, 1989 (Inception) through December 31, 2021 and has commenced limited operations. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
Under the relevant GAAP requirements of ASC 205-40, Presentation of Financial Statements - Going Concern, the Company’s management (“Management”) is required to: a) evaluate its ability to continue operating as a going concern for at least the upcoming year through April 15, 2023 (“Funding Period”); and b) prepare and execute a business plan to i) provide sufficient liquidity covering the Funding Period and ii) mitigate the Company’s adverse operating conditions.
Management’s plans include that the Company will seek to minimize expenses and seek additional sources of capital as needed through the issuance of debt or equity financing.
Management believes that the Company’s cash balance as of December 31, 2021 is sufficient to cover its operating needs for the Funding Period. There can be no assurance that the Company will be able to raise additional capital in order to accomplish its business plan objectives. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
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 issued.

---

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

---

ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. Additionally, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding disclosure.
Management’s Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) of the Securities Exchange Act of 1934, as amended. A company’s internal control over financial reporting is a process designed by the Company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles and includes those policies and procedures that:
● pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of our management and directors; and
● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management, including the President/Principal Financial Officer and Secretary/Treasurer, has conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021. Management’s evaluation of the effectiveness of the Company’s internal control over financial reporting is based on the framework described in “Internal Control - Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
Based on its assessment, management concluded that the Company’s internal control over financial reporting was not effective as of December 31, 2021, with the following aspect being noted as a potential material weakness:
● Lack of segregation of duties
This Annual Report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this Annual Report.
This report shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting during the quarter ended December 31, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

---

ITEM 9B. OTHER INFORMATION
ITEM 9B. OTHER INFORMATION
None.
PART III

---

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The following is a list of directors and executive officers of the Company as of December 31, 2021, their ages and all positions held by each of them during the past five years.
Jonathan Braun, 71, is the Company’s Chairman of the Board and a director since 2017. Mr. Braun has been President of NextCoal International, Inc. since 2012. He has been a member of the board of directors of Prometheum, Inc. since January 2021, Acting President of Phinmed IP, Inc. since 2020, a Manager of ST Oil Company, LLC since 2020 and a Vice President of Adirondack Holdings and Supply Corp since 2015. Mr. Braun holds an MS from Columbia University’s Graduate School of Journalism and a BA in Political Science from the City College of New York, graduating Phi Beta Kappa, Magna Cum Laude.
John P. O’Shea, 65, is the Company’s President and a director since 2004. Mr. O’Shea has been Chairman of Global Alliance Securities LLC since 2010. Since 1997, Mr. O’Shea has been an officer and director of Westminster Securities Corp, currently as Chairman, CEO and Director. Previously he was a non-executive director of BlueRock Energy Holdings, Inc. from 2007 to 2017. Mr. O’Shea holds a BA and MA in Economics from the University of Cincinnati.
Marika Xirouhakis Tonay, 41, is the Company’s Secretary/Treasurer and a director since 2004. Ms. Tonay has been registered with a FINRA-member firm since January 2012, currently as a Senior Compliance Manager. She attended New York University, Stern School of Business, graduating Magna Cum Laude with a BS in Finance and Management.
Section 16(a) Beneficial Ownership Reporting Compliance
Each of the Company’s officers, directors and beneficial owners of more than 10% of its common stock is in compliance with Section 16(a) of the Exchange Act.
Code of Ethics
The Company has adopted a code of ethics which applies to its principal executive officer, principal financial officer, principal accounting officer or persons performing similar functions. A copy of this code of ethics was previously included as an exhibit to our annual report on Form 10-KSB for the fiscal year ended December 31, 2005. We will also provide a copy of our code of ethics, without charge, to any person who requests it by contacting us via mail, telephone or facsimile transmission.
Corporate Governance
There have been no material changes to the procedures by which security holders may recommend nominees to the Company’s board of directors.
The Company is not a listed issuer and therefore is not required to have a separately-designated standing audit committee, nor an audit committee financial expert. The entire board of directors of the Company serves as its audit committee.

---

ITEM 11. EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION
The Company has no employees and does not pay any salary or bonus to officers, or director fees to directors. No payments for services were made to officers or directors during the fiscal year. During the previous fiscal year, the Company issued payment to officers and directors of the Company, or their affiliates, for invoiced services in connection with maintaining the Company’s public status and seeking business opportunities, as disclosed in Item 13 “Certain Relationships and Related Transactions”. Each of the Company’s officers may from time to time be reimbursed for out-of-pocket expenses incurred on behalf of the Company. The Company has no stock option, retirement, pension, or profit-sharing programs for the benefit of directors, officers or other employees, but the Board of Directors may recommend adoption of one or more such programs in the future.
Compensation Committee Interlocks and Insider Participation
The Company has no compensation committee. Its officers, John O’Shea and Marika Tonay, and director Jonathan Braun, participate in deliberations of the board of directors concerning executive officer compensation.
Compensation Committee Report
There was no Compensation Discussion and Analysis prepared during the fiscal year, as there was no compensation awarded by the Company during such time. The board of directors performs the functions of the compensation committee.

---

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth, as of March 8, 2022, the number of shares of common stock owned of record and beneficially by executive officers, directors and any person who is the beneficial owner of more than 5% of the Company’s common stock. Also included are the shares held by all executive officers and directors as a group. The Company does not have outstanding any shares of preferred stock, any other securities convertible into common stock, or any options or warrants to acquire common stock.
Name and Address of
Beneficial Owner
Number of Shares
Owned
Beneficially
Percent of Class
John P. O’Shea
2464 Darts Cove Way
Charleston, SC 29466 604,800 22.28 %
Marika X. Tonay
c/o Strategic Acquisitions
30 Broad Street, 14th Floor
New York, NY 10004
14,000 0.52 %
All directors and executive officers as a group (2 persons) 618,800 22.79 %
NextCoal International, Inc.
1459 Shunpike Road
Cambridge, NY 12816 1,650,000 60.77 %
John P. O’Shea and Marika X. Tonay each have sole investment power and sole voting power over their shares owned.
Jonathan Braun, President of NextCoal, has sole investment power and sole voting power over NextCoal’s shares owned. Jonathan Braun is also a Director of the Company.

---

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Transactions with Related Persons
There were no payments to related parties during 2021.
During 2020, the Company issued payment for invoiced services to related parties as follows: $750 to Westminster Securities Corp., an entity controlled by John O’Shea, and $19,000 to Jonathan Braun, a Director, each for services relating to identifying and evaluating potential merger or acquisition candidates; and $4,500 to Marika Tonay, its Secretary/Treasurer, for services relating to preparing and filing financial and regulatory documentation.
Promoters and Certain Control Persons
NextCoal International, Inc. (“NCI”) acquired control of the Company on October 19, 2017. Jonathan Braun, President of NCI, is a Director of the Company. NCI acquired control in the following series of transactions, purchased with personal funds. All purchases were of restricted shares of the Company’s Common Stock.
125,000 shares purchased from an existing shareholder in a private transaction in December 2016.
125,000 and an additional 625,000 newly issued shares purchased from the Company in a private placement, at $0.40 per share in October 2017.
750,000 shares purchased from an existing shareholder in a private transaction in October 2017.
25,000 shares purchased from an existing shareholder in a private transaction in April 2018.
Following these transactions, NCI was the owner of 1,650,000 shares of common stock. No promoter was involved in any of these transactions.
Director Independence
The Company does not have any independent directors. Two of the Company’s directors are also executive officers of the Company, and the third director is President of the Company’s majority shareholder. The Company is not a listed issuer and is not required by any securities exchange or quotation system to have independent directors. There are no transactions, relationships or arrangements with any director undertaken or considered during the Company’s last two fiscal years, other than as discussed above under “Transactions with Related Persons” and “Promoters and Certain Control Persons”.

---

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
(1) Audit Fees
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountants for the audit of the Company’s annual financial statements and review of financial statements included in the Company’s Form 10-Q (17 CFR 249.308b) or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were: $11,000 for the fiscal year ended December 31, 2021 and $4,000 for the fiscal year ended December 31, 2020 to Berkower LLC; $7,055 for the fiscal year ended December 31, 2020 to Prager Metis CPAs LLC; and $1,000 for the fiscal year ended December 31, 2020 to AMC Auditing.
(2) Audit-Related Fees
There have been no fees billed in either of the last two fiscal years for assurance and related services by the principal accountant.
(3) Tax Fees
There have been no fees billed in either of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, or tax planning.
(4) All Other Fees
There have been no fees billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above.
(5) Pre-Approval Policies and Procedures
Before the principal accountant is engaged by the Company to render audit or non-audit services, the engagement is approved by the Company’s Board of Directors acting as the audit committee.
PART IV

---

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as part of this report:
(1) Financial Statements - See Part II, Item 8
(2) Financial Statement Schedules - None
(3) Exhibits. The following exhibits are filed with this Report or incorporated by reference:
EXHIBIT LIST
Exhibit
Number
Description
31.1
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, Section 906 of the Sarbanes-Oxley Act of 2002