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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
Commission file number 0-28963
STRATEGIC ACQUISITIONS, INC.
(Exact name of small business issuer as specified in its charter)
Nevada 13-3506506
(State or Other Jurisdiction of (IRS Employer Identification No.)
Incorporation or Organization)
50 East 42nd Street, Suite 1805
New York, New York 10017
(Address of Principal Executive Officers)
(212) 682-5058
(Issuer's Telephone Number)
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(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such Filing requirements for the past 90 days. Yes [x] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shared outstanding of each of the issuer's classes of common
equity, as for the latest practicable date: as of June 30, 2000, a total of
1,600,000 shares of Common Stock, par value $.001 per share, were issued and
outstanding.
Transitional Small Business Disclosure Format (Check one): Yes[ ] No [x]
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STRATEGIC ACQUISITIONS INC.
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INDEX
PAGE
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Part I - Financial Information
Item 1 Financial Statements
Balance Sheet at June 30, 2000 (Unaudited) 1
Statements of Operations for the three and six months
ended March 31 , 2000 and June 30, 2000 (Unaudited) 2
Statements of Cash Flows for the three and six months
ended March 31, 2000 and June 30, 2000 (Unaudited) 3
Notes to Financial Statements (Unaudited) 4
Item 2 Management's Discussion and Analysis or Plan of Operation 5
Part II Other Information 6
Signature 7
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PART I - FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
STRATEGIC ACQUISITIONS INC.
(A Development Stage Company)
BALANCE SHEET
JUNE 30, 2000
(UNAUDITED)
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ASSETS
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Cash and Equivalents $ 127,439
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TOTAL ASSETS $ 127,439
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Liabilities
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Accounts Payable $ 9,835
Stockholders' Equity
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Common Stock, par value $.001; authorized
50,000,000 shares, 1,600,000 shares
issued and outstanding at June 30, 2000 $ 1,600
Additional Paid-In Capital 183,703
Accumulated Deficit ( 67,699)
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TOTAL STOCKHOLDERS' EQUITY 117,704
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 127,439
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The accompanying notes is an integral part of this financial statement.
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STRATEGIC ACQUISITIONS INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(UNAUDITED)
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Three months ended Six months ended
March 31, 2000 June 30, 2000
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Interest Income $ 1,564 $ 3,111
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Expenses:
Transfer Agent Fees $ 600 $ 1,200
Registered Agent Fee 112
Bank Confirmation Fee 25 25
Legal Fees 11,317 20,552
Auditing Fees 1,400 1,800
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Total Expenses 13,342 23,689
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NET LOSS $( 11,778) $( 20,578)
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Basic Loss Per Common Share $ ( .007) $ ( .012)
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Weighted Average Number of Shares Outstanding $ 1,600,000 $ 1,600,000
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The accompanying notes is an integral part of this financial statement.
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STRATEGIC ACQUISITIONS INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
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Three months ended Six months ended
March 31, 2000 June 30, 2000
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Cash Flows From Operating Activities:
Net Loss $( 11,778) $(20,578)
Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities:
Increase in Accounts Payable -0- 9,835
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Cash Used in Operating Activities $(11,778) $(10,743)
CASH - BEGINNING 138,182 138,182
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CASH - ENDING $126,404 $127,439
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The accompanying notes is an integral part of this financial statement.
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STRATEGIC ACQUISITIONS INC.
(A Development Stage Company)
NOTE TO FINANCIAL STATEMENTS
JUNE 30, 2000
(UNAUDITED)
The accompanying interim financial statements of Strategic Acquisitions
Inc. (the Company) have been prepared in conformity with generally accepted
accounting principles consistent in all material respects with those applied in
the December 31, 1999 audited financial statements. The interim financial
information is unaudited, but reflects all normal adjustments which are, in the
opinion of management, necessary to provide a fair statement of results for the
interim period presented. The interim financial statements should be read in
conjunction with the financial statements of the Company for the year December
31, 1999.
SUBSEQUENT EVENT
Subsequent to the balance sheet date, the Company extended the life of
its Class A warrants as well as the warrants granted to the underwriters of its
initial public offering from July 17, 2000 to October 16, 2000.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
PLAN OF OPERATION:
The following Plan of Operation should be read in conjunction
with the accompanying financial statements for the three-month
period ended March 31, 2000 and six-month period ended June 30,
2000 and the Form 10-KBS for the fiscal year ended December 31,
1999.
The Company remains in the development stage and has limited
capital resources and stockholder's equity. At June 30, 2000,
the Company had current assets in the form of cash and cash
equivalents of $127,439 and liabilities of $9,835.
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. The Company can provide no
assurance that it will continue to satisfy its cash requirements
for at least the next twelve months if a suitable
acquisition/merger is completed.
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.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None
27.1 Financial Data Schedule
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SIGNATURES:
In accordance with the Exchange Act, the registrant has duly caused this
report to be signed on its behalf by the undersigned thereunder duly authorized.
DATED: July 27, 2000
STRATEGIC ACQUISITIONS, INC.
BY: /s/ Richard S. Kaye .
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Richard S. Kaye, President
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