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Strategic Acquisitions, Inc. (STQN0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which focus on providing loans collateralized by digital assets. As of December 31, 2024, the company had no outstanding loans or digital asset collateral.
The company reported interest income of $43,671 for the year ended December 31, 2024, compared to $54,988 for the previous year. This decrease is attributed to the repayment of the only outstanding loan in July 2024.
Selling, general, and administrative expenses were $145,820 for the year ended December 31, 2024, down from $179,541 in the previous year. The decrease is primarily due to reduced operational activities.
The company recorded a net loss of $124,714 for the year ended December 31, 2024, compared to a net loss of $162,260 in the previous year. The losses are attributed to the size of the loan portfolio not being sufficient to cover operating expenses.
As of December 31, 2024, Strategic Acquisitions had cash of $23,281, down from $54,169 at the end of 2023. The decrease in cash is primarily due to the repayment of a note payable and operating expenses.
The company continues to seek additional financing to support its operations and develop its proprietary technology platform for originating and servicing digital asset-backed loans.
The filing also notes that the company has not recognized any allowance for loan losses due to the over-collateralization of its loans and the absence of historical losses.
Strategic Acquisitions identified a material weakness in its internal controls over financial reporting, citing a lack of oversight and insufficient accounting personnel.
The company acknowledged its dependence on future financing to continue operations and meet its business objectives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Strategic Acquisitions, Inc. annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.