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Stratos Renewables Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Stratos Renewables Corporation has not generated any revenue during the nine months ended September 30, 2024. The company recorded a net loss of $62,571 for the same period.
Operating expenses for the nine months ended September 30, 2024, were $62,571, primarily due to professional fees related to regulatory filings.
The company issued 2,000,000 shares and 4,000,000 warrants to a related party for $400,000 in August 2023. The warrants have strike prices of $0.30 and $0.50 with expiration dates in December 2024 and December 2026, respectively.
As of September 30, 2024, Stratos Renewables Corporation had total assets of $15,521 and total liabilities of $1,600, resulting in a stockholders' equity of $13,921.
The company has been identified as a shell company and is exploring opportunities for merger candidates to provide operating revenues and profitability.
Stratos Renewables Corporation's management has expressed substantial doubt about the company's ability to continue as a going concern due to the lack of significant operations and revenue.
The company has not been materially impacted by the COVID-19 pandemic due to its lack of operations.
Stratos Renewables Corporation's financial statements have been prepared assuming the company will continue as a going concern, with management intending to identify potential merger candidates.
The company has no off-balance sheet arrangements and does not anticipate any significant changes to its internal control over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stratos Renewables Corp quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.