In This Story
Stratos Renewables Corp (SRNW0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Stratos Renewables is a 'blank check' company with no current operations, seeking to merge with or acquire an operating business.
The company has reported a net loss of $76,014 for the year ended December 31, 2024, compared to a net loss of $590,219 for the previous year.
As of December 31, 2024, Stratos Renewables had total assets of $1,578 and total liabilities of $1,100, resulting in a stockholders' equity of $478.
The company has issued 49,005,865 shares of common stock as of December 31, 2024, with 300,000 shares of Series B preferred stock outstanding.
The company’s management, led by George Sharp, is focused on identifying potential business combination targets to generate future revenues.
The report highlights that the company has no current revenues and is dependent on raising additional capital or completing a business combination to continue operations.
Stratos Renewables acknowledges its classification as a 'shell company' and outlines the associated risks, including limited liquidity of its common stock and lack of business diversification.
The filing also discusses the company's plan to comply with SEC reporting requirements and the potential need for financing to acquire a business.
The company’s auditors have expressed substantial doubt about its ability to continue as a going concern, citing the need for additional capital or a successful business combination.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.