UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For
the quarterly period ended
For the transition period from _________ to _________
Commission
File Number:
(Exact name of Registrant as specified in its charter)
| (State of incorporation) | (IRS Employer ID Number) |
(Address of Principal Executive Offices) Zip Code
(Registrant’s telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| OTC Pinksheets |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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.
Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ | |
| Smaller
reporting company | ||
| Emerging
Growth Company |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
As of June 30, 2021, there were shares of our common stock issued and outstanding.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included in this Quarterly Report on Form 10-Q and other filings of the Registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the availability of working capital to fund our operations, the competitive market in which we operate, the efficient and uninterrupted operation of our computer and communications systems, our ability to generate a profit and execute our business plan, the retention of key personnel, our ability to protect and defend our intellectual property, the effects of governmental regulation, and other risks identified in the Registrant’s filings with the Securities and Exchange Commission from time to time.
In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. Although the Registrant believes that the expectations reflected in the forward-looking statements contained herein are reasonable, the Registrant cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Registrant, nor any other person, assumes responsibility for the accuracy and completeness of such statements. The Registrant is under no duty to update any of the forward-looking statements contained herein after the date of this Quarterly Report on Form 10-Q.
TABLE OF CONTENTS
| Page No. | ||
| PART I – FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements: | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 9 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 11 |
| Item 4. | Controls and Procedures | 11 |
| PART II – OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 12 |
| Item 1a. | Risk Factors | 12 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 12 |
| Item 3. | Defaults Upon Senior Securities | 12 |
| Item 4. | Mine Safety Disclosures | 12 |
| Item 5. | Other Information | 12 |
| Item 6. | Exhibits | 12 |
STRONG SOLUTIONS, INC.
BALANCE SHEETS
(Unaudited)
| June 30, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash | $ | $ | ||||||
| Total current assets | - | - | ||||||
| - | - | |||||||
| Assets of discontinued operations | - | |||||||
| TOTAL ASSETS | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and accrued liabilities | - | |||||||
| Note payable – related party | - | |||||||
| Liabilities of discontinued operations | ||||||||
| Total current liabilities | ||||||||
| Commitments and Contingencies | - | - | ||||||
| STOCKHOLDERS’ DEFICIT | ||||||||
| Common stock, par value $ per share; shares authorized; and shares issued and outstanding as of June 30, 2021 and December 31, 2020 | ||||||||
| Additional paid in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ deficit | ( | ) | ( | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | $ | ||||||
| 1 |
STRONG SOLUTIONS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Stock based compensation – related party | - | - | - | |||||||||||||
| General and Administrative expenses | - | - | ||||||||||||||
| Total operating expense | - | - | ||||||||||||||
| Loss from operations | ( | ) | - | ( | ) | - | ||||||||||
| Interest expense | - | ( | ) | - | ||||||||||||
| Loss from disposition of discontinued operations | - | - | ( | ) | - | |||||||||||
| Total other income (expenses) | - | ( | ) | - | ||||||||||||
| Net loss from continuing operations | ( | ) | $ | $ | ( | ) | $ | |||||||||
| Net loss from discontinued operations | - | ( | ) | ( | ) | ( | ) | |||||||||
| Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Net loss per common share – basic and diluted | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Weighted average common shares outstanding – basic and diluted | ||||||||||||||||
| 2 |
STRONG SOLUTIONS, INC.
STATEMENT OF STOCKHOLDERS’ DEFICIT
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(Unaudited)
| Common Stock: Shares | Common Stock: Amount | Additional Paid in Capital | Accumulated Deficit | Totals | ||||||||||||||||
| Balance – December 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Common stock issued to related party for cash | ||||||||||||||||||||
| Common stock issued to related party for services | ||||||||||||||||||||
| Stock compensation paid to CEO | ||||||||||||||||||||
| Net loss for the period | - | - | - | ( | ) | ( | ) | |||||||||||||
| Balance March 31, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Common stock issued to related party for services | ||||||||||||||||||||
| Net loss for the period | - | - | - | ( | ) | ( | ) | |||||||||||||
| Balance June 30, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Common Stock: Shares | Common Stock: Amount | Additional Paid in Capital | Accumulated Deficit | Totals | ||||||||||||||||
| Balance - December 31, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Net loss for the period | - | - | - | ( | ) | ( | ) | |||||||||||||
| Balance March 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Net loss for the period | - | - | - | ( | ) | ( | ) | |||||||||||||
| Balance June 30, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| 3 |
STRONG SOLUTIONS, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Six Months Ended June 30, | ||||||||
| 2021 | 2020 | |||||||
| OPERATING ACTIVITIES: | ||||||||
| Net loss from continuing operations | $ | ( | ) | $ | ||||
| Net loss from discontinued operations | ( | ) | ( | ) | ||||
| Net loss | ( | ) | ( | ) | ||||
| Adjustments to reconcile net loss to net cash (used in) operating activities: | ||||||||
| Shares issued to related party for services | - | |||||||
| Shares issued to CEO | - | |||||||
| Loss on disposition of discontinued operations | - | |||||||
| Changes in assets and liabilities | ||||||||
| Accounts payable and accrued expenses | - | |||||||
| Loan payable – related party | - | |||||||
| NET CASH USED IN CONTINUED OPERATING ACTIVITIES | ( | ) | - | |||||
| NET CASH USED IN DISCONTINUED OPERATING ACTIVITIES | ||||||||
| NET CASH USED IN OPERATION ACTIVITIES | ( | ) | ( | ) | ||||
| Common stock issued to related party | - | |||||||
| NET CASH PROVIDED BY CONTINUED FINANCING ACTIVITIES | - | |||||||
| NET CASH PROVIDED BY DISCONTINUED FINANCING ACTIVITIES | - | |||||||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | ||||||||
| EFFECT OF EXCHANGE RATE CHANGES | - | - | ||||||
| NET INCREASE (DECREASE) IN CASH | - | |||||||
| CASH – BEGINNING OF PERIOD | - | |||||||
| CASH – END OF PERIOD | $ | $ | ||||||
| LESS NET CASH FROM DISCONTINUED OPERATIONS - END OF PERIOD | - | ( | ) | |||||
| NET CASH FROM CONTINUING OPERATIONS – END OF PERIOD | - | - | ||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||||||||
| Cash paid for income taxes | - | - | ||||||
| Cash paid for interest | - | - | ||||||
| NON-CASH INVESTING AND FINANCING ACTIVITES: | - | - | ||||||
| 4 |
STRONG SOLUTIONS INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2021
AND THE YEAR ENDED DECEMBER 31, 2020
(Unaudited)
NOTE 1 – DESCRIPTION OF BUSINESS
Strong
Solutions, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on
As a development-stage enterprise, the Company had no operating revenue from December 31, 2020 through June 30, 2021 as a result of lockdowns from COVID 19 in the Ukraine. As a result, a special shareholders meeting was held on March 22, 2021 and a new board of directors elected.
A special board meeting was then held on April 5, 2021 at which officers were appointed and all business in the Ukraine cancelled, including office rent for Mr. Guzii, resulting in no Commission Revenue generated from Ukrainian clients. The Company is currently devoting substantially all its present efforts to securing and establishing a new business in the United States.
On April 5, 2021 a Special Board Meeting was held at which all contracts, including Mr. Guzii’s office, in the Ukraine were cancelled, effective January 1, 2021, due to the Covid 19 Pandemic and the Company’s focus on new business in the United States. On that same date, David Anderson was appointed President by a majority of the Board of Directors and Eric Stevenson was appointed Treasurer by a majority of the Board of Directors.
On
April 05, 2021, the Board of Directors unanimously approved issuing shares of common stock to each Director as compensation for
serving on the Board. The Board of Directors unanimously approved issuing shares of common stock to each Officer as compensation
for serving as management for Strong Solutions, Inc. In addition, each Officer will receive $
NOTE 2 – GOING CONCERN
The
financial statements have been prepared assuming that the Company will continue as a going concern. Currently, the Company has a cash
balance of $
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash equivalents
The Company considers all highly liquid instruments and tries to work in cash equivalent segment. The Company’s funds are deposited in insured institutions.
Fixed Assets
Fixed assets are stated at historical cost less accumulated depreciation. The historical cost of acquiring an item of fixed assets includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. Costs associated with repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets.
| 5 |
Use of estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates.
Revenue recognition
We base our judgment on guidance ASC 606. Accounting Standards Update 2016-08.
All revenues appear in current periods to be recognized as gross, so, there is no net revenue recognized in current periods.
FASB’s new single, principle-based approach to accounting for revenue from contracts with customers. As the entity, we involved in providing a good and provide service to the customers. In those circumstances, Topic 606 requires us to determine whether the nature of our promise is to provide that good or service to the customers (that is, the entity is a principal) or to arrange for the good or service to be provided to the customers by the other party (that is, the entity is an agent).
This determination is based upon whether we control the good or the service before it is transferred to the customer. Some indicators help in this evaluation.
1. We identify obligations in the contract with firm Markus. A contract includes promises to transfer temporary right to use construction equipment in their business for profit.
2.
We determine the transaction price $
3. We recognize revenue when the firm Markus obtains control of that equipment and we received the payment.
4. The transaction price also can include variable consideration or consideration in a form other than cash. In our property management service with Protel Management we received changeable revenue. If the consideration is variable, we estimate the amount of consideration to which we will be entitled in exchange for the services. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
The Company considered recognizes the revenue on the accrual basis, revenue is recognized when earned and services have been performed. We are principal, and recognize the gross amount received from the customer as revenue. Revenues are reported on the income statement when the services have been performed. Our revenue includes the gross amounts that come from Client for the Property Management and Rent Service.
The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors and non-employees, the fair value of the award is measured on the grant date. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Stock-based compensation expense is recorded by the Company in the same expense classifications in the consolidated statements of operations, as if such amounts were paid in cash.
NOTE 4 – COMMITMENTS AND CONTINGENCIES
The Company is not currently a party to any material legal proceedings, nor is we aware of any other pending or threatened litigation that would have a material adverse effect on our business, operating results, cash flows or financial condition should such litigation be resolved unfavorable.
| 6 |
NOTE 5 – RELATED PARTY TRANSACTIONS
Mr. Guzii was our controlling shareholder. He represented the company and provided services on our behalf to our clients Markus and Protel Management. Mr. Guzii sold his controlling interest to NV Share Services LLC on May 13, 2020. On March 22, 2021 a Special Shareholders Meeting was held at which Mr. Guzii was removed as an officer and director of the Company without prejudice due to the Covid 19 Pandemic, at the request in writing by NV Share Services LLC. On April 5, 2021 a special board meeting was held at which all business in the Ukraine was cancelled, effective January 1, 2021, so that the Company could devote all of its time to finding new business in the United States.
We
rented office space from Mr. Guzii in Ukraine for $
On
February 24, 2021 the Company issued shares of common stock to Mr. Andrii Guzii as compensation for services valued at $
On
June 15, 2021 the Company issued shares of common stock to Mr. Eric Stevenson as compensation for services valued at $
On
June 15, 2021 the Company issued shares of common stock to Mr. David Anderson as compensation for services valued at $
On
June 15, 2021 the Company issued shares of common stock to Mr. Oscar Kaalstade as compensation for services valued at $
NOTE 6 – COMMON STOCK
The company authorized Common shares $ par value.
We issued shares of common stock to Andrii Guzii in consideration of expenses incurred on December 9, 2020.
We issued shares of common stock to NV Share Services LLC in consideration of $ in cash on December 7, 2020.
We issued shares of common stock to NV Share Services LLC in consideration of $ in cash on August 27, 2020.
We issued shares of common stock NV Share Services LLC in consideration of $ in cash on May 26, 2020.
We issued common shares for cash at a purchase price of $ per share to 31 nonaffiliated shareholders.
We issued common shares for cash at a purchase price of $ per share to our director Mr.Guzii.
shares were issued to Mr. Andrii Guzii for repayment of accrued salary on $ and $ of stock compensation value at $ per share. This value was determined based on the previous sale of stock to unrelated parties at per share.
On
February 24, 2021 the Company issued of common stock to Mr. Andrii Guzii as compensation for services valued at $
On
June 15, 2021 the Company issued a total of shares of common stock to Mr. Eric Stevenson as compensation for services as both
an officer and director valued at $
On
June 15, 2021 the Company issued a total of shares of common stock to Mr. David Anderson as compensation for services as both
an officer and director valued at $
On
June 15, 2021 the Company issued shares of common stock to Mr. Oscar Kaalstade as compensation for services valued at $
As of June 30, 2021, the Company had issued and outstanding shares of common stock.
| 7 |
NOTE 7 – DISCONTINUED OPERATIONS
The Company has just two contracts for property management and equipment rental in the Ukraine where the Pandemic has affected our business and as a result the Board of Directors has canceled its contracts with both Protel Management and Marcus effective January 1, 2021. The office rented for the Company has also been canceled as of January 1, 2021.
We provided property management services for Protel Management in the Ukraine. We owned construction equipment which was rented out to Marcus monthly. Protel’s property is vacant due to the Pandemic. Marcus’ equipment rental stopped due the Pandemic. With no further business interests in the Ukraine, the Company stopped paying office rent as of January 1, 2021, as determined by the Board of Directors and all business in Ukraine was cancelled.
The major classes of assets and liabilities of Strong Solutions, Inc. at June 30, 2021 are as follows:
| June 30, | December 31 | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Total current assets | - | - | ||||||
| Non-current assets | ||||||||
| Equipment, net | - | |||||||
| Assets of discontinued operations | $ | $ | ||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Related party accrued shareholder salary | $ | $ | ||||||
| Accounts payable loan from related party | ||||||||
| Total current liabilities | ||||||||
| Liabilities of discontinued operations | ||||||||
| Net (liabilities) assets of discontinued operations | $ | ( | ) | $ | ( | ) | ||
NOTE 8 – SUBSEQUENT EVENTS
In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there was only one material subsequent event.
| 8 |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Operating results for the six months ended June 30, 2021, are not necessarily indicative of results that may occur in future interim periods or for the full fiscal year.
As used in this Form 10-Q, references to the Company,” “we,” “our” or “us” refer to Strong Solutions, Inc. a Nevada Corporation unless the context otherwise indicates.
Forward-Looking Statements
Our Form 10 contains “forward–looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and such statements are intended to enjoy the benefit of that act. Unless the context is otherwise, we use words such as “anticipate”, “assumption”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “objective”, “outlook”, “plan” and “plans”, “potential”, “predict”, project” and “projection”, “seek”, “should”, “will continue”, “will result” and “would”, or other such words, whether nouns or pronouns and verbs or adverbs in the future tense and words and phrases that convey similar meaning and uncertainty of and information about future events or outcomes and statements about performance that is not an historical fact to identify these forward–looking statements. Such words and statements involve estimates, assumptions and uncertainties, which could cause actual results to differ materially from those expressed in them. Any forward–looking statements are qualified in their entirety by reference to the factors discussed throughout this document. All forward-looking statements concerning economic conditions, rates of growth, rates of income or values as may be included in this document are based on information available to us on the dates noted, and we assume no obligation to update any such forward–looking statements. It is important to note that our actual results may differ materially from those anticipated in such forward-looking statements due to fluctuations in interest rates, inflation, government regulations, economic conditions and competitive product and pricing pressures in the geographic and business areas in which we conduct operations, including our plans, objectives, expectations and intentions and other factors discussed elsewhere in this registration statement.
There are a number of important factors beyond our control that could cause actual results to differ materially from the results anticipated by these forward–looking statements. While we make these forward–looking statements based on our beliefs and on various factors and using numerous assumptions using information available at the time we make these statements. Forward-looking statements are neither predictions nor guaranties of future events or circumstances, and the assumptions, beliefs, expectations, forecasts and projections about future events may differ materially from actual results. You have no assurance the factors and assumptions we have used as a basis for forward–looking statements will prove to be materially accurate when the events they anticipate actually occur in the future; and, you should not place undue reliance on any such forward–looking statements. We undertake no obligation to publicly update any forward–looking statement to reflect developments occurring after the date of this registration statement.
Business Overview
Mr. Guzii founded us to engage in real estate management and consulting, maintenance and rehabilitation, construction equipment rental business in the Ukraine. At the date of this report a new board was elected, Mr. Guzii was removed as a Director and Officer without prejudice and new officers appointed. The exit from the Ukraine was due to the Covid 19 Pandemic and focusing the Company’s business efforts in the United States. We have cancelled all contracts with Protel Management and Markus, as well as cancelling the office rented for Mr. Guzii.
We are now committed to developing new business in the United States.
Results of Operations for the three months period ended June 30, 2021 and for the three months period ended June 30, 2020
For the three months period ended June 30, 2021 we generated $0 in revenues.
For the three months period ended June 30, 2021 we had $96,149 company expenses consist of $3,875 general and administration expense, and $92,281 in professional fees. The professional fees consist mainly of $60,000 was accrued but not paid to our new President and our Treasurer. Our loss from operations was $96,156.
For the three months period ended June 30, 2020 we generated $0 in revenues from discontinued operations. Our cash balances were not sufficient to fund our limited levels of operations for any period of time without further revenue or proceeds. NV Share Services LLC purchased 35,000,000 shares of common stock in the Company from Mr. Andrii Guzii May 13, 2020 for cash. Since buying control from Mr. Guzii, NV Share Services LLC has purchased common stock in the Company for $0.01 a share every quarter. There can be no assurances that NV Share Services LLC will continue to purchase shares in the Company. Being a development stage company, we have a limited operating history but had commenced business operations in the Ukraine based upon the amount of limited revenue we have been able to generate.
| 9 |
Results of Operations for the six months period ended June 30, 2021 and for the six months period ended June 30, 2020
For the six months period ended June 30, 2021 we generated $0 in revenues.
For the six months period ended June 30, 2021 we had $563,359 company expenses consist of $102,934 general and administration expense, and $460,425 in Stock based compensation. The stock-based compensation of $460,500 was paid to our former CEO, Mr. Andrii Guzii. Our loss from operations was $580,426.
For the six months period ended June 30, 2020 we generated $2,530 in revenues from discontinued operations. Our cash balances were not sufficient to fund our limited levels of operations for any period of time without further revenue or proceeds. NV Share Services LLC purchased 35,000,000 shares of common stock in the Company from Mr. Andrii Guzii May 13, 2020 for cash. Since buying control from Mr. Guzii, NV Share Services LLC has purchased common stock in the Company for $0.01 a share every quarter. There can be no assurances that NV Share Services LLC will continue to purchase shares in the Company. Being a development stage company, we have a limited operating history but had commenced business operations in the Ukraine based upon the amount of limited revenue we have been able to generate.
At the present time, we have not made any arrangements to raise additional cash. If we are unable to raise additional cash, we will either have to suspend operations until we do raise the cash or cease operations entirely.
During the startup period, our operations were limited due to the limited amount of funds on hand. Our goal was to profitably market and rent our construction equipment and sell related property management and property rehabilitation services. This business was discontinued January 1, 2021 due to several lockdowns in the Ukraine due to the Covid 19 Pandemic. The Board of Directors determined that after three years and no growth in revenue in the Ukraine that it would be better for the Company to cancel all Ukraine contracts and focus on new business in the United States.
Liquidity and Capital Resources
As of June 30, 2021, and June 30, 2020 we had cash of $0 and $2,457 respectively.
We had fixed assets on our balance total $15,000 in Scaffolding and Rafters.
Off Balance Sheet Arrangements
None
| 10 |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
An Emerging Growth company, as defined on form 10 is not required to provide the information required by this item.
An emerging growth company is also exempt from Section 404(b) of the Sarbanes-Oxley Act which requires that the registered accounting firm shall, in the same report, attest to and report on the assessment on the effectiveness of the internal control structure and procedures for financial reporting. Similarly, as a Smaller Reporting Company we are exempt from Section 404(b) of the Sarbanes-Oxley Act and our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until such time as we cease being a Smaller Reporting Company.
As an emerging growth company, we are exempt from Section 14A (a) and (b) of the Securities Exchange Act of 1934 which require the shareholder approval of executive compensation and golden parachutes.
Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefit of this extended transition period.
Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards. We would cease to be an emerging growth company upon the earliest of: • the first fiscal year after our annual gross revenues are $1 billion or more; • the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt securities; • as of the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year.
ITEM 4. CONTROLS AND PROCEDURES
Laws and regulations use controls, disclosure obligations and other restrictions that affect the property management development in the Ukraine. Such laws and regulations tend to discourage rent and leasing activities. Transactions in which we were involved may be delayed or abandoned as a result of these restrictions.
We are implementing procedures to control advertising and promotions. These procedures are necessary to assure our proper representation and include review of all advertising material and restrictions on how our clients and others can advertise using our brand.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the Company’s last fiscal quarter that has materially affected, or is reasonable likely to materially affect, the Company internal control over financial reporting.
| 11 |
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not currently a party to any material legal proceedings, nor is we aware of any other pending or threatened litigation that would have a material adverse effect on our business, operating results, cash flows or financial condition should such litigation be resolved unfavorable.
ITEM 1A. RISK FACTORS
Because we are classified as an Emerging Growth Company under the federal securities laws, we are not required to include risk factors in this 10Q report. The risk factors were included in our form 10.
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
We sold unregistered securities during the six months ended June 30, 2021. NV Share Services LLC paid cash, $0.01 per share of common stock, to purchase 608,000 shares for $6,008 in cash on February 24, 2021. We issued 750,000 shares of common stock to Mr. Andrii Guzii on February 24, 2021 in for compensation valued at $460,500.
On June 15, 2021 the Company issued a total of 1,000,000 shares of common stock to Mr. Eric Stevenson as compensation for services as both an officer and director valued at $9,882.
On June 15, 2021 the Company issued a total of 1,000,000 shares of common stock to Mr. David Anderson as compensation for services as both an officer and director valued at $9,882.
On June 15, 2021 the Company issued 500,000 shares of common stock to Mr. Oscar Kaalstad as compensation for services valued at $4,943.
Purchases of equity securities by the issuer and affiliated purchasers
During the six months ended June 30, 2021 there were no purchases of equity securities by us or affiliated purchasers.
Use of Proceeds
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
We have no senior securities outstanding.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Strong Solutions Inc.
November 15, 2021
| By: | /s/ Eric Stevenson |
Secretary/Treasurer
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