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Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended |
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the transition period from ______________ to _____________ |
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(State of incorporation) |
(IRS Employer ID Number) |
Large accelerated filer |
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Accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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Title of Each Class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
None |
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None |
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None |
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Page |
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Contents | Page | ||
1 |
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Other receivable, net of allowance | ||||||||
Total Current Assets | $ | $ | ||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | $ | ||||||
Short-term advances | ||||||||
Notes payable to stockholders | ||||||||
Notes payable | ||||||||
Accrued interest payable - stockholders | ||||||||
Accrued interest payable - other | ||||||||
Total Current Liabilities | ||||||||
Commitments and Contingencies | ||||||||
Stockholders' Deficit | ||||||||
Preferred stock - $ and outstanding | ||||||||
Common stock - $ | ||||||||
Additional paid-in capital | ||||||||
Accumulated deficit | ( | ) | ( | ) | ||||
Total Stockholders' Deficit | ( | ) | ( | ) | ||||
Total Liabilities and Stockholders’ Deficit | $ | $ |
2 |
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues |
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$
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$ |
$ |
$ |
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Operating expenses |
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Professional fees |
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Other expenses |
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Bad debt expense |
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Income-Standstill Payments |
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( |
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( |
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( |
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Total operating expenses |
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Loss from operations |
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( |
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( |
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( |
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( |
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Other expenses: |
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Interest expense |
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Interest expense - related party |
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Total other expenses: |
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Loss before provision for income taxes |
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( |
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( |
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( |
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( |
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Provision for income taxes |
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Net loss |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
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Net loss per weighted-average share of common stock outstanding - basic and diluted |
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$ |
( |
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$ |
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$ |
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$ |
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Weighted-average number of shares of common stock outstanding - basic and diluted |
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3 |
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Common Stock |
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Additional |
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Shares |
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Amount |
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paid in capital |
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Accumulated deficit |
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Total |
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Balance at April1, 2023 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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Net loss |
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- |
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- |
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- |
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( |
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( |
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Balance at June 30, 2023 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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Common Stock |
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Additional |
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Shares |
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Amount |
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paid in capital |
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Accumulated deficit |
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Total |
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Balance at April1, 2024 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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Net loss |
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- |
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- |
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- |
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( |
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( |
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Balance at June 30, 2024 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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Common Stock |
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Additional |
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Shares |
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Amount |
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paid in capital |
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Accumulated deficit |
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Total |
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Balance at January 1, 2023 |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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Net loss |
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- |
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- |
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- |
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( |
) |
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( |
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Balance at June 30, 2023 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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Common Stock |
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Additional |
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Shares |
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Amount |
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paid in capital |
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Accumulated deficit |
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Total |
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Balance at January 1, 2024 |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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Net loss |
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- |
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- |
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- |
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( |
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( |
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Balance at June 30, 2024 |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
) |
4 |
For the Six Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | ( | ) | $ | ( | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Bad debt expense | ||||||||
Changes in operating assets and liabilities: increase(decrease) | ||||||||
Decrease in other receivables | ||||||||
Cash overdraft | ||||||||
Accounts payable and accrued expense | ||||||||
Accrued interest payable | ||||||||
Net cash used in operating activities | ( | ) | ||||||
Decrease in cash and cash equivalents | ( | ) | ||||||
Cash and cash equivalents at beginning of period | ||||||||
Cash and cash equivalents at end of period | $ | 2 | $ | |||||
Supplemental Disclosure of Interest and Income Taxes Paid | ||||||||
Interest paid during the period | $ | $ | 69 | |||||
Income taxes paid during the period | $ | $ |
5 |
6 |
7 |
8 |
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
Notes payable | $ | $ | ||||||
Accrued interest payable | ||||||||
Total due stockholders | $ | $ |
9 |
(1) | Caution Regarding Forward-Looking Information |
(2) | General |
(3) | Results of Operations |
10 |
(4) | Plan of Business |
· | Wind electric generation, distribution and transmission; |
· | Solar power; |
· | Co-generation; |
· | Bio-mass; |
· | Synthetic gas production, distribution and transmission; |
11 |
· | Energy efficiency and energy conservation related products and services; |
· | Alternative transportation technologies; |
· | Steam generation and distribution; |
· | Alternative transportation technologies; |
· | Energy storage technologies; |
· | Other alternative and renewable energy technologies; and |
· | The development, installation, financing, or manufacturing of any of the above. |
12 |
· | Potential for growth, indicated by new technology, anticipated market expansion or new products; |
· | Competitive position as compared to other firms of similar size and experience within the industry segment as well as within the industry as a whole; |
· | Strength and diversity of management, either in place or scheduled for recruitment; |
· | Capital requirements and anticipated availability of required funds, to be provided from operations, through the sale of additional securities, through joint ventures or similar arrangements, or from other sources; |
· | The cost of participation by us as compared to the perceived tangible and intangible values and potentials; |
· | The extent to which the business opportunity can be advanced; |
· | The accessibility of required management expertise, personnel, raw materials, services, professional assistance, and other required items; and |
· | Other relevant factors. |
13 |
(5) | Liquidity and Capital Resources |
(6) | Critical Accounting Policies |
14 |
(a) | Evaluation of Disclosure Controls and Procedures |
(b) | Changes in Internal Controls |
15 |
101 | Interactive data files pursuant to Rule 405 of Regulation S-T. |
Renewable Energy Acquisition Corp. | |||
Dated: | August 9, 2024 | /s/ Craig S. Laughlin | |
Craig S. Laughlin | |||
President, Chief Executive Officer | |||
and Chief Financial Officer (Principal Executive and Financial Officer) |
16 |