10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to ____

Commission File Number: 001-15481

SANDSTON CORPORATION

(Exact name of small business issuer as specified in its charter)

Michigan	38-2483796
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1496 Business Park Drive, Suite A, Traverse City, Michigan	49686
(Address of principal executive offices)	(Zip Code)

(231) 943-2221

(Issuer’s telephone number, including area code)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  ☐ YES   ☒ NO

Indicate by check mark if the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act  ☐ YES   ☒ NO

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act during the past 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. ☒ YES   ☐ NO

Indicate by check mark whether the registrant has submitted electronically 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). ☒ YES   ☐ NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ☐	Accelerated Filer ☐
Non- 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).  ☒ YES   ☐ No

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, no par value	SDON	Over the Counter Bulletin Board

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: No par value Common Stock:

18,058,037 shares outstanding as of November 14, 2022

PART I -- FINANCIAL INFORMATION

Item 1.        Financial Statements

Sandston Corporation

Condensed Balance Sheet

September 30, 2022 and December 31, 2021

	September 30,
	2022		December 31,
	(Unaudited)		2021
Assets
Current assets:
Cash	$	55	$	203
Total assets	$	55	$	203
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	27,959	$	13,293
Total current liabilities		27,959		13,293
Stockholders’ equity (deficit):
Common stock, no par value, 30,000,000 shares authorized, 18,058,037 outstanding at September 30, 2022, and 17,987,031 issued and outstanding at December 31, 2021		34,046,535		34,033,975
Accumulated deficit		(34,074,439)		(34,047,065)
Total stockholders’ equity (deficit)		(27,904)		(13,090)
Total liabilities and stockholders’ equity (deficit)	$	55	$	203

See notes to condensed financial statements.

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Sandston Corporation

Condensed Statements of Operations

For the Three- and Nine-Month Periods Ended September 30, 2022 and 2021

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net revenues	$	—	$	—	$	—	$	—
General and administrative expense		7,566		5,411		27,374		21,444
Loss before income taxes		(7,566)		(5,411)		(27,374)		(21,444)
Income taxes		—		—		—		—
Net loss	$	(7,566)	$	(5,411)	$	(27,374)	$	(21,444)
Loss per share amounts – basic and diluted (Note 2):	$	—	$	—	$	—	$	—
Weighted average shares outstanding – basic and diluted (Note 2):		18,043,242		17,858,329		18,017,065		17,788,071

See notes to condensed financial statements.

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Sandston Corporation

Condensed Statements of Shareholders’ Equity

For the Three- and Nine-Month Periods Ended September 30, 2022 and 2021

	Common Stock			Accumulated
	Shares	Amount		Deficit		Total
	(Unaudited)	(Unaudited)		(Unaudited)		(Unaudited)
Balance, January 1, 2022	17,987,031	$	34,033,975		(34,047,065)	$	(13,090)
Sale of common stock	18,208		2,367		—		2,367
Net loss for the three months ended March 31, 2022	—		—		(13,869)		(13,869)
Balance, March 31, 2022	18,005,239	$	34,036,342	$	(34,060,934)	$	(24,592)
Sale of common stock	6,550		1,310		—		1,310
Net loss for the three months ended June 30, 2022	—		—		(5,939)		(5,939)
Balance, June 30, 2022	18,011,789	$	34,037,652	$	(34,066,873)	$	(29,221)
Sale of common stock	46,248		8,883		—		8,883
Net loss for the three months ended September 30, 2022	—		—		(7,566)		(7,566)
Balance, September 30, 2022	18,058,037	$	34,046,535	$	(34,074,439)	$	(27,904)

	Common Stock			Accumulated
	Shares	Amount		Deficit		Total
	(Unaudited)	(Unaudited)		(Unaudited)		(Unaudited)
Balance, January 1, 2021	17,707,472	$	34,006,218	$	(34,019,697)	$	(13,479)
Net loss for the three months ended March 31, 2021	—		—		(11,777)		(11,777)
Balance, March 31, 2021	17,707,472		34,006,218		(34,031,474)		(25,256)
Sale of common stock	133,626		6,989		—		6,989
Net loss for the three months ended June 30, 2021	—		—		(4,256)		(4,256)
Balance, June 30, 2021	17,841,098		34,013,207		(34,035,730)		(22,523)
Sale of common stock	25,773		2,744		—		2,744
Net loss for the three months ended September 30, 2021	—		—		(5,411)		(5,411)
Balance, September 30, 2021	17,866,871	$	34,015,951	$	(34,041,141)	$	(25,190)

See notes to condensed financial statements.

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Sandston Corporation

Condensed Statements of Cash Flows

For the Nine-Month Periods Ended September 30, 2022 and 2021

	Nine Months Ended September 30,
	2022		2021
	(Unaudited)		(Unaudited)
Cash flows from operating activities:
Net loss	$	(27,374)	$	(21,444)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in assets and liabilities that provided (used) cash:
Accounts payable		14,666		11,711
Net cash used in operating activities		(12,708)		(9,733)
Cash flows from financing activities - sale of common stock		12,560		9,733
Net (decrease) in cash		(148)		—
Cash at beginning of period		203		203
Cash at end of period	$	55	$	203
Supplemental disclosures of cash flow information:
Cash paid for interest	$	—	$	—
Cash paid for income taxes		—		—

See notes to condensed financial statements.

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Sandston Corporation

Notes to Condensed Financial Statements

For The Three- and Nine-Month Periods Ended September 30, 2022 and 2021

Note 1 – Basis of Presentation

Pursuant to a recommendation of the Company’s Board of Directors and approval by its shareholders on January 13, 2004, the Company sold to NC Acquisition Corporation (the “Purchaser”) on March 31, 2004 all of its tangible and intangible assets, including its real estate, accounts, equipment, intellectual property, inventory, subsidiaries, goodwill, and other intangibles, except for $30,000 in cash, (the “Net Asset Sale”). The Purchaser also assumed all of the Company’s liabilities pursuant to the Net Asset Sale. Following the Net Asset Sale, the Company’s only remaining assets were $30,000 in cash and it had no liabilities. It also retained no subsidiaries. On April 1, 2004 the Company amended its Articles of Incorporation to change its name from Nematron Corporation to Sandston Corporation (the “Company”) and to implement a shareholder approved one-for-five reverse stock split of the Company’s common stock, whereby every five issued and outstanding shares of the Company’s common stock became one share. On April 1, 2004, the Company also sold a total of 5,248,257 post-split shares to Dorman Industries, LLC (“Dorman Industries”) for $50,000.

Dorman Industries is a Michigan Limited Liability Company wholly owned by Mr. Daniel J. Dorman, the Company’s Chairman of the Board, President and Principal Accounting Officer. Pursuant to its purchase of these shares, Dorman Industries became the owner of 62.50% of the then outstanding common stock of the Company. On December 21, 2006, the Company sold 2,400,000 post-split shares to certain accredited investors for $120,000. The Company has made several subsequent sales of common stock to Dorman Industries in order to raise cash to pay operating expenses. Between December 30, 2010 and September 30, 2022, the Company sold to Dorman Industries a total of 7,261,056 shares at per share prices equal to the closing price the day prior to each sale, and realized proceeds of $246,329. Dorman Industries currently is the beneficial owner of 69.27% of the Company’s outstanding common stock.

Effective April 1, 2004, the Company became a “public shell” corporation.

The Company intends to build long-term shareholder value by acquiring and/or investing in and operating strategically positioned companies. The Company expects to target companies in multiple industry groups. The Company has yet to acquire, or enter into an agreement to acquire, any company or entity.

During the period prior to the Net Asset Sale, the Company’s businesses were the design, manufacture, and sale of environmentally ruggedized computers and computer displays (industrial workstation), and industrial automation software. It also provided application engineering support to its customers. These businesses were sold on March 31, 2004 to the Purchaser.

Liquidity and Management Plans

The Company became a “public shell” corporation on April 1, 2004 following the Net Asset Sale and since that date its operational activities have been limited to considering sundry and various acquisition opportunities, and its financial activities have been limited to administrative activities and incurring expenditures for accounting, auditing, legal, filing, and printing, services. These expenditures have been paid with the $30,000 cash retained from the businesses that were sold, from $50,000 of proceeds from the sale of common stock on April 1, 2004 to Dorman Industries, from $120,000 of proceeds from the sale, through a private placement, to certain accredited investors of common stock in December 2006, and from $246,329 of proceeds from the sales, through private placements, of unregistered common stock to Dorman Industries in the years 2010 through 2022.

As reflected in the accompanying balance sheet at September 30, 2022, cash totals $55. Based on such balance and management’s forecast of activity levels during the period that it may remain a “public shell” corporation, management will have to again sell through private placement a number of additional shares of common stock to generate sufficient cash to pay its current liabilities and its administrative expenses as such expenses become due in 2022. The Company will need to obtain additional funds to maintain its administrative activities as a public shell company, and management intends to obtain such funds from Dorman Industries in the form of loans or through equity sales in an amount sufficient to sustain operations at their current level. There can be no assurance that Dorman Industries, which currently owns 69.27% of the Company’s outstanding stock, or any other party, will advance needed funds on any terms. The Company has not yet identified any potential acquisition candidates, the acquisition of which would mean that the Company would cease being a “public shell” and begin operating activities.

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Note 2 – Loss per Share

Loss per share is calculated using the weighted average number of common shares outstanding during the periods presented. There are no outstanding dilutive stock options and warrants; all outstanding stock options and warrants were cancelled effective with the Net Asset Sale. The Company has no dilutive securities.

Item 2.Management’s Discussion and Analysis of Results of Operations

Readers should refer to a description of the Net Asset Sale described in Note 1 to the condensed financial statements included in this Form 10-Q. As described therein, the net assets and industrial controls businesses of the Company were sold effective as of the close of business on March 31, 2004. Since April 1, 2004, the Company has not engaged in any revenue generating activities, although it has considered various investment opportunities and it has incurred administrative expenses related to accounting, auditing, legal and other administrative activities. The Company has had no employees since that date. The administrative activities of the Company are performed by the Chairman, who also serves as the CEO, President, and Principal Financial Officer.

Three Month Periods Ended September 30, 2022 and 2021

Direct administrative expenses of the Company totaled $7,566 for the three month period ended September 30, 2022, an increase of $2,155, or 39.8% over the $5,411 of expenses incurred in the comparable 2021 period. The increase is attributable to an increase in administrative fees charged by the Company’s service providers in the 2022 period.

Nine Month Periods Ended September 30, 2022 and 2021

Direct administrative expenses of the Company totaled $27,374 for the nine month period ended September 30, 2022, an increase of $5,930, or 27.7%, over the $21,444 of expenses incurred in the comparable 2021 period. The increase is attributable to an increase in administrative fees charged by the Company’s service providers in the 2022 period.

Liquidity and Capital Resources

Primary sources of liquidity for the Company following the March 31, 2004 Net Asset Sale have been cash balances that have been used to pay administrative expenses. Operating expenses of the Company have been funded with a) $30,000 cash retained from the businesses that were sold, b) $50,000 of proceeds from the sale of common stock on April 1, 2004 to Dorman Industries, c) $120,000 of proceeds from the sale of stock on December 21, 2006 to certain accredited investors, and d) $246,329 of proceeds from sale of stock between 2010 and 2022 to Dorman Industries.

As reflected in the accompanying balance sheet at September 30, 2022, cash totals $55. Based on such balance and management’s forecast of activity levels during the period that it may remain a “public shell” corporation, management believes that it will have to again sell through private placement a number of additional shares of common stock to generate sufficient cash to pay its current liabilities and its administrative expenses as such expenses become due in 2022. The Company will need to obtain additional funds to maintain its administrative activities as a public shell company, and management intends to obtain such funds from Dorman Industries in the form of loans or through equity sales in an amount sufficient to sustain operations at their current level. There can be no assurance that Dorman Industries, which currently owns 69.27% of the Company’s outstanding stock, or any other party, will advance needed funds on any terms. The Company has not identified as yet potential acquisition candidates, the acquisition of which would mean that the Company would cease being a “public shell” and begin operating activities.

While it is the Company’s objective to ultimately be able to use the securities of the Company as a currency in the acquisition of portfolio businesses, the initial acquisitions of portfolio businesses may require the Company to be infused with additional capital thereby diluting the Company’s shareholders, including Dorman Industries to the extent that it does not participate in the capital infusion.

Uncertainties Relating to Forward Looking Statements

Information regarding Risk Factors appears in Part I, Item 1A. Risk Factors of the 2021 Form 10-K. Except as set forth below, there have been no material changes to the risk factors previously disclosed in the 2021 Form 10-K.

The continuing effects of the novel coronavirus (“COVID-19”) may adversely affect the Company’s ability to identify acquisition targets and, if identified, to evaluate, negotiate, and close on any acquisition. The worldwide COVID-19 pandemic has

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negatively affected the global economy, and it is likely to continue to do so. Since the beginning of January 2020, the outbreak has caused volatility and disruption in the financial markets both globally and in the United States. If COVID-19, or another highly infectious or contagious disease, continues to spread or the response to contain it is unsuccessful, the Company could experience material adverse effects on its business. The extent of such effects will depend on future developments that are highly uncertain and cannot be predicted, including the geographic spread of the virus, the overall severity of the disease, the duration of the outbreak, the measures that have be taken, or future measures, by various governmental authorities in response to the outbreak (such as quarantines, shelter-in-place orders and travel restrictions) and the possible further impacts on the global economy.

The impact of the COVID-19 pandemic depends on factors beyond management’s knowledge or control, including the duration and severity of the outbreak, whether there are additional significant increases in the number of cases in future periods, and actions taken to contain its spread and mitigate the public health effects.

Item 3.Quantitative and Qualitative Disclosures about Market Risk

Not Applicable.

Item 4.Controls and Procedures

(a) Evaluation of disclosure controls and procedures.

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company performed an evaluation under the supervision of, and with the participation of, management, including our Chief Executive Officer and Chief Financial Officer, of the design and effectiveness of our disclosure controls and procedures (as defined in rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based upon that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective in the timely and accurate recording, processing, summarizing and reporting of material financial and non-financial information within the time periods specified within the Securities and Exchange Commission’s rules and forms. Our Chief Executive Officer and Chief Financial Officer also concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely discussions regarding required disclosure.

(b) Changes in internal controls.

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the quarter ended September 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 6.Exhibits and Reports on Form 10-Q

Exhibits included herewith are set forth on the Index to Exhibits, which is incorporated herein by reference.

Page 8

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Sandston Corporation
November 14, 2022	/s/ Daniel J. Dorman
Date	President, CEO and Principal Financial Officer

Page 9

INDEX TO EXHIBITS

Exhibit Number	Description of Exhibit
31.1	Certification of the Principal Executive Officer Pursuant to Exchange Act Rules 13(A) – 14(A) or 15 (D) – 14 (A) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of the Principal Financial Officer Pursuant to Exchange Act Rules 13(A) – 14(A) or 15(D) – 14 (A) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Sec. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Sec. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)
101.INS	XBRL Instance Document**
101.SCH	XBRL Taxonomy Extension Schema Document**
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB	XBRL Taxonomy Extension Label Linkbase Document**
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document**

** Filed herewith.

Page 10

EX-31.1

EXHIBIT 31.1

Certification of the Principal Executive Officer Pursuant to Exchange Act Rules 13A-14(A)/15D-14(D) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Daniel J. Dorman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Sandston Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 14, 2022	/s/ Daniel J. Dorman
	Name:	Daniel J. Dorman
	Title:	President and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

Certification of the Principal Financial Officer Pursuant to Exchange Act Rules 13A-14(A)/15D-14(D) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Daniel J. Dorman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Sandston Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our  most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of director (or persons performing the equivalent functions):

a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 14, 2022	/s/ Daniel J. Dorman
	Name:	Daniel J. Dorman
	Title:	President and Chief Executive Officer
		(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Sec. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

Pursuant to 18 U.S.C. Sec. 1350, the undersigned officer of Sandston Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2022	/s/ Daniel J. Dorman
	Name:	Daniel J. Dorman
	Title:	President and Chief Executive Officer
		(Principal Executive Officer)

The foregoing certification (i) accompanies the filing and is being furnished solely pursuant to 18 U.S.C. Sec. 1350, (ii) will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and (iii) will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the small business issuer specifically incorporates it by reference.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Sandston Corporation and will be retained by Sandston Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Sec. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

Pursuant to 18 U.S.C. Sec. 1350, the undersigned officer of Sandston Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2022	/s/ Daniel J. Dorman
	Name:	Daniel J. Dorman
	Title:	President and Chief Executive Officer
		(Principal Financial Officer)

The foregoing certification (i) accompanies the filing and is being furnished solely pursuant to 18 U.S.C. Sec. 1350, (ii) will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and (iii) will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the small business issuer specifically incorporates it by reference.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Sandston Corporation and will be retained by Sandston Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity Registrant Name	SANDSTON CORPORATION
Entity File Number	001-15481
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2483796
Entity Address, Address Line One	1496 Business Park Drive, Suite A
Entity Address, City or Town	Traverse City
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49686
City Area Code	231
Local Phone Number	943-2221
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	SDON
Security Exchange Name	NONE
Entity Common Stock, Shares Outstanding		18,058,037
Entity Central Index Key	0000892832
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

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Condensed Balance Sheet - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash	$ 55	$ 203
Total assets	55	203
Current liabilities:
Accounts payable	27,959	13,293
Total current liabilities	27,959	13,293
Stockholders' equity (deficit):
Common stock, no par value, 30,000,000 shares authorized, 18,058,037 outstanding at September 30, 2022, and 17,987,031 issued and outstanding at December 31, 2021	34,046,535	34,033,975
Accumulated deficit	(34,074,439)	(34,047,065)
Total stockholders' equity (deficit)	(27,904)	(13,090)
Total liabilities and stockholders' equity (deficit)	$ 55	$ 203

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Condensed Balance Sheet (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Condensed Balance Sheet
Common Stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued		17,987,031
Common stock, shares outstanding	18,058,037	17,987,031

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Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Statements of Operations
General and administrative expense	$ 7,566	$ 5,411	$ 27,374	$ 21,444
Loss before income taxes	(7,566)	(5,411)	(27,374)	(21,444)
Net loss	$ (7,566)	$ (5,411)	$ (27,374)	$ (21,444)
Weighted average shares outstanding - basic (Note 2)	18,043,242	17,858,329	18,017,065	17,788,071
Weighted average shares outstanding - diluted (Note 2)	18,043,242	17,858,329	18,017,065	17,788,071

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Condensed Statements of Shareholders' Equity - USD ($)	Common Stock	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2020	$ 34,006,218	$ (34,019,697)	$ (13,479)
Balance at the beginning (in shares) at Dec. 31, 2020	17,707,472
Net loss for the period		(11,777)	(11,777)
Balance at the end at Mar. 31, 2021	$ 34,006,218	(34,031,474)	(25,256)
Balance at the end (in shares) at Mar. 31, 2021	17,707,472
Balance at the beginning at Dec. 31, 2020	$ 34,006,218	(34,019,697)	(13,479)
Balance at the beginning (in shares) at Dec. 31, 2020	17,707,472
Net loss for the period			(21,444)
Balance at the end at Sep. 30, 2021	$ 34,015,951	(34,041,141)	(25,190)
Balance at the end (in shares) at Sep. 30, 2021	17,866,871
Balance at the beginning at Mar. 31, 2021	$ 34,006,218	(34,031,474)	(25,256)
Balance at the beginning (in shares) at Mar. 31, 2021	17,707,472
Sale of common stock	$ 6,989		6,989
Sale of common stock (in shares)	133,626
Net loss for the period		(4,256)	(4,256)
Balance at the end at Jun. 30, 2021	$ 34,013,207	(34,035,730)	(22,523)
Balance at the end (in shares) at Jun. 30, 2021	17,841,098
Sale of common stock	$ 2,744		2,744
Sale of common stock (in shares)	25,773
Net loss for the period		(5,411)	(5,411)
Balance at the end at Sep. 30, 2021	$ 34,015,951	(34,041,141)	(25,190)
Balance at the end (in shares) at Sep. 30, 2021	17,866,871
Balance at the beginning at Dec. 31, 2021	$ 34,033,975	(34,047,065)	(13,090)
Balance at the beginning (in shares) at Dec. 31, 2021	17,987,031
Sale of common stock	$ 2,367		2,367
Sale of common stock (in shares)	18,208
Net loss for the period		(13,869)	(13,869)
Balance at the end at Mar. 31, 2022	$ 34,036,342	(34,060,934)	(24,592)
Balance at the end (in shares) at Mar. 31, 2022	18,005,239
Balance at the beginning at Dec. 31, 2021	$ 34,033,975	(34,047,065)	(13,090)
Balance at the beginning (in shares) at Dec. 31, 2021	17,987,031
Net loss for the period			(27,374)
Balance at the end at Sep. 30, 2022	$ 34,046,535	(34,074,439)	(27,904)
Balance at the end (in shares) at Sep. 30, 2022	18,058,037
Balance at the beginning at Mar. 31, 2022	$ 34,036,342	(34,060,934)	(24,592)
Balance at the beginning (in shares) at Mar. 31, 2022	18,005,239
Sale of common stock	$ 1,310		1,310
Sale of common stock (in shares)	6,550
Net loss for the period		(5,939)	(5,939)
Balance at the end at Jun. 30, 2022	$ 34,037,652	(34,066,873)	(29,221)
Balance at the end (in shares) at Jun. 30, 2022	18,011,789
Sale of common stock	$ 8,883		8,883
Sale of common stock (in shares)	46,248
Net loss for the period		(7,566)	(7,566)
Balance at the end at Sep. 30, 2022	$ 34,046,535	$ (34,074,439)	$ (27,904)
Balance at the end (in shares) at Sep. 30, 2022	18,058,037

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Condensed Statements of Cash Flows - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (7,566)	$ (13,869)	$ (5,411)	$ (11,777)	$ (27,374)	$ (21,444)
Changes in assets and liabilities that provided (used) cash:
Accounts payable					14,666	11,711
Net cash used in operating activities					(12,708)	(9,733)
Cash flows from financing activities - sale of common stock					12,560	9,733
Net (decrease) in cash					(148)
Cash at beginning of period		$ 203		$ 203	203	203
Cash at end of period	$ 55		$ 203		$ 55	$ 203

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Basis of Presentation

9 Months Ended

Sep. 30, 2022

Basis of Presentation

Basis of Presentation

Note 1 – Basis of Presentation

Pursuant to a recommendation of the Company’s Board of Directors and approval by its shareholders on January 13, 2004, the Company sold to NC Acquisition Corporation (the “Purchaser”) on March 31, 2004 all of its tangible and intangible assets, including its real estate, accounts, equipment, intellectual property, inventory, subsidiaries, goodwill, and other intangibles, except for $30,000 in cash, (the “Net Asset Sale”). The Purchaser also assumed all of the Company’s liabilities pursuant to the Net Asset Sale. Following the Net Asset Sale, the Company’s only remaining assets were $30,000 in cash and it had no liabilities. It also retained no subsidiaries. On April 1, 2004 the Company amended its Articles of Incorporation to change its name from Nematron Corporation to Sandston Corporation (the “Company”) and to implement a shareholder approved one-for-five reverse stock split of the Company’s common stock, whereby every five issued and outstanding shares of the Company’s common stock became one share. On April 1, 2004, the Company also sold a total of 5,248,257 post-split shares to Dorman Industries, LLC (“Dorman Industries”) for $50,000.

Dorman Industries is a Michigan Limited Liability Company wholly owned by Mr. Daniel J. Dorman, the Company’s Chairman of the Board, President and Principal Accounting Officer. Pursuant to its purchase of these shares, Dorman Industries became the owner of 62.50% of the then outstanding common stock of the Company. On December 21, 2006, the Company sold 2,400,000 post-split shares to certain accredited investors for $120,000. The Company has made several subsequent sales of common stock to Dorman Industries in order to raise cash to pay operating expenses. Between December 30, 2010 and September 30, 2022, the Company sold to Dorman Industries a total of 7,261,056 shares at per share prices equal to the closing price the day prior to each sale, and realized proceeds of $246,329. Dorman Industries currently is the beneficial owner of 69.27% of the Company’s outstanding common stock.

Effective April 1, 2004, the Company became a “public shell” corporation.

The Company intends to build long-term shareholder value by acquiring and/or investing in and operating strategically positioned companies. The Company expects to target companies in multiple industry groups. The Company has yet to acquire, or enter into an agreement to acquire, any company or entity.

During the period prior to the Net Asset Sale, the Company’s businesses were the design, manufacture, and sale of environmentally ruggedized computers and computer displays (industrial workstation), and industrial automation software. It also provided application engineering support to its customers. These businesses were sold on March 31, 2004 to the Purchaser.

Liquidity and Management Plans

The Company became a “public shell” corporation on April 1, 2004 following the Net Asset Sale and since that date its operational activities have been limited to considering sundry and various acquisition opportunities, and its financial activities have been limited to administrative activities and incurring expenditures for accounting, auditing, legal, filing, and printing, services. These expenditures have been paid with the $30,000 cash retained from the businesses that were sold, from $50,000 of proceeds from the sale of common stock on April 1, 2004 to Dorman Industries, from $120,000 of proceeds from the sale, through a private placement, to certain accredited investors of common stock in December 2006, and from $246,329 of proceeds from the sales, through private placements, of unregistered common stock to Dorman Industries in the years 2010 through 2022.

As reflected in the accompanying balance sheet at September 30, 2022, cash totals $55. Based on such balance and management’s forecast of activity levels during the period that it may remain a “public shell” corporation, management will have to again sell through private placement a number of additional shares of common stock to generate sufficient cash to pay its current liabilities and its administrative expenses as such expenses become due in 2022. The Company will need to obtain additional funds to maintain its administrative activities as a public shell company, and management intends to obtain such funds from Dorman Industries in the form of loans or through equity sales in an amount sufficient to sustain operations at their current level. There can be no assurance that Dorman Industries, which currently owns 69.27% of the Company’s outstanding stock, or any other party, will advance needed funds on any terms. The Company has not yet identified any potential acquisition candidates, the acquisition of which would mean that the Company would cease being a “public shell” and begin operating activities.

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Loss per Share

9 Months Ended

Sep. 30, 2022

Loss per Share

Loss per Share

Note 2 – Loss per Share

Loss per share is calculated using the weighted average number of common shares outstanding during the periods presented. There are no outstanding dilutive stock options and warrants; all outstanding stock options and warrants were cancelled effective with the Net Asset Sale. The Company has no dilutive securities.

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Basis of Presentation (Details)				1 Months Ended	9 Months Ended		141 Months Ended
	Dec. 21, 2006 USD ($) shares	Apr. 01, 2004 USD ($) shares	Mar. 31, 2004 USD ($)	Dec. 31, 2006 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Basis of Presentation [Line Items]
Payment for discontinued operations, disposal cost		$ 30,000	$ 30,000
Cash			$ 30,000		$ 55		$ 55	$ 203
Reverse stock split		0.20
Proceeds from issuance of common stock		$ 120,000		$ 246,329	$ 12,560	$ 9,733
Dorman Industries
Basis of Presentation [Line Items]
Sale of post split (in shares) | shares	2,400,000	5,248,257					7,261,056
Sale of post split shares (in value)	$ 120,000	$ 50,000					$ 246,329
Proceeds from issuance of common stock		$ 50,000
Noncontrolling interest - Ownership percentage by parent		62.50%
Noncontrolling interest - Ownership percentage by noncontrolling owners					69.27%		69.27%