Stratos Renewables Corporation, a Nevada-based company, reported a net loss of $76,014 for the fiscal year ending December 31, 2024, a significant decrease from the previous year's loss of $590,219. The company has not generated any revenue during this period, maintaining its status as a "blank check" company focused on identifying potential acquisition targets. As of December 31, 2024, Stratos Renewables had total assets of $1,578, down from $80,292 in 2023, and an accumulated deficit of $3,950,705, compared to $3,874,691 the previous year.
The company has undergone substantial changes since its revival in June 2021, when George Sharp was appointed as custodian and subsequently took control of the board. In 2023, Stratos Renewables issued 2,000,000 shares and 4,000,000 warrants to a related party for $400,000, reflecting its ongoing efforts to raise capital. Additionally, the company canceled 38,609,845 shares of its common stock in August 2023, a move aimed at restructuring its equity base. The company’s stock is traded on the OTC Pink Market under the symbol "SRNW," but it has faced challenges in establishing a consistent trading market.
Operationally, Stratos Renewables has not yet identified a target business for acquisition, which is critical for its future growth. The company has incurred professional fees of $75,807 in 2024, primarily related to regulatory compliance and filings. The lack of revenue generation and ongoing operational losses have raised substantial doubt about the company's ability to continue as a going concern, as noted by its independent auditors. The company is dependent on raising additional capital to fund its operations and pursue potential business combinations.
Looking ahead, Stratos Renewables aims to identify and engage in a business combination with a private entity that presents growth opportunities for its shareholders. However, the company acknowledges the inherent risks and uncertainties associated with this strategy, including competition for acquisition targets and the need for sufficient capital to execute its plans. The management's ability to successfully navigate these challenges will be crucial for the company's future viability and potential profitability.
About Stratos Renewables Corp
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