UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 10-Q
________________________________
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2016
Commission file number 0-19041
USA
EQUITIES CORP.
(Exact Name Of Registrant
As Specified In Its Charter)
| Delaware | 11-2655906 |
| (State of Incorporation) | (I.R.S. Employer Identification No.) |
| 40 Wall Street, 28th Floor, New York, NY | 10005 |
| (Address of Principal Executive Offices) | (ZIP Code) |
Registrant's Telephone Number, Including Area Code: (212) 400-7198
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. Yes x No ¨
On May 26, 2016, the Registrant had 3,588,740 shares of common stock outstanding.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x 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 (as defined in Rule 12b-2 of the Exchange Act) .
| Large accelerated filer ¨ | Accelerated filer ¨ | Non-Accelerated filer ¨ | Smaller reporting company x |
TABLE OF CONTENTS
| Item | Description | Page | |||
|---|---|---|---|---|---|
PART I - FINANCIAL INFORMATION | |||||
| ITEM 1. | FINANCIAL STATEMENTS. | 3 | |||
| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION. | 8 | |||
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. | 9 | |||
| ITEM 4. | CONTROLS AND PROCEDURES. | 9 | |||
PART II - OTHER INFORMATION | |||||
| ITEM 1. | LEGAL PROCEEDINGS. | 10 | |||
| ITEM 1A. | RISK FACTORS. | 10 | |||
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. | 10 | |||
| ITEM 3. | DEFAULT UPON SENIOR SECURITIES. | 10 | |||
| ITEM 4. | MINE SAFETY DISCLOSURE. | 10 | |||
| ITEM 5. | OTHER INFORMATION. | 10 | |||
| ITEM 6. | EXHIBITS. | 10 | |||
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS Back to Table of Contents
| Consolidated Balance Sheets - March 31, 2016 (Unaudited) and December 31, 2015 | 3 |
| Consolidated Statements of Operations - Three Months Ended March 31, 2016 and 2015 (Unaudited) | 4 |
| Consolidated Statements of Cash Flows - Three Months Ended March 31, 2016 and 2015 (Unaudited) | 5 |
| Notes to Consolidated Unaudited Interim Financial Statements | 6 |
| USA Equities Corp. | ||||
| (f/k/a American Biogenetic Sciences, Inc.) | ||||
| Consolidated Balance Sheets | ||||
| As of March 31, 2016 and December 31, 2015 | ||||
| Back to Table of Contents | ||||
| March 31, 2016 | December 31, 2015 | |||
| (Unaudited) | (audited) | |||
| Assets | ||||
| Total Assets | $ | - | $ | - |
Liabilities and Stockholders' Deficit | ||||
| Current Liabilities: | ||||
| Accounts payable - trade | $ | 19,857 | $ | 12,906 |
| Accrued expenses | 64,620 | 61,783 | ||
| Advances from and accruals due to related party | 60,219 | 56,410 | ||
| Total current liabilities | 144,696 | 131,099 | ||
| Total long-term liabilities | 329,181 | 329,181 | ||
| Total liabilities | 473,877 | 460,280 | ||
| Stockholders' Deficit: | ||||
| Preferred stock, 10,000,000 shares authorized, $0.0001 par value; | ||||
| none issued and outstanding | - | - | ||
| Common stock, 900,000,000 shares authorized, $0.0001 par value; | ||||
| 3,588,740 and 5,988,740 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 359 | 599 | ||
| Additional paid-in capital | 720,941 | 1,368,701 | ||
| Common stock subscriptions receivable | - | (648,000) | ||
| Accumulated deficit | (1,195,177) | (1,181,580) | ||
| Total stockholders' deficit | (473,877) | (460,280) | ||
| Total liabilities and stockholders' deficit | $ | - | $ | - |
| See accompanying notes to unaudited interim consolidated financial statements. | ||||