Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | CROWN EQUITY HOLDINGS INC. | |
Entity Central Index Key | 0001103833 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 13,385,047 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 33-0677140 | |
Entity Address Address Line 1 | 11226 Pentland Downs Street | |
Entity Address City Or Town | Las Vegas | |
Entity Address State Or Province | NV | |
Entity Address Postal Zip Code | 89141 | |
City Area Code | 702 | |
Local Phone Number | 683-8946 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 000-29935 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 2,311 | $ 2,930 |
Total Current Assets | 2,311 | 2,930 |
Property and Equipment, net | 32 | 2,507 |
Total Assets | 2,343 | 5,437 |
Current liabilities | ||
Accounts payable and accrued expenses | 153,952 | 145,630 |
Accounts payable and accrued expenses to related party | 1,203,480 | 1,208,740 |
Notes payable to related parties | 65,800 | 9,500 |
Convertible notes payable to related parties, net of debt discount | 26,600 | 19,028 |
Note payable short-term debt | 502 | 2,870 |
Total Current Liabilities | 1,450,334 | 1,385,768 |
Total Liabilities | 1,450,334 | 1,385,768 |
Stockholders' deficit | ||
Preferred stock value | 0 | 0 |
Common stock value | 13,384 | 13,384 |
Additional paid-in capital | 12,763,189 | 12,763,126 |
Accumulated deficit | (14,224,565) | (14,156,842) |
Total stockholders' deficit | (1,447,991) | (1,380,331) |
Total liabilities and stockholders' deficit | 2,343 | 5,437 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' deficit | ||
Preferred stock value | $ 1 | $ 1 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 13,385,047 | 13,385,047 |
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 13,385,047 | 13,385,047 |
Preferred stock, shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares Issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||
Revenue | $ 0 | $ 126 | $ 0 | $ 683 |
Revenue - related party | 0 | 0 | 2,150 | |
Total Revenue | 0 | 126 | 0 | 2,833 |
Operating expenses | ||||
Depreciation | 484 | 997 | 2,476 | 5,040 |
General and Administrative | 25,954 | 122,232 | 60,268 | 372,696 |
Total Operating Expenses | 26,438 | 123,229 | 62,744 | 377,736 |
Net Operating Income (Loss) | (26,438) | (123,103) | (62,744) | (374,903) |
Other (expense) | ||||
Interest expense | (3,507) | (1,922) | (4,979) | (3,360) |
Gain (Loss) on Stocks Held | 0 | 0 | 0 | (252,568) |
Other Income (Expense) | 0 | 0 | 0 | (4,616) |
Total other expense | (3,507) | (1,922) | (4,979) | (260,544) |
Net (loss) | $ (29,945) | $ (125,025) | $ (67,723) | $ (635,447) |
Net (loss) per common share - basic and diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.05) |
Weighted average number of common shares outstanding - basic and diluted | 13,385,047 | 13,346,642 | 13,385,047 | 13,338,056 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Total | Preferred Stock | Common Stock | Common Stock Payable | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) |
Balance, shares at Dec. 31, 2021 | 1,000 | 13,318,642 | ||||
Balance, amount at Dec. 31, 2021 | $ (673,558) | $ 1 | $ 13,318 | $ 0 | $ 12,729,990 | $ (13,416,867) |
Common Stock issued for cash, shares | 28,000 | |||||
Common Stock issued for cash, amount | 0 | $ 28 | 0 | 13,972 | ||
Net loss | (635,447) | $ 0 | $ 0 | 0 | 0 | (635,447) |
Balance, shares at Sep. 30, 2022 | 1,000 | 13,346,642 | ||||
Balance, amount at Sep. 30, 2022 | (1,309,005) | $ 1 | $ 13,346 | 0 | 12,743,962 | (14,052,314) |
Balance, shares at Jun. 30, 2022 | 1,000 | 13,346,642 | ||||
Balance, amount at Jun. 30, 2022 | (1,169,980) | $ 1 | $ 13,346 | 0 | 12,743,962 | (13,927,289) |
Net loss | (125,025) | $ 0 | $ 0 | 0 | 0 | (125,025) |
Balance, shares at Sep. 30, 2022 | 1,000 | 13,346,642 | ||||
Balance, amount at Sep. 30, 2022 | (1,309,005) | $ 1 | $ 13,346 | 0 | 12,743,962 | (14,052,314) |
Balance, shares at Dec. 31, 2022 | 1,000 | 13,385,047 | ||||
Balance, amount at Dec. 31, 2022 | (1,380,331) | $ 1 | $ 13,384 | 0 | 12,763,126 | (14,156,842) |
Net loss | (67,723) | $ 0 | $ 0 | 0 | 0 | (67,723) |
Warrant Subscription | 63 | 63 | ||||
Balance, shares at Sep. 30, 2023 | 1,000 | 13,385,047 | ||||
Balance, amount at Sep. 30, 2023 | (1,447,991) | $ 1 | $ 13,384 | 0 | 12,763,189 | (14,224,565) |
Balance, shares at Jun. 30, 2023 | 1,000 | 13,385,047 | ||||
Balance, amount at Jun. 30, 2023 | (1,418,109) | $ 1 | $ 13,384 | 0 | 12,763,126 | (14,194,620) |
Net loss | (29,945) | $ 0 | (29,945) | |||
Warrant Subscription | 63 | 63 | ||||
Balance, shares at Sep. 30, 2023 | 1,000 | 13,385,047 | ||||
Balance, amount at Sep. 30, 2023 | $ (1,447,991) | $ 1 | $ 13,384 | $ 0 | $ 12,763,189 | $ (14,224,565) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net (loss) | $ (67,723) | $ (635,447) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 2,475 | 5,040 |
Loss (gain) on brokerage account | 0 | 252,568 |
Loss on investment | 0 | 4,616 |
Changes in operating assets and liabilities | ||
Accounts payable and accrued expenses - related party | (5,260) | 232,200 |
Accounts payable and accrued expenses | 8,322 | 68,584 |
Net cash (used in) operating activities | (62,186) | (72,439) |
Cash flows from investing activities | ||
Cash withdrawn from brokerage account | 0 | 67,000 |
Net cash (used in) investing activities | 0 | 67,000 |
Cash flows from financing activities | ||
Payments on convertible notes payable, related party | (7,028) | (3,512) |
Borrowings from convertible notes payable, related party | 14,600 | 0 |
Borrowings from notes payable, related party | 56,300 | 19,500 |
Proceeds from Sale of Stock | 0 | 14,000 |
Principal payments on debt | (2,368) | (22,065) |
Warrant Subscriptions | 63 | 0 |
Net cash provided by financing activities | 61,567 | 7,923 |
Net increase (decrease) in cash | (619) | 2,484 |
Cash, beginning of period | 2,930 | 4,320 |
Cash, end of period | 2,311 | 6,804 |
SUPPLEMENTAL DISCLOSURE: | ||
Interest paid | 4,979 | 3,360 |
Income taxes paid | 0 | 0 |
Repayments of margin loan from brokerage account | $ 0 | $ 263,151 |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES Nature of Business Crown Equity Holdings Inc. (“Crown Equity” or the “Company”) was incorporated in August 1995 in Nevada. The Company offers through its digital network of websites, advertising branding, marketing solutions and other services to boost customer awareness, as well as merchant visibility as a worldwide online multi-media publisher. The Company focuses on the distribution of information for the purpose of bringing together its audience with the advertisers that want to reach them. Its advertising services cover and connect a range of marketing specialties, as well as provide search engine optimization for clients interested in online media awareness. Crown Equity Holdings’ objective is making its endeavor known as CRWE WORLD into a global online news and information source, as well as a global one stop shop for various distinct products and services. The Company also offers services to companies seeking to become public entities in the United States, as well as providing various consulting services to companies and individuals dealing with corporate structure and operations globally. On January 27, 2020, the Company re-acquired from AVOT the online business iB2BGlobal.com and since company had not received the shares promised during the original sale. Basis of Preparation The accompanying financial statements include the financial information of Crown Equity Holdings Inc. (“Crown Equity”, the “Company”) have been prepared in accordance with the instructions to financial reporting as prescribed by the Securities and Exchange Commission (the “SEC”). The preparation of these financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, the financial statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Adoption of New Accounting Standard In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted ASU 2016-13 in its first quarter of fiscal 2023 and found the adoption did not have a material effect or significant impact on its financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition, long-lived asset impairments and adjustments, deferred tax, stock-based compensation, and reserves for legal matters. Cash and Cash Equivalents Crown Equity considers all highly liquid investments purchased with an original maturity of three months or less to be cash and cash equivalents. Stock-Based Compensation The Company accounts for stock-based compensation to employees in accordance with ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of share-based payments using the Black-Scholes option-pricing model for common stock options and the closing price of the company’s common stock for common share issuances. Revenue Recognition The core principles of revenue recognition under ASC 606 include the following five criteria: 1. Identify the contract with the customer A contract with our customers may be oral, written, or implied. A written and signed invoice stating the terms and conditions is the Company’ preferred method. The terms of a written contract may be contained within the body of an invoice or in an email. No work is commenced without an understanding between the Company and our client that a valid contract exists. 2. Identify the performance obligations in the contract Our sales and account management teams define the scope of services to be offered, to ensure all parties agree, and obligations are being delivered to the customer as promised. The performance obligation may not be fully identified in a mutually signed contract, but may be outlined in email correspondence, face-to-face meetings, additional proposals or scopes of work, or phone conversations. 3. Determine the transaction price Pricing is discussed and identified by the operations team prior to submitting an invoice to the customer. 4. Allocate the transaction price to the performance obligations in the contract If a contract involves multiple obligations, the transaction pricing is allocated accordingly, during the performance obligation phase. 5. Recognize revenue when (or as) we satisfy a performance obligation The Company uses digital marketing that includes digital advertising, SEO management and digital ad support. We provide whether presenting a vibrant but simple message about our clients that will enlighten their audience or deploying an influential digital marketing campaign on our online site or across one or multiple social media platforms. Revenue is recognized when ads are run on Company’s advertising platform The company generates analytical reports monthly or as required to show how the ad dollars were spent and how the targeting resulted in click-through. The report satisfies the performance obligation, regardless of the outcome or effectiveness of the campaign. Sales are recognized when promised services are started in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales for service contracts generally are recognized as the services that are being provided. Nine Months Ended Sept. 30, 2023 Nine Months Ended Sept. 30, 2022 Third Party Related Party Total Third Party Related Party Total Advertising $ - $ - $ - $ - $ - $ - Click Based and Impressions Ads - - - 373 - 373 Accounting - - - - 2,000 2,000 Publishing and Distribution - - - 310 150 460 $ - $ - $ - $ 683 $ 2,150 $ 2,833 There was not any revenue earned during the nine-months period ending September 30, 2023. Sept. 30, Sept. 30, 2023 2022 Deferred Revenue $ - $ - Deferred revenue is based on cash received or billings in excess of revenue recognized until revenue recognition criteria are met. Client prepayments are deferred and recognized over future periods as services are delivered or performed. Accounts Receivable and Allowance for Doubtful Accounts The Company establishes an allowance for bad debts through a review of several factors including historical collection experience, the current aging status of the customer accounts, and the financial condition of our customers. The Company does not generally require collateral for our accounts receivable. There were no accounts receivable and allowance for doubtful accounts as of September 30, 2023 and December 31, 2022. Risk Concentrations The Company does not hold cash more than the federally insured limits. During the nine-month period ending September 30, 2023, the Company did not receive any revenues from its available services. General and Administrative Expenses Crown Equity’s general and administrative expenses consisted of the following types of expenses during 2023 and 2022: Compensation expense, auto, travel and entertainment, legal and accounting, utilities, web sites, office expenses, depreciation, and other administrative related expenses. Property and Equipment Property and equipment are carried at the cost of acquisition or construction and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity, or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on the disposition of equipment are reflected in operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of an asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is determined based on the expected future cash flows at a rate we believe incorporates the time value of money. No indications of impairments were identified in 2023 or 2022. Basic and Diluted Net (Loss) per Share Nine Months Sept. 30, 2023 Nine Months Sept. 30, 2022 Numerator: Net (Loss) attributable to common shareholders of Crown Equity Holdings, Inc. $ (67,723 ) $ (635,447 ) Net (Loss) attributable to Crown Equity Holdings, Inc. $ (67,723 ) $ (635,447 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 13,385,047 13,338,056 Earnings (Loss) per Share attributable to Crown Equity Holdings, Inc.: Basic $ (0.01 ) $ (0.05 ) Diluted $ (0.01 ) $ (0.05 ) Three Months Sept. 30, 2023 Three Months Sept. 30, 2022 Numerator: Net (Loss) attributable to common shareholders of Crown Equity Holdings, Inc. $ (29,945 ) $ (125,025 ) Net (Loss) attributable to Crown Equity Holdings, Inc. $ (29,945 ) $ (125,025 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 13,385,047 13,346,642 Earnings (Loss) per Share attributable to Crown Equity Holdings, Inc.: Basic $ (0.00 ) $ (0.01 ) Diluted $ (0.00 ) $ (0.01 ) When an entity has a net loss, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized basic shares outstanding to calculate both basic and diluted loss per share for the periods ended September 30, 2023, and 2022. The number of potential anti-dilutive shares excluded from the calculation shares for the period ended September 30, 2023 is 23,961,800 and September 30, 2022 was 214,001,000. Income Taxes In December 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, which, among other changes, reduced the federal statutory corporate tax rate from 35% to 21%, effective January 1, 2018. As a result of this change, the Company’s statutory tax rate for fiscal 2019 and 2020 will be 21%. Crown Equity recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. As of September 30, 2023, and December 31, 2022, the Company has not reflected any amounts as a deferred tax asset due to the uncertainty of future profits to offset any net operating loss. The Company’s deferred tax assets consisted of the following as of September 30, 2023 and December 31, 2022: Sept. 30, 2023 Dec. 31, 2022 Net operating loss $ 922,982 $ 908,653 Valuation allowance (922,982 ) (908,653 ) Net deferred tax asset - - Uncertain tax position The Company also follows guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of September 30, 2023 and December 31, 2023. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts payable and debt. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Research and Development The Company spent no money for research and development costs during the periods ended September 30, 2023 and December 31, 2022. Advertising Cost The Company spent $0 for advertisement for the periods ended September 30, 2023 and 2022. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2023 | |
GOING CONCERN | |
GOING CONCERN | NOTE 2 – GOING CONCERN As shown in the accompanying condensed consolidated financial statements, Crown Equity has an accumulated deficit of $ 14,224,565 since its inception and had a working capital deficit of $ 1,447,991, negative cash flows from operations and limited business operations as of September 30, 2023. These conditions raise substantial doubt as to Crown Equity’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if Crown Equity is unable to continue as a going concern. Crown Equity continues to review its expense structure reviewing costs and their reduction to move towards profitability. Management plans to continue raising funds through debt and equity financing to grow the business to profitability. This financing may be insufficient to fund expenditures or other cash requirements. There can be no assurance that additional financing will be available to the Company on acceptable terms or at all. These financial statements do not give effect to adjustments to assets would be necessary for the Company be unable to continue as going concern. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | NOTE 3 – PROPERTY AND EQUIPMENT The Company’s policy is to capitalize all property purchases over $1,000 and depreciate the assets over their useful lives of 3 to 7 years. Property consists of the following on September 30, 2023 and December 31, 2022: Sept. 30, 2023 Dec. 31, 2022 Computers – 3 year estimated useful life $ 108,622 $ 108,622 Less – Accumulated Depreciation (108,590 ) (106,115 ) Property and Equipment, net $ 32 $ 2,507 Depreciation has been provided over each asset’s estimated useful life. Depreciation expenses were $2,476, and $5,040 for the nine months ended September 30, 2023 and 2022 respectively. |
INVESTMENT TRADING SECURITIES A
INVESTMENT TRADING SECURITIES AND MARGIN LOANS | 9 Months Ended |
Sep. 30, 2023 | |
INVESTMENT TRADING SECURITIES AND MARGIN LOANS | |
INVESTMENT TRADING SECURITIES AND MARGIN LOANS | NOTE 4 – INVESTMENT TRADING SECURITIES AND MARGIN LOANS The Company invested in various industries within the Nasdaq and New York stock exchange. As of September 30, 2023, the market value of the Company’s account portfolio, consisting of stocks only, was $0.00 offset by a margin loan of $0.00. The loan is collateralized by the securities in the account and carries 7.5% annual interest rate. The Company transferred $200,000 cash from accounts to brokerage account during the 3rd quarter of 2021. The Company invested in various industries within the Nasdaq and New York stock exchange. The margin loan interest was $0.00 for the period ended September 30, 2023. |
FINANCE LEASES
FINANCE LEASES | 9 Months Ended |
Sep. 30, 2023 | |
FINANCE LEASES | |
FINANCE LEASES | NOTE 5 – FINANCE LEASES During 2019 and 2020, the Company borrowed an aggregate $9,985 and $7,357 under the following third-party and related party finance lease transactions: · A $9,985 note from a third party for the lease of fixed assets, bearing interest at 22%, amortized over 24 months with a payment of $498 in addition to a $22 management fee for a total monthly payment of $520. The lease has a bargain purchase option of $1 at the end of the lease term. · A $6,168 note from a third party for the purchase of fixed assets, bearing interest at 16.6% amortized over 36 months with payments of $219. · A $1,188 note from a third party for the purchase of fixed assets, bearing interest at 16.60% amortized over 36 months with payments of $42. The following is a schedule of the net book value of the finance lease. Assets Sept. 30, 2023 Leased equipment under finance lease, $ 73,883 less accumulated amortization (73,402 ) Net $ 481 Liabilities Sept. 30, 2023 Obligations under finance lease (current) $ 502 Obligations under finance lease (noncurrent) - Total $ 502 The following is a schedule, by years, of future minimum lease payments required under finance leases. Years ended December 31 Finance Leases 2023 522 Thereafter - Total 522 Less: Imputed Interest (20 ) Total Liability 502 |
NOTES PAYABLE AND CONVERTIBLE N
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES | 9 Months Ended |
Sep. 30, 2023 | |
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES | |
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES | NOTE 6 – NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES As of September 30, 2023, and December 31, 2022, the Company had unamortized discount of $0 and $0 respectively. The Company analyzed the below convertible notes for derivatives noting none. Name Original Note Date Due Date Interest Rate Sept 30, 2023 Related Party Notes Payable: Willy A. Saint-Hilaire 02/28/2022 11/17/2023 12 % - Mohammad Sadrolashrafi 11/17/2022 11/17/2023 12 % 5,000 Mike Zaman Irrevocable Trust 03/23/2023 03/23/2024 12 % 18,000 Mike Zaman Irrevocable Trust 05/08/2023 05/08/2024 12 % 5,800 Mike Zaman Irrevocable Trust 06/02/2023 06/02/2024 12 % 2,500 Mike Zaman Irrevocable Trust 06/20/2023 06/20/2024 12 % 3,000 Mike Zaman 07/18/2023 07/18/2024 12 % 15,000 Mike Zaman Irrevocable Trust 08/04/2023 08/04/2024 12 % 12,000 Mike Zaman Irrevocable Trust 09/20/2023 09/20/2024 12 % 2,500 Mike Zaman Irrevocable Trust 09/22/2023 09/22/2024 12 % 1,000 Mike Zaman Irrevocable Trust 09/23/2023 09/23/2024 12 % 1,000 Total Related Party Notes Payable 65,800 Related Party Convertible Notes Payable: Jamie Hadfield 04/07/2022 04/07/2023 12 % 10,000 Willy A. Saint-Hilaire 04/06/2021 04/06/2022 12 % - Willy A. Saint-Hilaire 04/16/2021 04/16/2022 12 % - Willy A. Saint-Hilaire 04/21/2021 04/21/2022 12 % - Willy A. Saint-Hilaire 04/30/2021 04/30/2022 15.15 % - Willy A. Saint-Hilaire 05/04/2021 05/04/2022 15.15 % - Mike Zaman Irrevocable Trust 12/25/2022 12/25/2023 12 % 2,000 Mike Zaman 01/11/2023 01/11/2024 12 % 1,100 Mike Zaman Irrevocable Trust 01/23/2023 01/23/2024 12 % 2,500 Mike Zaman Irrevocable Trust 01/31/2023 01/31/2024 12 % 1,000 Mike Zaman Irrevocable Trust 02/14/2023 02/14/2024 12 % 10,000 Convertible Notes Payable, net of Discount - Related Party 26,600 The conversion rate is one share of common stock at $0.50 per share, per each principal dollar amount owed. Willy A. Saint-Hilaire On April 6, 2021, the Company entered into a convertible promissory note with Willy A. Saint-Hilaire in the amount of $2,500 at an interest rate of 12%. As of December 31, 2022, the principal balance on this note was $900. On January 18, 2023 a payment of $400 was made, and on February 21, 2023 a payment in the amount of $500 was made. As of September 30, 2023, the principal balance on this note was $0.00. On April 16, 2021, the Company entered into a convertible promissory note with Willy A. Saint-Hilaire in the amount of $1,518 at an interest rate of 12%. As of December 31, 2022, the principal balance on this note was $1,518. On March 21, 2023 a payment in the amount of $418.20 was made. On April 20, 2023 a payment in the amount of $400 was made in addition to a payment on May 21, 2023 of $500, and $200 paid on June 20, 2023. As of September 30, 2023, the principal balance on this note was $0.00. On April 21, 2021, the Company entered into a convertible promissory note with Willy A. Saint-Hilaire in the amount of $1,109.83 at an interest rate of 12%. On June 20, 2023, a payment of $309.83 was made. On July 19, 2023 a payment in the amount of $800 was made. As of September 30, 2023, the principal balance on this note was $0.00. On April 30, 2021, the Company entered into a convertible promissory note with Willy A. Saint-Hilaire in the amount of $2,750.00 at an interest rate of 15.15%. On July 20, 2023 a payment in the amount of $2,750 was made. As of September 30, 2023, the principal balance on this note was $0.00. On May 4, 2021, the Company entered into a convertible promissory note with Willy A. Saint-Hilaire in the amount of $750 at an interest rate of 15.15%. On July 20, 2023 a payment in the amount of $750 was made. As of September 30, 2023, the principal balance on this note was $0.00. On February 28, 2022, the Company entered into a promissory note with Willy A. Saint-Hilaire in the amount of $4,500 at an interest rate of 0 %. On September 15, 2022, the interest for the note was amended to 12%. On July 20, 2023 a payment in the amount of $4,500 was made. As of September 30, 2023, the principal balance on this note was $0.00. Jamie Hadfield On April 7, 2022, the Company entered into a convertible promissory note with Jamie Hadfield in the amount of $10,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $10,000. Mohammad Sadrolashrafi On November 17, 2022, the Company entered into a promissory note with Mohammad Sadrolashrafi in the amount of $5,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $5,000. Mike Zaman On January 11, 2023, the Company entered into a convertible promissory note with Mike Zaman in the amount of $1,100 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,100. On July18, 2023, the Company entered into a promissory note with Mike Zaman in the amount of $15,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $15,000. Mike Zaman Irrevocable Trust On December 25, 2022, the Company entered into a convertible promissory note with Mike Zaman Irrevocable Trust in the amount of $2,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $2,000. On January 23, 2023, the Company entered into a convertible promissory note with Mike Zaman Irrevocable Trust in the amount of $2,500 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $2,500. On January 31, 2023, the Company entered into a convertible promissory note with Mike Zaman Irrevocable Trust in the amount of $1,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,000. On February 14, 2023, the Company entered into a convertible promissory note with Mike Zaman Irrevocable Trust in the amount of $10,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $10,000. On March 23, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $18,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $18,000. On May 08, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $5,800 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $5,800. On June 02, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $2,500 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $2,500. On June 20, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $3,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $3,000. On August 04, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $12,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $12,000. On September 20, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $2,500 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $2,500. On September 22, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $1,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,000. On September 23, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $1,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,000. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES The Company is obligated for payments under related party notes payable and automobile lease payments. The Company agreed to pay the automobile leases of $395 and $278 a month, on a month-to-month basis and can be cancelled at any time but expects to continue lease payments for the full 2023 year. The Company entered into an agreement, effective January 1, 2020, to pay Arnulfo Saucedo-Bardan $5,000 per month for website development, design maintenance and other IT services and solutions. On September 30, 2023 the Company owed Mr. Saucedo-Bardan $139,790. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 8 – RELATED PARTY TRANSACTIONS The Company is provided office space by one of the officers and directors at no charge. The Company believes that this office space is sufficient for its needs for the foreseeable future. On January 11, 2023, the Company entered into a convertible promissory note with Mike Zaman in the amount of $1,100 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,100. On January 23, 2023, the Company entered into a convertible promissory note with Mike Zaman Irrevocable Trust in the amount of $2,500 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $2,500. On January 31, 2023, the Company entered into a convertible promissory note with Mike Zaman Irrevocable Trust in the amount of $1,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,000. On February 14, 2023, the Company entered into a convertible promissory note with Mike Zaman Irrevocable Trust in the amount of $10,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $10,000. On March 23, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $18,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $18,000. On May 08, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $5,800 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $5,800. On June 02, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $2,500 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $2,500. On June 20, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $3,000 at an interest rate of 12%. As of June 30, 2023, the principal balance on this note was $3,000. On July 18, 2023, the Company entered into a promissory note with Mike Zaman in the amount of $15,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $15,000. On August 04, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $12,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $12,000. On September 20, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $2,500 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $2,500. On September 22, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $1,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,000. On September 23, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $1,000 at an interest rate of 12%. As of September 30, 2023, the principal balance on this note was $1,000. The Company periodically advanced operating funds from related parties with convertible notes payable. As of September 30, 2023, total convertible notes and non-convertible notes from related parties were $65,800 and $26,600 respectively. The Company periodically advanced funds to cover account payables by direct payment of the account payables from related parties. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
STOCKHOLDERS EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 9 – STOCKHOLDERS’ DEFICIT Common Stock During the nine months ending September 30, 2023, the Company issued the following: · The Company did not issue any shares of common stock. Equity Incentive Plan The Company’s 2006 Equity Incentive Plan, as amended and restated (the “Equity Incentive Plan”), provides for grants of stock options, as well as grants of stock, including restricted stock. Approximately 3.0 million shares of common stock are authorized for issuance under the Equity Incentive Plan, of which 3.0 million shares were available for issuance as of September 30, 2023 Preferred Stock The Company has designated 1,000 shares of its preferred stock as Series A Preferred Stock. Each share of Series A Preferred shall have no dividend, voting or other rights except for the right to elect Class I Directors. As of September 30, 2023, the Company has 1,000 shares of Series A Preferred Stock outstanding. Warrants On July 12, 2023, the Company granted non-qualified stock warrants purchasing up to 1,000,000 shares of common stock at an exercise price of $0.60 per share. The option to purchase can be exercised at or after the date of the Company’s S1 registration filing of which date is yet to be determined. On August 01, 2023, the Company granted non-qualified stock warrants purchasing up to 1,000,000 shares of common stock at an exercise price of $0.60 per share. The option to purchase can be exercised at or after the date of the Company’s S1 registration filing of which date is yet to be determined. On August 07, 2023, the Company granted non-qualified stock warrants purchasing up to 500,000 shares of common stock at an exercise price of $0.60 per share. The option to purchase can be exercised at or after the date of the Company’s S1 registration filing of which date is yet to be determined. The following is a summary of the Company’s warrant activity during the nine-month periods ended September 30, 2023 and 2022 respectively: Number of Exercise Warrants Price Balance, January 1, 2023 21,400,000 $ 0.60 Issued 2,500,000 0.60 Exercised - - Forfeited - - Balance, September 30, 2023 23,900,000 $ 0.60 Number of Exercise Warrants Price 21,400,000 $ 0.60 Issued - - Exercised - - Forfeited - - Balance, September 30, 2022 21,400,000 $ 0.60 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
INCOME TAXES | |
INCOME TAXES | NOTE 10 – INCOME TAXES The Company follows ASC 740, Accounting for Income Taxes. During 2009, there was a change in control of the Company. Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry forwards. For federal income tax purposes, the Company uses the accrual basis of accounting, the same that is used for financial reporting purposes. The Company did not have taxable income during 2022. The Company’s deferred tax assets consisted of the following as of September 30, 2023 and December 31, 2022: Sept. 30, Dec. 31, 2023 2022 Net operating loss $ 922,982 $ 908,653 Valuation allowance (922,982 ) (908,653 ) Net deferred tax asset $ - $ - As of September 30, 2023, and December 31, 2022, the Company’s accumulated net operating loss carry forward was approximately $4,394,643 and $4,326,920 respectively and will begin to expire in the year 2032. The deferred tax assets have been adjusted to reflect the recently enacted corporate tax rate of 21%. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS On October 20, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $3,000 at an interest rate of 12%. On October 27, 2023, Jamie Hadfield was issued a warrant at a price of $0.000025 per share ($25.00 total) to purchase 1,000,000 shares of common stock at the exercise price of $0.60 per share. On November 06, 2023, the Company entered into a promissory note with Mike Zaman Irrevocable Trust in the amount of $10,000 at an interest rate of 12%. |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | |
Nature of Business | Crown Equity Holdings Inc. (“Crown Equity” or the “Company”) was incorporated in August 1995 in Nevada. The Company offers through its digital network of websites, advertising branding, marketing solutions and other services to boost customer awareness, as well as merchant visibility as a worldwide online multi-media publisher. The Company focuses on the distribution of information for the purpose of bringing together its audience with the advertisers that want to reach them. Its advertising services cover and connect a range of marketing specialties, as well as provide search engine optimization for clients interested in online media awareness. Crown Equity Holdings’ objective is making its endeavor known as CRWE WORLD into a global online news and information source, as well as a global one stop shop for various distinct products and services. The Company also offers services to companies seeking to become public entities in the United States, as well as providing various consulting services to companies and individuals dealing with corporate structure and operations globally. On January 27, 2020, the Company re-acquired from AVOT the online business iB2BGlobal.com and since company had not received the shares promised during the original sale. |
Basis of Preparation | The accompanying financial statements include the financial information of Crown Equity Holdings Inc. (“Crown Equity”, the “Company”) have been prepared in accordance with the instructions to financial reporting as prescribed by the Securities and Exchange Commission (the “SEC”). The preparation of these financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, the financial statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. |
Reclassifications | Certain prior period amounts have been reclassified to conform to current period presentation. |
Adoption of New Accounting Standard | In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted ASU 2016-13 in its first quarter of fiscal 2023 and found the adoption did not have a material effect or significant impact on its financial statements. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition, long-lived asset impairments and adjustments, deferred tax, stock-based compensation, and reserves for legal matters. |
Cash and Cash Equivalents | Crown Equity considers all highly liquid investments purchased with an original maturity of three months or less to be cash and cash equivalents. |
Stock-Based Compensation | The Company accounts for stock-based compensation to employees in accordance with ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of share-based payments using the Black-Scholes option-pricing model for common stock options and the closing price of the company’s common stock for common share issuances. |
Revenue Recognition | The core principles of revenue recognition under ASC 606 include the following five criteria: 1. Identify the contract with the customer A contract with our customers may be oral, written, or implied. A written and signed invoice stating the terms and conditions is the Company’ preferred method. The terms of a written contract may be contained within the body of an invoice or in an email. No work is commenced without an understanding between the Company and our client that a valid contract exists. 2. Identify the performance obligations in the contract Our sales and account management teams define the scope of services to be offered, to ensure all parties agree, and obligations are being delivered to the customer as promised. The performance obligation may not be fully identified in a mutually signed contract, but may be outlined in email correspondence, face-to-face meetings, additional proposals or scopes of work, or phone conversations. 3. Determine the transaction price Pricing is discussed and identified by the operations team prior to submitting an invoice to the customer. 4. Allocate the transaction price to the performance obligations in the contract If a contract involves multiple obligations, the transaction pricing is allocated accordingly, during the performance obligation phase. 5. Recognize revenue when (or as) we satisfy a performance obligation The Company uses digital marketing that includes digital advertising, SEO management and digital ad support. We provide whether presenting a vibrant but simple message about our clients that will enlighten their audience or deploying an influential digital marketing campaign on our online site or across one or multiple social media platforms. Revenue is recognized when ads are run on Company’s advertising platform The company generates analytical reports monthly or as required to show how the ad dollars were spent and how the targeting resulted in click-through. The report satisfies the performance obligation, regardless of the outcome or effectiveness of the campaign. Sales are recognized when promised services are started in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales for service contracts generally are recognized as the services that are being provided. Nine Months Ended Sept. 30, 2023 Nine Months Ended Sept. 30, 2022 Third Party Related Party Total Third Party Related Party Total Advertising $ - $ - $ - $ - $ - $ - Click Based and Impressions Ads - - - 373 - 373 Accounting - - - - 2,000 2,000 Publishing and Distribution - - - 310 150 460 $ - $ - $ - $ 683 $ 2,150 $ 2,833 There was not any revenue earned during the nine-months period ending September 30, 2023. Sept. 30, Sept. 30, 2023 2022 Deferred Revenue $ - $ - Deferred revenue is based on cash received or billings in excess of revenue recognized until revenue recognition criteria are met. Client prepayments are deferred and recognized over future periods as services are delivered or performed. |
Accounts Receivable and Allowance for Doubtful Accounts | The Company establishes an allowance for bad debts through a review of several factors including historical collection experience, the current aging status of the customer accounts, and the financial condition of our customers. The Company does not generally require collateral for our accounts receivable. There were no accounts receivable and allowance for doubtful accounts as of September 30, 2023 and December 31, 2022. |
Risk Concentrations | The Company does not hold cash more than the federally insured limits. During the nine-month period ending September 30, 2023, the Company did not receive any revenues from its available services. |
General and Administrative Expenses | Crown Equity’s general and administrative expenses consisted of the following types of expenses during 2023 and 2022: Compensation expense, auto, travel and entertainment, legal and accounting, utilities, web sites, office expenses, depreciation, and other administrative related expenses. |
Property and Equipment | Property and equipment are carried at the cost of acquisition or construction and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity, or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on the disposition of equipment are reflected in operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. |
Impairment of Long-Lived Assets | The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of an asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is determined based on the expected future cash flows at a rate we believe incorporates the time value of money. No indications of impairments were identified in 2023 or 2022. |
Basic and Diluted Net (Loss) per Share | Nine Months Sept. 30, 2023 Nine Months Sept. 30, 2022 Numerator: Net (Loss) attributable to common shareholders of Crown Equity Holdings, Inc. $ (67,723 ) $ (635,447 ) Net (Loss) attributable to Crown Equity Holdings, Inc. $ (67,723 ) $ (635,447 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 13,385,047 13,338,056 Earnings (Loss) per Share attributable to Crown Equity Holdings, Inc.: Basic $ (0.01 ) $ (0.05 ) Diluted $ (0.01 ) $ (0.05 ) Three Months Sept. 30, 2023 Three Months Sept. 30, 2022 Numerator: Net (Loss) attributable to common shareholders of Crown Equity Holdings, Inc. $ (29,945 ) $ (125,025 ) Net (Loss) attributable to Crown Equity Holdings, Inc. $ (29,945 ) $ (125,025 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 13,385,047 13,346,642 Earnings (Loss) per Share attributable to Crown Equity Holdings, Inc.: Basic $ (0.00 ) $ (0.01 ) Diluted $ (0.00 ) $ (0.01 ) When an entity has a net loss, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized basic shares outstanding to calculate both basic and diluted loss per share for the periods ended September 30, 2023, and 2022. The number of potential anti-dilutive shares excluded from the calculation shares for the period ended September 30, 2023 is 23,961,800 and September 30, 2022 was 214,001,000. |
Income Taxes | In December 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, which, among other changes, reduced the federal statutory corporate tax rate from 35% to 21%, effective January 1, 2018. As a result of this change, the Company’s statutory tax rate for fiscal 2019 and 2020 will be 21%. Crown Equity recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. As of September 30, 2023, and December 31, 2022, the Company has not reflected any amounts as a deferred tax asset due to the uncertainty of future profits to offset any net operating loss. The Company’s deferred tax assets consisted of the following as of September 30, 2023 and December 31, 2022: Sept. 30, 2023 Dec. 31, 2022 Net operating loss $ 922,982 $ 908,653 Valuation allowance (922,982 ) (908,653 ) Net deferred tax asset - - |
Uncertain tax position | The Company also follows guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of September 30, 2023 and December 31, 2023. |
Fair Value of Financial Instruments | The Company’s financial instruments consist of cash and cash equivalents, accounts payable and debt. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Research and Development | The Company spent no money for research and development costs during the periods ended September 30, 2023 and December 31, 2022. |
Advertising Cost | The Company spent $0 for advertisement for the periods ended September 30, 2023 and 2022. |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | |
Schedule of gain on sale of subsidiary | Nine Months Ended Sept. 30, 2023 Nine Months Ended Sept. 30, 2022 Third Party Related Party Total Third Party Related Party Total Advertising $ - $ - $ - $ - $ - $ - Click Based and Impressions Ads - - - 373 - 373 Accounting - - - - 2,000 2,000 Publishing and Distribution - - - 310 150 460 $ - $ - $ - $ 683 $ 2,150 $ 2,833 |
Schedule of revenue | Sept. 30, Sept. 30, 2023 2022 Deferred Revenue $ - $ - |
Schedule of Basic and Diluted Net (Loss) per Share | Nine Months Sept. 30, 2023 Nine Months Sept. 30, 2022 Numerator: Net (Loss) attributable to common shareholders of Crown Equity Holdings, Inc. $ (67,723 ) $ (635,447 ) Net (Loss) attributable to Crown Equity Holdings, Inc. $ (67,723 ) $ (635,447 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 13,385,047 13,338,056 Earnings (Loss) per Share attributable to Crown Equity Holdings, Inc.: Basic $ (0.01 ) $ (0.05 ) Diluted $ (0.01 ) $ (0.05 ) Three Months Sept. 30, 2023 Three Months Sept. 30, 2022 Numerator: Net (Loss) attributable to common shareholders of Crown Equity Holdings, Inc. $ (29,945 ) $ (125,025 ) Net (Loss) attributable to Crown Equity Holdings, Inc. $ (29,945 ) $ (125,025 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 13,385,047 13,346,642 Earnings (Loss) per Share attributable to Crown Equity Holdings, Inc.: Basic $ (0.00 ) $ (0.01 ) Diluted $ (0.00 ) $ (0.01 ) |
Schedule of deferred tax assets | Sept. 30, 2023 Dec. 31, 2022 Net operating loss $ 922,982 $ 908,653 Valuation allowance (922,982 ) (908,653 ) Net deferred tax asset - - |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
PROPERTY AND EQUIPMENT | |
Schedule of property plant and equipment | Sept. 30, 2023 Dec. 31, 2022 Computers – 3 year estimated useful life $ 108,622 $ 108,622 Less – Accumulated Depreciation (108,590 ) (106,115 ) Property and Equipment, net $ 32 $ 2,507 |
FINANCE LEASES (Tables)
FINANCE LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
FINANCE LEASES | |
Schedule of the net book value of the finance lease | Assets Sept. 30, 2023 Leased equipment under finance lease, $ 73,883 less accumulated amortization (73,402 ) Net $ 481 Liabilities Sept. 30, 2023 Obligations under finance lease (current) $ 502 Obligations under finance lease (noncurrent) - Total $ 502 |
Schedule of future minimum lease payments | Years ended December 31 Finance Leases 2023 522 Thereafter - Total 522 Less: Imputed Interest (20 ) Total Liability 502 |
NOTES PAYABLE AND CONVERTIBLE_2
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES | |
Schedule of Convertible Notes Payable | Name Original Note Date Due Date Interest Rate Sept 30, 2023 Related Party Notes Payable: Willy A. Saint-Hilaire 02/28/2022 11/17/2023 12 % - Mohammad Sadrolashrafi 11/17/2022 11/17/2023 12 % 5,000 Mike Zaman Irrevocable Trust 03/23/2023 03/23/2024 12 % 18,000 Mike Zaman Irrevocable Trust 05/08/2023 05/08/2024 12 % 5,800 Mike Zaman Irrevocable Trust 06/02/2023 06/02/2024 12 % 2,500 Mike Zaman Irrevocable Trust 06/20/2023 06/20/2024 12 % 3,000 Mike Zaman 07/18/2023 07/18/2024 12 % 15,000 Mike Zaman Irrevocable Trust 08/04/2023 08/04/2024 12 % 12,000 Mike Zaman Irrevocable Trust 09/20/2023 09/20/2024 12 % 2,500 Mike Zaman Irrevocable Trust 09/22/2023 09/22/2024 12 % 1,000 Mike Zaman Irrevocable Trust 09/23/2023 09/23/2024 12 % 1,000 Total Related Party Notes Payable 65,800 Related Party Convertible Notes Payable: Jamie Hadfield 04/07/2022 04/07/2023 12 % 10,000 Willy A. Saint-Hilaire 04/06/2021 04/06/2022 12 % - Willy A. Saint-Hilaire 04/16/2021 04/16/2022 12 % - Willy A. Saint-Hilaire 04/21/2021 04/21/2022 12 % - Willy A. Saint-Hilaire 04/30/2021 04/30/2022 15.15 % - Willy A. Saint-Hilaire 05/04/2021 05/04/2022 15.15 % - Mike Zaman Irrevocable Trust 12/25/2022 12/25/2023 12 % 2,000 Mike Zaman 01/11/2023 01/11/2024 12 % 1,100 Mike Zaman Irrevocable Trust 01/23/2023 01/23/2024 12 % 2,500 Mike Zaman Irrevocable Trust 01/31/2023 01/31/2024 12 % 1,000 Mike Zaman Irrevocable Trust 02/14/2023 02/14/2024 12 % 10,000 Convertible Notes Payable, net of Discount - Related Party 26,600 |
STOCK HOLDERS' DEFICIT (Tables)
STOCK HOLDERS' DEFICIT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
STOCK HOLDERS' DEFICIT (Tables) | |
Summary of Warrants Issued | Number of Exercise Warrants Price Balance, January 1, 2023 21,400,000 $ 0.60 Issued 2,500,000 0.60 Exercised - - Forfeited - - Balance, September 30, 2023 23,900,000 $ 0.60 Number of Exercise Warrants Price 21,400,000 $ 0.60 Issued - - Exercised - - Forfeited - - Balance, September 30, 2022 21,400,000 $ 0.60 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
INCOME TAXES | |
Schedule of Deferred Tax | Sept. 30, Dec. 31, 2023 2022 Net operating loss $ 922,982 $ 908,653 Valuation allowance (922,982 ) (908,653 ) Net deferred tax asset $ - $ - |
NATURE OF BUSINESS AND SUMMAR_4
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Advertising | $ 0 | $ 0 |
Accounting | 0 | 2,000 |
Click Based and Impressions Ads | 0 | 373 |
Publishing and Distribution | 0 | 460 |
Total sales | 0 | 2,833 |
Related Party [Member] | ||
Advertising | 0 | 0 |
Accounting | 0 | 2,000 |
Click Based and Impressions Ads | 0 | 0 |
Publishing and Distribution | 0 | 150 |
Total sales | 0 | 2,150 |
Third Party [Member] | ||
Advertising | 0 | 0 |
Accounting | 0 | 0 |
Click Based and Impressions Ads | 0 | 373 |
Publishing and Distribution | 0 | 310 |
Total sales | $ 0 | $ 683 |
NATURE OF BUSINESS AND SUMMAR_5
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details 1) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | ||
Deferred Revenue | $ 0 | $ 0 |
NATURE OF BUSINESS AND SUMMAR_6
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net (Loss) attributable to common shareholders of Crown Equity Holdings, Inc. | $ (29,945) | $ (125,025) | $ (67,723) | $ (635,447) |
Net (Loss) attributable to Crown Equity Holdings, Inc. | $ (29,945) | $ (125,025) | $ (67,723) | $ (635,447) |
Denominator: | ||||
Weighted average common and common equivalent shares outstanding-basic and diluted | 13,385,047 | 13,346,642 | 13,385,047 | 13,338,056 |
Earnings (Loss) per Share attributable to Crown Equity Holdings, Inc.: | ||||
Basic | $ 0 | $ (0.01) | $ (0.01) | $ (0.05) |
Diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.05) |
NATURE OF BUSINESS AND SUMMAR_7
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details 3) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | ||
Net operating loss | $ 922,982 | $ 908,653 |
Valuation allowance | (922,982) | (908,653) |
Net deferred Tax asset | $ 0 | $ 0 |
NATURE OF BUSINESS AND SUMMAR_8
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Advertisement | $ 0 | $ 0 | |
Potential anti-dilutive shares | 23,961,800 | 214,001,000 | |
Corporate Tax Rate | 21% | ||
Uncertain Tax Position Description | the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of September 30, 2023 and December 31, 2023 | ||
CRWE Real Estate Inc. [Member] | |||
Aggregate consideration | $ 100 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
GOING CONCERN | ||
Accumulated Deficit | $ (14,224,565) | $ (14,156,842) |
Working Capital Deficit | $ (1,447,991) |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
PROPERTY AND EQUIPMENT | ||
Computers - 3 Year Estimated Useful Life | $ 108,622 | $ 108,622 |
Less - Accumulated Depreciation | (108,590) | (106,115) |
Property And Equipment, Net | $ 32 | $ 2,507 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Depreciation expenses | $ 484 | $ 997 | $ 2,476 | $ 5,040 |
Capitalized Property | $ 1,000 | $ 1,000 | ||
Minimum Range [Member] | ||||
Estimated useful life | 3 years | |||
Maximum Range [Member] | ||||
Estimated useful life | 7 years |
INVESTMENT TRADING SECURITIES_2
INVESTMENT TRADING SECURITIES AND MARGIN LOANS (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
INVESTMENT TRADING SECURITIES AND MARGIN LOANS | |
Stocks, value | $ 0 |
Margin loan amount | $ 0 |
Collateralized securities annual interest, rate | 7.50% |
Cash transfer to brokerage account | $ 200,000 |
Margin loan interest | $ 0 |
FINANCE LEASES (Details)
FINANCE LEASES (Details) | Sep. 30, 2023 USD ($) |
Assets | |
Leased equipment under finance lease | $ 73,883 |
Less accumulated amortization | (73,402) |
Net | 481 |
Liabilities | |
Obligations under finance lease (current) | 502 |
Obligations under finance lease (noncurrent) | 0 |
Total | $ 502 |
FINANCE LEASES (Details 1)
FINANCE LEASES (Details 1) - Finance Leases [Member] | Sep. 30, 2023 USD ($) |
2023 | $ 522 |
Thereafter | 0 |
Total | 522 |
Less: Imputed Interest | (20) |
Total Liability | $ 502 |
FINANCE LEASES (Details Narrati
FINANCE LEASES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party, Borrowed Finance Lease | $ 7,357 | $ 9,985 |
Lease Bargain Purchase Option | $ 1 | |
Third Party [Member] | ||
Note Payable | 6,168 | |
Interest Rate | 22% | |
Amortization Period | 24 years | |
Monthly Payments | $ 520 | |
Fixed assets payment | 219 | |
Other payment | 498 | |
Payment For Management Fee | 22 | |
Capital Lease [Member] | Third Party [Member] | ||
Note Payable | $ 9,985 | $ 1,188 |
Interest Rate | 16.60% | 16.60% |
Amortization Period | 36 years | 36 years |
Fixed assets payment | $ 42 | |
Other payment | $ 498 |
NOTES PAYABLE AND CONVERTIBLE_3
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Note payable | $ 65,800 |
Related Party Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | |
Note payable | $ 18,000 |
Original Note Date | Mar. 23, 2023 |
Interest Rate | 12% |
Due Date | Mar. 23, 2024 |
Convertible Related Party Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | |
Note payable | $ 2,000 |
Original Note Date | Dec. 25, 2022 |
Interest Rate | 12% |
Due Date | Dec. 25, 2023 |
Willy A. Saint-Hilaire [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 0 |
Original Note Date | Feb. 28, 2022 |
Interest Rate | 12% |
Due Date | Nov. 17, 2023 |
Willy A. Saint-Hilaire [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 0 |
Original Note Date | Apr. 06, 2021 |
Interest Rate | 12% |
Due Date | Apr. 06, 2022 |
Mohammad Sadrolashrafi [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 5,000 |
Original Note Date | Nov. 17, 2022 |
Interest Rate | 12% |
Due Date | Nov. 17, 2023 |
Mike Zaman Irrevocable Trust 1 [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 5,800 |
Original Note Date | May 08, 2023 |
Interest Rate | 12% |
Due Date | May 08, 2024 |
Mike Zaman Irrevocable Trust 1 [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 2,500 |
Original Note Date | Jan. 23, 2023 |
Interest Rate | 12% |
Due Date | Jan. 23, 2024 |
Mike Zaman Irrevocable Trust 2 [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 2,500 |
Original Note Date | Jun. 02, 2023 |
Interest Rate | 12% |
Due Date | Jun. 02, 2024 |
Mike Zaman Irrevocable Trust 2 [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 1,000 |
Original Note Date | Jan. 31, 2024 |
Interest Rate | 12% |
Due Date | Jan. 31, 2023 |
Mike Zaman Irrevocable Trust 3 [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 3,000 |
Original Note Date | Jun. 20, 2023 |
Interest Rate | 12% |
Due Date | Jun. 20, 2024 |
Mike Zaman Irrevocable Trust 3 [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 10,000 |
Original Note Date | Feb. 14, 2023 |
Interest Rate | 12% |
Due Date | Feb. 14, 2024 |
Total Related Party Notes Payable [Member] | |
Note payable | $ 65,800 |
Willy A. Saint-Hilaire 1 [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 0 |
Original Note Date | Apr. 16, 2021 |
Interest Rate | 12% |
Due Date | Apr. 16, 2022 |
Willy A. Saint-Hilaire 2 [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 0 |
Original Note Date | Apr. 21, 2021 |
Interest Rate | 12% |
Due Date | Apr. 21, 2022 |
Willy A. Saint-Hilaire 3 [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 0 |
Original Note Date | Apr. 30, 2021 |
Interest Rate | 15.15% |
Due Date | Apr. 30, 2022 |
Willy A. Saint-Hilaire 4 [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 0 |
Original Note Date | May 04, 2021 |
Interest Rate | 15.15% |
Due Date | May 04, 2022 |
Mike Zaman [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 15,000 |
Original Note Date | Jul. 18, 2023 |
Interest Rate | 12% |
Due Date | Jul. 18, 2024 |
Mike Zaman [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 1,100 |
Original Note Date | Jan. 11, 2023 |
Interest Rate | 12% |
Due Date | Jan. 11, 2024 |
Jamie Hadfield [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 10,000 |
Original Note Date | Apr. 07, 2022 |
Interest Rate | 12% |
Due Date | Apr. 07, 2023 |
Total Convertible Related Party Notes Payable [Member] | Convertible Related Party Notes Payable [Member] | |
Note payable | $ 26,600 |
Mike Zaman Irrevocable Trust 4 [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 12,000 |
Original Note Date | Aug. 04, 2023 |
Interest Rate | 12% |
Due Date | Aug. 04, 2024 |
Mike Zaman Irrevocable Trust 5 [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 2,500 |
Original Note Date | Sep. 20, 2023 |
Interest Rate | 12% |
Due Date | Sep. 20, 2024 |
Mike Zaman Irrevocable Trust 6 [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 1,000 |
Original Note Date | Sep. 22, 2023 |
Interest Rate | 12% |
Due Date | Sep. 22, 2024 |
Mike Zaman Irrevocable Trust 7 [Member] | Related Party Notes Payable [Member] | |
Note payable | $ 1,000 |
Original Note Date | Sep. 23, 2023 |
Interest Rate | 12% |
Due Date | Sep. 23, 2024 |
NOTES PAYABLE AND CONVERTIBLE_4
NOTES PAYABLE AND CONVERTIBLE NOTE PAYABLES (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2022 | Nov. 17, 2022 | Sep. 15, 2022 | Apr. 07, 2022 | Feb. 28, 2022 | May 04, 2021 | Apr. 30, 2021 | Apr. 21, 2021 | Apr. 16, 2021 | Apr. 06, 2021 |
Unamortized Discount | $ 0 | $ 0 | ||||||||||
Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 2,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | 2,000 | |||||||||||
Mike Jaman [Member] | Convertible Promissory Note [Member] | January 11, 2023 [Member] | ||||||||||||
Note Payable | $ 1,100 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 1,100 | |||||||||||
Mike Jaman [Member] | Convertible Promissory Note [Member] | July18, 2023 [Member] | ||||||||||||
Note Payable | $ 15,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 15,000 | |||||||||||
April 16, 2021 [Member] | Willy A. Saint-Hilaire [Member] | Convertible Promissory Note [Member] | ||||||||||||
Note Payable | $ 1,518 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | 1,518 | |||||||||||
April 21, 2021 [Member] | Willy A. Saint-Hilaire [Member] | Convertible Promissory Note [Member] | ||||||||||||
Note Payable | $ 1,109 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | 0 | |||||||||||
April 30, 2021 [Member] | Willy A. Saint-Hilaire [Member] | Convertible Promissory Note [Member] | ||||||||||||
Note Payable | $ 2,750 | |||||||||||
Interest Rate | 15.15% | |||||||||||
Pricipal Balance | 0 | |||||||||||
May 4, 2021 [Member] | Willy A. Saint-Hilaire [Member] | Convertible Promissory Note [Member] | ||||||||||||
Note Payable | $ 750 | |||||||||||
Interest Rate | 15.15% | |||||||||||
Pricipal Balance | 0 | |||||||||||
February 28, 2022 [Member] | Willy A. Saint-Hilaire [Member] | Convertible Promissory Note [Member] | ||||||||||||
Note Payable | $ 4,500 | |||||||||||
Interest Rate | 12% | 0% | ||||||||||
Pricipal Balance | 0 | |||||||||||
November 17, 2022 [Member] | Mohammad Sadrolashrafi [Member] | Convertible Notes Payable [Member] | ||||||||||||
Note Payable | $ 5,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | 5,000 | |||||||||||
January 23, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 2,500 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 2,500 | |||||||||||
January 31, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 1,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 1,000 | |||||||||||
February 14, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 10,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 10,000 | |||||||||||
March 23, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 18,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 18,000 | |||||||||||
May 08, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 5,800 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 5,800 | |||||||||||
June 02, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 2,500 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 2,500 | |||||||||||
June 20, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 3,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 3,000 | |||||||||||
April 6, 2021 [Member] | Willy A. Saint-Hilaire [Member] | Convertible Promissory Note [Member] | ||||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | 900 | |||||||||||
April 7, 2022 [Member] | Jamie Hadfield [Member] | Convertible Promissory Note [Member] | ||||||||||||
Note Payable | $ 10,000 | |||||||||||
Interest Rate | 12% | 12% | ||||||||||
Pricipal Balance | 10,000 | |||||||||||
August 04, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 12,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 12,000 | |||||||||||
September 20, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 2,500 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 2,500 | |||||||||||
September 22, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 1,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 1,000 | |||||||||||
September 23, 2023 [Member] | Convertible Notes Payable [Member] | Mike Zaman Irrevocable Trust [Member] | ||||||||||||
Note Payable | $ 1,000 | |||||||||||
Interest Rate | 12% | |||||||||||
Pricipal Balance | $ 1,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2020 | |
Automobile lease [Member] | |||
Monthly payment | $ 395 | $ 278 | |
Arnulfo Saucedo-Bardan [Member] | |||
Monthly payments for services | $ 5,000 | ||
Due to related party | $ 139,790 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Total convertible notes | $ 65,800 |
Non-convertible notes | 26,600 |
January 11, 2023 [Member] | Mike Jaman [Member] | |
Principal balance of promissory note | 1,100 |
Convertible promissory note | $ 1,100 |
Debt instrument interest rate | 12% |
Convertible Promissory Note [Member] | July18, 2023 [Member] | Mike Jaman [Member] | |
Principal balance of promissory note | $ 15,000 |
Convertible promissory note | $ 15,000 |
Debt instrument interest rate | 12% |
Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | January 31, 2023 [Member] | |
Principal balance of promissory note | $ 1,000 |
Convertible promissory note | $ 1,000 |
Debt instrument interest rate | 12% |
Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | On February 14, 2023 [Member] | |
Principal balance of promissory note | $ 10,000 |
Convertible promissory note | $ 10,000 |
Debt instrument interest rate | 12% |
Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | On March 23, 2023 [Member] | |
Principal balance of promissory note | $ 18,000 |
Convertible promissory note | $ 18,000 |
Debt instrument interest rate | 12% |
May 08, 2023 [Member] | Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | |
Principal balance of promissory note | $ 5,800 |
Convertible promissory note | $ 5,800 |
Debt instrument interest rate | 12% |
June 02, 2023 [Member] | Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | |
Principal balance of promissory note | $ 2,500 |
Convertible promissory note | $ 2,500 |
Debt instrument interest rate | 12% |
June 20, 2023 [Member] | Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | |
Principal balance of promissory note | $ 3,000 |
Convertible promissory note | $ 3,000 |
Debt instrument interest rate | 12% |
August 04, 2023 [Member] | Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | |
Principal balance of promissory note | $ 12,000 |
Convertible promissory note | $ 12,000 |
Debt instrument interest rate | 12% |
September 20, 2023 [Member] | Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | |
Principal balance of promissory note | $ 2,500 |
Convertible promissory note | $ 2,500 |
Debt instrument interest rate | 12% |
September 22, 2023 [Member] | Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | |
Principal balance of promissory note | $ 1,000 |
Convertible promissory note | $ 1,000 |
Debt instrument interest rate | 12% |
September 23, 2023 [Member] | Mike Zaman Irrevocable Trust [Member] | Convertible Notes Payable [Member] | |
Principal balance of promissory note | $ 1,000 |
Convertible promissory note | $ 1,000 |
Debt instrument interest rate | 12% |
On January 23, 2023 [member] | Mike Zaman Irrevocable Trust [Member] | |
Principal balance of promissory note | $ 2,500 |
Convertible promissory note | $ 2,500 |
Debt instrument interest rate | 12% |
STOCK HOLDERS DEFICIT (Details)
STOCK HOLDERS DEFICIT (Details) - Warrants [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Number of Warrants Outstanding, beginning | 21,400,000 | 21,400,000 |
Issued | 2,500,000 | 0 |
Exercised | 0 | 0 |
Forfeited | 0 | 0 |
Number of Warrants Outstanding, ending | 23,900,000 | 21,400,000 |
Warrants exercise price, beginning | $ 0.60 | $ 0.60 |
Warrants exercise price, Issued | 0.60 | 0 |
Warrants exercise price, Exercised | 0 | 0 |
Warrants exercise price, Forfeited | 0 | 0 |
Warrants exercise price, ending | $ 0.60 | $ 0.60 |
STOCK HOLDERS DEFICIT (Details
STOCK HOLDERS DEFICIT (Details Narrative) - $ / shares | Dec. 07, 2023 | Sep. 30, 2023 | Aug. 07, 2023 | Aug. 01, 2023 | Dec. 31, 2022 |
Common stock shares issued | 13,385,047 | 13,385,047 | |||
Preferred Stock shares, Outstanding | 0 | 0 | |||
Common stock authorized | 450,000,000 | 450,000,000 | |||
2006 Equity Incentive Plan [Member] | |||||
Common stock authorized | 3,000,000 | ||||
Available for issuance | 3,000,000 | ||||
Series A Preferred Stock | |||||
Preferred Stock shares, Designated | 1,000 | ||||
Preferred Stock shares, Outstanding | 1,000 | ||||
Warrants [Member] | |||||
Common stock shares issued | 1,000,000 | 500,000 | 1,000,000 | ||
Exercise price | $ 0.60 | $ 0.60 | $ 0.60 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
INCOME TAXES | ||
Net Operating Loss | $ 922,982 | $ 908,653 |
Valuation allowance | (922,982) | (908,653) |
Net Deferred Tax Asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
Net Operating Loss Carry Forward | $ 4,394,643 | $ 4,326,920 |
Corporate Tax Rate | 21% | |
Description Of Expiration Of Operating Loss Carryforwards | expire in the year 2032 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] - USD ($) | 1 Months Ended | ||
Nov. 06, 2023 | Oct. 20, 2023 | Oct. 27, 2023 | |
Mike Zaman Irrevocable Trust [Member] | |||
Promissory note | $ 10,000 | $ 3,000 | |
Interest rate | 12% | 12% | |
Jamie Hadfield [Member] | |||
Warrant issue price, per share | $ 0.000025 | ||
Exercise price | $ 0.60 | ||
Purchase of common stock, shares | 1,000,000 |