Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | May 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Crucial Innovations, Corp. | ||
Entity Central Index Key | 0001766016 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Ex Transition Period | false | ||
Entity Common Stock Shares Outstanding | 32,417,002 | ||
Entity Public Float | $ 0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
Developed website, net | 0 | 12,047 |
Total Assets | 0 | 12,047 |
Current Liabilities | ||
Accounts payable | 429 | 0 |
Due to related party | 0 | 47,909 |
Total Current Liabilities | 0 | 47,909 |
Total Liabilities | 429 | 47,909 |
Stockholders' Equity (Deficit) | ||
Common stock: 75,000,000 authorized; $0.0001 par value, 32,417,002 and 2,417,002 shares issued and outstanding, respectively | 3,241 | 241 |
Additional paid-in capital | 87,910 | 24,919 |
Accumulated deficit | (91,580) | (61,022) |
Total Stockholders' Deficit | (429) | (35,862) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 12,047 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
BALANCE SHEETS | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 32,417,002 | 2,417,002 |
Common Stock, Shares Outstanding | 32,417,002 | 2,417,002 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
STATEMENTS OF OPERATIONS | ||
Revenues | $ 0 | $ 0 |
Operating expenses | ||
Depreciation expense | 0 | 1,953 |
Bank Service Charges | 0 | 677 |
Consulting Service | 12,500 | 15,000 |
Professional Fees | 5,361 | 28,719 |
Business license and permits | 650 | 0 |
Impairment loss on website | 12,047 | 0 |
Total operating expenses | 30,558 | 46,349 |
Net loss before taxes | (30,558) | (46,349) |
Provision for income taxes | 0 | 0 |
Net loss | $ (30,558) | $ (46,349) |
Basic and diluted loss per common share | $ 0 | $ (0.02) |
Weighted average number of common shares outstanding, basic and diluted | 6,773,166 | 1,872,113 |
STATEMENTS OF STOCKHOLDERS DEFI
STATEMENTS OF STOCKHOLDERS DEFICIT - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, shares at Dec. 31, 2018 | 1,600,000 | |||
Balance, amount at Dec. 31, 2018 | $ (14,023) | $ 160 | $ 490 | $ (14,673) |
Common shares issued for cash, shares | 817,002 | |||
Common shares issued for cash, amount | 24,510 | $ 81 | 24,429 | 0 |
Net loss | (46,349) | 0 | 0 | (46,349) |
Related party debt forgiven to additional paid-in capital | 0 | |||
Balance, amount at Dec. 31, 2019 | (35,862) | $ 241 | 24,919 | (61,022) |
Balance, shares at Dec. 31, 2019 | 2,417,002 | |||
Net loss | (30,558) | $ 0 | 0 | (30,558) |
Common shares issued to settle related party debt, shares | 30,000,000 | |||
Common shares issued to settle related party debt, amount | 51,003 | $ 3,000 | 48,003 | 0 |
Related party debt forgiven to additional paid-in capital | 14,988 | 0 | 14,988 | 0 |
Balance, amount at Dec. 31, 2020 | $ (429) | $ 3,241 | $ 87,910 | $ (91,580) |
Balance, shares at Dec. 31, 2020 | 32,417,002 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (30,558) | $ (46,349) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 0 | 1,953 |
Impairment loss on website | 12,047 | 0 |
Changes in operating assets and liabilities: | ||
Accrued expenses - related party | 12,501 | 10,050 |
Accounts payable | 429 | 0 |
Net Cash Used in Operating Activities | (5,581) | (34,346) |
Cash Flows from Financing Activities: | ||
Director loan - related party | 5,581 | 9,336 |
Proceeds from issuance of common stock | 0 | 24,510 |
Net Cash Provided by Financing Activities | 5,581 | 33,846 |
Net change in cash | 0 | (500) |
Cash, beginning of period | 0 | 500 |
Cash, end of period | 0 | 0 |
Supplemental cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | 0 | 0 |
Supplemental disclosure of non-cash financing activity | ||
Common stock issued for conversion of related party debt | 51,003 | 0 |
Related party debt forgiven to additional paid-in capital | $ 14,988 | $ 0 |
ORGANIZATION AND GOING CONCERN
ORGANIZATION AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION AND GOING CONCERN | |
Note-1 ORGANIZATION AND GOING CONCERN | Crucial Innovations, Corp. (referred as the “Company”, “we”, “our”) was incorporated in the State of Nevada and established on February 28, 2018. We are an early stage company formed to commence operations related to the teaching of English. Going concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of December 31, 2020, the Company has suffered recurring losses from operations, has an accumulated deficit of $91,580 and has not earned any revenues. The Company intends to fund operations through equity financing arrangements and related party advances, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2021. The ability of the Company to emerge from an early stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Note-2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles of the United States (“GAAP”). The Company’s year-end is December 31. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Financial Instruments and Fair Value Measurements The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2020 and 2019. The carrying values of our financial instruments approximate their fair values due to the short-term maturities of these financial instruments. Net Loss Per Share of Common Stock The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of December 31, 2020 and 2019, there were no potentially dilutive debt or equity instruments issued or outstanding. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. There was no impact on the statements of operations. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | |
Note- 3 PROPERTY AND EQUIPMENT | The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. The estimated useful lives as follows: Capitalized software development - 3 years Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property’s useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. For the year ended December 31, 2020, we recognized an impairment loss of $12,047 on our developed website. As of December 31, 2020 and 2019, we had development website costs, net of amortization, of $0 and $12,047, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
Note- 4 RELATED PARTY TRANSACTIONS | As of December 31, 2020 and 2019, the Company owed $0 and $47,909 to a former director of the Company. Amounts are due on demand and do not incur interest. During the year ended December 31, 2020, our former director advanced $5,581 for operating expenses. During the year ended December 31, 2020, the Company converted $51,003 of debt to our former director for 30,000,000 shares of common stock. During the year ended December 31, 2020, related party debt of $14,988 was forgiven and recorded to additional paid-in capital. |
STOCKHOLDER EQUITY
STOCKHOLDER EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
STOCKHOLDER EQUITY | |
Note- 5 STOCKHOLDER' EQUITY | The Company has 75,000,000, $0.0001 par value shares of common stock authorized. During May and June 2019, the Company issued 471,002 shares of common stock to 20 shareholders for $14,130 at $0.03 per share. During September 2019, the company issued 346,000 shares of common stock to a shareholders for $10,380 at $0.03 per share. During October 2020, the Company issued 30,000,000 shares of common stock, pursuant to conversions of related party debt of $51,003. There were 32,417,002 and 2,417,002 shares of common stock issued and outstanding as of December 31, 2020 and 2019, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
Note- 6 COMMITMENTS AND CONTINGENCIES | Our sole officer and director, has agreed to provide her own premise under office needs. She will not take any fee for these premises, it is for free use. The extent of the impact of the coronavirus (“COVID‐19”) outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID‐19 on the overall economy, all of which are highly uncertain and cannot be predicted. If the overall economy is impacted for an extended period, the Company’s future operating results may be materially adversely affected. |
PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
PROVISION FOR INCOME TAXES | |
Note- 7 PROVISION FOR INCOME TAXES | The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The reconciliation of income tax benefit (expenses) at the U.S. statutory rate at 21% for the period ended as follows: December 31, December 31, 2020 2019 Tax benefit (expenses) at U.S. statutory rate $ (6,417 ) $ (9,733 ) Change in valuation allowance 6,417 9,733 Tax benefit (expenses), net $ - $ - The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets are as follows: December 31, December 31, 2020 2019 Net operating loss $ 19,232 $ 12,815 Valuation allowance (19,232 ) (12,815 ) Deferred tax assets, net $ - $ - As of December 31, 2020, the Company had $91,580 in net operating losses (“NOLs”) that may be available to offset future taxable income, which begin to expire between 2037 and 2039. NOLs generated in tax years prior to December 31, 2018, can be carryforward for twenty years, whereas NOLs generated after December 31, 2018 can be carryforward indefinitely. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2017 through 2020 are subject to review by the tax authorities. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | |
Note- 8 SUBSEQUENT EVENTS | On December 31, 2020, Crucial Innovations Corp., a Nevada corporation entered into a definitive Equity Purchase Agreement (the “ Agreement MGH MBI |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles of the United States (“GAAP”). The Company’s year-end is December 31. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Financial Instruments and Fair Value Measurements | The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2020 and 2019. The carrying values of our financial instruments approximate their fair values due to the short-term maturities of these financial instruments. |
Net Loss Per Share of Common Stock | The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of December 31, 2020 and 2019, there were no potentially dilutive debt or equity instruments issued or outstanding. |
Stock-Based Compensation | Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Reclassifications | Certain prior period amounts have been reclassified to conform to current period presentation. There was no impact on the statements of operations. |
Recent Accounting Pronouncements | Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements. |
PROVISION FOR INCOME TAXES (Tab
PROVISION FOR INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PROVISION FOR INCOME TAXES | |
Schedule of income tax benefit expenses | December 31, December 31, 2020 2019 Tax benefit (expenses) at U.S. statutory rate $ (6,417 ) $ (9,733 ) Change in valuation allowance 6,417 9,733 Tax benefit (expenses), net $ - $ - |
Schedule of deferred tax assets | December 31, December 31, 2020 2019 Net operating loss $ 19,232 $ 12,815 Valuation allowance (19,232 ) (12,815 ) Deferred tax assets, net $ - $ - |
ORGANIZATION AND GOING CONCERN
ORGANIZATION AND GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ORGANIZATION AND GOING CONCERN | ||
Accumulated deficit | $ (91,580) | $ (61,022) |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PROPERTY AND EQUIPMENT | ||
Developed website, net | $ 0 | $ 12,047 |
Impairment loss on website | $ 12,047 | $ 0 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Capitalized software development [Member] | |
Property plant and equipment estimated useful life | 3 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Due to related party | $ 0 | $ 47,909 |
Director loan - related party | 5,581 | 9,336 |
Director [Member] | ||
Due to related party | $ 0 | $ 47,909 |
Debt conversion, converted instrument, shares | 30,000,000 | |
Debt conversion, converted instrument, amount | $ 51,003 | |
Related party debt | 14,988 | |
Director loan - related party | $ 5,581 |
STOCKHOLDER EQUITY (Details Nar
STOCKHOLDER EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Shares, Issued | 32,417,002 | 2,417,002 | |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Common Stock, Shares, Outstanding | 32,417,002 | 2,417,002 | |
Common stock shares issued | 346,000 | ||
Common stock shares issued, amount | $ 10,380 | ||
Price per share | $ 0.03 | ||
May And June, 2019 [Member] | |||
Common stock shares issued | 471,002 | ||
Common stock shares issued, amount | $ 14,130 | ||
Price per share | $ 0.03 | ||
Numbers of shareholders | 20 | ||
October 2020 [Member] | |||
Common shares issued to settle related party debt | 30,000,000 | ||
Common shares issued to settle related party debt, Value | $ 51,003 |
PROVISION FOR INCOME TAXES (Det
PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PROVISION FOR INCOME TAXES | ||
Tax benefit (expenses) at U.S. statutory rate | $ (6,417) | $ (9,733) |
Change in valuation allowance | 6,417 | 9,733 |
Tax benefit (expenses), net | $ 0 | $ 0 |
PROVISION FOR INCOME TAXES (D_2
PROVISION FOR INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PROVISION FOR INCOME TAXES | ||
Net operating loss | $ 19,232 | $ 12,815 |
Valuation allowance | (19,232) | (12,815) |
Deferred tax assets, net | $ 0 | $ 0 |
PROVISION FOR INCOME TAXES (D_3
PROVISION FOR INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
PROVISION FOR INCOME TAXES | ||
Income tax expense statutory rate | 21.00% | |
Future taxable expiration period | Between 2037 and 2039 | |
Net operating loss | $ 91,580 | |
Net operating loss carry forward | 50.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Par value | $ 0.0001 | $ 0.0001 |
MGH [Member] | Equity Purchase Agreement [Member] | ||
Common Stock, Par value | $ 0.0001 | |
Restricted shares of common stock | 275,445,452 | |
Common stock transaction amount | $ 500,000 | |
Ownership percentage issued and oustanding shares | 85.00% |