Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Sep. 29, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | CRUCIAL INNOVATIONS CORP. | |
Entity Central Index Key | 0001766016 | |
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 | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 32,417,002 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation State Country Code | NV | |
Entity Interactive Data Current | Yes | |
Entity File Number | 333-229638 | |
Entity Tax Identification Number | 98-1446012 | |
Entity Address Address Line 1 | 3773 Howard Hughes Parkway | |
Entity Address Address Line 2 | Suite 500S | |
Entity Address City Or Town | Las Vegas | |
Entity Address State Or Province | NV | |
Entity Address Postal Zip Code | 89169 | |
City Area Code | 702 | |
Local Phone Number | 553-8372 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
Current Liabilities | ||
Accounts payable | 5,019 | 429 |
Convertible note and accrued interest, net of unamortized discount | 8,556 | 0 |
Total Current Liabilities | 13,575 | 429 |
Total Liabilities | 13,575 | 429 |
Stockholders' Deficit | ||
Common stock: 75,000,000 authorized; $0.0001 par value, 32,417,002 shares issued and outstanding, respectively | 3,241 | 3,241 |
Additional paid-in capital | 94,390 | 87,910 |
Accumulated deficit | (111,206) | (91,580) |
Total Stockholders' Deficit | (13,575) | (429) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 32,417,002 |
Common Stock, Shares, Outstanding | 32,417,002 | 32,417,002 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
STATEMENTS OF OPERATIONS (Unaudited) | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses | ||||
General and administrative expenses | 11,070 | 5,926 | 11,070 | 11,181 |
Total operating expenses | 11,070 | 5,926 | 11,070 | 11,181 |
Net loss from operations | (11,070) | (5,926) | (11,070) | (11,181) |
Other Expense | ||||
Interest expense | (8,556) | 0 | (8,556) | 0 |
Total other expense | (8,556) | 0 | (8,556) | 0 |
Net loss before taxes | (19,626) | (5,926) | (19,626) | (11,181) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (19,626) | $ (5,926) | $ (19,626) | $ (11,181) |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding, basic and diluted | 32,417,002 | 1,872,113 | 32,417,002 | 1,872,113 |
STATEMENTS OF STOCKHOLDERS DEFI
STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Dec. 31, 2019 | 2,417,002 | |||
Balance, amount at Dec. 31, 2019 | $ (35,862) | $ 241 | $ 24,919 | $ (61,022) |
Net loss | (5,255) | $ 0 | 0 | (5,255) |
Balance, shares at Mar. 31, 2020 | 2,417,002 | |||
Balance, amount at Mar. 31, 2020 | (41,117) | $ 241 | 24,919 | (66,277) |
Balance, shares at Dec. 31, 2019 | 2,417,002 | |||
Balance, amount at Dec. 31, 2019 | (35,862) | $ 241 | 24,919 | (61,022) |
Net loss | (11,181) | |||
Balance, shares at Jun. 30, 2020 | 2,417,002 | |||
Balance, amount at Jun. 30, 2020 | (47,043) | $ 241 | 24,919 | (72,203) |
Balance, shares at Mar. 31, 2020 | 2,417,002 | |||
Balance, amount at Mar. 31, 2020 | (41,117) | $ 241 | 24,919 | (66,277) |
Net loss | (5,926) | $ 0 | 0 | (5,926) |
Balance, shares at Jun. 30, 2020 | 2,417,002 | |||
Balance, amount at Jun. 30, 2020 | (47,043) | $ 241 | 24,919 | (72,203) |
Balance, shares at Dec. 31, 2020 | 32,417,002 | |||
Balance, amount at Dec. 31, 2020 | (429) | $ 3,241 | 87,910 | (91,580) |
Net loss | 0 | $ 0 | 0 | 0 |
Balance, shares at Mar. 31, 2021 | 32,417,002 | |||
Balance, amount at Mar. 31, 2021 | (429) | $ 3,241 | 87,910 | (91,580) |
Balance, shares at Dec. 31, 2020 | 32,417,002 | |||
Balance, amount at Dec. 31, 2020 | (429) | $ 3,241 | 87,910 | (91,580) |
Net loss | (19,626) | |||
Balance, shares at Jun. 30, 2021 | 32,417,002 | |||
Balance, amount at Jun. 30, 2021 | (13,575) | $ 3,241 | 94,390 | (111,206) |
Balance, shares at Mar. 31, 2021 | 32,417,002 | |||
Balance, amount at Mar. 31, 2021 | (429) | $ 3,241 | 87,910 | (91,580) |
Net loss | (19,626) | 0 | 0 | (19,626) |
Beneficial conversion feature | 6,480 | $ 0 | 6,480 | 0 |
Balance, shares at Jun. 30, 2021 | 32,417,002 | |||
Balance, amount at Jun. 30, 2021 | $ (13,575) | $ 3,241 | $ 94,390 | $ (111,206) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (19,626) | $ (11,181) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 0 | 1,302 |
Amortization of debt discount | 5,544 | 0 |
Changes in operating assets and liabilities: | ||
Accounts payable - related party | 4,590 | 7,500 |
Accrued expenses | 0 | (2,000) |
Accrued interest | 3,012 | 0 |
Net Cash Used in Operating Activities | (6,480) | (4,379) |
Cash Flows from Financing Activities: | ||
Director loan - related party | 0 | 4,379 |
Proceed from convertible note | 6,480 | 0 |
Net Cash Provided by Financing Activities | 6,480 | 4,379 |
Net change in cash | 0 | 0 |
Cash, beginning of period | 0 | 1,950 |
Cash, end of period | 0 | 1,950 |
Supplemental cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | 0 | 0 |
Supplemental disclosure of non-cash financing activity | ||
Beneficial conversion feature | $ 6,480 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, as filed with the SEC on June 8, 2021. 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. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2021 | |
GOING CONCERN | |
NOTE 2- GOING CONCERN | NOTE 2 – GOING CONCERN 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 June 30, 2021, the Company had an accumulated deficit of $111,206, a net loss of $19,626 for the six months ended June 30, 2021 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 3- RELATED PARTY TRANSACTIONS | NOTE 3 – RELATED PARTY TRANSACTIONS During the six months ended June 30, 2021 and 2020, our former director advanced $0 and $2,854 for operating expenses. During the six months ended June 30, 2021 and 2020, consulting services rendered by related party to the Company were $0 and $3,750, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 4- COMMITMENTS AND CONTINGENCIES | NOTE 4 – 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. |
CONVERTIBLE NOTE
CONVERTIBLE NOTE | 6 Months Ended |
Jun. 30, 2021 | |
CONVERTIBLE NOTE | |
NOTE 5- CONVERTIBLE NOTE | NOTE 5 – CONVERRTIBLE NOTE During the six months ended June 30, 2021, the Company issued a convertible note with a conversion price of 60% discount on the market price to pay operating expenses of $6,480. The Company shall repay the amount of $10,000 within 90 days. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $6,480. During the six months ended June 30, 2021, the Company recorded interest expense of $3,012 and amortization of debt discount of $5,544. At June 30, 2021, the Company had convertible note of $6,480, accrued interest of $3,012 and debt discount of $936 as of June 30, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 6- SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS On December 31, 2020, the Company entered into a definitive Equity Purchase Agreement with Mercantile Global Holdings, Inc., a Delaware corporation (“MGH”). On September 2, 2021, the Company and MGH entered into a Mutual Termination Agreement, whereby the parties agreed to terminate the Equity Purchase Agreement. The Mutual Termination Agreement provided for a mutual release of the parties. On September 13, 2021, the Company entered into a definitive Share Purchase Agreement (the “Agreement”) with JPD Capital PCC, a Guernsey Channel Islands registered company (“JPD”) . Pursuant to the terms of the Agreement, the Company will acquire from JPD an aggregate of 96% of all of the issued and outstanding shares of capital stock of Eco Equity Zimbabwe, a Zimbabwe registered company (“ECO”), in exchange for consideration consisting of 42,000,000 restricted shares of Company’s common stock, $0.0001 par value, which will represent Fifty-six percent (56%) of all issued and outstanding shares of Company common stock at the time of the closing of the transaction. The Agreement also provides for the Company, post-closing, to increase the number of its authorized shares of common stock from 75,000,000 shares to 80,000,000 shares, in anticipation of a post-closing private placement stock of 5,000,000 shares of the Company’s common stock. Coincident with the closing of the transaction, the Company’s existing officers and directors will resign and JPD shall name a majority of the new directors, who shall then appoint a new Chief Executive Officer, Chief Financial Officer, and Secretary of the Company. |
SUMMARY OF SIGNIFCANT ACCOUNTIN
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, as filed with the SEC on June 8, 2021. |
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. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
GOING CONCERN | |||||||
Accumulated deficit | $ (111,206) | $ (111,206) | $ (91,580) | ||||
Net loss | $ (19,626) | $ 0 | $ (5,926) | $ (5,255) | $ (19,626) | $ (11,181) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party [Member] | ||
Consulting services rendered by related party | $ 0 | $ 3,750 |
Former Director [Member] | ||
Operating expenses | $ 0 | $ 2,854 |
CONVERTIBLE NOTE (Details Narra
CONVERTIBLE NOTE (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CONVERTIBLE NOTE | ||
Conversion price, discount rate | 60.00% | |
Net cash used in operating activities | $ (6,480) | $ (4,379) |
Repayment of debt | 10,000 | |
Beneficial conversion feature | 6,480 | 0 |
Proceed from convertible note | 6,480 | 0 |
Interest expense | 3,012 | |
Amortization of debt discount | 5,544 | 0 |
Accrued interest | 3,012 | $ 0 |
Debt discount | $ 936 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - $ / shares | Sep. 13, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock par value | $ 0.0001 | $ 0.0001 | |
Subsequent Event [Member] | Share Purchase Agreement [Member] | JPD Capital PCC [Member] | |||
Increase number of common stock shares authorized | 80,000,000 | ||
Private placement | 5,000,000 | ||
Common stock par value | $ 0.0001 | ||
Ownership percentage issued and oustanding shares | 96.00% | ||
Restricted shares of common stock | 42,000,000 |