Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Nov. 09, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Crown Equity Holdings, Inc. | |
Entity Central Index Key | 1,103,833 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,799,389 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | $ 249 | $ 10,563 |
Total Current Assets | 249 | 10,563 |
Total Assets | 249 | 10,563 |
Current liabilities | ||
Accounts payable and accrued liabilities | 177,836 | 168,721 |
Accounts payable to related party | 10,583 | 10,583 |
Notes payable | 9,500 | 9,500 |
Notes payable to related parties | 6,116 | 6,116 |
Total Current Liabilities | 204,035 | 194,920 |
Stockholders' deficit | ||
Preferred stock, value | ||
Common Stock, 450,000,000 authorized at $0.001 par value; 11,357,275 and 11,341,831 shares issued and outstanding, respectively | 11,357 | 11,342 |
Additional paid-in capital | 10,916,533 | 10,877,369 |
Accumulated deficit | (11,131,677) | (11,073,069) |
Total stockholders' deficit | (203,786) | (184,357) |
Total liabilities and stockholders' deficit | 249 | 10,563 |
Series A Preferred Stock [Member] | ||
Stockholders' deficit | ||
Preferred stock, value | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Stockholders' deficit | ||
Preferred stock, par value | $ 0.001 | $ .001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 11,357,275 | 11,341,831 |
Common stock, shares outstanding | 11,357,275 | 11,341,831 |
Series A Preferred Stock [Member] | ||
Stockholders' deficit | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated Statements Of Operations | ||
Revenues | $ 654 | $ 934 |
Operating expenses | ||
General and administrative expense | 58,743 | 42,194 |
Total Operating Expenses | 58,743 | 42,194 |
Net Operating Loss | (58,089) | (41,260) |
Other (expense) income | ||
Interest expense | (519) | (45,230) |
Loss on debt settlement | (3,000) | |
Total Other Expense | (519) | (48,230) |
Net loss | $ (58,608) | $ (89,490) |
Net loss per common share - basic and diluted | $ (0.01) | $ (0.01) |
Weighted average number of shares outstanding basic and diluted | 11,351,197 | 10,975,927 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (58,608) | $ (89,490) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 39,179 | |
Loss on debt settlement | 3,000 | |
Amortization of beneficial conversion features | 44,000 | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 9,115 | (5,070) |
Net cash used in operating activities | (10,314) | (47,560) |
Cash flows from financing activities | ||
Proceeds from sale of common stock | 72,000 | |
Payments on related party notes payable | (2,230) | |
Borrowings on third-party convertible notes payable | 17,000 | |
Borrowings on related party convertible notes payable | 40,000 | |
Net cash provided by financing activities | 126,770 | |
Net increase (decrease) in cash | (10,314) | 79,210 |
Cash, beginning of period | 10,563 | 2,448 |
Cash, end of period | 249 | 81,658 |
Supplemental disclosure of cash flow information | ||
Interest paid | ||
Income taxes paid | ||
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued for settlement of debt and interest | 1,000 | |
Common stock issued for conversion of debt and interest | 57,000 | |
Beneficial conversion feature discount on convertible notes | $ 44,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 1 - BASIS OF PRESENTATION | The accompanying unaudited interim consolidated financial statements of Crown Equity Holdings Inc. (“Crown Equity”, the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in Crown Equity’s December 31, 2016 Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year end December 31, 2016 as reported on Form 10-K, have been omitted. Certain prior period amounts have been reclassified to conform to current period presentation. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | As shown in the accompanying financial statements, Crown Equity has an accumulated deficit of $11,131,677 and a working capital deficit of $203,786 as of March 31, 2017. Unless profitability and increase in shareholders’ equity continues, 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. The Company’s expenses are planned to decrease as a percent of revenue resulting in profitability and increased shareholders’ equity. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 3 - 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. As of March 31, 2017 and December 31, 2016, the Company had a payable of $10,583 to Montse Zaman, director. The payable is unsecured, bears no interest and due on demand. As of December 31, 2016, the Company had outstanding notes payable to related parties of $6,116. As of March 31, 2017 the aggregate outstanding balance under these related party notes payable was $6,116. These notes payables are with officers and directors of the Company and with entities controlled by officers or directors of the Company including Montse Zaman and etc, bear interest at 12%, and are currently in default. The Company evaluated embedded conversion features within convertible debt under ASC 815 "Derivatives and Hedging" and determine the embedded conversion feature(s) should not be bifurcated from the host instrument and not accounted for as a derivative. The Company further evaluated the instrument under ASC 470-20 "Debt with Conversion and Other Options" and determine the conversion option is a beneficial conversion feature (BCF). |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 4 - NOTES PAYABLE | As of March 31, 2017 and December 31, 2016, the aggregate unpaid principal balance under notes payable was $9,500 and $9,500 respectively due to non-related third parties. The notes were unsecured subject to annual interest of 0%, due on demand. |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 5 - EQUITY | During the three months ended March 31, 2017, the Company issued the following shares of common stock: · 15,444 shares for services valued at $39,179 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
NOTE 6 - SUBSEQUENT EVENTS | Subsequent to March 31, 2017, the Company issued total common shares of 442,114 which are broken down as follows: · 84,000 shares were issued for cash proceeds of $42,000 and · 26,308 shares were issued for the settlement of a promissory note and interest of $13,154 and · 31,806 shares were issued for services · 300,000 shares issued for services to the chairman of the board Promissory notes the Company entered subsequent to March 31, 2017 were as follows: During 2017, the following promissory notes were entered into subsequent to 03/31/2017: all notes have the following terms: 12% annual interest, due within one year and are convertible upon request from the holder. 1.) two notes with Arnulfo Saucedo-Bardan for $620 and $1,240; 2.) four notes from Mike Zaman for $350, $500, $460, and 1,000; 3.) Three notes from Chris Knudsen for $631, $200, $200; 4.) one note from Kevin Wiltz for $1,500; 5.) one note from Richard W. LeAndro for $3,000; 6.) Four notes from Montse Zaman for $50, $710, $40 and $1,500; During 2018, the following promissory notes were entered into subsequent to 03/31/2017: all notes have the following terms: 12% annual interest, due within one year and are convertible upon request from the holder. 1.) one note from Richard W. LeAndro for $3,000; 2.) Seven notes from Montse Zaman for $20, $400, $25, $40, $1,300, $700 and $760; 3.) one note from Mike Zaman for $450. On June 13, 2017 the following executive changes occurred: Accepted the resignations of Rudy Chacon as a Director and Vice President, and Steven Onoue as a Director. Appointed Brian P. Colvin as a Director and Vice President, as well as appointed Deborah P. Robinson as a Director and Chief Marketing Officer. On June 21, 2017 the following SEC filing occurred: The company filed Notice of Exempt Offering of Securities (Form D) in reference to its Private Placement Memorandum. On November 20, 2017 and December 19, 2017 the following two leases occurred respectively: The company leased equipment and devices from Dell in reference to servers to manage programs and network resources. Terms: 11/20/17 • Dell Financial Services • Equipment lease - Dell server products • Monthly rent payment: $1,186.02 • Lease term: 60 months • End of lease purchase option of $1. 12/19/17 • Lessor - Dell Financial Services • Equipment lease - Dell server products • Equipment total: $1504.9 • Monthly rent payment: $53.99 • Lease term: 36 months • End of lease purchase option of $1. On February 20, 2018 The company sold its “Doing Business As” company known as (iB2BGlobal.com) to American Video Teleconferencing, Corp. (AVOT), which included maintenance and maintaining the “iB2BGlobal.com” online site within the Crown Equity Holdings server in exchange for 40,000,000 restricted shares of “AVOT” stock. On June 26, 2018 the following director changes occurred: Appointed Steve Cantor as a Director and Chairman of Board. Mike Zaman resigned as Chairman of Board. On July 2, 2018, the Company received $50,000 on an advertising and marketing contract with a company related to our new Chairman. The contract is for nine months of advertising, reviewing, publishing and disseminating press releases. In August, 2018 the following occurred: August 21, 2018, OCHC LLC, a Company with common minor shareholder paid $632 of expenses on behalf of the Company, as well as on August 27, 2018 depositing $10,000 towards a future stock purchase of which no shares have been currently issued. On October 2, 2018 The company received a $35,000 convertible note from a related party, MUNTI CONSULTING, LLC (Steven Cantor). Terms: 10% annual interest, due within one year and is convertible at $0.50 per share upon request from the holder. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Going Concern | ||
Accumulated deficit | $ (11,131,677) | $ (11,073,069) |
Working capital deficit | $ (203,786) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Notes payable to related parties | $ 6,116 | $ 6,116 |
Accounts payable to related parties | $ 10,583 | $ 10,583 |
Interest rate | 0.00% | 0.00% |
Monste Zaman [Member] | ||
Accounts payable to related parties | $ 10,583 | $ 10,583 |
Interest rate | 12.00% | 12.00% |
NOTES PAYABLE (Details Narrati
NOTES PAYABLE (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Notes Payable Details Narrative | ||
Notes payable | $ 9,500 | $ 9,500 |
Interest rate | 0.00% | 0.00% |
Equity (Details Narrative)
Equity (Details Narrative) | 3 Months Ended |
Mar. 31, 2017USD ($)shares | |
Equity | |
Common stock issued for services, Shares | shares | 15,444 |
Common stock issued for services, Amount | $ | $ 39,179 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 02, 2018 | Feb. 20, 2018 | Dec. 19, 2017 | Nov. 20, 2017 | Mar. 31, 2017 | Oct. 02, 2018 | Mar. 31, 2018 | Dec. 31, 2016 |
Common stock shares issued | 11,357,275 | 11,341,831 | ||||||
Common stock shares issued for cash, value | $ 11,357 | $ 11,342 | ||||||
Common stock shares issued for services | 15,444 | |||||||
Subsequent Event [Member] | ||||||||
Common stock shares issued | 442,114 | |||||||
Common stock shares issued for cash, shares | 84,000 | |||||||
Common stock shares issued for cash, value | $ 42,000 | |||||||
Common stock shares issued for settlement of a promissory note and interest, shares | 26,308 | |||||||
Common stock shares issued for settlement of a promissory note and interest, value | $ 13,154 | |||||||
Common stock shares issued for services | 31,806 | |||||||
Monthly rent payment | $ 54 | $ 1,186 | ||||||
Lease term | 36 months | 60 months | ||||||
Lease purchase option | $ 1 | $ 1 | ||||||
Total lease equipment cost | $ 1,505 | |||||||
Subsequent Event [Member] | Chairman [Member] | ||||||||
Common stock shares issued for services | 300,000 | |||||||
Subsequent Event [Member] | Munti Consulting, LLC [Member] | Promissory Notes One [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | $ 35,000 | |||||||
Interest rate | 10.00% | |||||||
Convertible price | $ 0.50 | |||||||
Subsequent Event [Member] | New Chairman [Member] | ||||||||
Advertising and marketing contract received | $ 50,000 | |||||||
Advertising and marketing contract description | <font style="font: 10pt Times New Roman, Times, Serif">The contract is for nine months of advertising, reviewing, publishing and disseminating press releases.</font></p>" id="sjs-B24"><p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The contract is for nine months of advertising, reviewing, publishing and disseminating press releases.</font></p> | |||||||
Subsequent Event [Member] | AVOT [Member] | ||||||||
Exchange of restricted stock | 40,000,000 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes One [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | $ 20 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes One [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 50 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Two [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | 400 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Two [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 710 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Three [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | 25 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Three [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 40 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Four [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | 40 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Four [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 1,500 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Five [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | 1,300 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Six [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | 700 | |||||||
Subsequent Event [Member] | Monste Zaman [Member] | Promissory Notes Seven [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | 760 | |||||||
Subsequent Event [Member] | Richard W. LeAndro [Member] | Promissory Notes One [Member] | During 2018 [Member] | ||||||||
Convertible promissory notes | 3,000 | |||||||
Subsequent Event [Member] | Richard W. LeAndro [Member] | Promissory Notes One [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 3,000 | |||||||
Subsequent Event [Member] | Kevin Wiltz [Member] | Promissory Notes One [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 1,500 | |||||||
Subsequent Event [Member] | Chris Knudsen [Member] | Promissory Notes One [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 631 | |||||||
Subsequent Event [Member] | Chris Knudsen [Member] | Promissory Notes Two [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 200 | |||||||
Subsequent Event [Member] | Chris Knudsen [Member] | Promissory Notes Three [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 200 | |||||||
Subsequent Event [Member] | Mike Zaman [Member] | Promissory Notes One [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 450 | |||||||
Subsequent Event [Member] | Mike Zaman [Member] | Promissory Notes Two [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 500 | |||||||
Subsequent Event [Member] | Mike Zaman [Member] | Promissory Notes Three [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | 460 | |||||||
Subsequent Event [Member] | Mike Zaman [Member] | Promissory Notes Four [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | $ 1,000 | |||||||
Subsequent Event [Member] | Arnulfo Saucedo-Bardan [Member] | Promissory Notes One [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | $ 620 | |||||||
Subsequent Event [Member] | Arnulfo Saucedo-Bardan [Member] | Promissory Notes Two [Member] | During 2017 [Member] | ||||||||
Convertible promissory notes | $ 1,240 |