The Crypto Company (CRCW) 10-K 10 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 03, 2017	Jun. 30, 2016
Document And Entity Information
Entity Registrant Name	CROE, INC.
Entity Central Index Key	1,688,126
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		11,335,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 7,778	$ 0
Inventory	0	2,013
Total Current Assets	7,778	2,013
TOTAL ASSETS	7,778	2,013
CURRENT LIABILITIES
Accounts payable and accrued liabilities	1,973	1,639
Advances from related party	0	17,149
Note payable	17,249	0
Total Current Liabilities	19,222	18,788
TOTAL LIABILITIES	19,222	18,788
STOCKHOLDERS' DEFICIT
Preferred stock	0	0
Common stock	11,115	10,000
Additional paid-in capital	44,635	(10,000)
Accumulated deficit	(67,194)	(16,775)
Total Stockholders' Deficit	(11,444)	(16,775)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 7,778	$ 2,013

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common Stock, shares issued	11,115,000	10,000,000
Common Stock, shares outstanding	11,115,000	10,000,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
NET SALES	$ 0	$ 308
COST OF SALES	0	74
GROSS MARGIN	0	234
OPERATING EXPENSES
Professional and accounting fees	36,301	861
Other (including inventory write off of $2,013 in 2016)	13,774	4,883
Total Operating Expenses	50,075	5,744
LOSS FROM OPERATIONS	(50,075)	(5,510)
OTHER INCOME (EXPENSES)
Interest expense	(344)	0
Total Other Income (Expenses)	(344)	0
NET INCOME (LOSS)	$ (50,419)	$ (5,510)
Net income (loss) per common share - basic and diluted	$ 0	$ 0
Weighted average common shares outstanding - basic and diluted	10,274,454	10,000,000

Statements of Operations (Paren

Statements of Operations (Parenthetical)	12 Months Ended
	Dec. 31, 2016USD ($)
Income Statement [Abstract]
Inventory writeoff	$ 2,013

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Common stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2014	10,000,000
Beginning balance, value at Dec. 31, 2014	$ 10,000	$ (10,000)	$ (11,265)	$ (11,265)
Common stock issued for services, value				0
Net loss			(5,510)	(5,510)
Ending balance, shares at Dec. 31, 2015	10,000,000
Ending balance, value at Dec. 31, 2015	$ 10,000	(10,000)	(11,265)	$ (16,775)
Common stock issued for cash, shares	980,000			980,000
Common stock issued for cash, value	$ 980	48,020	0	$ 49,000
Common stock issued for services, shares	135,000			135,000
Common stock issued for services, value	$ 135	6,615	0	$ 6,750
Net loss			(50,419)	(50,419)
Ending balance, shares at Dec. 31, 2016	11,115,000
Ending balance, value at Dec. 31, 2016	$ 11,115	$ 44,635	$ (67,194)	$ (11,444)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (50,419)	$ (5,510)
Adjustments to reconcile net loss to net cash used by operating activities:
Common stock issued for services	6,750	0
Inventory write off	2,013	0
Changes in operating assets and liabilities:
Accounts receivable	0	493
Inventory	0	(215)
Accounts payable and accrued liabilities	334	871
Net Cash Used by Operating Activities	(41,322)	(4,361)
CASH FLOWS FROM INVESTING ACTIVITIES:	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock	49,000	0
Proceeds from advances from related party (net)	100	4,150
Net Cash Provided by Financing Activities	49,100	4,150
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	7,778	(211)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	211
CASH AND CASH EQUIVALENTS, END OF PERIOD	7,778	0
Cash Payments For:
Interest	0	0
Taxes	$ 0	$ 0

NOTE 1 - ORGANIZATION AND DESCR

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS CROE, Inc. (the Company) was incorporated in the State of Utah on December 2, 2013. The Company is a fitness apparel company with the mission of creating supportive, protective, and innovative sports bras and fitness apparel for the market. Our featured product in development is the "CroeNest", a pocket in our sports bras and exercise pants that is sweat resistant and radiation resistant for athletes and exercise enthusiasts. In addition, we have created other apparel with our unique branding and trademarks. Our motto is "Fearless Determination," and our corporate goal is to instill a healthy and strong lifestyle to our customers through our products.

NOTE 2 - SIGNIFICANT ACCOUNTING

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. The following policies are considered to be significant: a. Accounting Method The Company recognizes income and expenses based on the accrual method of accounting. The Company has elected a calendar year-end. b. Cash and Cash Equivalents Cash equivalents are generally comprised of certain highly liquid investments with original maturities of less than three months. c. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. d. Inventory Inventory, consisting of clothing and other fashion products available for sale, are accounted for using the First-in, First-out (“FIFO”) method and are carried at the lower of cost or market value. e. Revenue Recognition Revenue is recognized upon delivery of goods where the sales price is fixed or determinable and collectibility is reasonably assured. Revenue is not recognized until persuasive evidence of an arrangement exists. Product sales were solely derived from the resale of clothing and other fashion items. Product sales are not warranted by the Company and may be subject only to warranties that may be provided by the product manufacturer. For the periods presented, all sales were from online stores. f. Shipping Costs Shipping costs, which were not material for the periods presented, are expensed as incurred and included in operating expenses. g. Advertising Costs Advertising costs, which were not material for the periods presented, are expensed as incurred. h. Research and Development Costs Research and development costs, which were $-0- and $2,521 for the years ended December 31, 2016 and 2015, respectively, are expensed as incurred. i. Stock Based Compensation The Company accounts for its stock based compensation under ASC 718 “Compensation – Stock Compensation” using the fair value based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. j. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that all or some portion of such deferred tax assets will not be realized. A full allowance against deferred tax assets was provided as of December 31, 2016 and 2015. k. Basic and Diluted Net Loss per Share of Common Stock Basic net loss per common share is based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. There are no common stock equivalents as of December 31, 2016 and for the periods presented. l. Recent Accounting Pronouncements The Company has evaluated recent accounting pronouncements and believes that none of them will have a material effect on the Company’s financial statements.

NOTE 3 - ADVANCES FROM RELATED

NOTE 3 - ADVANCES FROM RELATED PARTY	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
NOTE 3 - ADVANCES FROM RELATED PARTY	NOTE 3 - ADVANCES FROM RELATED PARTY The advances from related party liability at December 31, 2015 ($17,149) was due to John Thomas, the husband of the founder and Chief Executive Officer of the Company. The liability was non-interest bearing and due on demand. On October 1, 2016 the advances were converted into a promissory note. See Note 4.

NOTE 4 - NOTE PAYABLE

NOTE 4 - NOTE PAYABLE	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
NOTE 4 - NOTE PAYABLE	NOTE 4 - NOTE PAYABLE On October 1, 2016, the Company issued a promissory note to convert the advances from related party in the amount of $17,249. The note, which was assigned in December 2016 from John Thomas to a Company consultant, bears interest at 8% and is due on demand. As of and for the year ended December 31, 2016, accrued interest and interest expense on the note was $334.

NOTE 5 - EQUITY TRANSACTIONS

NOTE 5 - EQUITY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
NOTE 5 - EQUITY TRANSACTIONS	NOTE 5 - EQUITY TRANSACTIONS The Company has 50,000,000 shares of common stock authorized with a par value of $0.001. 10,000,000 shares of common stock were issued to the founder of the Company on incorporation. During the year ended December 31, 2016, the Company sold a total of 980,000 shares of its common stock to individual investors at a price of $0.05 per share or $49,000 total. On October 14, 2016 (effective October 2, 2016), the Company issued a total of 135,000 shares of its common stock to 7 service providers for services rendered. 50,000 of the shares were issued to Elliott Polatoff, a director of the Company, and 15,000 of the shares were issued to John D. Thomas P.C., a law firm owned by the husband of the founder and Chief Executive Officer of the Company. The stock was valued at a price of $0.05 per share or $6,750 total.

NOTE 6 - INCOME TAXES

NOTE 6 - INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
NOTE 6 - INCOME TAXES	NOTE 6 - INCOME TAXES The income tax provision (benefit) consists of: December 31, 2016 December 31, 2015 Current $ — $ — Deferred — — Total $ — $ — The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 35% to pretax income for the years ended December 31, 2016 and 2015 due to the following: December 31, 2016 December 31, 2015 Expected tax (benefit) at 35% $ (17,647 ) $ (1,929 ) Non-deductible stock-based compensation 2,363 — Change in valuation allowance 15,284 1,929 Provision for income taxes $ — $ — Net deferred tax assets consist of the following components as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Deferred tax assets: Net operation loss carryforwards $ 21,155 $ 5,871 Valuation allowance (21,155 ) (5,871 ) Net deferred tax asset $ — $ — Based on management’s present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $21,155 attributable to the future utilization of $60,444 of net operating loss carryforwards will be realized. Accordingly, the Company has maintained a 100% allowance against the deferred tax asset in the financial statements at December 31, 2016. The Company will continue to review this valuation allowance and make adjustments as appropriate. The net operating loss carryforwards expire $11,265 in year 2034, $5,510 in year 2035, and $43,669 in year 2036. Current Unites States income tax law limits the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. The Company has had no tax positions since inception.

NOTE 7 - FINANCIAL INSTRUMENTS

NOTE 7 - FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
NOTE 7 - FINANCIAL INSTRUMENTS	NOTE 7 - FINANCIAL INSTRUMENTS Our financial instruments consist of cash and cash equivalents, accounts payable and accrued liabilities, advances from related party, and note payable. The carrying amount of these assets and liabilities approximate fair value due to their short-term nature.

NOTE 8 - GOING CONCERN

NOTE 8 - GOING CONCERN	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 8 - GOING CONCERN	NOTE 8 - 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 satisfaction of liabilities in the normal course of business. The Company has sustained significant net losses which have resulted in an accumulated deficit at December 31, 2016 of approximately $67,000 and has experienced periodic cash flow difficulties, all of which raise substantial doubt regarding the Company’s ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining additional working capital. The management of the Company has developed a strategy which it believes will accomplish this objective through additional sales of common stock which will enable the Company to continue operations for the coming year. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

NOTE 9 - RELATED PARTY TRANSACT

NOTE 9 - RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
NOTE 9 - RELATED PARTY TRANSACTIONS	NOTE 9 - RELATED PARTY TRANSACTIONS During the year ended December 31, 2016, the Company paid legal fees of $26,500 to John D. Thomas P.C., a law firm owned by the husband of the founder and Chief Executive Officer of the Company. During the year ended December 31, 2016, the Company paid consulting fees of $5,000 to Elliott Polatoff, a director of the Company.

NOTE 10 - COMMITMENTS

NOTE 10 - COMMITMENTS	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
NOTE 10 - COMMITMENTS	NOTE 10 - COMMITMENTS On October 1, 2016, the Company executed a Sublease Agreement with Acadia Properties LLC for the rental of office space. The agreement, which has a term from October 1, 2016 to December 31, 2017, provides for monthly rent of $500 commencing January 1, 2017.

NOTE 11 - SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
NOTE 11 - SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS In January 2017, the Company sold a total of 220,000 shares of its common stock to 8 individual investors at a price of $0.05 per share or $11,000. On January 3, 2017, the Company paid legal fees of $4,000 to John D. Thomas P.C., a law firm owned by the husband of the founder and Chief Executive Officer of the Company. On January 3, 2017, the Company paid $4,000 to Elliott Polatoff, a member of the Company's board of directors, for consulting services.

NOTE 2 - SIGNIFICANT ACCOUNTI19

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Accounting Method	a. Accounting Method The Company recognizes income and expenses based on the accrual method of accounting. The Company has elected a calendar year-end.
Cash and Cash Equivalents	b. Cash and Cash Equivalents Cash equivalents are generally comprised of certain highly liquid investments with original maturities of less than three months.
Use of Estimates in the Preparation of Financial Statements	c. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Inventory	d. Inventory Inventory, consisting of clothing and other fashion products available for sale, are accounted for using the First-in, First-out (“FIFO”) method and are carried at the lower of cost or market value.
Revenue Recognition	e. Revenue Recognition Revenue is recognized upon delivery of goods where the sales price is fixed or determinable and collectibility is reasonably assured. Revenue is not recognized until persuasive evidence of an arrangement exists. Product sales were solely derived from the resale of clothing and other fashion items. Product sales are not warranted by the Company and may be subject only to warranties that may be provided by the product manufacturer. For the periods presented, all sales were from online stores.
Shipping Costs	f. Shipping Costs Shipping costs, which were not material for the periods presented, are expensed as incurred and included in operating expenses.
Advertising Costs	g. Advertising Costs Advertising costs, which were not material for the periods presented, are expensed as incurred.
Research and Development Costs	h. Research and Development Costs Research and development costs, which were $-0- and $2,521 for the years ended December 31, 2016 and 2015, respectively, are expensed as incurred.
Stock Based Compensation	i. Stock Based Compensation The Company accounts for its stock based compensation under ASC 718 “Compensation – Stock Compensation” using the fair value based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.
Income Taxes	j. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that all or some portion of such deferred tax assets will not be realized. A full allowance against deferred tax assets was provided as of December 31, 2016 and 2015.
Basic and Diluted Net Loss per Share of Common Stock	k. Basic and Diluted Net Loss per Share of Common Stock Basic net loss per common share is based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. There are no common stock equivalents as of December 31, 2016 and for the periods presented.
Recent Accounting Pronouncements	l. Recent Accounting Pronouncements The Company has evaluated recent accounting pronouncements and believes that none of them will have a material effect on the Company’s financial statements.

NOTE 6 - INCOME TAXES (Tables)

NOTE 6 - INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income taxes	December 31, 2016 December 31, 2015 Expected tax (benefit) at 35% $ (17,647 ) $ (1,929 ) Non-deductible stock-based compensation 2,363 — Change in valuation allowance 15,284 1,929 Provision for income taxes $ — $ —
Net deferred tax assets	December 31, 2016 December 31, 2015 Deferred tax assets: Net operation loss carryforwards $ 21,155 $ 5,871 Valuation allowance (21,155 ) (5,871 ) Net deferred tax asset $ — $ —

NOTE 6 - INCOME TAXES - Income

NOTE 6 - INCOME TAXES - Income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Expected tax at 34%	$ (17,647)	$ (1,929)
Non-deductible stock-based compensation	2,363	0
Change in valuation allowance	15,284	1,929
Provision for income taxes	$ 0	$ 0

NOTE 6 - INCOME TAXES - Net def

NOTE 6 - INCOME TAXES - Net deferred tax assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Net operation loss carryover	$ 21,155	$ 5,871
Valuation allowance	(21,155)	(5,871)
Net deferred tax asset	$ 0	$ 0

NOTE 2 - SIGNIFICANT ACCOUNTI23

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Research and development costs	$ 0	$ 2,521

NOTE 4 - NOTE PAYABLE (Details

NOTE 4 - NOTE PAYABLE (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Advances to related parties	$ 0	$ (17,149)
Accrued interest	$ 334

NOTE 5 - EQUITY TRANSACTIONS (D

NOTE 5 - EQUITY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Common stock issued for cash, shares	220,000	980,000
Common stock issued for cash, value	$ 11,000	$ 49,000
Common stock issued for services, shares		135,000
Price per share		$ 0.05

NOTE 9 - RELATED PARTY TRANSA26

NOTE 9 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Professional fees	$ 4,000	$ 36,301	$ 861
Legal fees
Professional fees		26,500
Consulting fees
Professional fees		$ 5,000

NOTE 11 - SUBSEQUENT EVENTS (De

NOTE 11 - SUBSEQUENT EVENTS (Details Narative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 03, 2017
Note 11 - Subsequent Events Details Narative
Stock issued, shares	220,000	980,000
Stock issued, value	$ 11,000	$ 49,000
Stock issued, per share price				$ 0.05
Consulting fees	4,000
Legal fees	$ 4,000	$ 36,301	$ 861