Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Crypto Co |
Entity Central Index Key | 0001688126 |
Document Type | 8-K/A |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | true |
Amendment Description | This Amendment No. 1 to the Current Report on Form 8-K (this "Amendment") is being filed by The Crypto Company, Inc. (the "Company") for the purpose of amending and supplementing Item 9.01 of that certain Current Report on Form 8-K originally filed by the Company with the Securities and Exchange Commission ("SEC") on April 12, 2021 (the "Original Form 8-K") in connection with the Company's acquisition of Blockchain Training Alliance, Inc. ("BTA"). As indicated in the Original Form 8-K, this Form 8-K/A is being filed to provide the information required by Item 9.01 of Form 8-K, which was not previously filed with the Original Form 8-K as permitted by the rules of the SEC. |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - Blockchain Training Alliance, Inc. [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash | $ 1,204 | $ 2,288 |
Total Assets | 1,204 | 2,288 |
Current liabilities | ||
Loans payable | 83,442 | 74,730 |
Total current liabilities | 83,442 | 74,730 |
Total liabilities | 83,442 | 74,730 |
Stockholders' Equity | ||
Common stock, Par Value $.0001, 10,000,000 shares authorized, 6,000,000 and 6,000,000 issued and outstanding of shares as of December 31, 2020 and 2019, respectively. | 600 | 600 |
Additional paid in capital | ||
Retained earnings (deficit) | (82,839) | (73,042) |
Total Stockholders' (Deficit) | (82,239) | (72,442) |
Total Liabilities and Stockholders' (Equity) | $ 1,204 | $ 2,288 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - Blockchain Training Alliance, Inc. [Member] - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value | $ .0001 | $ .0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,000,000 | 6,000,000 |
Common stock, shares outstanding | 6,000,000 | 6,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - Blockchain Training Alliance, Inc. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | ||
Sales net of discounts | $ 570,070 | $ 1,005,293 |
COGS | 101,092 | 331,293 |
Gross profit | 468,978 | 674,000 |
Operating Expenses: | ||
Administrative expenses | 174,190 | 305,036 |
Payroll expenses | 194,885 | 372,500 |
Related party compensation expense | 117,700 | 87,057 |
Legal and professional expenses | 6,384 | |
Total operating expenses | 486,775 | 770,977 |
(Loss) from operations | ||
Other expense | ||
Other (expense) net | 8,000 | |
Income (loss) before provision for income taxes | (9,797) | (96,977) |
Provision for income taxes | ||
Net (Loss) | $ (9,797) | $ (96,977) |
Basic and diluted earnings(loss) per common share | $ 0 | $ (0.02) |
Weighted average number of shares outstanding | 6,000,000 | 6,000,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity - Blockchain Training Alliance, Inc. [Member] - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total Stockholders' Equity [Member] |
Beginning balance at Dec. 31, 2018 | $ 600 | $ 23,935 | $ 24,535 | |
Beginning balance, shares at Dec. 31, 2018 | 6,000,000 | |||
Net income (loss) | (96,977) | (96,977) | ||
Ending balance at Dec. 31, 2019 | $ 600 | (73,042) | (72,442) | |
Ending balance, shares at Dec. 31, 2019 | 6,000,000 | |||
Net income (loss) | (9,797) | (9,797) | ||
Ending balance at Dec. 31, 2020 | $ 600 | $ (82,839) | $ (82,239) | |
Ending balance, shares at Dec. 31, 2020 | 6,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Blockchain Training Alliance, Inc. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (9,797) | $ (96,977) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Other receivable | 5,013 | |
Net cash provided by (used for) operating activities | (9,797) | (91,964) |
Cash Flows From Investing Activities: | ||
Net cash provided by (used for) investing activities | ||
Cash Flows From Financing Activities: | ||
Loans payable | (24,288) | 29,539 |
Proceeds from PPP Loan | 33,000 | |
Net cash provided by (used for) financing activities | 8,712 | 29,539 |
Net Increase (Decrease) In Cash | (1,084) | (62,425) |
Cash At The Beginning Of The Period | 2,288 | 64,714 |
Cash At The End Of The Period | $ 1,204 | $ 2,288 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Blockchain Training Alliance, Inc. [Member] | |
Organization and Description of Business | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Blockchain Training Alliance, Inc., (“BTA”, or the Company) was organized in Delaware on February 26, 2018 with the mission of building Blockchain technology education strategically for corporate solutions. Training is delivered self-paced online, at clients location, and has globally recognized Certifications have been proctored online and in person. The Company is focused on helping current and future professionals through education and certification build the skills they need to implement Blockchain solutions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Blockchain Training Alliance, Inc. [Member] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On December 31, 2020, totaled $1,204. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Substantial Doubt about the Company’s Ability to Continue as a Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Fair Value of Financial Instruments The Company determines the fair value of its assets and liabilities based on the exchange price in U.S. dollars 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. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2 — Inputs, other than Level 1, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of financial instruments such as cash, and accounts payable and accrued liabilities, approximate the related fair values due to the short-term maturities of these instruments. The carrying values of our notes payable approximate their fair values because interest rates on these obligations are based on prevailing market interest rates. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Blockchain Training Alliance, Inc. [Member] | |
Equity | NOTE 3 – EQUITY The Company was formed as an Corporation on February 26, 2018 with 10,000,000 common stock authorized. As of December 31, 2020 there were 6,000,000 common stocks outstanding. Since inception there have been no capital contributions or distributions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Blockchain Training Alliance, Inc. [Member] | |
Commitments and Contingencies | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company had contractual commitments in the amount of $83,442 as of December 31, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Blockchain Training Alliance, Inc. [Member] | |
Subsequent Events | NOTE 5 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements. The Company entered into a Stock Purchase Agreement (the “SPA”) effective as of March 24, 2021 with The Crypto Company (“Crypto Co.”) based in Malibu California. On April 8, 2021, the Company completed the sale of all of its issued and outstanding stock and became a wholly owned subsidiary of Crypto Co. At the closing the Company’s shareholder’s received a total of $600,000 in cash, promissory notes in the total principal amount of $150,000 bearing 1% interest per annum, and an aggregate of 201,439 restricted common shares of Crypto Co. in accordance with the terms of the SPA. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) - Blockchain Training Alliance, Inc. [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On December 31, 2020, totaled $1,204. |
Net Loss Per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Substantial Doubt About the Company's Ability to Continue as a Going Concern | Substantial Doubt about the Company’s Ability to Continue as a Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company determines the fair value of its assets and liabilities based on the exchange price in U.S. dollars 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. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2 — Inputs, other than Level 1, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of financial instruments such as cash, and accounts payable and accrued liabilities, approximate the related fair values due to the short-term maturities of these instruments. The carrying values of our notes payable approximate their fair values because interest rates on these obligations are based on prevailing market interest rates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Blockchain Training Alliance, Inc. [Member] | ||
Cash and cash equivalents | $ 1,204 | $ 2,288 |
Equity (Details Narrative)
Equity (Details Narrative) - Blockchain Training Alliance, Inc. [Member] - shares | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 26, 2018 |
Common stock authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock outstanding | 6,000,000 | 6,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Dec. 31, 2020USD ($) |
Blockchain Training Alliance, Inc. [Member] | |
Contractual commitments | $ 83,442 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Blockchain Training Alliance, Inc. [Member] - Subsequent Event [Member] - Stock Purchase Agreement [Member] | Apr. 08, 2021USD ($)shares |
Cash received | $ 600,000 |
Principal amount of promissory notes | $ 150,000 |
Interest rate | 1.00% |
Restricted common shares received | shares | 201,439 |