Crona (CCCP) 10-Q 23 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 20, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	CRONA CORP.
Entity Central Index Key	0001696411
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		6,087,500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Total Assets	$ 0	$ 0
Current Liabilities
Accounts payable	75	2,800
Related party advance	17,106	0
Total Current Liabilities	17,181	2,800
Total Liabilities	17,181	2,800
Commitments and Contingencies (Note 5)
Stockholders' Deficit
Common stock, par value $0.001; 75,000,000 shares authorized, 6,087,500 shares issued and outstanding	6,088	6,088
Additional paid in capital	$ 31,403	$ 31,403
Accumulated deficit	(54,672)	(40,291)
Total Stockholders' Deficit	(17,181)	(2,800)
Total Liabilities and Stockholders' Deficit	$ 0	$ 0

CONDENSED BALANCE SHEETS (Una_2

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	75,000,000	75,000,000
Common stock shares issued and outstanding	6,087,500	6,087,500

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
REVENUES	$ 0	$ 0	$ 0	$ 0
Gross Profit	0	0	0	0
OPERATING EXPENSES
Professional Fees	10,081	300	17,381	900
TOTAL OPERATING EXPENSES	10,081	300	17,381	900
GAIN ON FORGIVENESS OF DEBT	0	0	3,000	0
NET LOSS FROM OPERATIONS	(10,081)	(300)	(14,381)	(900)
PROVISION FOR INCOME TAXES	0	0	0	0
NET LOSS	$ (10,081)	$ (300)	$ (14,381)	$ (900)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	6,087,500	6,087,500	6,087,500	6,087,500

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT - 9 months ended Sep. 30, 2020 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ (2,800)	$ 6,088	$ 31,403	$ (40,291)
Balance (in shares) at Dec. 31, 2019		6,087,500
Net loss	(14,381)			(14,381)
Balance at Sep. 30, 2020	$ (17,181)	$ 6,088	$ 31,403	$ (54,672)
Balance (in shares) at Sep. 30, 2020		6,087,500

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (14,381)	$ (900)
Adjustments to reconcile net loss to net cash used in operating activities
Gain on forgiveness of debt	(3,000)	0
Changes in operating assets and liabilities:
Accounts payable	(2,725)	900
CASH FLOWS FROM OPERATING ACTIVITIES	(20,106)	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party advance	20,106	0
CASH FLOWS FROM FINANCING ACTIVITIES	20,106	0
NET CHANGE IN CASH	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

- ORGANIZATION AND NATURE OF BU

- ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Sep. 30, 2020
- ORGANIZATION AND NATURE OF BUSINESS [Abstract]
- ORGANIZATION AND NATURE OF BUSINESS	Note 1 - ORGANIZATION AND NATURE OF BUSINESS Crona Corp. (“the Company”) was incorporated in the State of Nevada on October 6, 2016. Crona Corp. was established for the purpose of quality sound recording needs. The Company is located in Romania and began its operations in early 2017. The Company provides recording, studio and engineer/ producer services for record labels, music producers and recording artists.

- GOING CONCERN

- GOING CONCERN	9 Months Ended
	Sep. 30, 2020
- GOING CONCERN [Abstract]
- GOING CONCERN	Note 2 - GOING CONCERN The accompanying condensed financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern. The Company generated no revenues for the nine months ended September 30, 2020. The Company currently has losses of $14,381 and $54,672 for the nine months ended September 30, 2020 and the period from inception (October 6, 2016) to September 30, 2020, respectively, and has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management's efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

- SUMMARY OF SIGNIFCANT ACCOUNT

- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract]
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	Note 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed financial statements have been prepared in accordance with 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 of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Crona Corp. NOTES TO THE CONDENSED FINANCIAL STATEMENTS September 30, 2020 Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers ”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The contract between the Company and the customer is signed without specific quantity of service to be used from the date of signing. The revenue depends on the hours spent on the recording services. The rates of the specific services are set out in the contract. The Company's revenues are recognized at a point-in-time as ownership of track, mix or master (when it is approved by the customer) is transferred at a distinct point in time per the terms of a contract. The Company shall not be liable for any failure to perform its obligations if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for services under the contract. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 606 . Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of September 30, 2020, there were no potentially dilutive debt or equity instruments issued or outstanding. Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2020, that are of significance or potential significance to the Company.

- RELATED PARTY TRANSACTIONS

- RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
- RELATED PARTY TRANSACTIONS [Abstract]
- RELATED PARTY TRANSACTIONS	Note 4 - RELATED PARTY TRANSACTIONS For the nine months ended September 30, 2020 our sole director Andrei Gurduiala has advanced to the Company $17,106. This advance is unsecured, non-interest bearing and due on demand. In March 2020, a $3,000 advance from Robert T. Malasek was forgiven and is included on the condensed statements of operations as a gain on forgiveness of debt.

- COMMITMENTS AND CONTINGENCIES

- COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
- COMMITMENTS AND CONTINGENCIES [Abstract]
- COMMITMENTS AND CONTINGENCIES	Note 5 - COMMITMENTS AND CONTINGENCIES From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the financial statements with respect to any matters.

- INCOME TAXES

- INCOME TAXES	9 Months Ended
	Sep. 30, 2020
- INCOME TAXES [Abstract]
- INCOME TAXES	Note 6 - INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “ Income Taxes ” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of September 30, 2020, the Company had net operating loss carry forwards of approximately $11,601 that may be available to reduce future years' taxable income in varying amounts through 2037. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The valuation allowance at September 30, 2020 was approximately $11,601. The net change in valuation allowance for the nine months ended September 30, 2020 was $3,020. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Crona Corp. NOTES TO THE FINANCIAL STATEMENTS September 30, 2020 The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of September 30, 2020. All tax years since inception remains open for examination by taxing authorities. The provision for Federal income tax consists of the following: As of September 30, 2020 As of December 31, 2019 Non-current deferred tax assets: Net operating loss carry forward $ (11,601) $ (8,581) Valuation allowance 11,601 8,581 Net deferred tax assets $ - $ - The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the periods as follows: As of September 30, 2020 As of December 31, 2019 Computed “expected” tax expense (benefit) $ (3,020) $ (252) Change in valuation allowance 3,020 252 Actual tax expense (benefit) $ - $ - The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Significant Accounting Policies (Policies) [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed financial statements have been prepared in accordance with GAAP. The Company's year-end is December 31.
Use of Estimates	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 of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Crona Corp. NOTES TO THE CONDENSED FINANCIAL STATEMENTS September 30, 2020
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers ”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The contract between the Company and the customer is signed without specific quantity of service to be used from the date of signing. The revenue depends on the hours spent on the recording services. The rates of the specific services are set out in the contract. The Company's revenues are recognized at a point-in-time as ownership of track, mix or master (when it is approved by the customer) is transferred at a distinct point in time per the terms of a contract. The Company shall not be liable for any failure to perform its obligations if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for services under the contract.
Basic Income (Loss) Per Share	Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 606 . Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of September 30, 2020, there were no potentially dilutive debt or equity instruments issued or outstanding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2020, that are of significance or potential significance to the Company.

- INCOME TAXES (Tables)

- INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2020
- INCOME TAXES (Tables) [Abstract]
The provision for Federal income tax consists	The provision for Federal income tax consists of the following: As of September 30, 2020 As of December 31, 2019 Non-current deferred tax assets: Net operating loss carry forward $ (11,601) $ (8,581) Valuation allowance 11,601 8,581 Net deferred tax assets $ - $ -
The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the periods	The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the periods as follows: As of September 30, 2020 As of December 31, 2019 Computed “expected” tax expense (benefit) $ (3,020) $ (252) Change in valuation allowance 3,020 252 Actual tax expense (benefit) $ - $ -

- GOING CONCERN (Details Text)

- GOING CONCERN (Details Text)	Sep. 30, 2020USD ($)
Going Concern Details [Abstract]
The Company currently has losses of $14,381 and $54,672 for the nine months ended September 30, 2020 and the period from inception (October 6, 2016) to September 30, 2020, respectively, and has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time	$ 54,672

- RELATED PARTY TRANSACTIONS (D

- RELATED PARTY TRANSACTIONS (Details Text)	Sep. 30, 2020USD ($)
Related Party Transaction, Due from (to) Related Party, Current [Abstract]
For the nine months ended September 30, 2020 our sole director Andrei Gurduiala has advanced to the Company $17,106	$ 17,106

- INCOME TAXES (Details 1)

- INCOME TAXES (Details 1) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Deferred Income Taxes and Other Assets [Abstract]
Net operating loss carry forward	$ (11,601)	$ (8,581)
Valuation allowance	11,601	8,581
Net deferred tax assets	$ 0	$ 0

- INCOME TAXES (Details 2)

- INCOME TAXES (Details 2) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Income Taxes Details [Abstract]
Computed "expected" tax expense (benefit)	$ (3,020)	$ (252)
Change in valuation allowance	3,020	252
Actual tax expense (benefit)	$ 0	$ 0

- INCOME TAXES (Details Text)

- INCOME TAXES (Details Text)	Sep. 30, 2020USD ($)
Income Taxes Text Details [Abstract]
As of September 30, 2020, the Company had net operating loss carry forwards of approximately $11,601 that may be available to reduce future years' taxable income in varying amounts through 2037	$ 11,601