Crucial Innovations (CINV) 10-K 8 Jun 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	May 31, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	Crucial Innovations, Corp.
Entity Central Index Key	0001766016
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		32,417,002
Entity Public Float			$ 0
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash	$ 0	$ 0
Total Current Assets	0	0
Developed website, net	0	12,047
Total Assets	0	12,047
Current Liabilities
Accounts payable	429	0
Due to related party	0	47,909
Total Current Liabilities	0	47,909
Total Liabilities	429	47,909
Stockholders' Equity (Deficit)
Common stock: 75,000,000 authorized; $0.0001 par value, 32,417,002 and 2,417,002 shares issued and outstanding, respectively	3,241	241
Additional paid-in capital	87,910	24,919
Accumulated deficit	(91,580)	(61,022)
Total Stockholders' Deficit	(429)	(35,862)
Total Liabilities and Stockholders' Deficit	$ 0	$ 12,047

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	2,417,002
Common Stock, Shares Outstanding	32,417,002	2,417,002

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
STATEMENTS OF OPERATIONS
Revenues	$ 0	$ 0
Operating expenses
Depreciation expense	0	1,953
Bank Service Charges	0	677
Consulting Service	12,500	15,000
Professional Fees	5,361	28,719
Business license and permits	650	0
Impairment loss on website	12,047	0
Total operating expenses	30,558	46,349
Net loss before taxes	(30,558)	(46,349)
Provision for income taxes	0	0
Net loss	$ (30,558)	$ (46,349)
Basic and diluted loss per common share	$ 0	$ (0.02)
Weighted average number of common shares outstanding, basic and diluted	6,773,166	1,872,113

STATEMENTS OF STOCKHOLDERS DEFI

STATEMENTS OF STOCKHOLDERS DEFICIT - USD ($)	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2018		1,600,000
Balance, amount at Dec. 31, 2018	$ (14,023)	$ 160	$ 490	$ (14,673)
Common shares issued for cash, shares		817,002
Common shares issued for cash, amount	24,510	$ 81	24,429	0
Net loss	(46,349)	0	0	(46,349)
Related party debt forgiven to additional paid-in capital	0
Balance, amount at Dec. 31, 2019	(35,862)	$ 241	24,919	(61,022)
Balance, shares at Dec. 31, 2019		2,417,002
Net loss	(30,558)	$ 0	0	(30,558)
Common shares issued to settle related party debt, shares		30,000,000
Common shares issued to settle related party debt, amount	51,003	$ 3,000	48,003	0
Related party debt forgiven to additional paid-in capital	14,988	0	14,988	0
Balance, amount at Dec. 31, 2020	$ (429)	$ 3,241	$ 87,910	$ (91,580)
Balance, shares at Dec. 31, 2020		32,417,002

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (30,558)	$ (46,349)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	0	1,953
Impairment loss on website	12,047	0
Changes in operating assets and liabilities:
Accrued expenses - related party	12,501	10,050
Accounts payable	429	0
Net Cash Used in Operating Activities	(5,581)	(34,346)
Cash Flows from Financing Activities:
Director loan - related party	5,581	9,336
Proceeds from issuance of common stock	0	24,510
Net Cash Provided by Financing Activities	5,581	33,846
Net change in cash	0	(500)
Cash, beginning of period	0	500
Cash, end of period	0	0
Supplemental cash flow information:
Cash paid for interest	0	0
Cash paid for taxes	0	0
Supplemental disclosure of non-cash financing activity
Common stock issued for conversion of related party debt	51,003	0
Related party debt forgiven to additional paid-in capital	$ 14,988	$ 0

ORGANIZATION AND GOING CONCERN

ORGANIZATION AND GOING CONCERN	12 Months Ended
	Dec. 31, 2020
ORGANIZATION AND GOING CONCERN
Note-1 ORGANIZATION AND GOING CONCERN	Crucial Innovations, Corp. (referred as the “Company”, “we”, “our”) was incorporated in the State of Nevada and established on February 28, 2018. We are an early stage company formed to commence operations related to the teaching of English. 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 December 31, 2020, the Company has suffered recurring losses from operations, has an accumulated deficit of $91,580 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note-2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles of the United States (“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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Financial Instruments and Fair Value Measurements The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price 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. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2020 and 2019. The carrying values of our financial instruments approximate their fair values due to the short-term maturities of these financial instruments. Net Loss Per Share of Common Stock The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of December 31, 2020 and 2019, there were no potentially dilutive debt or equity instruments issued or outstanding. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. There was no impact on the statements of operations. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2020
PROPERTY AND EQUIPMENT
Note- 3 PROPERTY AND EQUIPMENT	The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. The estimated useful lives as follows: Capitalized software development - 3 years Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property’s useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. For the year ended December 31, 2020, we recognized an impairment loss of $12,047 on our developed website. As of December 31, 2020 and 2019, we had development website costs, net of amortization, of $0 and $12,047, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Note- 4 RELATED PARTY TRANSACTIONS	As of December 31, 2020 and 2019, the Company owed $0 and $47,909 to a former director of the Company. Amounts are due on demand and do not incur interest. During the year ended December 31, 2020, our former director advanced $5,581 for operating expenses. During the year ended December 31, 2020, the Company converted $51,003 of debt to our former director for 30,000,000 shares of common stock. During the year ended December 31, 2020, related party debt of $14,988 was forgiven and recorded to additional paid-in capital.

STOCKHOLDER EQUITY

STOCKHOLDER EQUITY	12 Months Ended
	Dec. 31, 2020
STOCKHOLDER EQUITY
Note- 5 STOCKHOLDER' EQUITY	The Company has 75,000,000, $0.0001 par value shares of common stock authorized. During May and June 2019, the Company issued 471,002 shares of common stock to 20 shareholders for $14,130 at $0.03 per share. During September 2019, the company issued 346,000 shares of common stock to a shareholders for $10,380 at $0.03 per share. During October 2020, the Company issued 30,000,000 shares of common stock, pursuant to conversions of related party debt of $51,003. There were 32,417,002 and 2,417,002 shares of common stock issued and outstanding as of December 31, 2020 and 2019, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Note- 6 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.

PROVISION FOR INCOME TAXES

PROVISION FOR INCOME TAXES	12 Months Ended
	Dec. 31, 2020
PROVISION FOR INCOME TAXES
Note- 7 PROVISION FOR INCOME TAXES	The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The reconciliation of income tax benefit (expenses) at the U.S. statutory rate at 21% for the period ended as follows: December 31, December 31, 2020 2019 Tax benefit (expenses) at U.S. statutory rate $ (6,417 ) $ (9,733 ) Change in valuation allowance 6,417 9,733 Tax benefit (expenses), net $ - $ - The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets are as follows: December 31, December 31, 2020 2019 Net operating loss $ 19,232 $ 12,815 Valuation allowance (19,232 ) (12,815 ) Deferred tax assets, net $ - $ - As of December 31, 2020, the Company had $91,580 in net operating losses (“NOLs”) that may be available to offset future taxable income, which begin to expire between 2037 and 2039. NOLs generated in tax years prior to December 31, 2018, can be carryforward for twenty years, whereas NOLs generated after December 31, 2018 can be carryforward indefinitely. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2017 through 2020 are subject to review by the tax authorities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
Note- 8 SUBSEQUENT EVENTS	On December 31, 2020, Crucial Innovations Corp., a Nevada corporation entered into a definitive Equity Purchase Agreement (the “ Agreement MGH MBI

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles of the United States (“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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Financial Instruments and Fair Value Measurements	The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price 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. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2020 and 2019. The carrying values of our financial instruments approximate their fair values due to the short-term maturities of these financial instruments.
Net Loss Per Share of Common Stock	The Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of December 31, 2020 and 2019, there were no potentially dilutive debt or equity instruments issued or outstanding.
Stock-Based Compensation	Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Reclassifications	Certain prior period amounts have been reclassified to conform to current period presentation. There was no impact on the statements of operations.
Recent Accounting Pronouncements	Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying financial statements.

PROVISION FOR INCOME TAXES (Tab

PROVISION FOR INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
PROVISION FOR INCOME TAXES
Schedule of income tax benefit expenses	December 31, December 31, 2020 2019 Tax benefit (expenses) at U.S. statutory rate $ (6,417 ) $ (9,733 ) Change in valuation allowance 6,417 9,733 Tax benefit (expenses), net $ - $ -
Schedule of deferred tax assets	December 31, December 31, 2020 2019 Net operating loss $ 19,232 $ 12,815 Valuation allowance (19,232 ) (12,815 ) Deferred tax assets, net $ - $ -

ORGANIZATION AND GOING CONCERN

ORGANIZATION AND GOING CONCERN (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
ORGANIZATION AND GOING CONCERN
Accumulated deficit	$ (91,580)	$ (61,022)

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
PROPERTY AND EQUIPMENT
Developed website, net	$ 0	$ 12,047
Impairment loss on website	$ 12,047	$ 0

PROPERTY AND EQUIPMENT (Detai_2

PROPERTY AND EQUIPMENT (Details)	12 Months Ended
	Dec. 31, 2020
Capitalized software development [Member]
Property plant and equipment estimated useful life	3 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Due to related party	$ 0	$ 47,909
Director loan - related party	5,581	9,336
Director [Member]
Due to related party	$ 0	$ 47,909
Debt conversion, converted instrument, shares	30,000,000
Debt conversion, converted instrument, amount	$ 51,003
Related party debt	14,988
Director loan - related party	$ 5,581

STOCKHOLDER EQUITY (Details Nar

STOCKHOLDER EQUITY (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Shares, Issued		32,417,002	2,417,002
Common Stock, Shares Authorized		75,000,000	75,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock, Shares, Outstanding		32,417,002	2,417,002
Common stock shares issued	346,000
Common stock shares issued, amount	$ 10,380
Price per share	$ 0.03
May And June, 2019 [Member]
Common stock shares issued		471,002
Common stock shares issued, amount		$ 14,130
Price per share		$ 0.03
Numbers of shareholders		20
October 2020 [Member]
Common shares issued to settle related party debt		30,000,000
Common shares issued to settle related party debt, Value		$ 51,003

PROVISION FOR INCOME TAXES (Det

PROVISION FOR INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
PROVISION FOR INCOME TAXES
Tax benefit (expenses) at U.S. statutory rate	$ (6,417)	$ (9,733)
Change in valuation allowance	6,417	9,733
Tax benefit (expenses), net	$ 0	$ 0

PROVISION FOR INCOME TAXES (D_2

PROVISION FOR INCOME TAXES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
PROVISION FOR INCOME TAXES
Net operating loss	$ 19,232	$ 12,815
Valuation allowance	(19,232)	(12,815)
Deferred tax assets, net	$ 0	$ 0

PROVISION FOR INCOME TAXES (D_3

PROVISION FOR INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2018
PROVISION FOR INCOME TAXES
Income tax expense statutory rate	21.00%
Future taxable expiration period		Between 2037 and 2039
Net operating loss	$ 91,580
Net operating loss carry forward	50.00%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Par value	$ 0.0001	$ 0.0001
MGH [Member] | Equity Purchase Agreement [Member]
Common Stock, Par value	$ 0.0001
Restricted shares of common stock	275,445,452
Common stock transaction amount	$ 500,000
Ownership percentage issued and oustanding shares	85.00%