Crucial Innovations (CINV) 10-Q 18 Feb 22 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2021	Feb. 15, 2022
Cover [Abstract]
Entity Registrant Name	CRUCIAL INNOVATIONS CORP.
Entity Central Index Key	0001766016
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		32,417,002
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-229638
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	98-1446012
Entity Address Address Line 1	120 Moorgate
Entity Address City Or Town	London
Entity Address Country	GB
Entity Address Postal Zip Code	EC2M 6UR
City Area Code	44
Local Phone Number	77 4212 5992
Entity Interactive Data Current	Yes

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current Assets
Cash	$ 0	$ 0
Prepaid expenses	12,910	0
Total Current Assets	12,910	0
Total Assets	12,910	0
Current Liabilities
Accounts payable	3,440	429
Convertible note and accrued interest, net of unamortized discount	10,000	0
Due to related party	17,500	0
Total Current Liabilities	30,940	429
Total Liabilities	30,940	429
Stockholders' Deficit
Common stock: 75,000,000 authorized; $0.0001 par value, 32,417,002 shares issued and outstanding, respectively	3,241	3,241
Additional paid-in capital	87,910	87,910
Accumulated deficit	(109,181)	(91,580)
Total Stockholders' Deficit	(18,030)	(429)
Total Liabilities and Stockholders' Deficit	$ 12,910	$ 0

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
CONDENSED 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	32,417,002
Common Stock, Shares, Outstanding	32,417,002	32,417,002

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses
General and administrative expenses	3,011	5,916	14,081	17,097
Total operating expenses	3,011	5,916	14,081	17,097
Loss from operations	(3,011)	(5,916)	(14,081)	(17,097)
Other Expense
Interest expense	(508)	0	(3,520)	0
Total other expense	(508)	0	(3,520)	0
Net loss before taxes	(3,519)	(5,916)	(17,601)	(17,097)
Provision for income taxes	0	0	0	0
Net loss	$ (3,519)	$ (5,916)	$ (17,601)	$ (17,097)
Basic and diluted loss per common share	$ 0	$ 0	$ 0	$ (0.01)
Weighted average number of common shares outstanding, basic and diluted	32,417,002	1,872,113	32,417,002	1,872,113

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Dec. 31, 2019		2,417,002
Balance, amount at Dec. 31, 2019	$ (35,862)	$ 241	$ 24,919	$ (61,022)
Net loss	(5,255)	$ 0	0	(5,255)
Balance, shares at Mar. 31, 2020		2,417,002
Balance, amount at Mar. 31, 2020	(41,117)	$ 241	24,919	(66,277)
Balance, shares at Dec. 31, 2019		2,417,002
Balance, amount at Dec. 31, 2019	(35,862)	$ 241	24,919	(61,022)
Net loss	(17,097)
Balance, shares at Sep. 30, 2020		2,417,002
Balance, amount at Sep. 30, 2020	(52,959)	$ 241	24,919	(78,119)
Balance, shares at Mar. 31, 2020		2,417,002
Balance, amount at Mar. 31, 2020	(41,117)	$ 241	24,919	(66,277)
Net loss	(5,926)	$ 0	0	(5,926)
Balance, shares at Jun. 30, 2020		2,417,002
Balance, amount at Jun. 30, 2020	(47,043)	$ 241	24,919	(72,203)
Net loss	(5,916)	$ 0	0	(5,916)
Balance, shares at Sep. 30, 2020		2,417,002
Balance, amount at Sep. 30, 2020	(52,959)	$ 241	24,919	(78,119)
Balance, shares at Dec. 31, 2020		32,417,002
Balance, amount at Dec. 31, 2020	(429)	$ 3,241	87,910	(91,580)
Net loss	0	$ 0	0	0
Balance, shares at Mar. 31, 2021		32,417,002
Balance, amount at Mar. 31, 2021	(429)	$ 3,241	87,910	(91,580)
Balance, shares at Dec. 31, 2020		32,417,002
Balance, amount at Dec. 31, 2020	(429)	$ 3,241	87,910	(91,580)
Net loss	(17,601)
Balance, shares at Sep. 30, 2021		32,417,002
Balance, amount at Sep. 30, 2021	(18,030)	$ 3,241	87,910	(109,181)
Balance, shares at Mar. 31, 2021		32,417,002
Balance, amount at Mar. 31, 2021	(429)	$ 3,241	87,910	(91,580)
Net loss	(14,082)	$ 0	0	(14,082)
Balance, shares at Jun. 30, 2021		32,417,002
Balance, amount at Jun. 30, 2021	(14,511)	$ 3,241	87,910	(105,662)
Net loss	(3,519)	$ 0	0	(3,519)
Balance, shares at Sep. 30, 2021		32,417,002
Balance, amount at Sep. 30, 2021	$ (18,030)	$ 3,241	$ 87,910	$ (109,181)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net loss	$ (17,601)	$ (17,097)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	0	1,953
Changes in operating assets and liabilities:
Prepaid expenses	(12,910)	0
Accounts payable - related party	3,011	11,250
Accrued expenses	0	(2,000)
Accrued interest	3,520	0
Net Cash Used in Operating Activities	(23,980)	(5,894)
Cash Flows from Financing Activities:
Proceeds from related party	17,500	5,894
Proceeds from convertible note	6,480	0
Net Cash Provided by Financing Activities	23,980	5,894
Net change in cash	0	0
Cash, beginning of period	0	1,950
Cash, end of period	0	1,950
Supplemental cash flow information:
Cash paid for interest	0	0
Cash paid for taxes	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, as filed with the SEC on June 8, 2021. 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. Basic and Diluted Net Loss Per Common Share Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. As of September 30, 2021, and 2020, there were approximately 2,160 and 0 common stock equivalents outstanding, respectively, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive. Recent Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this standard on January 1, 2021.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2021
GOING CONCERN
NOTE 2 - GOING CONCERN	NOTE 2 – GOING CONCERN 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 September 30, 2021, the Company had an accumulated deficit of $109,181, a net loss of $17,601 for the nine months ended September 30, 2021 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.

PREPAID EXPENSES

PREPAID EXPENSES	9 Months Ended
	Sep. 30, 2021
PREPAID EXPENSES
NOTE 3 - PREPAID EXPENSES	NOTE 3 – PREPAID EXPENSES As of September 30, 2021, prepaid expenses consist of advances made on professional fees. As of September 30, 2021 and December 31, 2020, prepaid expenses were $12,910 and $0, respectively

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
RELATED PARTY TRANSACTIONS
NOTE 4 - RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary in nature and were not formalized by a promissory note. During the nine months ended September 30, 2021 and 2020, a related party paid operating expenses of $17,500 and $0, respectively. During the nine months ended September 30, 2021 and 2020, our former director advanced $0 and $3,894 for operating expenses. During the nine months ended September 30, 2021 and 2020, consulting services rendered by related party to the Company were $0 and $11,250, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
NOTE 5 - COMMITMENTS AND CONTINGENCIES	NOTE 5 – 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.

CONVERTIBLE NOTE

CONVERTIBLE NOTE	9 Months Ended
	Sep. 30, 2021
CONVERTIBLE NOTE
NOTE 6 - CONVERTIBLE NOTE	NOTE 6 – CONVERTIBLE NOTE During the nine months ended September 30, 2021, the Company issued a convertible note with a conversion price of 60% discount on the market price to pay operating expenses of $6,480. During the same period, conversion price of this note was amended to a fixed conversion price of $3.00 per share of common stock. As result, under ASU 2020-06, we will no longer incur non-cash interest expense related to the accretion of the debt discount associated with the embedded conversion option. The Company shall repay the amount of $10,000 within 90 days. During the nine months ended September 30, 2021, the Company recorded interest expense of $3,520. At September 30, 2021, the Company had convertible note of $6,480 and accrued interest of $3,520, and is currently in default.

SUMMARY OF SIGNIFCANT ACCOUNTIN

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020, as filed with the SEC on June 8, 2021.
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.
Basic and Diluted Net Loss Per Common Share	Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. As of September 30, 2021, and 2020, there were approximately 2,160 and 0 common stock equivalents outstanding, respectively, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive.
Recent Issued Accounting Pronouncements	In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this standard on January 1, 2021.

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accumulated deficit	$ (109,181)						$ (109,181)		$ (91,580)
Net loss	(3,519)	$ (14,082)	$ 0	$ (5,916)	$ (5,926)	$ (5,255)	(17,601)	$ (17,097)
Convertible Debt [Member]
Accumulated deficit	$ (109,181)						(109,181)
Net loss							$ (17,601)

PREPAID EXPENSES (Details Narra

PREPAID EXPENSES (Details Narrative) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
PREPAID EXPENSES (Details Narrative)
Prepaid expenses	$ 12,910	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Consulting services rendered by related party			$ 0	$ 11,250
Operating Expenses	$ 3,011	$ 5,916	14,081	17,097
Former Director [Member]
Operating Expenses			0	3,894
Related Party [Member]
Operating Expenses			$ 17,500	$ 0

CONVERTIBLE NOTE (Details Narra

CONVERTIBLE NOTE (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Net cash used in operating activities	$ (23,980)	$ (5,894)
Proceed from convertible note	6,480	0
Accrued interest	3,520	$ 0
Convertible Debt [Member]
Net cash used in operating activities	(6,480)
Repayment of debt	10,000
Beneficial conversion feature	6,480
Proceed from convertible note	6,480
Interest expense	3,520
Accrued interest	$ 3,520
Conversion price, discount rate	60.00%