Crucial Innovations (CINV) 10-Q 16 Sep 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Sep. 14, 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	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
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 Interactive Data Current	Yes
Entity Address Address Line 1	120 Moorgate
Entity Address City Or Town	London
Entity Address Postal Zip Code	EC2M 6UR
Entity Address Country	GB
Local Phone Number	77 4212 5992
City Area Code	44

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash	$ 0	$ 0
Prepaid expenses	0	10,750
Total Current Assets	0	10,750
Total Assets	0	10,750
Current Liabilities
Accounts payable	11,238	6,245
Convertible note and accrued interest	10,000	10,000
Director loan - related party	33,679	17,500
Total Current Liabilities	54,917	33,745
Total Liabilities	54,917	33,745
Commitments and contingencies	0	0
Stockholders' Deficit
Common stock: 75,000,000 authorized; $0.0001 par value, 32,417,002 shares issued and outstanding	3,241	3,241
Additional paid-in capital	87,910	87,910
Accumulated deficit	(146,068)	(114,146)
Total Stockholders' Deficit	(54,917)	(22,995)
Total Liabilities and Stockholders' Deficit	$ 0	$ 10,750

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONDENSED BALANCE SHEETS
Common Stock, Par 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses
Professional fees	26,300	11,070	28,700	11,070
General and administrative expenses	2,397	0	3,222	0
Total operating expenses	28,697	11,070	31,922	11,070
Loss from operations	(28,697)	(11,070)	(31,922)	(11,070)
Other Expense
Interest expense	0	(3,012)	0	(3,012)
Total other expense	0	(3,012)	0	(3,012)
Net loss before taxes	(28,697)	(14,082)	(31,922)	(14,082)
Provision for income taxes	0	0	0	0
Net loss	$ (28,697)	$ (14,082)	$ (31,922)	$ (14,082)
Basic and diluted loss per common share	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding, basic and diluted	32,417,002	32,417,002	32,417,002	32,417,002

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, 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	(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)
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)
Balance, shares at Dec. 31, 2021		32,417,002
Balance, amount at Dec. 31, 2021	(22,995)	$ 3,241	87,910	(114,146)
Net loss	(3,225)	$ 0	0	(3,225)
Balance, shares at Mar. 31, 2022		32,417,002
Balance, amount at Mar. 31, 2022	(26,220)	$ 3,241	87,910	(117,371)
Balance, shares at Dec. 31, 2021		32,417,002
Balance, amount at Dec. 31, 2021	(22,995)	$ 3,241	87,910	(114,146)
Net loss	(31,922)
Balance, shares at Jun. 30, 2022		32,417,002
Balance, amount at Jun. 30, 2022	(54,917)	$ 3,241	87,910	(146,068)
Balance, shares at Mar. 31, 2022		32,417,002
Balance, amount at Mar. 31, 2022	(26,220)	$ 3,241	87,910	(117,371)
Net loss	(28,697)	$ 0	0	(28,697)
Balance, shares at Jun. 30, 2022		32,417,002
Balance, amount at Jun. 30, 2022	$ (54,917)	$ 3,241	$ 87,910	$ (146,068)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOW (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net loss	$ (31,922)	$ (19,626)
Changes in operating assets and liabilities:
Prepaid expenses	10,750	0
Expenses paid by related party	16,179	0
Accounts payable	4,993	4,590
Accrued interest	0	3,012
Net Cash Used in Operating Activities	0	(6,480)
Cash Flows from Financing Activities:
Proceeds from convertible note	0	6,480
Net Cash Provided by Financing Activities	0	6,480
Net change in cash	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
Supplemental cash flow information:
Cash paid for interest	0	0
Cash paid for taxes	$ 0	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2022
ORGANIZATION AND DESCRIPTION OF BUSINESS
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Crucial Innovations Corp. (referred as the “Company”, “we”, “our”) was incorporated in the State of Nevada and established on February 28, 2018. We were initially engaged in the business of English language tutoring over the Internet. However, were not able to execute our original business plan, develop significant operations or achieve commercial sales. We currently are pursuing the completion of an acquisition which will create a viable business model and value for our stockholders.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. 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, 2021, as filed with the SEC on July 1, 2022. 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.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2022
GOING CONCERN
GOING CONCERN	NOTE 3 – 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 June 30, 2022, the Company had an accumulated deficit of $146,068, a net loss of $31,922 for the six months ended June 30, 2022 and has not earned any revenues since inception. 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. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS On September 24, 2021, a company controlled by the Company’s CEO advanced to the Company an amount of $17,500 by paying for operating expenses on behalf of the Company. During the six months ended June 30, 2022, the Company’s CEO advanced to the Company an amount of $16,179 by paying for operating expenses on behalf of the Company. As of June 30, 2022, and December 31, 2021, the Company was obligated to the officer and related party, for an unsecured, non-interest-bearing demand loan with a balance of 33,679 and $17,500, respectively.

CONVERTIBLE NOTE

CONVERTIBLE NOTE	6 Months Ended
	Jun. 30, 2022
CONVERTIBLE NOTE
CONVERTIBLE NOTE	NOTE 5 – CONVERTIBLE NOTE On April 14, 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. On June 30, 2021, 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, the Company 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. As of June 30, 2022, and December 31, 2021, the Company had a convertible note of $6,480 and accrued interest of $3,520 for and aggregate of $10,000 and is currently in default.

STOCKHOLDER EQUITY

STOCKHOLDER EQUITY	6 Months Ended
	Jun. 30, 2022
STOCKHOLDER EQUITY
STOCKHOLDER' EQUITY	NOTE 6 – STOCKHOLDER’ EQUITY The Company has 75,000,000, $0.0001 par value shares of common stock authorized. There were 32,417,002 shares of common stock issued and outstanding as of June 30,2022 and December 31, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the date these financial statements were available to be issued. On April 13, 2022, the Company entered into a definitive Share Exchange Agreement (the “Exchange Agreement”) with the stockholders of Eco Equity Limited, a company organized under the laws of England and Wales (“EE UK”). Pursuant to the terms of the Exchange Agreement, the Company will acquire 100% of the issued and outstanding shares of capital stock of EE UK, in exchange for the issuance of 42,000,000 restricted newly issued, fully paid and non-assessable shares of common stock of the Company (the “Exchange Shares”) at a ratio of 0.0763 Exchange Share for each of the surrendered shares transferred by the EE UK stockholders, which will represent fifty-six percent (56%) of all issued and outstanding shares of Company common stock at the time of the closing of the transaction. In addition, we will assume all assets and liabilities of EE UK, which includes EE UK’s wholly owned subsidiary, Eco-Equity Zimbabwe (Private) Limited, a Zimbabwe-registered company (“EE Zim”). As of July 13, 2022, the transactions contemplated by the Exchange Agreement were deemed formally closed. EE UK and its wholly owned subsidiary, EE Zim, will now operate as first- and second tier, respectively, wholly owned subsidiaries of the Company.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. 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, 2021, as filed with the SEC on July 1, 2022.
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.

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
GOING CONCERN
Accumulated deficit	$ (146,068)				$ (146,068)		$ (114,146)
Net income (loss)	$ (28,697)	$ (3,225)	$ (14,082)	$ 0	$ (31,922)	$ (14,082)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 24, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Interest-bearing		$ 33,679		$ 33,679	$ 17,500
Consulting services rendered by related party		$ 16,179	$ 0
Former Director [Member]
Operating expenses				$ 16,179
Related Party [Member]
Consulting services rendered by related party	$ 17,500

CONVERTIBLE NOTE (Details Narra

CONVERTIBLE NOTE (Details Narrative) - USD ($)		3 Months Ended			6 Months Ended
	Apr. 14, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2022
Net cash used in operating activities		$ 0		$ (6,480)
Proceed from convertible note		0		6,480
Accrued interest		$ 0		$ 3,012
Common Stock
Conversion price, Discount rate	60%
Amended Conversion Price,Per Common Share				$ 3
Net cash used in operating activities	$ 6,480
Repayment of debt	$ 10,000
Proceed from convertible note			$ 6,480		$ 6,480
Aggregate			10,000		10,000
Accrued interest			$ 3,520		$ 3,520

STOCKHOLDER EQUITY (Details Nar

STOCKHOLDER EQUITY (Details Narrative) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
STOCKHOLDER EQUITY
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, Issued	32,417,002	32,417,002
Common Stock, Shares, Outstanding	32,417,002	32,417,002

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Apr. 13, 2022 $ / shares shares
SUBSEQUENT EVENTS
Exchange ratio | $ / shares	$ 0.0763
Capital stock share issued and outstanding	100%
Ownership percentage issued and oustanding shares	56%
Restricted shares of common stock | shares	42,000,000