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Crona Corp. – ‘10-Q’ for 6/30/22

On:  Thursday, 8/4/22, at 11:53am ET   ·   For:  6/30/22   ·   Accession #:  1696411-22-9   ·   File #:  333-216180

Previous ‘10-Q’:  ‘10-Q’ on 5/16/22 for 3/31/22   ·   Next:  ‘10-Q’ on 11/9/22 for 9/30/22   ·   Latest:  ‘10-Q’ on 1/16/24 for 9/30/23

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  As Of               Filer                 Filing    For·On·As Docs:Size

 8/04/22  Crona Corp.                       10-Q        6/30/22   32:1.2M

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    247K 
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10: R2          Balance Sheets                                      HTML     90K 
11: R3          Balance Sheets (Parenthetical)                      HTML     19K 
12: R4          Statements of Operations                            HTML     52K 
13: R5          Statements of Stockholders Deficit                  HTML     43K 
14: R6          Statements of Cash Flows                            HTML     44K 
15: R7          Organization and Nature of Business                 HTML     14K 
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17: R9          Summary of Significant Accounting Policies          HTML     26K 
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20: R12         Commitments and Contingencies                       HTML     15K 
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22: R14         Subsequent Events                                   HTML     13K 
23: R15         Summary of Significant Accounting Policies          HTML     50K 
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27: R19         Actual Tax Benefit (Details)                        HTML     26K 
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32: ZIP         XBRL Zipped Folder -- 0001696411-22-000009-xbrl      Zip     71K 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form  i 10-Q

 i [X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended  i June 30, 2022

 i [ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number  i 333-216180

 i CRONA CORP.

(Exact name of registrant as specified in its charter)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 i Yes (X) No ( )

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 i Yes (X)      No ( )

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ( )

Accelerated filer ( )

 i Non-accelerated Filer (X)

Smaller reporting company ( i X)

Emerging growth company ( i X)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ( i  )

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ( )  i No (X)

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:  i 6,087,500 common shares issued and outstanding as of August 04, 2022.

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

The accompanying interim financial statements of Crona Corp. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations.

The interim financial statements should be read in conjunction with the Company’s latest annual financial statements.

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

3

Crona Corp.

BALANCE SHEETS

June 30, 2022 and December 31, 2021

See accompanying notes, which are an integral part of these unaudited financial statements

4

Crona Corp.

STATEMENTS OF OPERATIONS

Three and six months ended June 30, 2022 and 2021 (UNAUDITED)

See accompanying notes, which are an integral part of these unaudited financial statements

5

Crona Corp.

STATEMENTS OF STOCKHOLDERS’ DEFICIT

Three and six months ended June 30, 2022 and 2021 (UNAUDITED)

See accompanying notes, which are an integral part of these unaudited financial statements

6

Crona Corp.

STATEMENTS OF CASH FLOWS

Six months ended June 30, 2022 and 2021 (UNAUDITED)

See accompanying notes, which are an integral part of these unaudited financial statements

7

Crona Corp.

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

The accompanying financial statements of Crona Corp. are unaudited, but in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the Company’s financial position, results of operations, and cash flows as of and for the dates and periods presented. The financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information.

These unaudited financial statements should be read in conjunction with the Company’s audited financial statements and footnotes included in the Company’s Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “Commission”) on March 31, 2022.

11

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward looking statement notice

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward- looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

Financial information contained in this quarterly report and in our unaudited interim financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

DESCRIPTION OF BUSINESS

Brief description of Crona Corp. for last five years

The Company was incorporated on October 6, 2016 under the laws of the State of Nevada. We are engaged in the recording services business. Andrei Gurduiala has served as our President, Treasurer and as a Director, from October 6, 2016, until March 21, 2018. On March 21, 2018, our board appointed Robert T. Malasek as a Director, Chief Executive Officer, Chief Financial Officer and Secretary of the Company. On March 20, 2020, our board appointed initial Incorporator of the Company Andrei Gurduiala as a Director, President, Treasurer and Secretary of the Company. As of date these financial statements were issued, our board of directors is comprised of one person: Andrei Gurduiala.

We are authorized to issue 75,000,000 shares of common stock, par value $0.001 per share. On November 25, 2016, Andrei Gurduiala, our former President and a Director purchased an aggregate of 5,000,000 shares of common stock at $0.001 per share, for aggregate proceeds of $5,000.

General description of our activity

Currently, the main activity of Crona Corp. is providing music-recognition services.

Crona Corp. is developing a personal assistant program that would easily identify favorite music tracks. Due to unique algorithms of music recognition, users can expand their media library much faster. Such an effective functionality would be achieved by a simple principle of the program. A user needs to push the search button. Then, the program analyzes a music fragment. After successful recognition, data about the music track is displayed on the screen.

A convenient interface gives an opportunity to play favorite tracks quickly and efficiently. Integration with the music streaming services would allow the user to create playlists and add them to the media library in just a few clicks. All recent tracks are saved so the users can always find them again later. As a result, there would be an option to read lyrics and share a track with others.

For better program exploitation, artificial intelligence (“AI”) would be used. It will recommend tracks based on users’ preferences and search results. This function will become a unique feature of our mobile application.

We expect AppStore and Google Play to be the major platforms for our program to be submitted. Also, this information would be posted to our website corpcrona.com and would be an effective advertisement instrument for program promotion.

RESEARCH AND DEVELOPMENT EXPENDITURES

We have not incurred any research expenditures since our incorporation.

12

BANKRUPTCY OR SIMILAR PROCEEDINGS

There has been no bankruptcy, receivership or similar proceeding.

COMPLIANCE WITH GOVERNMENT REGULATION

We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the construction and operation of any facility in any jurisdiction which we would conduct activities.

We do not believe that any existing or probable government regulation on our business, including any applicable export or import regulation or control imposed by China or Romania will have a material impact on the way we conduct our business.

FACILITIES

Our previously leased office was located at Strada C. A. Rosetti 5, Bucharest 030167 Romania. Our current office is located at Jean-Louis Calderon 31, Bucharest, 030167, Romania. Our telephone number is +40371700093.

EMPLOYEES AND EMPLOYMENT AGREEMENTS

We have no employees as of the date of this report. Our sole officer and director, Andrei Gurduiala, currently devotes approximately 20 hours per week to company matters. After receiving funding, Andrei Gurduiala plans to devote, as much time to the operation of the Company as he determines is necessary for him to manage the affairs of the Company. As our business and operations increase, we will assess the need for full time management and administrative support personnel.

LEGAL PROCEEDINGS

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This section includes a number of forward-looking statements that reflect our current views regarding the future events and financial performance of Crona Corp.

We qualify as an “emerging growth company” under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

Have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

Comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis) unless the SEC determines that the application of such additional requirements is necessary or appropriate in the public interest, after considering protection of investors, and whether the action will promote efficiency, competition and capital formation; Submit certain executive compensation on matters to shareholder advisory votes, such as “say-on-pay” and “say-on-frequency;”

Disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation.

13

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an “emerging growth company” for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1 billion, (ii) the date that we become a “large accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.

RESULTS OF OPERATION

Results of Operations for the three and six months ended June 30, 2022 and 2021:

Revenue and cost of goods sold

For the three months ended June 30, 2022 and 2021 Crona Corp. had not generated any revenue.

For the six months ended June 30, 2022 and 2021 Crona Corp. had not generated any revenue.

Operating expenses

Total operating expenses for the three months ended June 30, 2022 were $17,860. The operating expenses for the three months ended June 30, 2022 included general and administrative expenses of $1,112, professional fees of $16,581 and amortization expenses of $167.

Total operating expenses for the three months ended June 30, 2021 were $6,114. The operating expenses for the three months ended June 30, 2021 included general and administrative expenses of $3,912 and professional fees of $2,202.

Total operating expenses for the six months ended June 30, 2022 were $23,738. The operating expenses for the six months ended June 30, 2022 included general and administrative expenses of $2,225, professional fees of $21,180 and amortization expenses of $333.

Total operating expenses for the six months ended June 30, 2021 were $11,735. The operating expenses for the six months ended June 30, 2021 included general and administrative expenses of $5,026 and professional fees of $6,709.

The Company had consulting services and assistance in obtaining DTC eligibility for the three and six months ended June 30, 2022. This has resulted in an increase in operating expenses for the three and six months ended June 30, 2022 compared to the operating expenses for the three and six months ended June 30, 2021.

Net Loss

The net loss for the three months ended June 30, 2022 and 2021 was $17,860 and $6,114, respectively.

The net loss for the six months ended June 30, 2022 and 2021 was $23,738 and $11,735, respectively.

The net loss increased for the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021, because there were no consulting services and assistance in obtaining DTC eligibility for the three and six months ended June 30, 2021.

Liquidity and capital resources

As of June 30, 2022, our total assets were $21,887.

14

As of June 30, 2022, our total liabilities were $89,587.

As of June 30, 2022, we had a working capital deficit of $68,196.

CASH FLOWS FROM OPERATING ACTIVITIES

We have not generated positive cash flows from operating activities. For the six months ended June 30, 2022 net cash flows from operating activities was $33,129, consisted of a net loss of $23,738, amortization expenses of $333, prepaid expenses of $220 and accounts payable of $9,504.

CASH FLOWS FROM INVESTING ACTIVITIES

For the six months ended June 30, 2022 we generated $0 in investing activities.

CASH FLOWS FROM FINANCING ACTIVITIES

For the six months ended June 30, 2022 net cash flows from financing activities was $33,129, which was due to related party advances.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

None

ITEM 4. CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2022. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

Changes in Internal Controls over Financial Reporting

There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not involved in any pending legal proceeding nor are we aware of any pending or threatened litigation against us.

15

ITEM 1A. RISK FACTORS

None

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

None

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

The following exhibits are included as part of this report by reference:

31.1    Certification of Chief Executive and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1       Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

16

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
Filed on:		8/4/22
For Period end:		6/30/22
		3/31/22		10-K,  10-Q
		12/31/21		10-K
		6/30/21		10-Q
		3/31/21		10-Q,  NT 10-K
		12/31/20		10-K,  NT 10-K
		12/1/20
		11/20/20		10-Q
		3/20/20		8-K
		3/21/18		8-K
		11/25/16
		10/6/16
				List all Filings

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Filing Submission 0001696411-22-000009   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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