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Quotes & Info
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| CRWE.OB > SEC Filings for CRWE.OB > Form 10-Q on 14-May-2008 | All Recent SEC Filings |
14-May-2008
Quarterly Report
This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Company's actual results could differ materially from those set forth on the forward looking statements as a result of the risks set forth in the Company's filings with the Securities and Exchange Commission, general economic conditions, and changes in the assumptions used in making such forward looking statements.
OVERVIEW
Crown Equity Holdings Inc. (the "Company") was incorporated on August 31, 1995 as "Visioneering Corporation" under the laws of the State of Nevada, to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions.
In 2007, the Company, though its wholly-owned subsidiary, Crown Trading Systems, Inc. ("CTS"), a Nevada corporation, began to develop, sell, and produce computer systems which are capable are running multiple monitors from one computer. At present, CTS is able to run 16 monitors off one CPU. In late, 2007, CTS began to attend trade shows and started selling these systems. For the three months ended March 31, 2008, CTS had gross revenues of approximately $572 from the sales of systems.
Additionally, CTS has entered into reseller and distribution agreements with over 30 wholesale and retail computer components to sell their products on CTS's website, www.crowntradingsystems.com.
The Company is offering its services to companies or individuals looking to go public in the United States. It has launched a website, www.crownequityholdings.com, which offers its services in a wide range of fields.
The Company's office is located at 9680 West Tropicana, Suite 117, Las Vegas, Nevada 89147.
As of March 31, 2008, the Company had no employees but was utilizing the services of independent contractors and consultants.
RESULTS OF OPERATIONS
For the three months ended March 31, 2008 and 2007, we had revenues of $572 and $0, respectively, for a net loss of $50,589 and $21,003, respectively. General and administrative expense increased $30,158 to $51,161 for the three months ended March 31, 2008 compared to the same period in 2007. This increase is primarily attributable to the Company's commencing operations as well as increases in legal and accounting fees.
The Company will attempt to carry out its business plan as discussed above;
however, it cannot predict to what extent its lack of liquidity and capital
resources will hinder its business plan prior to the consummation of a business
combination.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2008, the Company had current assets of $20,962 and current liabilities of approximately $169,627, resulting in a working capital deficit of $148,665. Shareholders' deficit as of March 31, 2008 was approximately $86,257. Further, there exist no agreements or understandings with regard to loan agreements by or with the Officers, Directors, principals, affiliates or shareholders of the Company.
Our existing capital is not sufficient to meet the Company's cash needs, including the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934, as amended. As shown in the accompanying financial statements, Crown Equity incurred a net loss of $50,589 for the three months ended March 31, 2008, has an accumulated deficit of $6,077,227 and a working capital deficit of $148,665 as of March 31, 2008. These conditions raise substantial doubt as to Crown Equity's ability to continue as a going concern. Management is trying to raise additional capital through sales of common stock. The financial statements do not include any adjustments that might be necessary if Crown Equity is unable to continue as a going concern.
EMPLOYEES
As of March 31, 2008, the Company had no employees.
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