Crown Equity Holdings, Inc. - Quarter Report: 2014 March (Form 10-Q)

 

Large accelerated filer	o	Accelerated filed	o
Non-accelerated filer	o	Smaller reporting company	x

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PART I: FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (Unaudited)			3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2014 and 2013 (Unaudited)			4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2014 and 2013 (Unaudited)			5
	Notes to Consolidated Financial Statements (Unaudited)			6
Item 2.	Management’s Discussion and Analysis and Plan of Operation			8
Item 3.	Quantitative and Qualitative Disclosures About Market Risk			10
Item 4T.	Controls and Procedures			10
PART II: OTHER INFORMATION
Item 1.	Legal Proceedings			11
Item 1A.	Risk Factors			11
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds			11
Item 3.	Defaults upon Senior Securities			11
Item 4.	Mine Safety Information			11
Item 5.	Other Information			11
Item 6.	Exhibits			12
Signatures				13

		March 31, 2014				December 31, 2013
Assets
Current assets:
Cash		$	7,363			$	1,088
Marketable securities			95,550				80,500
Accounts receivable from related party			1,500				1,500
Total Current Assets			104,413				83,088
Property, plant and equipment, net of accumulated depreciation of $71,687 and $71,125			2,304				2,866
Total Assets		$	106,717			$	85,954
Liabilities Stockholders’ Deficit
Current Liabilities:
Accounts payable and accrued expenses		$	180,057			$	171,789
Accounts payable to related party			5,026				5,026
Notes payable to related parties			202,119				134,219
Notes payable			27,068				15,068
Total Current Liabilities			414,270				326,102
Stockholders’ Deficit:
Preferred stock, $0.001 par value, 100,000,000 shares authorized, 99,000,000 undesignated authorized			-				-
Series A convertible preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding			-				-
Common stock, $0.001 par value, 4,900,000,000 authorized, 919,192,502 and 878,192,502 shares issued and outstanding			919,193				878,193
Additional paid-in capital			8,166,451				7,940,951
Accumulated deficit			(9,393,197	)			(9,059,292	)
Total Stockholder’s Deficit			(307,553	)			(240,148	)
Total Liabilities and Stockholders’ Deficit		$	106,717			$	85,954

		Three Months Ended
		March 31,
		2014				2013
Revenue		$	-			$	28,300
Direct material costs			-				103
Operating expenses:
General and administrative			338,493				21,346
Depreciation			562				6,569
(Loss) Income from operations			(339,055	)			282
Other income (expense)
Interest expense			(7,542	)			(4,284	)
Losses on equity method investment in related party			-				(52,640	)
Other (expense) income			(2,358	)			1,738
Unrealized gain (loss) on marketable securities			15,050				(36,550	)
Total other income (expense)			5,150				(91,736	)
Net loss		$	(333,905	)		$	(91,454	)
Net loss per share – basic and diluted		$	(0.00	)		$	(0.00	)
Weighted average number of common shares outstanding - basic and diluted			895,959,169				880,325,835

		Three Months Ended
		March 31,
		2014				2013
Cash flows from operating activities
Net loss		$	(333,905	)		$	(91,454	)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Depreciation			562				6,569
Common stock issued for services			266,500				-
Unrealized (gain) loss on marketable securities			(15,050	)			36,550
Loss on equity method investments in related party			-				52,640
Marketable securities received for revenue			-				(25,550	)
Changes in operating assets and liabilities:
Prepaid expenses			-				35,000
Accounts payable and accrued expenses			8,268				20,129
Net cash (used in) provided by operating activities			(73,625	)			33,884
Cash flows from financing activities
Payments on related party notes payable			(3,500	)			-
Borrowings on notes payable			12,000				1,250
Borrowings on related party notes payable			71,400				300
Net cash provided by financing activities			79,900				1,550
Net increase in cash			6,275				35,434
Cash, beginning of period			1,088				1,209
Cash, end of period		$	7,363			$	36,643
Supplemental disclosures of cash flow information
Interest paid		$	-			$	-
Income taxes paid			-				-

 

Description		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Balance as of March 31, 2014
Assets:
Marketable securities		$	95,550			$	-			$	-			$	95,550

 

 

Description		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Balance as of December 31, 2013
Assets:
Marketable securities		$	80,500			$	-			$	-			$	80,500

 

 

	·	6,600,000 shares of common stock for compensation for $42,900;
	·	2,000,000 shares of common stock for consulting services for $13,000.
	·	32,400,000 shares of common stock for professional services for $210,600.

 

EXHIBIT 31.1		Certification of Principal Executive Officer
EXHIBIT 31.2		Certification of Principal Financial Officer
EXHIBIT 32.1		Certification of Compliance to Sarbanes-Oxley
EXHIBIT 32.2		Certification of Compliance to Sarbanes-Oxley

101.INS **		XBRL Instance Document
101.SCH **		XBRL Taxonomy Extension Schema Document
101.CAL **		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF **		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB **		XBRL Taxonomy Extension Label Linkbase Document
101.PRE **		XBRL Taxonomy Extension Presentation Linkbase Document

	CROWN EQUITY HOLDINGS INC.
Date: May 15, 2014	By:	/s/ Kenneth Bosket
		Kenneth Bosket, CEO
	By:	/s/ John Scrudato
		John Scrudato, CFO

 

 

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