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Crona Corp (CCCP0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generated during the period. The company reported a net loss of $16,151 for the three months ended September 30, 2024, and a net loss of $61,096 for the nine months ended September 30, 2024.
Operating expenses for the three months ended September 30, 2024, were $10,414, which included depreciation and amortization expenses of $7,372, general and administrative expenses of $1,429, and professional fees of $1,613.
For the nine months ended September 30, 2024, operating expenses totaled $43,962, including amortization on convertible promissory note of $1,863, depreciation and amortization expenses of $22,115, general and administrative expenses of $5,371, and professional fees of $14,613.
The company had total assets of $46,448 and total liabilities of $299,668 as of September 30, 2024, resulting in a working capital deficit of $199,668.
Crona Corp's management has expressed substantial doubt about the company's ability to continue as a going concern, citing the lack of revenue and accumulated losses.
The company has not incurred any research and development expenditures since its incorporation and has no employees as of the date of the filing.
The company is transitioning from the antimicrobial surface protection services business to the memorialization industry, focusing on products for the cemetery and funeral industries.
Crona Corp plans to generate revenue from product sales, including funeral caskets, which are imported from China and sold to funeral homes and distributors in the US market.
The filing also notes that there are no pending legal proceedings or significant off-balance sheet arrangements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Crona Corp quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.