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Crown Equity Holdings Inc (CRWE0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $369 for the three months ended September 30, 2024, compared to $0 for the same period in 2023. Revenues for the nine months ended September 30, 2024, were $831, compared to $0 in the previous year.
Operating expenses for the three months ended September 30, 2024, were $509,086, compared to $26,438 for the same period in 2023. For the nine months ended September 30, 2024, operating expenses were $1,309,734, compared to $62,744 in the previous year.
The company reported a net loss of $513,006 for the three months ended September 30, 2024, compared to a net loss of $29,945 in the same period in 2023. For the nine months ended September 30, 2024, the net loss was $3,700,368, compared to $67,723 in the previous year.
Crown Equity Holdings had a working capital deficit of $305,101 as of September 30, 2024, with current assets of $3,544 and current liabilities of $308,645.
The company raised $40,366 from related parties during the nine months ended September 30, 2024.
Crown Equity acknowledges substantial doubt about its ability to continue as a going concern due to its accumulated deficit and working capital deficit.
The filing also details related party transactions, including promissory notes with the Mike Zaman Irrevocable Trust and other related parties.
Crown Equity Holdings did not issue any shares of common stock for operating capital during the nine months ended September 30, 2024.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of segregation of duties and oversight by a professional with accounting expertise.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Crown Equity Holdings Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.