If CRWV were to ever legitimize and show transparency on their recent activity, like disclosing the truth about all these SS changes, and upgrade their OTC status, it would be very dis-settling to me. i need CRWV to be proven a fraud.
I think CRWV is very suspicious, for many reasons. I think I just found one more very suspicious issue which may explain where the 200 million free-trading shares and the 200 million restricted shares came from.
Janice pointed out that there are two sets of "filings" by Crowne over at Pink OTC. The first set has been made inactive, and a new set with a new attorney has since been made available. I went through both sets, and there is a LOT of important changes between the two sets besides just the attorney.
Crowne filed an annual report for the year ended December 31, 2010 on May 20, 2011. They filed another version of the annual report for the year ended December 31, 2010 on August 7, 2011. ( www.otcmarkets.com/stock/CRWV/financials - click "View -All" in the upper bar to see both the active and inactive filings in order to compare both sets) There are a lot that is the same between the two reports (including the obvious conclusion that much of the report was cut and pasted from other companies reports - notice that certain parts are in different fonts AND different font sizes) and the notes claim the statements are prepared to US GAAP (they aren't - not by a LONG SHOT) and they give the incorrect statement that Crowne is an SEC filer. But, there is also a lot that is different. Those differences may cut to the heart of this stock promotion.
Look at the two balance sheets. In the first annual report filed on May 20, the "Additional Paid-in Capital" for 2010 and 2009 was the same - $34,293. The Company issued no shares in either year, and conducted no transactions. HOWEVER, look at the balance sheet in the second annual report filed August 7, 2011. They are still claiming they issued no common shares in either fiscal 2009 or 2010. BUT, the "Additional Paid-in Capital" jumps to $62,293 in 2009 and $74,293 in 2010.
So, where did the huge jump in Additional Paid in Capital come from? Take a look at the 2 "Statement of Stockholder Equity" statements. They are both horribly formatted, and differently formatted in each case. Plus, they have different numbers. In the first, there were no shares issued between 1991 and 2010, so the only thing that changed shareholder's equity was the annual losses. However, in the second one filed, they suddenly show that in 2009 they recorded $28,000 in Additional Paid-In capital and in 2009 they recorded $12,000 in Additional Paid-In Capital. All without issuing a single share of stock. How is that possible? It isn't. At least, not according to these non-GAAP compliant financial statements. More on that shortly.
The cash flow statements are also different. In the first one, there were no transactions AT ALL in either 2010 or 2009. None. Yet, in the second one, they suddenly claim to have spent $17,000 on rock crushing equipment (17 thousand EVEN?) in 2009 and received $40,000 from issuance of capital ($28K in 2009, and $12K in 2010). How does a company "forget" about those important transactions? How could they forget about the $40K in their bank accounts (it would be interesting to know if they ever did receive $40K, or just claim they did). I know the financials are a mess, but this is going into the realm is disbelief.
One other important change in the 2 reports. In the first one, there is no mention of the acquisition of Rising Star. But, there it is in the second report filed in August. Somewhere between May 2011 and August 2011, Crowne acquired a subsidiary working in Mexico in 2009. Wow - they must have a time machine that allowed them to go from the summer of 2011 sometime after May 7 all the way back to 2009 and buy this mineral explorer active in Nayarit so they can report it for the first time in August 2011. I mean, how else could they "forget" about this all important 2009 acquisition in May 2011 but suddenly "remember" it in August 2011?
Back to the mystery of the Additional Paid-in Capital. There is a way to increase the Additional Paid-in Capital without issuing shares. A Company arranges for a stock subscription and the shares are issued later. However, under GAAP, there are offsetting accounts for those subscription amounts, none of which are present here.
We already know these financial statements are not GAAP compliant. However, it sure looks like PERHAPS someone, between May and August, conjured up not only the acquisition of a mining company in 2009 BUT also a very convenient stock subscription debt (which wasn't even properly accounted for in the revised financial statements) of $40,000. This amount MAY have been settled by the issuance of 400 million common shares ($40,000 in debt very cleanly converts to the 400 million shares Crowne issued at $0.0001 per share). And, due to the date of the suspicious subscription (if the debt is real), much of the shares could be issued without restrictive legend. In other words, free trading shares ready to be sold into the paid promotion.
This is just the type of issue the SEC often investigates.
The statements made by the "new" attorney in his CRWV opinion letters are seeming a lot more attractive for his release of liability safety. Looking pretty "null and void" to me. LOL
This opinion and conclusions herein are based upon documentation and facts made available by the Company and is based on the accuracy of those documents and facts. In the event that any material facts and information in any such documents are determined not to be true, this opinion shall be null and void.
