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Form 10-Q Community Redevelopment For: Mar 31

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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PERSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   

OR

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the period from   January 1, 2021   to March 31, 2021.

 

Commission file number: 333-208814

 

COMMUNITY REDEVELOPMENT INC.

(Exact name of registrant as specified in
its charter)

 

Oklahoma   85-2629422

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

20295 29th Place, #200, Aventura, Fla  

33421

(Address of principal executive offices)   (Zip Code)

 

866 692-6847

Registrant’s telephone number, including
area code

 

Securities registered pursuant to Section
12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
N/A   N/A   N/A

 

Securities registered pursuant to section
12(g) of the Act:

 

  

Indicate by check mark whether
the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 day.

 

☒ Yes ☐ No

 

Indicate by check mark whether
the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☐      No ☒

 

(Does not currently apply to the Registrant)

 

Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging
growth company” in Rule 12b-2 if the Exchange Act.

 

Large accelerated filer   Accelerated filer
Non-accelerated filer    Smaller reporting company   
    Emerging growth company   

 

If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ☐   No ☒

 

As of May 12th, 2021, the registrant had 2,495,499,668
shares of its Common Stock, $0.001 par value, outstanding.

 

When used in this quarterly report, the terms
“Community Redevelopment Inc.” “the Company,” “we,” “our,” and “us” refer
to Community Redevelopment Inc.

 

 

 

 

INDEX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS

 

Some
of the statements contained in this quarterly report may constitute “forward-looking statements” for purposes of the federal
securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s
expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts
or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The
words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “would” and similar expressions may identify forward-looking statements, but
the absence of these words does not mean that a statement is not forward-looking.

 

The
forward-looking statements contained in this annual report are based on our current expectations and beliefs concerning future developments
and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions
that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors:

 

  The implementation of our strategic plans for our business;
  Our financial performance;
  Fluctuations in the number of influencers living in our Clubhouses or that we contract with and their number of social media followers;
  Developments relating to our competitors and our industry, including the impact of government regulation;
  Estimates of our expenses, future revenues, capital requirements and our needs for additional financing; and
  Other risks and uncertainties, including those listed under the captions “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

 

Should
one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities
laws.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART I. Financial Information

 

COMMUNITY REDEVELOPMENT INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

As of March 31, 2021

 

 

INDEX

 

  Page
   
Unaudited Condensed Consolidated Balance Sheets 5
   
Unaudited Condensed Consolidated Statements of Operations 6
   
Unaudited Condensed Consolidated Statements of Changes
in Shareholders’ Deficiency
7
   
Unaudited Condensed Consolidated Statements of Cash
Flows
8
   
Notes to Unaudited Consolidated Financial Statements 9 to 13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMUNITY REDEVELOPMENT INC.

BALANCE SHEET

 

      For the Quarter ended March 31, 2021, Unaudited       For the Year ended December 31, 2020, Audited  
                 
ASSETS                
CURRENT ASSETS                
Cash in Bank   $ 1,559     $ 8,518  
                 
TOTAL CURRENT ASSETS     1,559       8,518  
                 
TOTAL ASSETS   $ 1,559     $ 8,518  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
CURRENT LIABILITIES                
Accounts Payable   $ 29,117     $  
Accrued Expenses Payable           3,305  
Notes Payable     38,041       38,041  
Loan from Shareholders           745,180  
TOTAL LIABILITIES     67,158       786,526  
                 
STOCKHOLDERS’ EQUITY                
Common stock: $0.001 par value, 3,000,000,000 shares authorized, 2,495,499,668 and 125,048,768 shares
issued and outstanding at March 31, 2021 and December 31, 2020 respectively
    2,495,499       125,048  
Shares Committed to be issued           1,000  
Additional Paid in Capital     2,866,729        
Accumulated deficit     (5,427,827 )     (904,056 )
TOTAL EQUITY (DEFICIT)     (65,599 )     (778,008 )
TOTAL LIABILITIES AND EQUITY   $ 1,559     $ 8,518  

 

 

The accompanying notes are an integral part of these condensed consolidated
financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMUNITY REDEVELOPMENT INC.

STATEMENTS OF OPERATIONS

(Unaudited)

 

    For the quarter Ended  
    March 31,  
    2021     2020  
             
REVENUE   $     $  
                 
OPERATING EXPENSE                
General and Administrative Expenses     4,523,771       5,918  
                 
OPERATING LOSS     (4,523,771 )     (5,918 )
                 
NET LOSS FOR PERIOD   $ (4,523,771 )   $ (5,918 )
                 
Net (loss) per share attributable to common stockholders, basic and diluted   $ (0.00 )   $ (0.00 )
                 
Weighted average shares outstanding, basic and diluted     1,104,845,140       125,048,768  

 

 

The accompanying notes are an integral part of these condensed consolidated
financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMUNITY REDEVELOPMENT INC.

STATEMENTS
OF STOCKHOLDERS’ EQUITY (DEFICIT)

 

      Common Stock       Additional                          
      Number of Shares       Amount      

paid in

capital

      Shares Committed       Accumulated Deficit       Total  
Balance December 31, 2019     125,048,768     $ 125,048     $     $     $ (857,902 )   $ (732,854 )
                                                 
Shares Committed to be Issued                             1,000               1,000  
                                                 
Net Loss                                     (46,154 )     (46,154 )
                                                 
Balance December 31, 2020     125,048,768       125,048             1,000       (904,056 )     (778,008 )
                                                 
Shares Issued for Services     2,245,499,800       2,245,500       2,246,500       (1,000 )             4,491,000  
                                                 
Shares Issued for Debt     124,951,100       124,951       620,229                       745,180  
                                                 
Net Loss                                     (4,523,771 )     (4,523,771 )
                                                 
Balance March 31, 2021     2,495,499,668     $ 2,495,499     $ 2,866,729     $     $ (5,427,827 )   $ (65,599 )

 

 

The accompanying notes are an integral part of
these condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

COMMUNITY REDEVELOPMENT INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

 

    For the Quarter Ended  
    March 31,  
    2021     2020  
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net (loss)   $ (4,523,771 )   $ (5,918 )
Shares issued for Services     4,491,000        
Accrued Expenses paid     (3,275 )      
Increase in accounts payable     29,087        
Net cash provided by (used) in operating activities     (6,959 )     (5,918 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Net cash provided by (used) in Investing activities            
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Increase in Shareholder’s loan           5,918  
Net cash provided by financing activities           5,918  
                 
Net increase (decrease) in cash and cash equivalents     (6,959 )      
Cash and cash equivalents at beginning of period     8,518        
Cash and cash equivalents at end of period   $ 1,559     $  
Supplemental disclosure of cash flow information                
Cash paid for interest   $     $  
cash paid for tax   $     $  
Supplemental disclosure of non cash financing activities                
Shares issued to settle notes payable   $ 745,180     $  
Shares issued for services   $ 4,491,000     $  

 

 

The accompanying notes are an integral part of these condensed consolidated
financial statements.

 

 

 

 

Community Redevelopment Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

NOTE 1 – NATURE OF BUSINESS, PRESENTATION AND GOING CONCERN

 

Organization

 

Community Redevelopment Inc. was incorporated
in the State of Oklahoma on August 16th, 2010. At the time of its creation, the Company had been engaged in marketing renewable
energy, sales and marketing of turbines, lighting and solar energy sources. On July 6th, 2020, the company completed a transaction
whereby the core business of the Company is now that of the new merged business. Community Redevelopment, Inc. operates as a community
oriented real estate redeveloper targeting economic growth and opportunity zones in secondary and tertiary value-added markets. Our name
was formally changed to Community Redevelopment Inc. on June 24th, 2020 as part of the overall transaction. The Company is
primarily focused on lower income communities in an effort to bring commerce and affordable housing to underserved areas.

  

Emerging Growth Company

 

The Company is an “emerging growth company”,
as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”), and may take advantage of certain exemptions from
various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including,
but not limited to, not being required to comply with the auditor attestation requirements of section 404(b) of the Sarbanes-Oxley Act,
and exemptions from the requirements of Sections 14A(a) and (b) of the Securities Exchange Act of 1934 to hold a nonbinding advisory vote
of stockholders on executive compensation and any golden parachute payments not previously approved.

 

The Company has elected to use the extended transition
period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows us to delay
the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards
apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply with
public company effective dates.

 

We will remain an “emerging growth company”
for up to five years, although we will lose that status sooner if our revenues exceed $1.07 billion, if we issue more than $1 billion
in non-convertible debt in a three-year period, or if the market value of our common stock that is held by non-affiliates exceeds $700
million as of the end of the second quarter of any fiscal year following the anniversary of the initial reporting.

 

To the extent that we continue to qualify as a
“smaller reporting company”, as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, after we cease
to qualify as an emerging growth company, certain of the exemptions available to us as an emerging growth company may continue to be available
to us as a smaller reporting company, including: (1) not being required to comply with the auditor attestation requirements of Section
404(b) of the Sarbanes Oxley Act; (2) scaled executive compensation disclosures; and (3) the requirement to provide only two years of
audited financial statements, instead of three years.

 

Basis of presentation

 

These consolidated financial statements have been
prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all adjustments necessary
for the fair presentation of the Company’s financial position for the periods presented.

  

 

 

 

Principles of Consolidation

 

The consolidated financial statements include
the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated
in consolidation.

 

Use of Estimates

 

In preparing the consolidated financial statements
in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities as of the dates of the consolidated financial statements, as well as the reported amounts
of revenues and expenses during the reporting period. Significant estimates and assumptions made by management include, but are not limited
to, revenue recognition, the allowance for bad debt, useful life of fixed assets, income taxes and unrecognized tax benefits, valuation
allowance for deferred tax assets, and assumptions used in assessing impairment of long-lived assets. Actual results could differ from
those estimates.

 

Cash and Cash Equivalents

 

Cash equivalents consist of highly liquid investments
with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions without any
restrictions.

 

Going Concern

 

The accompanying unaudited
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. While the Company has incurred a net loss of $ 4,523,771 for the three months ended March
31, 2021, it has incurred cumulative losses since inception of $5,427,827. These conditions raise substantial doubt about the ability
of the Company to continue as a going concern.

 

Revenue Recognition

 

In May 2014 the FASB issued Accounting Standards
Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue recognition
requirements, including most industry specific guidance. This new standard requires a company to recognize revenues when it transfers
goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services.
The FASB subsequently issued the following amendments to ASU No. 2014-09 that have the same effective date and transition date: ASU No.
2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU No. 2016-10, Revenue from Contracts
with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU No. 2016-12, Revenue from Contracts with Customers
(Topic 606): Narrow-Scope Improvements and Practical Expedients; and ASU No. 2016-20, Technical Corrections and Improvements to Topic
606, Revenue from Contracts with Customers. The Company adopted these amendments with ASU 2014-09 (collectively, the new revenue standards).

 

Revenues are recognized when control of the promised
goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange
for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be
recognized as it fulfills its obligations under each of its agreements:

 

Step 1: Identify the contract(s) with customers

Step 2: Identify the performance obligations in
the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to performance
obligations

Step 5: Recognize revenue when the entity satisfies
a performance obligation

 

Service revenues are recognized as the services
are performed in proportion to the transfer of control to the customer and real estate revenues are recognized at the time of sale when
consideration has been exchanged and title has been conveyed to the buyer. At this time, we have not identified specific planned revenue
streams.

 

 

 

 

Income Taxes

 

The Company accounts for income taxes using the
asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences
of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences,
the Company generally considers all expected future events other than enactments of changes in the tax law. For deferred tax assets, management
evaluates the probability of realizing the future benefits of such assets. The Company establishes valuation allowances for its deferred
tax assets when evidence suggests it is unlikely that the assets will be fully realized.

 

The Company recognizes the tax effects of an uncertain
tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date and then
only in an amount more likely than not to be sustained upon review by the tax authorities. Income tax positions that previously failed
to meet the more likely than not threshold are recognized in the first subsequent financial reporting period in which that threshold is
met. Previously recognized tax positions that no longer meet the more likely than not threshold are derecognized in the first subsequent
financial reporting period in which that threshold is no longer met. The Company classifies potential accrued interest and penalties related
to unrecognized tax benefits within the accompanying consolidated statements of operations and comprehensive income (loss) as income tax
expense.

 

Fair Value of Financial Instruments

 

The carrying value of cash, accounts receivable,
other receivable, note receivable, other current assets, accounts payable, and accrued expenses, if applicable, approximate their fair
values based on the short-term maturity of these instruments. The carrying amounts of debt were also estimated to approximate fair value.

 

The Company utilizes the methods of fair value
(“FV”) measurement as described in ASC 820 to value its financial assets and liabilities. As defined in ASC 820, FV is based
on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. In order to increase consistency and comparability in FV measurements, ASC 820 establishes a FV hierarchy that
prioritizes observable and unobservable inputs used to measure FV into three broad levels, which are described below:

 

Level 1 – Quoted prices
are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included
in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange.

 

Level 2 – Pricing inputs
are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of
assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using
highly observable inputs.

 

Level 3 – Significant
inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with
inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine
the fair value of financial transmission rights.

 

Our financial instruments consist of our accounts
payable, accrued expenses – related party and loan payable – related party. The carrying amount of our prepaid accounts payable,
accrued expenses- related parties and loan payable – related party approximates their fair values because of the short-term maturities
of these instruments.

 

Basic Income (Loss) Per Share

 

Under the provisions of ASC 260, “Earnings
per Share,” basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average
number of shares of common stock outstanding for the periods presented. Diluted net loss per share reflects the potential dilution that
could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance
of common stock that would then share in the income of the Company, subject to anti-dilution limitations.

 

 

 

 

Note
2 – Authorized Shares

 

The Company is authorized to issue up to 3,000,000,000
shares of common stock, par value $0.001 per share. Each outstanding share of common stock entitles the holder to one vote per share on
all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights.

 

Note 3 –
Commitments & Contingent Liabilities

 

The Company follows subtopic 450-20 of the FASB
ASC to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may
result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses
such contingent liabilities, and such assessment inherently involves an exercise of judgment.

 

In assessing loss contingencies related to legal
proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived
merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be
sought therein.

 

If the assessment of a contingency indicates it
is probable a material loss was incurred and the amount of the liability can be estimated, then the estimated liability would be accrued
in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but
is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range
of possible losses, if determinable and material, would be disclosed.

 

Loss contingencies considered remote are generally
not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time that these matters will have a material adverse effect on the Company’s financial position, results
of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s
business, financial position, and results of operations or cash flows.

  

New Accounting Pronouncements

 

In June 2016, the FASB issued ASU 2016-13, Measurement
of Credit Losses on Financial Instruments (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”).
ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration
of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years
beginning after December 15, 2022, including those interim periods within those fiscal years. We did not expect the adoption of this guidance
have a material impact on its consolidated financial statements.

 

 

 

 

NOTE 4
– RELATED PARTIES

 

Related Parties

 

The Company follows subtopic 850-10 of the FASB
ASC for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 related parties
include:

 

a. affiliates of the Company;

b. entities for which investments
in their equity securities would be required, absent the election of the FV option under the FV Option Subsection of Section 825–10–15,
to be accounted for by the equity method by the investing entity;

c. trusts for the benefit
of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management;

d. principal owners of the
Company;

e. management of the Company;

f. other parties with which
the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent
that one of the transacting parties might be prevented from fully pursuing its own separate interests; and

g. other parties that can
significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the
transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented
from fully pursuing its own separate interests.

 

The financial statements shall include disclosures
of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary
course of business. However, disclosure of transactions that are eliminated in the preparation of financial statements is not required
in those statements.

 

The disclosures shall include: a. the nature of
the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were
ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding
of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which
income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding
period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the
terms and manner of settlement.

 

The Company has borrowed from its current CEO
an amount of $38,041 as disclosed in our 10-K of December 31, 2020. Said amount is interest free, convertible at the holder’s option
and is due on December 31, 2021. The Company also has a liability, accounts payable of $27,117 payable to current CEO as on March 31,
2021.

 

NOTE 5 – SUBSEQUENT EVENTS

 

On May 14th, 2021, the
Board of Directors appointed Stalin Cruz to replace Rick Toussaint as CFO of the Company.

 

 

 

 

Item 2.  Management’s Discussion and Analysis or
Plan of Operation.

 

THE FOLLOWING DISCUSSION SHOULD BE READ IN CONJUNCTION
WITH OUR AUDITED FINANCIAL STATEMENTS AND THE RELATED NOTES THAT APPEAR ELSEWHERE IN THIS QUARTERLY REPORT. THE FOLLOWING DISCUSSION CONTAINS
FORWARD-LOOKING STATEMENTS THAT REFLECT OUR PLANS, ESTIMATES AND BELIEFS. OUR ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE DISCUSSED
IN THE FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE THOSE DISCUSSED BELOW AND ELSEWHERE
IN THIS QUARTERLY REPORT.

 

FORWARD-LOOKING STATEMENTS

 

This quarterly report on Form 10-Q contains certain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws,
and is subject to the safe-harbor created by such Act and laws.  Forward-looking statements may include statements regarding our
goals, beliefs, strategies, objectives, plans, including product and technology developments, future financial conditions, results or
projections or current expectations These forward-looking statements involve known or unknown risks, uncertainties and other factors
that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by
terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,”
“intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements
are based on our current beliefs, expectations, and assumptions and are subject to a number of risks and uncertainties. Although we believe
that the expectations reflected-in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity,
performance or achievements. Our actual results may differ materially from those anticipated in these forward-looking statements. These
forward-looking statements are made as of the date of this report, and we assume no obligation to update these forward-looking statements
whether as a result of new information, future events, or otherwise, other than as required by law. In light of these assumptions, risks,
and uncertainties, the forward-looking events discussed in this report might not occur and actual results and events may vary significantly
from those discussed in the forward-looking statements.

 

Implications of Being an Emerging Growth Company

 

Emerging Growth Company – We are an emerging growth
company as defined in Section 2(a)(19) of the Securities Act of 1933, as amended, or the Securities Act. We will continue to be an emerging
growth company until: (i) the last day of our fiscal year during which we had total annual gross revenues of at least $1.07 billion; (ii)
the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common stock pursuant to an effective
registration statement under the Securities Act; (iii) the date on which we have, during the previous 3-year period, issued more than
$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a large accelerated filer, as defined in Section 12b-2
of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which means the market value of our common stock that is held
by non-affiliates exceeds $700 million as of the prior June 30.

 

As an emerging growth company, we are exempt from:

  · Sections 14A(a) and (b) of the Exchange Act, which require companies to hold stockholder advisory votes on executive compensation and golden parachute compensation;
  · The requirement to provide, in any registration statement, periodic report or other report to be filed with the Securities and Exchange Commission, or the “Commission” or “SEC”, certain modified executive compensation disclosure under Item 402 of Regulation S-K or selected financial data under Item 301 of Regulation S-K for any period before the earliest audited period presented in our initial registration statement;
  · Compliance with new or revised accounting standards until those standards are applicable to private companies;
  · The requirement under Section 404(b) of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act,   to provide auditor attestation of our internal controls and procedures; and
  · Any Public Company Accounting Oversight Board, or “PCAOB”, rules regarding mandatory audit firm rotation or an expanded auditor report, and any other PCAOB rules subsequently adopted unless the Commission determines the new rules are necessary for protecting the public.

 

 

 

 

 

We have elected to use the extended transition period for complying
with new or revised accounting standards under Section 102(b)(1) of the Jumpstart Our Business Startups Act.

 

We are also a smaller reporting company as defined in Rule 12b-2 of
the Exchange Act. As a smaller reporting company, we are not required to provide selected financial data pursuant to Item 301 of Regulation
S-K, nor are we required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. We are
also permitted to provide certain modified executive compensation disclosure under Item 402 of Regulation S-K.

 

Company Overview

 

Community Redevelopment Inc. was incorporated
in the State of Oklahoma on August 16th, 2010. At the time of its creation, the Company had been engaged in marketing renewable
energy, sales and marketing of turbines, lighting and solar energy sources. On July 6th, 2020, the company completed a transaction
whereby the core business of the Company is now that of the new merged business. Community Redevelopment, Inc. operates as a community
oriented real estate redeveloper targeting economic growth and opportunity zones in secondary and tertiary value-added markets. Our name
was formally changed to Community Redevelopment Inc. on June 24th, 2020 as part of the overall transaction The Company is primarily
focused on opportunity zones in an effort to bring commerce and affordable housing to underserved areas.

 

Community Redevelopment plans to provide numerous
opportunities to improve low-income neighborhoods for residential, commercial, and industrial opportunities through government incentives,
long term public and private partnerships and agreements. Our mission is to rebuild depressed communities, change the direction of youth
and improve the quality of life in those communities, and provide our investors with an opportunity to profit. We intend to accomplish
this by focusing on partnerships between the public and private sector to generate both business interest and business activity in low-income
neighborhoods that have gone unnoticed by the development community at large, while repairing and amending relationships in these underserved
communities.

  

Community Redevelopment, Inc. is not an opportunity
zone fund, or a real estate investment trust. Community Redevelopment, Inc. is a real estate developer offering potential investors an
opportunity to participate in the process of investing in real estate projects that could improve the quality of life for residents of
low-income neighborhoods, via a publicly traded company. The Company intends to work with other real estate developers, as well as local
and state government agencies to complete its projects in these communities.

 

The Company is not a “shell company,”
as it has formal operations, emplaced Board, and several executed Memorandums of Understanding with current projects, in spite of having
no significant cash on hand since the change in control of July 6th, 2020. As of March 31, 2021, the Company had $1,559 in
cash and its auditors have issued an opinion raising substantial doubt about its ability to continue as a going concern. The Company intends
to comply with the periodic reporting requirements of the Exchange Act for so long as it is subject to those requirements.

 

The Company’s current management believes
the advantages of being a publicly held corporation will enable it to project further and faster growth during this market down-turn.
The Company’s principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential
through community-private partnerships within different US jurisdictions.

 

During the remainder of the fiscal year and beyond
such time, we anticipate incurring costs related to the filing of Exchange Act reports, and investigating, analyzing and consummating
further local partnerships. We believe we will be able to meet these costs through the use of funds to be loaned by or invested in us
by our stockholders, management or other investors. Our management and stockholders have indicated their intent to advance funds on behalf
of the Company as needed in order to accomplish its business plan and comply with its Exchange Act reporting requirements; however, there
are no agreements in effect between the Company and our management and stockholders specifically requiring that they provide any funds
to the Company. As a result, there are no assurances that such funds will be advanced or that the Company will be able to secure any additional
funding as needed.

 

As of the date of this filing, the Company has
entered into preliminary discussions with several potential parties, though no definitive agreements have been executed to date.

 

 

 

 

While the Company has limited assets and no revenues,
the Company has an exceptionally experienced management in finance, politics and business and have unrestricted flexibility in seeking,
analyzing and participating in potential urban renewal opportunities in the area of community redevelopment. In its efforts to analyze
potential ventures, the Company will consider the following kinds of factors:

 

(a) potential for growth,
indicated by local need and assigned local, state or Federal funding and incentives towards urban renewal in that given locale.

 

(b) competitive position as
compared to other firms of similar size and experience within the industry segment as well as within the industry as a whole;

 

(c) strength and diversity
of current management;

  

(d) capital requirements and
anticipated availability of required funds, to be provided by the Company or from operations, through joint ventures or similar arrangements,
sales of securities, or from other sources;

 

(e) the extent to which the
business opportunity can be advanced; and

  

In applying the foregoing criteria, not one of
which will be definitive, management will attempt to analyze all factors and circumstances and make a determination based upon reasonable
investigative measures and available data. Potentially available urban renewal opportunities may occur in many different locales, and
at various stages of development, all of which will make the task of comparative investigation and analysis of such urban renewal opportunities
extremely difficult and complex. Due to the Registrant’s limited capital available for investigation, the Registrant may not discover
or adequately evaluate adverse facts about the opportunity to be engaged. In addition, we will be competing against other entities that
possess greater financial, technical and managerial capabilities for identifying and completing new projects.

 

In evaluating a prospective new project, we will
conduct as extensive a due diligence review of potential targets as possible given our dependence upon the ever-changing city, state and
federal funding initiatives for urban redevelopment and our limited financial resources. We expect that our due diligence will encompass,
among other things, meetings with the local government officials and inspection of its neighborhoods and infrastructure, as necessary,
as well as a review of financial, government statistical data and other information which is made available to us. This due diligence
review will be conducted primarily by our management or by unaffiliated third parties we may engage, including but not limited to attorneys,
accountants, consultants or other such professionals. The costs associated with hiring third parties as required to complete a new project
may be significant and are difficult to determine as such costs may vary depending on a variety of factors, including the locale, amount
of time it takes to complete a new project, the location of the project, and the size and complexity of the business of the project. As
of the date of this filing, the Company has identified several potential business opportunities. The Company is currently in discussions
with several but not limited to developers, real estate owners, property management company in California, Colorado, Florida, Georgia,
Maryland, Ohio and Texas to either acquire, design and or redevelop properties.

 

Our limited funds will likely make it difficult
to conduct a complete and exhaustive investigation and analysis of a target project at this early stage without bringing on strategic
local partners, which is part of our business plan, see infra. As a general rule, it normally requires approximately 3-6 months
to carry out due diligence and meeting with local and state officials, and approximately 9-12 months to follow through to completion.
The estimated costs for this period and need are anywhere from approximately $750,000 to $1,500,000.

 

The time and costs required to select and evaluate
a target project and to structure and complete a new project cannot presently be ascertained with any degree of certainty. The amount
of time it takes to complete a new project, the location of the project, and the size and complexity of the project neighborhood, the
scope of city, state and federal regulations, and whether funds may be raised contemporaneously with the transaction are all factors that
determine the costs associated with completing a new project transaction. The time and costs required to complete a new project can be
estimated once a new project target has been identified. Any costs incurred with respect to the evaluation of a prospective new project
that is not ultimately completed will result in a loss to us.

 

 

 

 

Through information obtained from industry professionals
including attorneys, architects, developers, appraisers, accountants, commercial and residential real estate brokers, builders, engineers
as well as other consultants with experience in the urban redevelopment sphere, there are literally thousands of new potential projects,
and the aim of the management is to filter through these for the most reasonably achievable urban renewal projects.

 

We are, and will continue for the foreseeable
future to be, an insignificant participant on the national level of public-private urban renewal.

 

Nearly all similar companies have significantly
greater financial resources; consequently, we will be at a competitive disadvantage in identifying possible urban renewal opportunities
and successfully completing a new project. These competitive factors may reduce the likelihood of our identifying and consummating a successful
new project.

   

We presently have no employees. Our officers and
directors are engaged in outside business activities and are employed on a full-time basis by other companies. Our officers and directors
will be dividing their time amongst these entities and anticipate that they will devote less than full time to our business until the
successful project has been identified. The specific amount of time that management will devote to the Company may vary from week to week
or even day to day, and therefore the specific amount of time that management will devote to the Company on a weekly basis cannot be ascertained
with any level of certainty. In all cases, management intends to spend as much time as is necessary to exercise their fiduciary duties
as an officer and/or director of the Company and believes that they will be able to devote the time required to consummate a new project
transaction as necessary. We expect no significant changes in the number of our employees other than such changes, if any, incident to
a new project.

 

It is likely that the Registrant will engage its
participation in a business opportunity through the issuance of its Common Stock or other securities of the Registrant, which could result
in substantial dilution to the equity of stockholders of the Registrant immediately prior to the consummation of a transaction. Although
the terms of any such transaction have not been identified and cannot be predicted, it is expected that any new project transaction the
Company may enter into would be structured as a “tax free” reorganization. It should be noted that the criteria for determining
whether or not an acquisition is a so-called “tax free” reorganization under Section 368(a)(1) of the Internal Revenue Code
of 1986, as amended (the “Code”) depends upon the transaction meeting certain statutory and non-statutory requirements. There
are different types of statutory requirements for each type of tax-free reorganization and thus each transaction must be reviewed carefully
to determine its eligibility for a tax-free reorganization. One of the statutory requirements in a tax-free reorganization is that at
least a certain percentage of the total consideration in the transaction must be voting stock of the engager corporation. This could result
in substantial dilution to the equity of those who were stockholders of the Registrant prior to such reorganization. In addition, post-transaction
dispositions of Registrant’s stock received as consideration could have implications for the tax-free nature of the transaction
in question.

 

Basis of Presentation

 

The accompanying unaudited condensed financial
statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”)
for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not include all of the information
and footnotes required in annual financial statements. In the opinion of management, the unaudited condensed financial statements contain
all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position and results of operations
and cash flows. The results of operations presented are not necessarily indicative of the results to be expected for any other interim
period or for the entire year.

 

These unaudited condensed financial statements
should be read in conjunction with our December 31st, 2020 Annual financial statements included in our Form 10-K, filed with
the SEC on April 14th, 2021.

 

Going Concern

 

Due to the uncertainty of our ability to meet
our current operating and capital expenses, our independent auditors included an explanatory paragraph in their report on the audited
financial statements for the year ended December 31, 2020 regarding concerns about our ability to continue as a going concern. Our financial
statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

 

 

 

 

Our unaudited condensed financial statements have
been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of
business. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or
to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they
become due. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that we will
be able to continue as a going concern. Our unaudited condensed financial statements do not include any adjustments to the amount and
classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. There is no assurance
that our operations will be profitable. Our continued existence and plans for future growth depend on our ability to obtain the additional
capital necessary to operate either through the generation of revenue or the issuance of additional debt or equity.

 

Stockholders’ Equity (Deficit)

 

Authorized Shares

 

The Company is authorized to issue up to 3,000,000,000
shares of common stock, par value $0.001 par value. Each outstanding share of common stock entitles the holder to one vote per share on
all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights.

 

Commitments and Contingencies

 

None.

 

Financing

 

We will require additional financing to implement
our business plan, which may include joint venture projects and debt or equity financings. The nature of this enterprise and constraint
of positive cash flow places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt
until such time as an economically viable profits and losses can be demonstrated. Therefore, any debt financing of our activities may
be costly and result in substantial dilution to our stockholders.

 

Future financing through equity investments is
likely to be dilutive to existing stockholders. Also, the terms of securities we may issue in future capital transactions may be more
favorable for our new investors. Newly issued securities may include preferences, superior voting rights, and the issuance of warrants
or other derivative securities, which may have additional dilutive effects. Further, we may incur substantial costs in pursuing future
capital and financing, including investment banking fees, legal fees, accounting fees, and other costs. We may also be required to recognize
non-cash expenses in connection with certain securities we may issue, such as convertible notes and warrants, which will adversely impact
our financial condition.

 

Our ability to obtain needed financing may be
impaired by such factors as the capital markets, both generally and specifically in the Agro-tech industry, which could impact the availability
or cost of future financings. If the amount of capital we are able to raise from financing activities, together with our revenue from
operations, is not sufficient to satisfy our capital needs, even to the extent that we reduce our operations accordingly, we may be required
to cease operations.

 

There is no assurance that we will be able to
obtain financing on terms satisfactory to us, or at all. We do not have any arrangements in place for any future financing. If we are
unable to secure additional funding, we may cease or suspend operations. We have no plans, arrangements or contingencies in place in the
event that we cease operations.

 

 

 

 

Results of Operations

 

Three months ended March 31, 2021 compared
to the three months ended March 31, 2020

 

Operating Expenses

 

Total General and Administrative expenses for
the 3 months ended March 31, 2021 and 2020, were $4,523,771 versus $5,918, respectively. This was primarily due to an increase of $4,517,853
in general and administrative expenses, comprised of $4,491,000 in lieu of shares issued for salary and expenses for directors and external
advisors.

 

Liquidity and Capital Resources

 

Overview

 

Since inception on August 16, 2010, the Company
had a cumulative deficit of $5,427,827 and we have a working capital deficit of $65,599 as of March 31, 2021. Our future growth is dependent
upon achieving further purchase orders and execution, management of operating expenses and ability of the Company to obtain the necessary
financing to fund future obligations, and upon profitable operations.

 

Historically, we have financed our cash flow and
operations from the initial contribution of our majority shareholder and by raising equity and convertible loans.

 

As of March 31, 2021, our cash balance was $1,559,
we believe we will require a minimum of $1 million in working capital over the next 12 months to grow the company as currently planned,
covering our operation costs and maintaining our regulatory reporting and filings. Should our revenues not materialize as expected, or
if our costs and expenses prove to be greater than we currently anticipate, or should we change our current business plan in a manner
that will increase or accelerate our anticipated costs and expenses; we may need funds in excess of that currently planned.

 

It is our current policy that all transactions
between the Company and our officers, directors and their affiliates will be entered into only if such transactions are approved by a
majority of the existing directors, are approved by vote of the stockholders, or are fair to us as a corporation as approved or ratified
by our Board of Directors or authorized officer. We will conduct an appropriate review of all related party transactions on an ongoing
basis, and, where appropriate, we review the potential of conflicts of interest.

 

Going Concern

 

Due to the uncertainty of our ability to meet
our current operating and capital expenses, our independent auditors included an explanatory paragraph in their report on the audited
financial statements for the year ended December 31, 2020 regarding concerns about our ability to continue as a going concern. Our financial
statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

 

Our unaudited financial statements have been prepared
on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of business. Our
ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or to obtain
the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they become due.
The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that we will be able to continue
as a going concern. Our unaudited financial statements do not include any adjustments to the amount and classification of assets and liabilities
that may be necessary should we be unable to continue as a going concern.

 

There is no assurance that our operations will
be profitable. Our continued existence and plans for future growth depend on our ability to obtain the additional capital necessary to
operate either through the generation of revenue or the issuance of additional debt or equity.  

 

 

 

 

Off Balance Sheet Arrangements

 

As of March 31, 2021, we did not have any off-balance
sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.

 

Critical Accounting Policies

 

Our discussion and analysis of the financial condition
and results of operations are based upon the Company’s unaudited condensed financial statements, which have been prepared in accordance
with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts
of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We believe that the estimates,
assumptions and judgments involved in the accounting policies described below have the greatest potential impact on our unaudited condensed
financial statements, so we consider these to be our critical accounting policies. Because of the uncertainty inherent in these matters,
actual results could differ from the estimates we use in applying the critical accounting policies. Certain of these critical accounting
policies affect working capital account balances, including the policies for revenue recognition, allowance for doubtful accounts and
income taxes. These policies require that we make estimates in the preparation of our unaudited condensed financial statements as of a
given date.

 

Within the context of these critical accounting
policies, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts
being reported.

 

Item 3. Quantitative and Qualitative Disclosures
about Market Risk

 

We are a smaller reporting company as defined
in Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

In connection with the preparation of our Quarterly
Report on Form 10-Q, an evaluation was carried out by management, with the participation of our Chief Executive Officer and Chief Financial
Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934 (Exchange Act) as of March 31, 2021. Disclosure controls and procedures are designed to ensure that information required
to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial
Officer, to allow timely decisions regarding required disclosure.

 

During evaluation of disclosure controls and procedures
as of March 31, 2021 conducted as part of our preparation of the quarterly unaudited condensed financial statements, management conducted
an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures and concluded that our disclosure
controls and procedures were not effective.

 

Management’s Report on Internal Control over Financial Reporting

 

Management is responsible for the preparation
and fair presentation of the unaudited condensed financial statements included in this quarterly report. The unaudited condensed financial
statements have been prepared in conformity with accounting principles generally accepted in the United States and reflect management’s
judgment and estimates concerning effects of events and transactions that are accounted for or disclosed.

 

 

 

 

Management is also responsible for establishing
and maintaining adequate internal control over financial reporting. Our internal control over financial reporting includes those policies
and procedures that pertain to our ability to record, process, summarize and report reliable data. Management recognizes that there are
inherent limitations in the effectiveness of any internal control over financial reporting, including the possibility of human error and
the circumvention or overriding of internal control. Accordingly, even effective internal control over financial reporting can provide
only reasonable assurance with respect to unaudited condensed financial statements presentation. Further, because of changes in conditions,
the effectiveness of internal control over financial reporting may vary over time.

 

A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement
of the Company’s annual or interim unaudited condensed financial statements will not be prevented or detected on a timely basis.
The material weaknesses identified are described below.

 

Procedures for Control Evaluation.
Management has not established with appropriate rigor the procedures for evaluating internal controls over financial reporting. Due to
limited resources and lack of segregation of duties, documentation of the limited control structure has not been accomplished.

 

Lack of Audit Committee. To date,
the Company has not established an Audit Committee. It is management’s view that such a committee, including a financial expert,
is an utmost important entity level control over the financial reporting process.

 

Insufficient Documentation of Review Procedures
We employ policies and procedures for reconciliation of the unaudited condensed financial statements and note disclosures.

 

Insufficient Information Technology Procedures.
Management has not established methodical and consistent data back-up procedures to ensure loss of data will not occur.

 

As a result of the management evaluation of company
internal control over financial reporting described above, the Company’s management has concluded that, as of March 31, 2021, the
Company’s internal control over financial reporting was not based on the criteria in Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission.

 

This quarterly report does not include an attestation
report of our independent registered public accounting firm regarding internal control over financial reporting. We were not required
to have, nor have we, engaged our independent registered public accounting firm to perform an audit of internal control over financial
reporting pursuant to the rules of the Securities and Exchange Commission that permit us to provide only management’s report in
this quarterly report.

 

Changes in Internal Control Over Financial
Reporting

 

As of the end of the period covered by this report,
there have been no changes in internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the
three months ended March 31, 2021, that materially affected, or are reasonably likely to materially affect, the Company’s internal
control over financial reporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part II- Other Information

 

Item 1. Legal Proceedings

 

The Company is not a party to any pending legal
proceedings, and no such proceedings are known to be contemplated. No director, officer, or affiliate of the issuer and no owner of record
or beneficiary of more than 5{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} of the securities of the issuer, or any security holder is a party adverse to the small business issuer
or has a material interest adverse to the small business issuer.

 

Item 1A. Risk Factors

 

We are a smaller reporting company as defined
in Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

 

Item 2. Recent Sale of Unregistered Securities

 

During the first quarter of 2021, the Company issued 2,245,499,800
common shares to acquire the assets and liabilities of RCK Development LLC (“RCK”) in a merger agreement which were issued
to Directors and Consultants. Additionally, the Company issued 124,951,100 common shares to settle 100{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} of the outstanding debt of the
prior Director.

 

Item 6. Exhibits

 

 

* Filed along with this document

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the
Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: May 17, 2021 By: /s/ Charles Arnold
   

Charles Arnold

Director, Chief Executive Officer

    COMMUNITY REDEVELOPMENT INC.

 

Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities
indicated.

 

Dated: May 17, 2021 By: /s/ Charles Arnold
   

Charles Arnold

Director, Chief Executive Officer

    COMMUNITY REDEVELOPMENT INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 31.1

 

Rule 13a-14(a) Certification
of the Chief Executive Officer

 

I, Charles Arnold, certify that:

 

1. I have reviewed Community Redevelopment Inc. Company’s Quarterly report on Form 10-Q for the three months ended March 31, 2021;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the unaudited condensed financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

 

4. The small business issuer’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:

 

a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;

 

b) Evaluated the effectiveness of the
small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

c) Disclosed in this report any change
in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s
fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal
control over financial reporting; and

 

d) designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of the unaudited condensed financial statements for external
purposes in accordance with generally accepted accounting principles;

 

5. The small business issuer’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and
material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely
affect the small business issuer’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the small business issuer’s internal control over financial
reporting.

 

Date:  May 17, 2021

By:

/s/ Charles Arnold

 
 

Charles Arnold

Director, Chief Executive Officer

  Community Redevelopment Inc.

 

Exhibit 31.2

 

 

Rule 13a-14(a) Certification
of the Chief Financial Officer

 

I, Stalin Cruz, certify that:

 

1. I have reviewed Community Redevelopment Inc. Company’s Quarterly report on Form 10-Q for the three months ended March 31, 2021;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the unaudited condensed financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

 

4. The small business issuer’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:

 

a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;

 

b) Evaluated the effectiveness of the
small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

 

c) Disclosed in this report any change
in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s
fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal
control over financial reporting; and

 

d) designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;

 

5. The small business issuer’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and
material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely
affect the small business issuer’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the small business issuer’s internal control over financial
reporting.

 

Date:  May 17, 2021

By:

/s/ Stalin Cruz

 
 

Stalin Cruz

Chief Financial Officer

  Community Redevelopment Inc.

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned, the Chief Executive Officer of
Community Redevelopment Inc. (the “Company”), certifies that, to his knowledge:

 

1. The report of the Company for the three months period ended March 31, 2021 as filed with the Securities and Exchange Commission on this date (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: May 17, 2021 By:  /s/ Charles Arnold
 

Charles Arnold

Chief Executive Officer

  COMMUNITY REDEVELOPMENT INC.

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned, the Chief Financial Officer of
Community Redevelopment Inc. (the “Company”), certifies that, to his knowledge:

 

1. The report of the Company for the three months period ended March 31, 2021 as filed with the Securities and Exchange Commission on this date (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: May 17, 2021 By:  /s/ Stalin Cruz
 

Stalin Cruz

Chief Financial Officer

  COMMUNITY REDEVELOPMENT INC.

 

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