Overview

We have developed and commenced commercializing a financial technology product, CORO which uses advanced distributed ledger technology for improved security, speed, and reliability. CORO is a global money transmitter that allows customers to send, receive, and exchange currencies faster, cheaper and more securely, initially consisting of the ability to send, receive and exchange U.S. dollars and gold. Our mission through CORO is to democratize access to gold as sound money. CORO makes it simple, convenient and affordable to use gold as money. The CORO mobile app was completed and released in select U.S. markets in August 2020. Following the initial commercial release, CORO has expanded into new markets and is now licensed, approved and operating in 28 U.S. states plus the District of Columbia and Puerto Rico. CORO intends to expand the release of the app throughout the U.S. in 2021. The Company will also pursue money transmission licenses in foreign countries such as Mexico and Canada.

We believe CORO is the world's first global payment application that includes gold, the oldest and most trusted money. CORO technology facilitates money transmission and exchange with faster speeds, better security, and lower costs than existing options in the marketplace. An important component of the CORO payment system is our Financial Crime Risk Management (FCRM) solution. We have developed our FCRM platform, with integrated Anti-Money Laundering / Know Your Customer on boarding and transaction monitoring to provide a fully integrated compliance solution for CORO's compliance department. The solution meets the rigorous demands of government regulators, while supporting our customers. The FCRM technology has been completed and is incorporated within the CORO mobile payment system.

References in this report to "we," "us," the "Company" and "our" refer to Coro Global Inc. together with its wholly-owned subsidiary.

Results of Operations for the three months ended June 30, 2021 and June 30, 2020





Revenues

In August 2020 the Company successfully launched the Coro mobile payment application on a commercial basis. The Coro app is available for users to download in the Apple Store and Google Play. The Company generated nominal transaction revenues of $662 during the three months ended June 30, 2021.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended June 30, 2021 were $573,296, a decrease of $855,711 or approximately 60% compared to selling, general and administrative expenses of $1,429,007 for the three months ended June 30, 2020. The decrease in expense was mainly attributable to reduction in expenses associated with the issuance of warrants and common stock for services, from $964,368 during the three months ended June 30, 2020 compared to $0 for the three months ended June 30, 2021, which was partially offset by higher professional and consulting fees during the three months ended June 30, 2021 compared to the three months ended June 30, 2020.





Development Expense

Development expenses for the three months ended June 30, 2021 were $246,059 compared to $273,466 for the three months ended June 30, 2020. We incurred slightly lower development expenses, including fees paid to vendors, for our CORO product during the three months ended June 30, 2021 compared to the three months ended June 30, 2020 as we completed development of our CORO product.





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Net Loss

For the reasons stated above, our net loss for the three months ended June 30, 2021 was ($818,693) or ($0.03) per share, a decrease of $1,048,780 or 56%, compared to net loss of ($1,867,473), or ($0.08) per share, for the three months ended June 30, 2020.

Results of Operations for the six months ended June 30, 2021 and June 30, 2020





Revenues

In August 2020 the Company successfully launched the Coro mobile payment application on a commercial basis. The Coro app is available for users to download in the Apple Store and Google Play. The Company generated nominal transaction revenues of $1,756 during the six months ended June 30, 2021.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the six months ended June 30, 2021 were $1,302,941, a decrease of $760,914 or approximately 37% compared to selling, general and administrative expenses of $2,063,855 for the six months ended June 30, 2020. The decrease in expense was mainly attributable to reduction in expenses associated with the issuance of warrants and common stock for services, from $1,256,609 during the six months ended June 30, 2020 compared to $0 for the six months ended June 30, 2021, which was partially offset by higher professional and consulting fees during the six months ended June 30, 2021 compared to the six months ended June 30, 2020.





Development Expense

Development expenses for the six months ended June 30, 2021 were $433,602 compared to $488,506 for the six months ended June 30, 2020. We incurred slightly lower development expenses, including fees paid to vendors, for our CORO product during the six months ended June 30, 2021 compared to the six months ended June 30, 2020 as we completed development of our CORO product.





Net Loss

For the reasons stated above, our net loss for the six months ended June 30, 2021 was ($1,734,787) or ($0.07) per share, a decrease of $982,574 or 36%, compared to net loss of ($2,717,361), or ($0.11) per share, for the six months ended June 30, 2020.

Liquidity and Capital Resources

As of June 30, 2021, we had cash of $881,128, compared to cash of $735,547 as of December 31, 2020. Net cash used in operating activities for the six months ended June 30, 2021 was $1,352,411. Our current liabilities as of June 30, 2021 of $793,598 consisted of: $668,511 for accounts payable and due to customers of $125,087.

Net cash used in investing activities for the six months ended June 30, 2021 was $1,978 compared to $0 for the six months ended June 30, 2020. During the six months ended June 30, 2021 the Company purchased office equipment.

During the six months ended June 30, 2021 we entered into and closed subscription agreements with accredited investors pursuant to which we sold to the investors an aggregate of 300,000 shares of common stock, for a purchase price of $5.00 per share, and aggregate gross proceeds of $1,500,000. During the six months ended June 30, 2020 we entered into and closed subscription agreements with accredited investors pursuant to which the Company sold to the investors an aggregate of 437,000 shares of common stock, for a purchase price of $5.00 per share, and aggregate gross proceeds of $2,185,000. We repaid $125,000 of outstanding principal of a note from a then-related party and received $500 from the exercise of warrants.

During the next twelve months, we anticipate that we will require approximately $4,200,000 for general and administrative and other expenses in order to execute our current business plan. We must obtain additional financing to continue our operations. We may not be able to obtain additional funding on terms that are favorable to us or at all. We may not be able to obtain sufficient funding to continue our operations. In addition, we have not generated significant revenues to date and there is no assurance we will generate significant revenue in the future. These conditions raise substantial doubt about our ability to continue as a going concern.





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Critical Accounting Policies and Estimates





Revenue Recognition

Effective January 1, 2018, we recognize revenue in accordance with Accounting Standards Codification 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific revenue recognition guidance throughout the Industry Topics of the Accounting Standards Codification. The updated guidance states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. The standard was effective for the first interim period within annual reporting periods beginning after December 15, 2017, and we adopted the standard using the modified retrospective approach effective January 1, 2018. The adoption of this guidance did not have a material impact on our financial statements.





Stock-Based Compensation

We account for all compensation related to stock; options or warrants using a fair value-based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. We use the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement.

Recently Issued Accounting Pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to have a material impact on our financial position, results of operations or cash flows.

Management does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Off Balance Sheet Arrangements

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

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