NATURE OF OPERATIONS AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2019

NATURE OF OPERATIONS AND BASIS OF PRESENTATION

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Carnegie Development Inc., is a publicly trading company under the symbol, “CDJM”

The Company Website is http://carnegie-development.com/    

This Company was previously known as:

·	Escue Energy Inc until July 1, 2019
	○        State of incorporation changed from Delaware to Nevada in 2015
·	eDoorways Corporation, Inc. until 2015
·	M Power Entertainment, Inc. until 2007
·	GK Intelligent Systems, Inc. until 2005
·	Technicraft Financial, Ltd. until 1994
·	Incorporated in Delaware in February 1988

Effective July 1st, 2019 the Articles of Incorporation has been amended and the new name is Carnegie Development, Inc.

On Friday 5th June 2020, FINRA approved the name change as well as the symbol change. The new CUSSIP is 14350V108

Going concern

The Company has an accumulated deficit of $ 3,859,183 as on the reporting date and there was no revenue since inception.

The Company acquired six special purpose entities in Texas. As of 14th November 2020, this Company awaits to receive the audited financial statements for these six special purpose entities to formalize the acquisition in compliance with the regulations. These six special purpose entities are engaged in land development and construction of multi-family homes.

The Company is also seeking debt or equity financing to fund its development plan although no financing arrangements are currently in place and the Company can provide no assurance that financing will be available on acceptable terms. However, the management believes that the actions for (a) obtaining the additional funds and (b) implementing its strategic plans, provide the opportunity for the Company to continue as a going concern.

Basis of Presentation

This Company uses the enterprise reporting under the provisions of Statement of Financial Accounting Standards (“SFAS”) no. 7. The accompanying financial statements are prepared in accordance with Generally accepted accounting principles (“US GAAP”) in the United States of America.