Newpoint Financial (NPFC) 10-Q 21 Mar 18 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Mar. 21, 2018
Document And Entity Information
Entity Registrant Name	JUDO Capital Corp.
Entity Central Index Key	1,445,831
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		69,322,426
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash	$ 3,250	$ 4,787
Prepaid expenses	1,250	5,250
Total current assets	4,500	10,037
Total assets	4,500	10,037
Current liabilities
Accounts payable and accrued liabilities	14,092	9,805
Interest payable - related party	2,900
Loan payable-related party	30,000
Total current liabilities	46,992	9,805
Convertible notes payable- related parties	600,000
Total liabilities	646,992	9,805
Stockholders' equity (deficit)
Preferred stock; $0.001 par value; 50,000,000 shares authorized; none issued or outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized; 69,322,426 shares issued and outstanding	69,322	69,322
Additional paid-in capital	(321,175)	278,825
Accumulated deficit	(390,639)	(347,915)
Total stockholders' equity (deficit)	(642,492)	232
Total liabilities and stockholders' equity (deficit)	$ 4,500	$ 10,037

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	69,322,426	69,322,426
Common stock, outstanding	69,322,426	69,322,426

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating expenses
General and administrative	$ 6,209	$ 4,100	$ 39,824	$ 12,435
Total operating expenses	6,209	4,100	39,824	12,435
Loss from operations	(6,209)	(4,100)	(39,824)	(12,435)
Other expense
Interest expense	(2,193)		(2,900)
Total other expense	(2,193)		(2,900)
Net loss	$ (8,402)	$ (4,100)	$ (42,724)	$ (12,435)
Basic and diluted net loss per common share	$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding - basic and diluted	69,322,426	69,322,426	69,322,426	69,322,426

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net loss	$ (42,724)	$ (12,435)
Changes in operating liabilities:
Prepaid expenses	4,000
Accounts payable and accrued liabilities	4,287	9,455
Interest payable	2,900
Net cash used in operating activities	(31,537)	(2,980)
Cash flows from financing activities
Proceeds from loan payable- related party	30,000
Net cash provided by financing activities	30,000
Net change in cash	(1,537)	(2,980)
Cash at beginning of period	4,787	9,044
Cash at end of period	3,250	6,714
Supplemental cash flow information
Cash paid for interest
Cash paid for income taxes
Supplemental disclosure of non-cash financing activities:
Non cash convertible note- related parties recorded as increase in debt and reduction in additional paid in capital	$ 600,000

Note A -Organization and Nature

Note A -Organization and Nature of Business	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Note A - Organization and Nature of Business	NOTE A – ORGANIZATION AND NATURE OF BUSINESS Judo Capital Corp. (“Judo”) was incorporated in the State of Delaware on November 16, 2005 under the name Blue Ribbon Pyrocool, Inc. (“Blue Ribbon”). Blue Ribbon changed its name to Classic Rules Judo Championships, Inc. on July 15, 2008 then to Judo Capital Corp on February 15, 2017. the Company formed a subsidiary in the State of Connecticut on August 13, 2008 named Classic Rules World Judo Championships, Inc. to develop an annual judo championship tournament. Collectively the entities are referred to as “the Company”. On June 2, 2014, the Company ceased its principal activities of hosting and sponsoring judo tournaments. The Company had planned to operate in real estate investment activities focused in the New York City metropolitan area. On February 28, 2018, the Company ceased its plans to operate in the real estate investment activities. The Company is seeking to consummate a merger or acquisition. Unaudited Interim Financial Statements The accompanying unaudited interim consolidated financial statements as of September 30, 2017, and for the three and nine months ended September 30, 2017 and 2016 have been prepared in accordance with accounting principles generally accepted for interim financial statement presentation and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. They should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2016. In the opinion of management, the financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to fairly present the financial position as of September 30, 2017 and the results of operations for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year. Principles of Consolidation The consolidated financial statements include the accounts of Judo Capital Corp. and its wholly owned subsidiary Classic Rules World Judo Championships, Inc. All intercompany balances and transactions have been eliminated in consolidation.

Note B - Going Concern

Note B - Going Concern	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note B - Going Concern	NOTE B – GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2017, the Company had a working capital deficit of $42,492and accumulated deficit of $390,639. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company needs to raise additional capital in order to fully develop its business plan. Failure to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurance that the revenue will be sufficient to enable it to develop business to a level where it will generate profits and adequate cash flows from operations.

Note C - Stockholders Equity

Note C - Stockholders Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Note C - Stockholders Equity	NOTE C – STOCKHOLDERS’ DEFICIT Preferred Stock The Company is authorized to issue 50,000,000 shares of preferred stock with a par value of $0.001 per share. There were no shares of preferred stock issued or outstanding at September 30, 2017 or December 31, 2016. Common Stock The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. There were 69,322,426 shares issued and outstanding at September 30, 2017 and December 31, 2016. On September 1, 2017, the Company entered into two separate convertible notes payable with a related party, who is an officer of the Company, one for $400,000 and another for $200,000, for the purchase of four certain liens on real estate properties.There is no assets recorded as a result of the transaction. The transaction is recorded as an increase in debt and a reduction in additional paid in capital.

Note D - Related Party Transact

Note D - Related Party Transactions and Note Payable	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Note D - Related Party Transactions and Note Payable	NOTE D– RELATED PARTY TRANSACTIONS AND NOTE PAYALBE During the nine months ended September 30, 2017, the Company terminated its credit line facility with its Chief Executive Officer, Lorenzo DeLuca that was entered into in October 2015. The Company had not drawn on the credit facility and there was no principal or accrued interest due at the time of termination. During the nine months ended September 30, 2017, the Company entered into two separate notes payable totaling $30,000with its Chief Executive Officer, Lorenzo DeLuca. The notes accrue interest at a rate of 10% per annum and are due within ten days of demand. There was $30,000 of principal and accrued interest totaling $1,400due as of September 30, 2017. As discussed in Note C, the Company entered into two separate convertible notes payable with related party who is an officer of the Company totaling $400,000 and $200,000 respectively, for the purchase of liens on real estate properties. The convertible note payable accrues interest at 3% per annum and is due on September 1, 2021. The notes may be converted to common stock of the Company effective January 1, 2018 at a rate equal to the lower of $1.00 or the price of the Company’s equity that are sold in any offering in excess of $100,000. Additionally, the note holders are entitled to 40% of any amounts collected from real estate liens in excess of the notes principal. The principal and accrued interest on the notes payable is payable only if the Company successfully collects on the liens discussed in Note C. There was $600,000 of principal and $1,500 of accrued interest due as of September 30, 2017. On February 28, 2018, the Company entered into an agreement with a related party whereby the convertible notes payable were cancelled and all amounts owing, including accrued interest, cancelled. Additionally, the Company returned the real estate liens to the related party. The Company analyzed the conversion options in the convertible loan payables for derivative accounting consideration under ASC 815, Derivative and Hedging, and determines that the transactions do not qualify for derivative treatment. The Company then analyzed these convertible notes for Beneficial Conversion Features (BCF) and concluded there were no BCF on these loan payable convertible notes. The Company currently operates out of an office of a related party free of rent.

Note E - Commitments

Note E - Commitments	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Note E - Commitments	NOTE E – COMMITMENTS AND CONTINGENCIES On February 2, 2017, the Company entered into three separate non-exclusive agreements whereby it engaged agents to assist in the purchase of distressed real estate properties on behalf of the Company. The Company has agreed to compensate each party a minimum of 1% of the aggregate purchase price of the property.Due to the cancellation agreement the Company returned real estate liens and is no longer intends to be in the real estate investment business.

Note F - Subsequent Events

Note F - Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Note F - Subsequent Events	NOTE F – SUBSEQUENT EVENTS On February 28, 2018, the Company entered into an agreement with a related party whereby the convertible notes payable as discussed in Note D were cancelled and all amounts owing, including accrued interest, forgiven. Additionally, the Company returned the real estate liens to the related party.

Note A - Organization and Natur

Note A - Organization and Nature of Business (Policies)	9 Months Ended
	Sep. 30, 2017
Note - Organization And Nature Of Business Policies
Organization	ORGANIZATION AND NATURE OF BUSINESS Judo Capital Corp. (“Judo”) was incorporated in the State of Delaware on November 16, 2005 under the name Blue Ribbon Pyrocool, Inc. (“Blue Ribbon”). Blue Ribbon changed its name to Classic Rules Judo Championships, Inc. on July 15, 2008 then to Judo Capital Corp on February 15, 2017. the Company formed a subsidiary in the State of Connecticut on August 13, 2008 named Classic Rules World Judo Championships, Inc. to develop an annual judo championship tournament. Collectively the entities are referred to as “the Company”. On June 2, 2014, the Company ceased its principal activities of hosting and sponsoring judo tournaments. The Company had planned to operate in real estate investment activities focused in the New York City metropolitan area. On February 28, 2018, the Company ceased its plans to operate in the real estate investment activities. The Company is seeking to consummate a merger or acquisition.
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements The accompanying unaudited interim consolidated financial statements as of September 30, 2017, and for the three and nine months ended September 30, 2017 and 2016 have been prepared in accordance with accounting principles generally accepted for interim financial statement presentation and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. They should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2016. In the opinion of management, the financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to fairly present the financial position as of September 30, 2017 and the results of operations for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Judo Capital Corp. and its wholly owned subsidiary Classic Rules World Judo Championships, Inc. All intercompany balances and transactions have been eliminated in consolidation.

Note B - Going Concern (Details

Note B - Going Concern (Details Narrative) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working Capital Deficit	$ 42,492
Accumulated deficit	$ (390,639)	$ (347,915)

Note C - Stockholders Equity (D

Note C - Stockholders Equity (Details Narrative 1) - shares	Sep. 30, 2017	Dec. 31, 2016
Equity [Abstract]
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	69,322,426	69,322,426
Common stock, outstanding	69,322,426	69,322,426

Note C - Stockholders Equity 15

Note C - Stockholders Equity (Details Narrative 2)	Sep. 30, 2017USD ($)
Convertible notes payable- related parties	$ 600,000
Note 1 [Member]
Convertible notes payable- related parties	400,000
Note 2 [Member]
Convertible notes payable- related parties	$ 200,000

Note D - Related Party Transa16

Note D - Related Party Transactions and Note Payable (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Due to related parties	$ 30,000
Convertible notes payable- related parties	600,000
Interest payable	2,900
Note with CEO [Member]
Due to related parties	$ 30,000
Interest Rate	10.00%
Interest payable	$ 1,400
Convertible Note [Member]
Convertible notes payable- related parties	$ 600,000
Interest Rate	3.00%
Interest payable	$ 1,500
Maturity date	Jan. 1, 2018
Conversion terms	the noteholders are entitled to 40% of any amounts collected from the intangible asset in excess of the note principa
Conversion price	$ 1
Conversion threshold	$ 100,000

Note E - Commitments (Details)

Note E - Commitments (Details)	9 Months Ended
	Sep. 30, 2017
Note E - Commitments Details
Commitment	1.00%