Newpoint Financial (NPFC) 10-Q 8 May 19 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	May 08, 2019
Document And Entity Information
Entity Registrant Name	JUDO Capital Corp.
Entity Central Index Key	0001445831
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Transition Period	false
Entity Common Stock, Shares Outstanding		69,322,426
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash	$ 27	$ 138
Total current assets	27	138
Total assets	27	138
Current liabilities
Accounts payable and accrued liabilities	20,886	18,119
Interest payable - related parties	3,644	5,156
Loan payable-related party	39,000	30,000
Total current liabilities	63,530	53,275
Related party convertible note payable, net of current portion		600,000
Total liabilities	63,530	653,275
Commitments and contingencies
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	281,825	(321,175)
Accumulated deficit	(414,650)	(401,284)
Total stockholders' equity (deficit)	(63,503)	(653,137)
Total liabilities and stockholders' equity (deficit)	$ 27	$ 138

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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 - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating expenses
General and administrative	$ 1,051	$ 7,917	$ 11,878	$ 33,615
Total operating expenses	1,051	7,917	11,878	33,615
Loss from operations	(1,051)	(7,917)	(11,878)	(33,615)
Other expense
Interest expense	(748)	(499)	(1,488)	(707)
Total other expense	(748)	(499)	(1,488)	(707)
Net loss	$ (1,799)	$ (8,416)	$ (13,366)	$ (34,322)
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 - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net loss	$ (13,366)	$ (34,322)
Changes in operating liabilities:
Prepaid expenses		2,750
Accounts payable and accrued liabilities	2,767	6,960
Interest payable	1,488	707
Net cash used in operating activities	(9,111)	(23,905)
Cash flows from financing activities
Proceeds from related party loan payable	9,000	20,000
Net cash provided by financing activities	9,000	20,000
Net change in cash	(111)	(3,905)
Cash at beginning of period	138	4,787
Cash at end of period	27	882
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 partiesrecorded as increase in debt and reduction in additional paid in capital	600,000
Forgiveness of interest payable to related party	$ 3,000

Note A - Organization and Natur

Note A - Organization and Nature of Business	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018, and for the three and six months ended June 30, 2018 and 2017 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, 2017. 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 June 30, 2018 and the results of operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017. The results of operations for the three and six months ended June 30, 2018 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	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018, the Company had a working capital deficit of $63,503 and accumulated deficit of $414,650. 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 Deficit

Note C - Stockholders Deficit	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Note C - Stockholders Deficit	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 June 30, 2018 or December 31, 2017. 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 June 30, 2018 and December 31, 2017.

Note D - Related Party Transact

Note D - Related Party Transactions and Note Payable	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Note D - Related Party Transactions and Note Payable	NOTE D – RELATED PARTY TRANSACTIONS AND NOTE PAYABLE During the six months ended June 30, 2018, the Company received advances from related parties totaling $9,000. The advances accrue interest at a rate of 10% per annum. There was $39,000 and $30,000 of principal and $3,644 and $2,156 of accrued interest related to the advances due as of June 30, 2018 and December 31, 2017. During the year ended December 31, 2017, 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 accrued interest at 3% per annum and was 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 noteholders 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. 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. There was $0 and $600,000 of principal and $0 and $3,000 of accrued interest due as of June 30, 2018 and December 31, 2017. 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 - Subsequent Events

Note E - Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Note E - Subsequent Events	NOTE E – SUBSEQUENT EVENTS The Company had evaluated all events occurring subsequent to the balance sheet date and determined there are no additional events to disclose.

Note A - Organization and Nat_2

Note A - Organization and Nature of Business (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
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 June 30, 2018, and for the three and six months ended June 30, 2018 and 2017 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, 2017. 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 June 30, 2018 and the results of operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017. The results of operations for the three and six months ended June 30, 2018 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 ($)	Jun. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working Capital Deficit	$ 63,503
Accumulated deficit	$ (414,650)	$ (401,284)

Note C - Stockholders Equity (D

Note C - Stockholders Equity (Details Narrative) - shares	Jun. 30, 2018	Dec. 31, 2017
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 D - Related Party Transa_2

Note D - Related Party Transactions and Note Payable (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Due to related parties	$ 39,000	$ 30,000
Convertible notes payable- related parties		600,000
Interest payable	3,644	5,156
Related Party [Member]
Advance from related party	9,000
Due to related parties	$ 39,000	30,000
Interest Rate	10.00%
Interest payable	$ 3,644	2,156
Convertible Note [Member]
Convertible notes payable- related parties		$ 400,000
Interest Rate		3.00%
Interest payable		$ 3,000
Maturity date		Jan. 1, 2018
Conversion terms		noteholders are entitled to 40% of any amounts collected from real estate liens in excess of the notes principal.
Conversion price		$ 1
Conversion threshold		$ 100,000
Note 1 with Officer [Member]
Convertible notes payable- related parties		200,000
Note 2 with Officer [Member]
Convertible notes payable- related parties		$ 200,000