Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 15, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | JUDO Capital Corp. | |
Entity Central Index Key | 0001445831 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
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 | Q1 | |
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash | $ 132 | $ 231 |
Total current assets | 132 | 231 |
Total assets | 132 | 231 |
Current liabilities | ||
Accounts payable and accrued liabilities | 17,987 | 21,479 |
Related party payables | 2,885 | 300 |
Interest payable | 5,896 | 5,156 |
Loan payable | 7,050 | |
Loan payable-related party | 39,000 | 39,000 |
Total current liabilities | 72,818 | 65,935 |
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 | 281,825 |
Accumulated deficit | (423,833) | (416,851) |
Total stockholders' equity (deficit) | (72,686) | (65,704) |
Total liabilities and stockholders' equity (deficit) | $ 132 | $ 231 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 | |
Mar. 31, 2019 | Mar. 31, 2017 | |
Operating expenses | ||
General and administrative | $ 6,242 | $ 10,827 |
Total operating expenses | 6,242 | 10,827 |
Loss from operations | (6,242) | (10,827) |
Other expense | ||
Interest expense | (740) | (740) |
Total other expense | (740) | (740) |
Net loss | $ (6,982) | $ (11,567) |
Basic and diluted net loss per common share | $ 0 | $ 0 |
Weighted average common shares outstanding - basic and diluted | 69,322,426 | 69,322,426 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, shares at Dec. 31, 2017 | 69,322,426 | ||||
Beginning Balance, amount at Dec. 31, 2017 | $ 69,322 | $ (321,175) | $ (401,284) | $ (653,137) | |
Forgiveness of interest payable to related party | 3,000 | 3,000 | |||
Forgiveness of related party notes payable | 600,000 | 600,000 | |||
Net loss | (11,567) | (11,567) | |||
Ending Balance, Shares at Mar. 31, 2018 | 69,322,426 | ||||
Ending Balance, Amount at Mar. 31, 2018 | $ 69,322 | 281,825 | (412,851) | (61,704) | |
Beginning Balance, shares at Dec. 31, 2018 | 69,322,426 | ||||
Beginning Balance, amount at Dec. 31, 2018 | $ 69,322 | (321,175) | (416,851) | (65,704) | |
Non cash convertible note - related parties recorded as increase in debt and reduction in additional paid in capital | |||||
Forgiveness of interest payable to related party | |||||
Net loss | (6,982) | (6,982) | |||
Ending Balance, Shares at Mar. 31, 2019 | 69,322,426 | ||||
Ending Balance, Amount at Mar. 31, 2019 | $ 69,322 | $ (321,175) | $ (423,833) | $ (72,686) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (6,982) | $ (11,567) |
Changes in operating liabilities: | ||
Prepaid expenses | ||
Accounts payable and accrued liabilities | (3,492) | 1,764 |
Interest payable | 740 | 740 |
Net cash used in operating activities | (9,734) | (9,063) |
Cash flows from financing activities | ||
Proceeds from related party | 2,585 | |
Proceeds from loans payable | 7,050 | |
Proceeds from credit facility | 9,000 | |
Net cash provided by financing activities | 9,635 | 9,000 |
Net change in cash | (99) | (63) |
Cash at beginning of period | 231 | 138 |
Cash at end of period | 132 | 75 |
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 | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, and for the three months ended March 31, 2019 and 2018 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, 2018. 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 March 31, 2019 and the results of operations for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018. The results of operations for the three months ended March 31, 2019 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, the Company had a working capital deficit of $72,686 and accumulated deficit of $423,833. 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 or December 31, 2018. 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 March 31, 2019 and December 31, 2018. |
Note D - Related Party Transact
Note D - Related Party Transactions and Note Payable | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Note D - Related Party Transactions and Note Payable | NOTE D – RELATED PARTY TRANSACTIONS AND NOTE PAYABLE During the three months ended March 31, 2019, the Company received advances from related parties totaling $2,585. The advances are non-interest bearing and due on demand. There was $2,885 and $300 due to related parties as of March 31, 2019 and December 31, 2018, respectively. The Company currently operates out of an office of a related party free of rent. |
Note E - Subsequent Events
Note E - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
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) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, and for the three months ended March 31, 2019 and 2018 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, 2018. 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 March 31, 2019 and the results of operations for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018. The results of operations for the three months ended March 31, 2019 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 ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working Capital Deficit | $ 72,686 | |
Accumulated deficit | $ (423,833) | $ (416,851) |
Note C - Stockholders Equity (D
Note C - Stockholders Equity (Details Narrative) - shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2017 | Dec. 31, 2018 | |
Advance from related party | $ 2,585 | ||
Due to related parties | $ 2,885 | $ 300 |