Newpoint Financial (NPFC) 10-Q 28 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 28, 2019
Document And Entity Information
Entity Registrant Name	JUDO Capital Corp.
Entity Central Index Key	0001445831
Document Type	10-Q
Document Period End Date	Sep. 30, 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	Q3
Document Fiscal Year Focus	2019

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash	$ 26	$ 231
Total Current Assets	26	231
Total Assets	26	231
Current Liabilities
Accounts Payable	15,947	21,479
Accounts Payable - Related Party	12,285	300
Interest Payable - Related Party	7,400	5,156
Loan Payable-Related Party	46,050	39,000
Total Current Liabilities	81,682	65,935
Stockholders' 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	(432,803)	(416,851)
Total Stockholders' Deficit	(81,656)	(65,704)
Total Liabilities and Stockholders' Deficit	$ 26	$ 231

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenues:
Expenses:
Professional fees	1,352		12,891	11,085
General and administrative expense	48	641	817	1,434
Total Operating Expenses	1,400	641	13,708	12,519
Operating Loss	(1,400)	(641)	(13,708)	(12,519)
Other expense
Interest expense	756	756	2,244	2,244
Net Loss	$ (2,156)	$ (1,397)	$ (15,952)	$ (14,763)
Basic & Diluted Loss per Common Share	$ 0	$ 0	$ 0	$ 0
Weighted Average Common Shares Outstanding	69,322,426	69,322,426	69,322,426	69,322,426

Statement of Changes in Stockho

Statement of Changes in Stockholders 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, 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
Ending Balance, Shares at Sep. 30, 2018		69,322,426
Ending Balance, Amount at Sep. 30, 2018		$ 69,322	281,825	(416,047)	(64,900)
Beginning Balance, shares at Mar. 31, 2018		69,322,426
Beginning Balance, amount at Mar. 31, 2018		$ 69,322	281,825	(412,851)	(61,704)
Net loss				(1,799)	(1,799)
Ending Balance, Shares at Jun. 30, 2018		69,322,426
Ending Balance, Amount at Jun. 30, 2018		$ 69,322	281,825	(414,650)	(63,503)
Net loss				(1,397)	(1,397)
Ending Balance, Shares at Sep. 30, 2018		69,322,426
Ending Balance, Amount at Sep. 30, 2018		$ 69,322	281,825	(416,047)	(64,900)
Beginning Balance, shares at Dec. 31, 2018		69,322,426
Beginning Balance, amount at Dec. 31, 2018		$ 69,322	281,825	(416,851)	(65,704)
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	281,825	(423,833)	(72,686)
Beginning Balance, shares at Dec. 31, 2018		69,322,426
Beginning Balance, amount at Dec. 31, 2018		$ 69,322	281,825	(416,851)	(65,704)
Forgiveness of interest payable to related party
Ending Balance, Shares at Sep. 30, 2019		69,322,426
Ending Balance, Amount at Sep. 30, 2019		$ 69,322	281,825	(432,803)	(81,656)
Beginning Balance, shares at Mar. 31, 2019		69,322,426
Beginning Balance, amount at Mar. 31, 2019		$ 69,322	281,825	(423,833)	(72,686)
Net loss				(6,814)	(6,814)
Ending Balance, Shares at Jun. 30, 2019		69,322,426
Ending Balance, Amount at Jun. 30, 2019		$ 69,322	281,825	(430,647)	(79,500)
Net loss				(2,156)	(2,156)
Ending Balance, Shares at Sep. 30, 2019		69,322,426
Ending Balance, Amount at Sep. 30, 2019		$ 69,322	$ 281,825	$ (432,803)	$ (81,656)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net loss	$ (15,952)	$ (14,763)
Changes in operating liabilities:
Accounts payable	(5,532)	3,381
Accounts Payable - Related Party	11,985
Interest Payable - Related Party	2,244	2,244
Net cash used in operating activities	(7,255)	(9,138)
Cash flows from financing activities
Proceeds from Loan Payable - Related Party	7,050	9,000
Net Cash Provided by Financing Activities	7,050	9,000
Net (Decrease) Increase in Cash	(205)	(138)
Cash at Beginning of Period	231	138
Cash at End of Period	26	0
Supplemental cash flow information
Cash paid for Interest
Cash paid for Franchise Taxes
Supplemental disclosure of non-cash financing activities:
Forgiveness of non-cash convertible note to a related party recorded as increase in debt and reduction of additional paid in capital		600,000
Forgiveness of interest payable to related party		$ 3,000

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Business	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Note 1 - Organization and Nature of Business	NOTE 1 – 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 entity is referred to as “the Company”. 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, this subsidiary is no longer active and has ceased to exist. 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.

Note 2 - Going Concern

Note 2 - Going Concern	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 2 - Going Concern	NOTE 2 – GOING CONCERN The accompanying 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, 2019, the Company had a working capital deficit of $81,682 and accumulated deficit of $432,803. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying 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 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Note C - Summary of Significant Accounting Policies	NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements as of September 30, 2019, and for the nine months ended September 30, 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 September 30, 2019 and the results of operations for the three and nine months ended September 30, 2019 and 2018 and cash flows for the nine months ended September 30, 2019 and 2018. The results of operations for the three months ended September 30, 2019 are not necessarily indicative of the results to be expected for the full year. Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known. Reclassifications Certain reclassifications have been made to the presentation for the three and nine months ended September 30, 2018 to make them comparable to the current years presentation. Cash and Cash Equivalents Cash and cash equivalents includes highly liquid investments with original maturities of nine months or less. On occasion, the Company has amounts deposited with financial institutions in excess of federally insured limits. Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying value of cash and cash equivalents and accounts payable approximate their fair value because of the short-term nature of these instruments and their liquidity. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of the previous years ended December 31, 2018 and 2017, the Company has not recorded any unrecognized tax benefits. Segment Reporting The Company’s business currently operates in one segment. Net Loss per Share The computation of basic net loss per common share is based on the weighted average number of shares that were outstanding during the year. The computation of diluted net loss per common share is based on the weighted average number of shares used in the basic net loss per share calculation plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. See Note 4. Net Loss Per Share. Recently Issued Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, it has not identified any standards that it believes merit further discussion. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.

Note 4 - Stockholders Deficit

Note 4 - Stockholders Deficit	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Note 4 - Stockholders Deficit	NOTE 4 – 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, 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 September 30, 2019 and December 31, 2018.

Note 5 - Related Party Transact

Note 5 - Related Party Transactions and Note Payable	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Note 5 - Related Party Transactions and Note Payable	NOTE 5 – RELATED PARTY TRANSACTIONS AND NOTE PAYABLE In 2017, the Company received loans from a related party totaling $30,000. The loans payable bear interest at an annual rate of 10% interest and are due on demand. There was $30,000 due as principal and $5,156 in interest for these notes due to a related party as of December 31, 2018. There was $30,000 due as principal and $7,400 in interest for these notes due to a related party as of September 30, 2019. During the nine months ended September 30, 2019, the Company received advances from a related party totaling $11,885. During the nine months ended September 30, 2018, the Company received advances from a related party totaling $300. The advances are non-interest bearing and due on demand. There was $12,185 and $300 in accounts payable - related party as of September 30, 2019 and December 31, 2018, respectively. During the nine months ended September 30, 2019, the Company received loans from a related party totaling $7,050. During the nine months ended September 30, 2018, the Company received a loan from a related party totaling $9,000. These loans are non-interest bearing and due on demand. There was $16,050 and $9,000 due as non-interest bearing loans to a related party as of September 30, 2019 and December 31, 2018, respectively. The Company currently operates out of an office of a related party free of rent.

Note 6 - Subsequent Events

Note 6 - Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Note 6 - Subsequent Events	NOTE 6 – 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 1 - Organization and Nat_2

Note 1 - Organization and Nature of Business (Policies)	9 Months Ended
	Sep. 30, 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 entity is referred to as “the Company”. 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, this subsidiary is no longer active and has ceased to exist. 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.

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements as of September 30, 2019, and for the nine months ended September 30, 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 September 30, 2019 and the results of operations for the three and nine months ended September 30, 2019 and 2018 and cash flows for the nine months ended September 30, 2019 and 2018. The results of operations for the three months ended September 30, 2019 are not necessarily indicative of the results to be expected for the full year.
Estimates	Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known.
Reclassifications	Reclassifications Certain reclassifications have been made to the presentation for the three and nine months ended September 30, 2018 to make them comparable to the current years presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes highly liquid investments with original maturities of nine months or less. On occasion, the Company has amounts deposited with financial institutions in excess of federally insured limits.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying value of cash and cash equivalents and accounts payable approximate their fair value because of the short-term nature of these instruments and their liquidity. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.
Income Taxes	Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of the previous years ended December 31, 2018 and 2017, the Company has not recorded any unrecognized tax benefits.
Segment Reporting	Segment Reporting The Company’s business currently operates in one segment.
Net Loss per Share	Net Loss per Share The computation of basic net loss per common share is based on the weighted average number of shares that were outstanding during the year. The computation of diluted net loss per common share is based on the weighted average number of shares used in the basic net loss per share calculation plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. See Note 4. Net Loss Per Share.
Recently Issued Accounting Pronoucements	Recently Issued Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, it has not identified any standards that it believes merit further discussion. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Narrative) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working Capital Deficit	$ 81,682
Accumulated deficit	$ (432,803)	$ (416,851)

Note 4 - Stockholders Equity (D

Note 4 - Stockholders Equity (Details Narrative) - shares	Sep. 30, 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 5 - Related Party Transa_2

Note 5 - Related Party Transactions and Note Payable (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2018
Loan Payable-Related Party	$ 46,050			$ 39,000
Accounts Payable - Related Party	12,285			300
Related Party [Member]
Loan Payable-Related Party	30,000		$ 30,000	30,000
Interest Payable - related party	7,400			$ 5,156
Advance from related party	11,885	$ 300
Interest Rate			10.00%
Additional Related Party [Member]
Loan Payable-Related Party	16,050	9,000
Advance from related party	$ 7,050	$ 9,000