Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 09, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Classic Rules Judo Championships, Inc. | |
Entity Central Index Key | 1,445,831 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
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 | 69,122,426 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 30,055 | |
Total current assets | 30,055 | |
Total assets | 30,055 | 0 |
Current liabilities | ||
Bank overdraft | 8 | |
Accounts payable and accrued liabilities | 22,129 | 20,716 |
Related party payables | 4,595 | 2,947 |
Total current liabilities | 26,732 | 23,663 |
Stockholders' equity (deficit) | ||
Common stock subscribed | 30,000 | |
Preferred stock; $0.001 par value; 50,000,000 shares authorized; 0 and 500,000 shares issued and outstanding at September 30, 2015 and December 31, 2014 | 500 | |
Common stock, $0.001 par value; 100,000,000 shares authorized; 19,122,426 and 18,922,426 shares issued and outstanding at September 30, 2015 and December 31, 2014 | 19,122 | 18,922 |
Additional paid-in capital | 268,984 | 268,652 |
Accumulated deficit | (314,783) | (311,737) |
Total stockholders' equity (deficit) | 3,323 | (23,663) |
Total liabilities and stockholders' equity (deficit) | $ 30,055 | $ 0 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 500,000 |
Preferred stock, outstanding | 0 | 500,000 |
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 | 19,122,426 | 18,922,426 |
Common stock, outstanding | 19,122,426 | 18,922,426 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
General and administrative | 332 | 12,646 | 3,046 | 183,123 |
Total operating expenses | 332 | 12,646 | 3,046 | 183,123 |
Loss from operations | (332) | (12,646) | (3,046) | (183,123) |
Net loss | $ (332) | $ (12,646) | $ (3,046) | $ (183,123) |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average shares outstanding | 19,122,426 | 18,922,426 | 19,010,338 | 18,905,505 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (3,046) | $ (183,123) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Shares based compensation expense | 148,962 | |
Changes in operating liabilities: | ||
Accounts payable and accrued liabilities | 1,541 | 28,975 |
Net cash used in operating activities | (1,505) | (5,186) |
Cash flows from financing activities | ||
Proceeds from bank overdraft | 8 | |
Proceeds from related party | 1,520 | 74 |
Cash contributions from related party | 32 | 106 |
Proceeds from common stock subscriptions | 30,000 | |
Proceeds from issuance of common stock | 4,320 | |
Net cash provided by financing activities | 31,560 | 4,500 |
Net change in cash | 30,055 | (686) |
Cash at beginning of period | 700 | |
Cash at end of period | 30,055 | 14 |
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplemental disclosure of non-cash financing activities: | ||
Share adjustment | 331 | |
Reclassification from accrued liabilities to accounts payable | 9,900 | |
Expenses paid by related party | 128 | |
Advances from shareholders | 53,038 | |
Issuance of preferred stock in payment of advance from shareholders | 51,038 | |
Conversion of preferred stock to common stock | $ 500 |
Note A - Organization and Natur
Note A - Organization and Nature of Busienss | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Note A - Organization and Nature of Business | NOTE A – ORGANIZATION AND NATURE OF BUSINESS Classic Rules Judo Championships, Inc. 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. ("Classic Rules") on July 15, 2008. Classic Rules 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 September 2, 2014, the Company ceased its principal activities of hosting and sponsoring judo tournaments. The Company currently operates in real estate investment activities focused in the New York City metropolitan area. Unaudited Interim Financial Statements The accompanying unaudited interim consolidated financial statements as of September 30, 2015, and for the three and nine months ended September 30, 2015 and 2014 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, 2014. 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, 2015 and the results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 2015 and 2014. The results of operations for the three months ended September 30, 2015 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 Classic Rules Judo Championships, Inc. and its wholly owned subsidiary Classic Rules World Judo Championships, Inc. All significant inter-company balances and transactions have been eliminated in consolidation. |
Note B - Going Concern
Note B - Going Concern | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015, the Company had working capital of $3,323 and accumulated deficit of $314,783. 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, 2015 | |
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. On May 9, 2014, the Company approved the designation of 500,000 shares of the preferred stock as Series A Super Voting Preferred Stock (“Series A Preferred Stock”). The Series A Preferred Stock has liquidation preferences over all other current and future classes of stock with each share being entitled to 200 votes. On June 3, 2015, the Company converted the Series A Preferred Stock to common stock and cancelled the Series A Preferred Stock. On May 9, 2014, a related party company controlled by the former majority shareholder entered into an acquisition agreement with the Company to purchase 500,000 shares of Series A Preferred Stock for a total consideration of $200,000 (the “Purchase Price”). The acquisition agreement stipulated in the event of nonpayment before September 30, 2014, the escrow agent shall release the shares to the related party in proportion to the amount paid of the Purchase Price with the remainder delivered back to the Company. As the related party company has paid $51,038 of expenses on behalf of the Company, the Company issued 128,700 shares as repayment of advances from the related party company. The remaining 371,300 shares were issued back to the former related party, for which the Company recorded a compensation expense in the amount of $148,962. Common Stock The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. At September 30, 2015 there were 19,122,426 shares of common stock issued and outstanding. On January 7, 2014 the Company sold 769,892 shares of common stock to a company owned by the Company’s former President at $0.006 per share for total cash proceeds of $4,320. On January 1, 2014, common stock was increased by 330,960 shares representing shares held in Blue Ribbon Pyrocol, Inc. by Jerry Greenbaum and Nathan Lapkin. The shares were to be exchanged for shares in Classic Rules, however the shares of Classic Rules were not issued. Common stock and additional paid in capital were adjusted in the amount of $331 representing the par value of the shares. On June 3, 2015, the Company converted the Series A Preferred Stock to 200,000 shares common stock and cancelled the Series A Preferred Stock. Common Stock Subscribed On June 2, 2015, the Company accepted a subscription for 3,000,000 shares of common stock in exchange for $30,000 of cash. |
Note D - Related Party Transact
Note D - Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Note D - Related Party Transactions | NOTE D – RELATED PARTY TRANSACTIONS During the nine months ended September 30, 2015, a controlling shareholder contributed $32 to the Company as additional paid-in capital. Additionally, the Company received non-interest bearing loans from the same controlling shareholder totaling $1,648 of which $128 was paid directly to service providers on behalf of the Company resulting in net cash proceeds of $1,520. There was $4,595 and $2,947 due to related parties as of September 30, 2015 and December 31, 2014. |
Note E - Commitments and Contin
Note E - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Note E - Commitments and Contingencies | NOTE E – COMMITMENTS AND CONTINGENCIES During the third quarter of 2014, the Company identified fraudulent activities entered into by its former CEO who is also a former member of the Board of Directors. The former officer and director of the Company entered into certain employment agreements and convertible notes payable without the proper authorization of the Company or other members of its Board of Directors. The employment agreements and convertible notes payable were entered into during the three months ended June 30, 2014. The Company assessed its potential responsibility for these liabilities entered into and determined it to be remote due to the former officer not having received approval from the Company board of directors to enter into such transactions and the employment agreements and notes being entered into through a fictitious entity with which the Company has no previous or current affiliation with. As such, the impacts of these agreements are not reflected in these financial statements. |
Note F - Subsequent Events
Note F - Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Note F - Subsequent Events | NOTE F– SUBSEQUENT EVENTS On October 15, 2015, the Company entered into a stock purchase agreement whereby it will issue up to 50,000,000 shares of restricted common stock for $0.01 cash per share representing total cash proceeds of up to $500,000. On the same date, the Company issued 50,000,000 common shares and recorded a subscription receivable for $500,000 of which $30,000 was received on June 2, 2015. In November 2015, certain shareholders of the Company expressed dissatisfaction. While no legal action was taken by the shareholders, the Company deemed it was in its best interest to settle with the shareholders by issuing a total of 165,480 shares of common stock. Additionally, on November 4, 2015, the Company issued a total of 34,520 shares of common stock for professional services performed related to settling with the dissatisfied shareholders. |
Note A - Organization and Nat12
Note A - Organization and Nature of Busienss (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization | Organization and Nature Of Business Classic Rules Judo Championships, Inc. 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. ("Classic Rules") on July 15, 2008. Classic Rules 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 currently operates in real estate investment activities focused in the New York City metropolitan area. |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited interim consolidated financial statements as of September 30, 2015, and for the three and nine months ended September 30, 2015 and 2014 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, 2014. 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, 2015 and the results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 2015 and 2014. The results of operations for the three months ended September 30, 2015 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 Classic Rules Judo Championships, Inc. and its wholly owned subsidiary Classic Rules World Judo Championships, Inc. All significant inter-company balances and transactions have been eliminated in consolidation. |
Note B - Going Concern (Details
Note B - Going Concern (Details Narrative) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working Capital Deficit | $ 3,323 | |
Accumulated deficit | $ (314,783) | $ (311,737) |
Note C - Stockholders Equity (D
Note C - Stockholders Equity (Details Narrative) - USD ($) | Jun. 03, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||
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 | 500,000 | |||
Preferred stock voting rights | 200 | ||||
Preferred stock converted and cancelled | 200,000 | ||||
Series A Preferred Stock to be purchased, shares | 500,000 | ||||
Series A Preferred Stock to be purchased, amount | $ 200,000 | ||||
Related party costs | $ 51,038 | ||||
Shares issued for debt | 128,700 | ||||
Shares issued for compensation | 371,300 | ||||
Shares based compensation | $ 148,962 | $ 148,962 | |||
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 | 19,122,426 | 18,922,426 | |||
Common stock, outstanding | 19,122,426 | 18,922,426 | |||
Share adjustment | $ 331 | ||||
Common stock subscribed, shares | 3,000,000 | ||||
Common stock subscribed | $ 30,000 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued for cash | 769,892 | ||||
Shares issued for cash, amount | $ 4,320 | ||||
Share price, per share | $ 0.006 | ||||
Shares issued for acquisition | [1] | 330,960 | |||
Share adjustment | $ 331 | ||||
[1] | The shares were to be exchanged for shares in Classic Rules, however the shares of Classic Rules were not issued. |
Note D - Related Party Transa15
Note D - Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |||
Cash contributions from related party | $ 32 | $ 106 | |
Notes due to related party | 1,648 | ||
Expenses paid by related party | 128 | ||
Proceeds from related party | 1,520 | $ 74 | |
Due to related parties | $ 4,595 | $ 2,947 |
Note F - Subsequent Events (Det
Note F - Subsequent Events (Details Narrative) - USD ($) | Nov. 04, 2015 | Oct. 15, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | ||||
Subscription receivable | $ 30,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase agreement,restricted shares allocated | 50,000,000 | |||
Share price, per share | $ 0.01 | |||
Shares issued for cash | 50,000,000 | |||
Subscription receivable | $ 500,000 | |||
Shares issued for cash, amount | $ 30,000 | |||
Shares issued for settlement | 165,480 | |||
Shares issued for services | 34,520 |