Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jan. 06, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Classic Rules Judo Championships, Inc. | |
Entity Central Index Key | 1,445,831 | |
Document Type | 10-Q/A | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | true | |
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 | |
Amendment Description | To file XBRL | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Amendment | To file XBRL |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 6,714 | $ 9,044 |
Total current assets | 6,714 | 9,044 |
Total assets | 6,714 | 9,044 |
Current liabilities | ||
Accounts payable and accrued liabilities | 15,335 | 9,330 |
Total current liabilities | 15,335 | 9,330 |
Stockholders' equity (deficit) | ||
Subscription receivable | (30,000) | (30,000) |
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 | 278,825 | 278,825 |
Accumulated deficit | (326,768) | (318,433) |
Total stockholders' equity (deficit) | (8,621) | (286) |
Total liabilities and stockholders' equity (deficit) | $ 6,714 | $ 9,044 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
General and administrative | 450 | 1,869 | 8,335 | 2,714 |
Total operating expenses | 450 | 1,869 | 8,335 | 2,714 |
Loss from operations | (450) | (1,869) | (8,335) | (2,714) |
Net income (loss) | $ (450) | $ (1,869) | $ (8,335) | $ (2,714) |
Basic and diluted income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding | 69,322,426 | 18,983,964 | 69,322,426 | 18,953,365 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (8,335) | $ (2,714) |
Changes in operating liabilities: | ||
Accounts payable and accrued liabilities | 6,005 | 1,209 |
Net cash used in operating activities | (2,330) | (1,505) |
Cash flows from financing activities | ||
Proceeds from (repayments made) to related parties | 1,648 | |
Proceeds from common stock subscriptions | 30,000 | |
Cash contributions from related party | 32 | |
Net cash provided by financing activities | 31,680 | |
Net change in cash | (2,330) | 30,175 |
Cash at beginning of period | 9,044 | |
Cash at end of period | 6,714 | 30,175 |
Supplemental disclosure of non-cash financing activities: | ||
Expenses paid by related party | 128 | |
Conversion of preferred stock to common stock | $ 500 |
Note A - Organization and Natur
Note A - Organization and Nature of Busienss | 6 Months Ended |
Jun. 30, 2016 | |
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 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 The accompanying unaudited interim consolidated financial statements as of June 30, 2016, and for the three and six months ended June 30, 2016 and 2015 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, 2015. 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, 2016 and the results of operations for the three and six months ended June 30, 2016 and 2015 and cash flows for the six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 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 | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016, the Company had a working capital deficit of $8,621 and an accumulated deficit of $328,727. 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 or December 31, 2015. 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, 2016 and December 31, 2015. |
Note D - Commitments and Contin
Note D - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Note D - Commitments and Contingencies | NOTE D – 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 E - Subsequent Events
Note E - Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Note E - Subsequent Events | NOTE E – SUBSEQUENT EVENTS During the year ended December 31, 2015, the Company issued a total of 50,000,000 shares of common stock for cash proceeds of $30,000 and a subscription receivable of $30,000. Company received $30,000 on October 4, 2016 for this receivable. |
Note A - Organization and Nat11
Note A - Organization and Nature of Busienss (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Note - Organization And Nature Of Busienss Policies | |
Organization | 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 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 June 30, 2016, and for the three and six months ended June 30, 2016 and 2015 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, 2015. 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, 2016 and the results of operations for the three and six months ended June 30, 2016 and 2015 and cash flows for the six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 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) | Jun. 30, 2016USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working Capital Deficit | $ (8,621) |
Accumulated deficit | $ (328,727) |
Note C - Stockholders Equity (D
Note C - Stockholders Equity (Details Narrative) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Equity [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 |
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 |
Note E - Subsequent Events (De
Note E - Subsequent Events (Details) | 9 Months Ended |
Oct. 04, 2016USD ($)shares | |
Note E - Subsequent Events Details | |
Shares issued for cash | shares | 50,000,000 |
Shares issued for cash, amount | $ | $ 30,000 |
Common stock subscribed, shares | shares | 30,000 |
Cash proceeds for stock subscribed | $ | $ 30,000 |