Cover
Cover | 9 Months Ended |
Sep. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-54953 |
Entity Registrant Name | NEWPOINT FINANCIAL CORP. |
Entity Central Index Key | 0001445831 |
Entity Tax Identification Number | 47-2653358 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 100 Pearl Street |
Entity Address, Address Line Two | #265 |
Entity Address, City or Town | Hartford |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06103 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 19,153,923 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS: | ||
TOTAL ASSETS | ||
Current Liabilities: | ||
Accounts Payable | 31,730 | 6,730 |
Accounts Payable - Related Party | 29,829 | |
Interest Payable - Related Party | 11,156 | |
Loan Payable - Related Party | 46,050 | |
Total Current Liabilities | 31,730 | 93,765 |
Due to Related Party | 66,836 | |
Total Liabilities | 98,566 | 93,765 |
Stockholder's Deficit: | ||
Preferred Stock | ||
Common Stock | 19,154 | 216 |
Additional Paid-In Capital | 419,028 | 350,931 |
Accumulated Deficit | (536,748) | (444,912) |
Total Stockholder's Deficit | (98,566) | (93,765) |
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT |
Statement of Operations and Com
Statement of Operations and Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Expenses: | ||||
Professional fees | $ 32,290 | $ 1,000 | $ 70,912 | $ 3,000 |
General and administrative expense | 750 | 20,924 | 3,574 | |
Total Operating Expenses | 32,290 | 1,750 | 91,836 | 6,574 |
Operating Loss | (32,290) | (1,750) | (91,836) | (6,574) |
Other Income (Expense): | ||||
Gain on Debt Extinguishment | 7,805 | 7,805 | ||
Interest expense | (756) | (2,252) | ||
Total Other Income (Expense) | 7,049 | 5,553 | ||
Net Income (Loss) | $ (32,290) | $ 5,299 | $ (91,836) | $ (1,021) |
Basic & Diluted Income (Loss) per Common Share | $ (0.0017) | $ 0.0245 | $ (0.0048) | $ (0.0047) |
Weighted Average Common Shares Outstanding | 19,153,923 | 216,185 | 19,153,923 | 216,185 |
Statement of Stockholder's Defi
Statement of Stockholder's Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 216 | $ 350,931 | $ (434,459) | $ (83,312) | |
Beginning balance, shares at Dec. 31, 2019 | 216,185 | ||||
Net income (loss) | (3,278) | (3,278) | |||
Ending balance, value at Mar. 31, 2020 | $ 216 | 350,931 | (437,737) | (86,590) | |
Ending balance, shares at Mar. 31, 2020 | 216,185 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 216 | 350,931 | (434,459) | (83,312) | |
Beginning balance, shares at Dec. 31, 2019 | 216,185 | ||||
Net income (loss) | (1,021) | ||||
Ending balance, value at Sep. 30, 2020 | $ 216 | 350,931 | (435,480) | (84,333) | |
Ending balance, shares at Sep. 30, 2020 | 216,185 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 216 | 350,931 | (437,737) | (86,590) | |
Beginning balance, shares at Mar. 31, 2020 | 216,185 | ||||
Net income (loss) | (3,042) | (3,042) | |||
Ending balance, value at Jun. 30, 2020 | $ 216 | 350,931 | (440,779) | (89,632) | |
Ending balance, shares at Jun. 30, 2020 | 216,185 | ||||
Net income (loss) | 5,299 | 5,299 | |||
Ending balance, value at Sep. 30, 2020 | $ 216 | 350,931 | (435,480) | (84,333) | |
Ending balance, shares at Sep. 30, 2020 | 216,185 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 216 | 350,931 | (444,912) | (93,765) | |
Beginning balance, shares at Dec. 31, 2020 | 216,185 | ||||
Impacts of stock sale | $ 18,938 | 68,097 | 87,035 | ||
Impacts of stock sale, shares | 18,937,738 | ||||
Net income (loss) | (20,924) | (20,924) | |||
Ending balance, value at Mar. 31, 2021 | $ 19,154 | 419,028 | (465,836) | (27,654) | |
Ending balance, shares at Mar. 31, 2021 | 19,153,923 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 216 | 350,931 | (444,912) | (93,765) | |
Beginning balance, shares at Dec. 31, 2020 | 216,185 | ||||
Net income (loss) | (91,836) | ||||
Ending balance, value at Sep. 30, 2021 | $ 19,154 | 419,028 | (536,748) | (98,566) | |
Ending balance, shares at Sep. 30, 2021 | 19,153,923 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 19,154 | 419,028 | (465,836) | (27,654) | |
Beginning balance, shares at Mar. 31, 2021 | 19,153,923 | ||||
Net income (loss) | (38,622) | (38,622) | |||
Ending balance, value at Jun. 30, 2021 | $ 19,154 | 419,028 | (504,458) | (66,276) | |
Ending balance, shares at Jun. 30, 2021 | 19,153,923 | ||||
Net income (loss) | (32,290) | (32,290) | |||
Ending balance, value at Sep. 30, 2021 | $ 19,154 | $ 419,028 | $ (536,748) | $ (98,566) | |
Ending balance, shares at Sep. 30, 2021 | 19,153,923 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net Loss | $ (32,290) | $ (20,924) | $ 5,299 | $ (3,278) | $ (91,836) | $ (1,021) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Gain on Debt Extinguishment | 7,805 | |||||
Changes In: | ||||||
Accounts Payable | 25,000 | (12,231) | ||||
Accounts Payable - Related Party | 3,151 | |||||
Interest Payable - Related Party | 2,252 | |||||
Net Cash Used in Operating Activities | (66,836) | (44) | ||||
CASH FLOWS FROM FINANCING | ||||||
Net Cash Provided by Financing Activities | 66,836 | |||||
Net Increase (Decrease) in Cash | (44) | |||||
Cash at Beginning of Period | $ 78 | 78 | ||||
Cash at End of Period | $ 34 | 34 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Interest | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||
Reverse Stock Split 500-1 stated retroactively as of 9.30.2020 |
Statement of Cash Flows (Unau_2
Statement of Cash Flows (Unaudited) (Parenthetical) | 1 Months Ended | 9 Months Ended |
Feb. 28, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Reverse stock split | 500-1 reverse stock split | 500-1 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Newpoint Financial Corp. (“Newpoint”or “the Company”) was initially incorporated in the State of Delaware November 16, 2005 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed unaudited interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC) for interim information, including the instructions to the 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 (U.S. GAAP) 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, 2020. In the opinion of management, the financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to fairly present the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the nine months ended September 30, 2021 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. 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 September 30, 2021 and December 31, 2020 the Company has not recorded any unrecognized tax benefits. 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 5. Stockholders’ Deficit. Recently Issued Accounting Pronouncements In 2018, the Company adopted the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and additional ASUs issued to clarify the guidance in ASU 2014-09 (collectively, the revenue standard), which amends the existing accounting standards for revenue recognition. As the Company has no revenue generating activities the adoption of the revenue standard had no impact on the Company. Newpoint Financial Corp. Notes to Condensed Financial Statements September 30, 2021 (Unaudited) NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Issued Accounting Pronouncements (continued) In 2019, the Company adopted FASB ASU 2016-02, Leases (Topic 842), which provides an updated definition of a lease contract, including guidance on the combination and separation of contracts. The standard requires lessees recognize a right-of-use asset and a lease liability for all lease contracts. The Company has determined it does not have any lease agreements and as a result this standard has not impacted the Company’s financial statements.. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying condensed 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. The Company has no current or historical revenues, has incurred net losses of $ 32,290 5,299 91,836 1,021 536,748 444,912 The Company plans to raise additional capital and will continue to have its expenditures paid for by a related entity (see Note 5). Failure to raise adequate capital and generate adequate sales 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 cash flows from operations. |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 4 – STOCKHOLDERS’ DEFICIT Preferred Stock The Company is authorized to issue 50,000,000 0.001 no Common Stock The Company is authorized to issue up to 100,000,000 0.001 19,153,923 216,185 In February 2021, the Company finalized a 500-1 reverse stock split |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Throughout 2021, the Company has incurred various expenses, totaling $ 66,836 The Company currently operates out of an office of a related party free of rent. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS In October 2021, the Company entered into an agreement to purchase 37.5% The Company shall pay $1 million per year in exchange for 3.75% of Citadel’s common shares over the course of 10 years beginning December 31, 2021 until it has acquired all 37.5%. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed unaudited interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC) for interim information, including the instructions to the 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 (U.S. GAAP) 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, 2020. In the opinion of management, the financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to fairly present the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the nine months ended September 30, 2021 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. |
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 September 30, 2021 and December 31, 2020 the Company has not recorded any unrecognized tax benefits. |
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 5. Stockholders’ Deficit. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In 2018, the Company adopted the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and additional ASUs issued to clarify the guidance in ASU 2014-09 (collectively, the revenue standard), which amends the existing accounting standards for revenue recognition. As the Company has no revenue generating activities the adoption of the revenue standard had no impact on the Company. Newpoint Financial Corp. Notes to Condensed Financial Statements September 30, 2021 (Unaudited) NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Issued Accounting Pronouncements (continued) In 2019, the Company adopted FASB ASU 2016-02, Leases (Topic 842), which provides an updated definition of a lease contract, including guidance on the combination and separation of contracts. The standard requires lessees recognize a right-of-use asset and a lease liability for all lease contracts. The Company has determined it does not have any lease agreements and as a result this standard has not impacted the Company’s financial statements.. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity Incorporation, State or Country Code | DE |
Entity Incorporation, Date of Incorporation | Nov. 16, 2005 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Net income (loss) | $ 32,290 | $ 38,622 | $ 20,924 | $ (5,299) | $ 3,042 | $ 3,278 | $ 91,836 | $ 1,021 | |
Net income (loss) | (32,290) | $ (38,622) | $ (20,924) | $ 5,299 | $ (3,042) | $ (3,278) | (91,836) | $ (1,021) | |
Accumulated deficit | $ 536,748 | $ 536,748 | $ 444,912 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 19,153,923 | 216,185 | ||
Common stock, shares outstanding | 19,153,923 | 216,185 | ||
Reverse stock split | 500-1 reverse stock split | 500-1 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Sep. 30, 2021USD ($) |
Related Party Transactions [Abstract] | |
Due to related party | $ 66,836 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Citadel Risk Holdings Inc [Member] | 1 Months Ended |
Oct. 31, 2021 | |
Subsequent Event [Line Items] | |
Ownership percentage | 37.50% |
Ownership description | The Company shall pay $1 million per year in exchange for 3.75% of Citadel’s common shares over the course of 10 years beginning December 31, 2021 until it has acquired all 37.5%. |