Newpoint Financial (NPFC) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
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	433 North Camden Drive
Entity Address, Address Line Two	Suite 275
Entity Address, City or Town	Beverly Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90210
City Area Code	860
Local Phone Number	574-9190
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

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash	$ 39,543	$ 5,843
Interest Receivable	7,125
Total Current Assets	46,668	5,843
Other Assets
Investment	50,000,000	50,000,000
Deposits	1,000,000
Credit Facility	330,800	163,500
Total Other Assets	51,330,800	50,163,500
TOTAL ASSETS	51,377,468	50,169,343
Current Liabilities:
Accounts Payable	6,730	31,730
Other Current Liabilities	40,000
Accounts Payable - Related Party	522,874	68,021
Total Current Liabilities	569,604	99,751
Non-Current Liabilities:
Loan Payable - Related Party	51,330,800	50,163,500
Total Liabilities	51,900,404	50,263,251
Stockholders’ Deficit
Preferred Stock, par value $0.001, 50,000,000 shares Authorized,0 Issued or Outstanding at June 30, 2022 and December 31, 2021
Common Stock, par value $0.001, 100,000,000 shares Authorized,19,153,923 shares Issued and Outstanding at June 30, 2022 and December 31,2021	19,154	19,154
Additional Paid-In Capital	419,028	419,028
Accumulated Deficit	(961,118)	(532,090)
Total Stockholders’ Deficit	(522,936)	(93,908)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 51,377,468	$ 50,169,343

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,153,923	19,153,923
Common stock, shares outstanding	19,153,923	19,153,923

Condensed Statements of Operati

Condensed Statements of Operations Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues:
Expenses:
General and administrative expense	63,389		84,010	20,924
Professional fees	91,994	38,622	106,450	38,622
Total Operating Expenses	155,382	38,622	190,460	59,546
Operating Loss	(155,382)	(38,622)	(190,460)	(59,546)
Interest income	7,125		11,985
Interest expense	(108,087)		(250,553)
Total Other Income (Expense)	(100,962)		(238,568)
Net Loss	$ (256,344)	$ (38,622)	$ (429,028)	$ (59,546)
Basic & Diluted Loss per Common Share	$ (0.0134)	$ (0.0020)	$ (0.0224)	$ (0.0035)
Weighted Average Common Shares Outstanding	19,153,923	19,153,923	19,153,923	17,165,984

Condensed Statement of Stockhol

Condensed Statement of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020		$ 216	$ 350,931	$ (444,912)	$ (93,765)
Beginning balance, shares at Dec. 31, 2020		216,185
Net Loss				(20,924)	(20,924)
Impacts of stock sale		$ 18,938	68,097		87,035
Impacts of stock sale, shares		18,937,738
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 Loss					(59,546)
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
Beginning balance, value at Dec. 31, 2020		$ 216	350,931	(444,912)	(93,765)
Beginning balance, shares at Dec. 31, 2020		216,185
Ending balance, value at Dec. 31, 2021		$ 19,154	419,028	(532,090)	(93,908)
Ending balance, shares at Dec. 31, 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 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
Beginning balance, value at Dec. 31, 2021		$ 19,154	419,028	(532,090)	(93,908)
Beginning balance, shares at Dec. 31, 2021		19,153,923
Net Loss				(172,684)	(172,684)
Ending balance, value at Mar. 31, 2022		$ 19,154	419,028	(704,774)	(266,592)
Ending balance, shares at Mar. 31, 2022		19,153,923
Beginning balance, value at Dec. 31, 2021		$ 19,154	419,028	(532,090)	(93,908)
Beginning balance, shares at Dec. 31, 2021		19,153,923
Net Loss					(429,028)
Ending balance, value at Jun. 30, 2022		$ 19,154	419,028	(961,118)	(522,936)
Ending balance, shares at Jun. 30, 2022		19,153,923
Beginning balance, value at Mar. 31, 2022		$ 19,154	419,028	(704,774)	(266,592)
Beginning balance, shares at Mar. 31, 2022		19,153,923
Net Loss				(256,344)	(256,344)
Ending balance, value at Jun. 30, 2022		$ 19,154	$ 419,028	$ (961,118)	$ (522,936)
Ending balance, shares at Jun. 30, 2022		19,153,923

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (429,028)	$ (59,546)
Changes In:
Accounts Receivable	(7,125)
Accounts Payable	(25,000)
Accounts Payable - Related Party	454,853	59,546
Other Current Liabilities	40,000
Net Cash Provided by Operating Activities	33,700
Net Increase in Cash	33,700
Cash at Beginning of Period	5,843
Cash at End of Period	39,543
Cash paid during the year for:
Interest
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Deposit paid to AMIC, Inc financed with related party debt	1,000,000
Credit Commitment funded with related party debt	167,300
Common stock issued to settle related party payables		$ 87,035

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Newpoint Financial Corp. (“Newpoint”) was incorporated in the State of Delaware November 16, 2005 On June 2, 2014, the Company ceased its principal activities of hosting and sponsoring judo tournaments and dissolved Classic Rules World Judo Championships, Inc. The Company had planned to operate in real estate investment market focused in the New York City metropolitan area. On February 28, 2018, the Company ceased its plans to operate in the real estate investment market. On January 19, 2021, the Company had a 500-1 reverse stock split

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements as of the six months ended June 30, 2022 and June 30, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) 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, 2021. 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, 2022 and the results of operations for the six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. The results of operations for the six months ended June 30, 2022 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. Cash and Cash Equivalents Cash and cash equivalents includes highly liquid instruments with original maturities of three months or less. Investments Short-term investments, Fixed maturities and equity securities Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Short-term investments are carried at fair value, with realized and unrealized gains and losses included in net earnings are reported as net realized and unrealized gains and losses, respectively. Investments in debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Trading securities are recorded at fair value on the balance sheet in current assets, with the change in fair value during the period included in earnings. Debt securities held as investments that the Company classifies as held-to-maturity securities are recorded at amortized cost, net of a valuation allowance for credit losses. Investments in debt securities not classified as either held-to-maturity or trading securities are classified as available-for-sale securities. Available-for-sale securities are recorded at fair value, with the change in fair value during the period excluded from earnings and recorded net of tax as a component of other comprehensive income. Investments in Equity securities are reported at fair value with realized and unrealized gains and losses included in net earnings are reported as net realized and unrealized gains and losses, respectively. If there are no readily determinable fair values, investments in equity securities are measured at cost less impairment. Valuation allowance for fixed income securities Management evaluates impairment losses for all HTM securities each quarter. The HTM securities are evaluated for potential credit loss on investments not measured at fair value through net earnings. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. Securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. Projected cash flows are driven primarily by assumptions regarding probability of default and the timing and amount of recoveries associated with defaults. Newpoint Financial Corp. Notes to Financial Statements June 30, 2022 (Unaudited) 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 June 30, 2022 and December 31, 2021 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. 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. Related Parties The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Newpoint Financial Corp. Notes to Financial Statements June 30, 2022 (Unaudited) Related Parties (Continued) Pursuant to Section 850-10-20 the related parties include (a) affiliates of the registrant; (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of financial statements is not required in those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 – 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. The Company has no revenues, has incurred net losses of $ 429,028 59,546 961,118 532,090 The Company to date has been financially supported by related party entities which are also owned by the majority shareholders of the Company. The Company will continue to be financially supported by related party entities until such time as the Company generates sufficient cashflow to support its expense requirements or completes an external capital raising. Newpoint Financial Corp. Notes to Financial Statements June 30, 2022 (Unaudited)

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2022
Investments, All Other Investments [Abstract]
INVESTMENTS	NOTE 4 – INVESTMENTS On December 10, 2021, the Company entered into a stock purchase agreement with Novea Inc., a Wyoming corporation (“Novea”), whereby we acquired five hundred thousand ( 500,000 100 2.503474 ten years 50,000,000 500,000 1,251,737 10 50,000,000 As consideration for such purchase, Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc., an entity that was owned by the current controlling shareholders, issued to Novea ten (10) secured $ 5,000,000 50,000,000 As of June 30, 2022 and December 31, 2021, investments in debt securities include mandatorily redeemable preferred stock which is classified as held to maturity, with a term ending in December 2031. The amortized cost was $ 50,000,000 1,251,737 10

DEPOSITS

DEPOSITS	6 Months Ended
	Jun. 30, 2022
DEPOSITS	NOTE 5 - DEPOSITS In August, 2021, the Company entered into an agreement with Citadel Risk Holdings, Inc., (“CRHI”) which owns all the shares of American Millennium Insurance Co., (“AMIC”) a New Jersey based insurance Company. We agreed to purchase 3.75% of AMIC’s outstanding shares per year over the course of 10 years for an aggregate total 37.5 . Closing is expected to occur in 2022 subject to receipt of regulatory approval and other customary closing conditions. As of March 31, 2022, NPFC SPV1, Inc. had made a deposit of $ 1,000,000

CREDIT COMMITMENT

CREDIT COMMITMENT	6 Months Ended
	Jun. 30, 2022
Credit Commitment
CREDIT COMMITMENT	NOTE 6 – CREDIT COMMITMENT The Company entered into a five ( 5 5,000,000 500,000 5.25 4,669,200 4,836,500 Newpoint Financial Corp. Notes to Financial Statements June 30, 2022 (Unaudited)

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND NOTE PAYABLE	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND NOTE PAYABLE	NOTE 7 – RELATED PARTY TRANSACTIONS AND NOTE PAYABLE SCHEDULE OF RELATED PARTY TRANSACTION June 30, 2022 December 31, 2021 Due to Related Parties Newpoint Financial Corp (Wyoming) (1) $ 51,310,011 $ 50,000,000 Newpoint Reinsurance Limited (2) $ 163,500 $ 163,500 Newpoint Capital Limited (3) $ 420,163 $ 68,021 Total $ 51,893,674 $ 50,231,521 (1) Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. entered into an agreement dated December 13, 2021 with the Company as part of the transaction to provide the collateral notes to Novea. In December 2021 the Company entered into a Loan Facility Agreement (the “LFA”) with NPFC SPV I, an entity owned by the Company’s principal stockholders’, in connection with the Stock Purchase Agreement between the Company and Novea (see Note 4). The LFA provides total principal of $ 50,000,000 1 1,000,000 310,011 (2) Newpoint Reinsurance Limited registered under the provisions of the Nevis business Corporation 1984 Ordinance, as amended. In December 2021 the Company entered into a Revolving Credit Facility Agreement (the “RCFA”) with Newpoint Reinsurance Company Limited, an entity owned by the Company’s majority shareholder. The RCFA provides for available borrowings up to $ 1,000,000 three years 836,500 163,500 no (3) Newpoint Capital Limited, a Company registered in the United Kingdom provided $ 420,163 167,300

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	NOTE 8 – 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 18,937,738

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS The Company is in the process of seeking regulatory approval for the Company’s acquisition of AMIC and CRHI shares. Upon approval, we expect the transactions to be completed sometime in 2022.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements as of the six months ended June 30, 2022 and June 30, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) 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, 2021. 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, 2022 and the results of operations for the six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. The results of operations for the six months ended June 30, 2022 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes highly liquid instruments with original maturities of three months or less.
Investments	Investments Short-term investments, Fixed maturities and equity securities Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Short-term investments are carried at fair value, with realized and unrealized gains and losses included in net earnings are reported as net realized and unrealized gains and losses, respectively. Investments in debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Trading securities are recorded at fair value on the balance sheet in current assets, with the change in fair value during the period included in earnings. Debt securities held as investments that the Company classifies as held-to-maturity securities are recorded at amortized cost, net of a valuation allowance for credit losses. Investments in debt securities not classified as either held-to-maturity or trading securities are classified as available-for-sale securities. Available-for-sale securities are recorded at fair value, with the change in fair value during the period excluded from earnings and recorded net of tax as a component of other comprehensive income. Investments in Equity securities are reported at fair value with realized and unrealized gains and losses included in net earnings are reported as net realized and unrealized gains and losses, respectively. If there are no readily determinable fair values, investments in equity securities are measured at cost less impairment.
Valuation allowance for fixed income securities	Valuation allowance for fixed income securities Management evaluates impairment losses for all HTM securities each quarter. The HTM securities are evaluated for potential credit loss on investments not measured at fair value through net earnings. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. Securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. Projected cash flows are driven primarily by assumptions regarding probability of default and the timing and amount of recoveries associated with defaults. Newpoint Financial Corp. Notes to Financial Statements June 30, 2022 (Unaudited)
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 June 30, 2022 and December 31, 2021 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.
Recently Issued Accounting Pronouncements	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.
Related Parties	Related Parties The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Newpoint Financial Corp. Notes to Financial Statements June 30, 2022 (Unaudited) Related Parties (Continued) Pursuant to Section 850-10-20 the related parties include (a) affiliates of the registrant; (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of financial statements is not required in those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND NOTE PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
SCHEDULE OF RELATED PARTY TRANSACTION	SCHEDULE OF RELATED PARTY TRANSACTION June 30, 2022 December 31, 2021 Due to Related Parties Newpoint Financial Corp (Wyoming) (1) $ 51,310,011 $ 50,000,000 Newpoint Reinsurance Limited (2) $ 163,500 $ 163,500 Newpoint Capital Limited (3) $ 420,163 $ 68,021 Total $ 51,893,674 $ 50,231,521 (1) Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. entered into an agreement dated December 13, 2021 with the Company as part of the transaction to provide the collateral notes to Novea. In December 2021 the Company entered into a Loan Facility Agreement (the “LFA”) with NPFC SPV I, an entity owned by the Company’s principal stockholders’, in connection with the Stock Purchase Agreement between the Company and Novea (see Note 4). The LFA provides total principal of $ 50,000,000 1 1,000,000 310,011 (2) Newpoint Reinsurance Limited registered under the provisions of the Nevis business Corporation 1984 Ordinance, as amended. In December 2021 the Company entered into a Revolving Credit Facility Agreement (the “RCFA”) with Newpoint Reinsurance Company Limited, an entity owned by the Company’s majority shareholder. The RCFA provides for available borrowings up to $ 1,000,000 three years 836,500 163,500 no (3) Newpoint Capital Limited, a Company registered in the United Kingdom provided $ 420,163 167,300

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)		6 Months Ended
	Jan. 19, 2021	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity incorporation, state or country code		DE
Entity incorporation, date of incorporation		Nov. 16, 2005
Equity reverse stock split	500-1 reverse stock split

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent	$ 256,344	$ 172,684	$ 38,622	$ 20,924	$ 429,028	$ 59,546
Accumulated deficit	$ 961,118				$ 961,118		$ 532,090

INVESTMENTS (Details Narrative)

INVESTMENTS (Details Narrative) - USD ($)		3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 10, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Shares of common stock value		$ 87,035
Percentage of common stock				10%
Debt amont	$ 50,000,000
Amortized cost			$ 50,000,000	$ 50,000,000
Secured Debt [Member]
Debt amont	$ 5,000,000
Common Stock [Member]
Number of shares issued		18,937,738
Shares of common stock value		$ 18,938
Stock Purchase Agreement [Member] | Novea Inc. [Member]
Company acquired shares	500,000
Share issued price per share	$ 100
Number of shares issued	1,251,737			1,251,737
Warrants term	10 years
Percentage of common stock	10%
Stock Purchase Agreement [Member] | Novea Inc. [Member] | Maximum [Member]
Warrants to purchase common stock	$ 50,000,000
Stock Purchase Agreement [Member] | Novea Inc. [Member] | Common Stock [Member]
Number of shares issued	2.503474
Stock Purchase Agreement [Member] | Novea Inc. [Member] | Common Stock [Member] | Maximum [Member]
Shares of common stock value	$ 50,000,000
Stock Purchase Agreement [Member] | Novea Inc. [Member] | Preferred Stock [Member]
Number of shares issued	500,000

DEPOSITS (Details Narrative)

DEPOSITS (Details Narrative) - USD ($)	1 Months Ended
	Aug. 31, 2021	Jun. 30, 2022	Mar. 31, 2022
Newpoint Financial Corp (Wyoming) [Member] | American Millennium Insurance Co [Member]
Defined Benefit Plan Disclosure [Line Items]
Deposit		$ 1,000,000	$ 1,000,000
American Millennium Insurance Co [Member]
Defined Benefit Plan Disclosure [Line Items]
Purchase price percentage	37.50%
American Millennium Insurance Co [Member]
Defined Benefit Plan Disclosure [Line Items]
Deposit Liabilities, Description	We agreed to purchase 3.75% of AMIC’s outstanding shares per year over the course of 10 years for an aggregate total 37.5% of outstanding shares at the end of the term

CREDIT COMMITMENT (Details Narr

CREDIT COMMITMENT (Details Narrative) - Revolving Credit Facility Agreement [Member] - Novea Inc. [Member] - USD ($)	Dec. 10, 2021	Jun. 30, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt term	5 years
Line of credit facility commitment amount	$ 5,000,000
Line of credit maximum commitment amount	$ 500,000
Additional borrowing amount		$ 4,669,200	$ 4,836,500
London Interbank Offered Rate (LIBOR) [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest rate	5.25%

SCHEDULE OF RELATED PARTY TRANS

SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Total		$ 51,893,674	$ 50,231,521
Newpoint Financial Corp (Wyoming) [Member]
Related Party Transaction [Line Items]
Total	[1]	51,310,011	50,000,000
Newpoint Reinsurance Limted [Member]
Related Party Transaction [Line Items]
Total	[2]	163,500	163,500
Newpoint Capital Limited [Member]
Related Party Transaction [Line Items]
Total	[3]	$ 420,163	$ 68,021
[1]Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. entered into an agreement dated December 13, 2021 with the Company as part of the transaction to provide the collateral notes to Novea. In December 2021 the Company entered into a Loan Facility Agreement (the “LFA”) with NPFC SPV I, an entity owned by the Company’s principal stockholders’, in connection with the Stock Purchase Agreement between the Company and Novea (see Note 4). The LFA provides total principal of $ 50,000,000 1 1,000,000 310,011 1,000,000 three years 836,500 163,500 no 420,163 167,300

SCHEDULE OF RELATED PARTY TRA_2

SCHEDULE OF RELATED PARTY TRANSACTION (Details) (Parenthetical) - USD ($)			1 Months Ended	6 Months Ended	12 Months Ended
		Dec. 10, 2021	Dec. 31, 2021	Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Related party payables			$ 50,231,521	$ 51,893,674	$ 50,231,521
Novea Inc. [Member] | Revolving Credit Facility Agreement [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity		$ 500,000
Debt term		5 years
Addition available borrowings			4,836,500	4,669,200	4,836,500
Newpoint Financial Corp (Wyoming) [Member]
Related Party Transaction [Line Items]
Related party payables	[1]		$ 50,000,000	51,310,011	50,000,000
Related party transaction rate			1%
Interest incurred				310,011
Newpoint Financial Corp (Wyoming) [Member] | American Millennium Insurance Co [Member]
Related Party Transaction [Line Items]
Deposits				1,000,000		$ 1,000,000
Newpoint Reinsurance Limted [Member]
Related Party Transaction [Line Items]
Related party payables	[2]		$ 163,500	163,500	163,500
Payment to related party				0
Newpoint Reinsurance Limted [Member] | Revolving Credit Facility Agreement [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity			1,000,000		$ 1,000,000
Debt term					3 years
Addition available borrowings			836,500	836,500	$ 836,500
Newpoint Capital Limited [Member]
Related Party Transaction [Line Items]
Related party payables	[3]		$ 68,021	420,163	$ 68,021
Newpoint Capital Limited [Member] | Novea Inc. [Member]
Related Party Transaction [Line Items]
Related party payables				$ 167,300
[1]Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. entered into an agreement dated December 13, 2021 with the Company as part of the transaction to provide the collateral notes to Novea. In December 2021 the Company entered into a Loan Facility Agreement (the “LFA”) with NPFC SPV I, an entity owned by the Company’s principal stockholders’, in connection with the Stock Purchase Agreement between the Company and Novea (see Note 4). The LFA provides total principal of $ 50,000,000 1 1,000,000 310,011 1,000,000 three years 836,500 163,500 no 420,163 167,300

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
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		19,153,923
Shares issued to settle related party liabilities	18,937,738	18,937,738