Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
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
Condensed Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash | $ 35,734 | $ 934,300 |
Interest Receivable | 26,574 | 7,059 |
Total Current Assets | 462,308 | 941,359 |
Other Assets | ||
Credit Facility Receivable | 330,800 | 330,800 |
Allowance for Credit Facility Receivable | (330,800) | (330,800) |
Total Other Assets | ||
TOTAL ASSETS | 462,308 | 941,359 |
Current Liabilities: | ||
Accounts Payable and accrued expenses | 105,073 | 113,139 |
Total Current Liabilities | 1,828,903 | 2,375,215 |
Total Liabilities | 1,828,903 | 2,375,215 |
Stockholders’ Deficit | ||
Preferred Stock, par value $0.001, 50,000,000 shares Authorized,0 Issued or Outstanding at September 30, 2023 and December 31, 2022 | ||
Common Stock, par value $0.001, 100,000,000 shares Authorized,19,153,923 shares Issued and Outstanding at September 30, 2023 and December 31,2022 | 19,154 | 19,154 |
Additional Paid-In Capital | 965,007 | 419,028 |
Accumulated Deficit | (2,350,756) | (1,872,038) |
Total Stockholders’ Deficit | (1,366,595) | (1,433,856) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 462,308 | 941,359 |
Related Party [Member] | ||
Current Assets: | ||
Loan Receivable | 400,000 | |
Current Liabilities: | ||
Loans Payable | 1,723,830 | $ 2,262,076 |
Stockholders’ Deficit | ||
Additional Paid-In Capital | $ 245,979 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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 (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues: | ||||
Expenses: | ||||
Professional fees | 231,090 | 190,978 | 414,133 | 297,428 |
General and administrative expense | 17,296 | 38,277 | 119,085 | 122,287 |
Total Operating Expenses | 248,386 | 229,255 | 533,218 | 419,715 |
Operating Loss | (248,386) | (229,255) | (533,218) | (419,715) |
Other Income (Expense) | ||||
Interest Income | 20,527 | 7,778 | 54,500 | 19,763 |
Interest expense | (126,356) | (376,909) | ||
Other Gain on Investment | 300,000 | 300,000 | ||
Total Other Income (Expense) | 20,527 | 181,422 | 54,500 | (57,146) |
Net Loss | $ (227,859) | $ (47,833) | $ (478,718) | $ (476,861) |
Loss per Common Share, Basic | $ (0.0119) | $ (0.0025) | $ (0.0250) | $ (0.0249) |
Loss per Common Share, Diluted | $ (0.0119) | $ (0.0025) | $ (0.0250) | $ (0.0249) |
Weighted Average Common Shares Outstanding, Basic | 19,153,923 | 19,153,923 | 19,153,923 | 19,153,923 |
Weighted Average Common Shares Outstanding, Diluted | 19,153,923 | 19,153,923 | 19,153,923 | 19,153,923 |
Condensed Statement of Stockhol
Condensed Statement of Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 19,154 | $ 419,028 | $ (532,090) | $ (93,908) | |
Balance, shares at Dec. 31, 2021 | 19,153,923 | ||||
Net Loss | (172,684) | (172,684) | |||
Balance at Mar. 31, 2022 | $ 19,154 | 419,028 | (704,774) | (266,592) | |
Balance, shares at Mar. 31, 2022 | 19,153,923 | ||||
Balance at Dec. 31, 2021 | $ 19,154 | 419,028 | (532,090) | (93,908) | |
Balance, shares at Dec. 31, 2021 | 19,153,923 | ||||
Net Loss | (476,861) | ||||
Balance at Sep. 30, 2022 | $ 19,154 | 419,028 | (1,008,951) | (570,769) | |
Balance, shares at Sep. 30, 2022 | 19,153,923 | ||||
Balance at Mar. 31, 2022 | $ 19,154 | 419,028 | (704,774) | (266,592) | |
Balance, shares at Mar. 31, 2022 | 19,153,923 | ||||
Net Loss | (256,344) | (256,344) | |||
Balance at Jun. 30, 2022 | $ 19,154 | 419,028 | (961,118) | (522,936) | |
Balance, shares at Jun. 30, 2022 | 19,153,923 | ||||
Net Loss | (47,833) | (47,833) | |||
Balance at Sep. 30, 2022 | $ 19,154 | 419,028 | (1,008,951) | (570,769) | |
Balance, shares at Sep. 30, 2022 | 19,153,923 | ||||
Balance at Dec. 31, 2022 | $ 19,154 | 419,028 | (1,872,038) | (1,433,856) | |
Balance, shares at Dec. 31, 2022 | 19,153,923 | ||||
Net Loss | (169,605) | (169,605) | |||
Balance at Mar. 31, 2023 | $ 19,154 | 419,028 | (2,041,643) | (1,603,461) | |
Balance, shares at Mar. 31, 2023 | 19,153,923 | ||||
Balance at Dec. 31, 2022 | $ 19,154 | 419,028 | (1,872,038) | (1,433,856) | |
Balance, shares at Dec. 31, 2022 | 19,153,923 | ||||
Net Loss | (478,718) | ||||
Balance at Sep. 30, 2023 | $ 19,154 | 965,007 | (2,350,756) | (1,366,595) | |
Balance, shares at Sep. 30, 2023 | 19,153,923 | ||||
Balance at Mar. 31, 2023 | $ 19,154 | 419,028 | (2,041,643) | (1,603,461) | |
Balance, shares at Mar. 31, 2023 | 19,153,923 | ||||
Net Loss | (81,254) | (81,254) | |||
Balance at Jun. 30, 2023 | $ 19,154 | 419,028 | (2,122,897) | (1,684,715) | |
Balance, shares at Jun. 30, 2023 | 19,153,923 | ||||
Net Loss | (227,859) | (227,859) | |||
Additional Paid-in Capital | 545,979 | 545,979 | |||
Balance at Sep. 30, 2023 | $ 19,154 | $ 965,007 | $ (2,350,756) | $ (1,366,595) | |
Balance, shares at Sep. 30, 2023 | 19,153,923 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (478,718) | $ (476,861) |
Changes In: | ||
Accounts Payable and Accrued expenses | (8,066) | (25,000) |
Accounts Payable - Related Party | 708,968 | |
Net Gains on investment | (300,000) | |
Other Current Liabilities | 98,000 | |
Interest Receivable | (19,515) | (3,215) |
Net Cash (used in) provided by Operating Activities | (506,299) | 1,892 |
CASH FLOWS FROM INVESTING | ||
Proceeds from Repayment of Related Party Loan | 100,000 | |
Loan Advanced to Related Party | (500,000) | |
Net Cash Used in Investing Activities | (400,000) | |
CASH FLOWS FROM FINANCING | ||
Proceeds from Related Party Loans | 7,733 | |
Net Cash provided by Financing Activities | 7,733 | |
Net (Decrease) Increase in Cash | (898,566) | 1,892 |
Cash at Beginning of Period | 934,300 | 5,843 |
Cash at End of Period | 35,734 | 7,735 |
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 | |
Related party loan converted to additional paid-in capital | $ 545,979 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Sep. 30, 2023 | |
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 on 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 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has no 478,718 476,861 2,350,756 1,872,038 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Deposits held at financial institutions insured by the Federal Deposit Insurance Corporation (FDIC) are insured up to $ 250,000 0 684,300 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. 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 carry forwards 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 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. 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. |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | NOTE 4 – INVESTMENTS As at December 31, 2022, management impaired the Company’s equity investment in Novea Inc., a Wyoming corporation (“Novea”) to zero The Company follows U.S GAAP guidance on Fair Value Measurements, which defines fair value and establishes a fair value hierarchy organized into three levels based upon the input assumptions used in pricing assets. Level 1 – Inputs have the highest reliability and are related to assets with unadjusted quoted prices in active markets Level 2 – Inputs related to assets with quoted prices in markets that are not considered active or other than quoted prices in active markets which may include quoted prices for similar assets or liabilities or other inputs which can be corroborated by observable market data. Level 3 – Inputs are unobservable and are used to the extent that observable inputs do not exist. The Company’s investment in the common stock of Novea is considered a level 3 investment. |
CREDIT COMMITMENT
CREDIT COMMITMENT | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CREDIT COMMITMENT | NOTE 5 – CREDIT COMMITMENT The Company entered into a five ( 5 5,000,000 500,000 5.25 7.25 330,800 4,669,200 The Company has recognized a full allowance against the $ 330,800 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND NOTE PAYABLE | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND NOTE PAYABLE | NOTE 6 – RELATED PARTY TRANSACTIONS AND NOTE PAYABLE SCHEDULE OF RELATED PARTY TRANSACTION September 30, 2023 December 31, 2022 Due to Related Parties Newpoint Financial Corp (Wyoming) (1) $ - $ 273,747 Newpoint Reinsurance Limited (2) $ 160,000 $ 263,500 Newpoint Capital Limited (3) $ 1,563,830 $ 1,724,829 Total $ 1,723,830 $ 2,262,076 Due to Related Parties Transaction $ 1,723,830 $ 2,262,076 September 30, 2023 December 31, 2022 Due from Related Party Mutual Holdings (4) $ 400,000 $ - Total $ 400,000 $ - Due from Related Parties Transaction $ 400,000 $ - (1) Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. which is an entity owned by the Company’s principal stockholders’, entered into a Loan Facility Agreement (the “LFA”) agreement dated December 13, 2021, with the Company in connection with the Stock Purchase Agreement between the Company and Novea. The total interest expense related to the LFA with NPFC SPV 1 for 2022 was approximately $ 393,000 0 273,747 245,979 (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 1,000,000 836,500 100,000 263,500 60,000 100,000 (3) Newpoint Capital Limited (a Company registered in United Kingdom) an entity owned by the Company’s majority shareholders’, has paid $ 1,863,830 1,724,829 167,300 300,000 1,563,830 (4) On March 15, 2023, the Company entered into a loan facility agreement to lend up to $ 1,000,000 500,000 10 23,124 100,000 400,000 The Company entered into consulting agreements with members of management. The Company incurred $ 15,000 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 7 – 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 Additional Paid in Capital During the quarter ended September 30, 2023, the Company agreed to convert two related party liabilities to additional paid in capital. The Company had an amount outstanding of $ 245,979 1,863,830 300,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES On November 29, 2022, the Company filed a complaint with the United States District Court Central District of California. This action arises from Defendants Bermuda Monetary Authority (“BMA”) and its officials’ Gerald Gakundi and Susan Davis Crockwell (collectively “Defendants”) blatant, intentional bad faith malfeasance in denying Plaintiff’s Newpoint Financial Corp. application to obtain a controlling interest in a Bermudian insurance company without any, much less good, cause. The Company lodged a complaint for: 1. Tortious interference with existing and prospective economic advantage; 2. Negligent interference with existing and prospective economic advantage; 3. Trade libel; 4. Violation of business and professions code section 17200 and request for injunctive relief. The Company has sought judgement against the Defendants for punitive and exemplary damages, fees, and an injunction, enjoining the Defendants from making defamatory statements regarding the Company. The complaint filed with regard to the BMA, is likely to incur ongoing costs in relation to its legal proceedings. The company does not have a firm estimate of the expected costs as the matter is in an early stage and further disclosure of anticipated amounts may prejudice proceedings. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS The Company evaluated subsequent events through the date of this filing and concluded there were no material subsequent events requiring adjustment to or disclosure in these interim condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
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. Deposits held at financial institutions insured by the Federal Deposit Insurance Corporation (FDIC) are insured up to $ 250,000 0 684,300 |
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. |
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 carry forwards 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 |
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. 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) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTION | SCHEDULE OF RELATED PARTY TRANSACTION September 30, 2023 December 31, 2022 Due to Related Parties Newpoint Financial Corp (Wyoming) (1) $ - $ 273,747 Newpoint Reinsurance Limited (2) $ 160,000 $ 263,500 Newpoint Capital Limited (3) $ 1,563,830 $ 1,724,829 Total $ 1,723,830 $ 2,262,076 Due to Related Parties Transaction $ 1,723,830 $ 2,262,076 September 30, 2023 December 31, 2022 Due from Related Party Mutual Holdings (4) $ 400,000 $ - Total $ 400,000 $ - Due from Related Parties Transaction $ 400,000 $ - (1) Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. which is an entity owned by the Company’s principal stockholders’, entered into a Loan Facility Agreement (the “LFA”) agreement dated December 13, 2021, with the Company in connection with the Stock Purchase Agreement between the Company and Novea. The total interest expense related to the LFA with NPFC SPV 1 for 2022 was approximately $ 393,000 0 273,747 245,979 (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 1,000,000 836,500 100,000 263,500 60,000 100,000 (3) Newpoint Capital Limited (a Company registered in United Kingdom) an entity owned by the Company’s majority shareholders’, has paid $ 1,863,830 1,724,829 167,300 300,000 1,563,830 (4) On March 15, 2023, the Company entered into a loan facility agreement to lend up to $ 1,000,000 500,000 10 23,124 100,000 400,000 |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | 9 Months Ended | |
Jan. 19, 2021 | Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
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 | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Revenues | |||||||||
Net loss | 227,859 | $ 81,254 | $ 169,605 | $ 47,833 | $ 256,344 | $ 172,684 | 478,718 | $ 476,861 | |
Accumulated deficit | $ 2,350,756 | $ 2,350,756 | $ 1,872,038 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Cash FDIC insured amount | $ 250,000 | |
Cash uninsured amount | $ 0 | $ 684,300 |
Income tax likelihood | 50% likelihood |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) | Dec. 31, 2022 USD ($) |
Investments, All Other Investments [Abstract] | |
Investments |
CREDIT COMMITMENT (Details Narr
CREDIT COMMITMENT (Details Narrative) - USD ($) | Dec. 10, 2021 | Sep. 30, 2023 | Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt instrument face amount | $ 330,800 | $ 330,800 | |
Allowance for doubtful accounts receivable | 330,800 | 330,800 | |
Revolving Credit Facility Agreement [Member] | Novea Inc. [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Debt instrument, term | 5 years | ||
Line of credit facility, commitment fee amount | $ 5,000,000 | ||
Line of credit facility, maximum borrowing capacity | $ 500,000 | ||
Line of credit facility, additional borrowings | $ 4,669,200 | $ 4,669,200 | |
Revolving Credit Facility Agreement [Member] | Novea Inc. [Member] | LIBOR [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Bearing interest percentage | 5.25% | ||
Increase interest percentage | 7.25% |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTION (Details) - Related Party [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Due to Related Parties Transaction | $ 1,723,830 | $ 2,262,076 | |
Due from Related Parties Transaction | 400,000 | ||
Newpoint Financial Corp (Wyoming) [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties Transaction | [1] | 273,747 | |
Newpoint Reinsurance Limted [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties Transaction | [2] | 160,000 | 263,500 |
Newpoint Capital Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties Transaction | [3] | 1,563,830 | 1,724,829 |
Mutual Holdings [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties Transaction | [4] | $ 400,000 | |
[1]Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. which is an entity owned by the Company’s principal stockholders’, entered into a Loan Facility Agreement (the “LFA”) agreement dated December 13, 2021, with the Company in connection with the Stock Purchase Agreement between the Company and Novea. The total interest expense related to the LFA with NPFC SPV 1 for 2022 was approximately $ 393,000 0 273,747 245,979 1,000,000 three years 1,000,000 836,500 100,000 263,500 60,000 100,000 1,863,830 1,724,829 167,300 300,000 1,563,830 1,000,000 500,000 10 23,124 100,000 400,000 |
SCHEDULE OF RELATED PARTY TRA_2
SCHEDULE OF RELATED PARTY TRANSACTION (Details) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Mar. 27, 2023 | Mar. 21, 2023 | Dec. 10, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Jun. 16, 2023 | Mar. 15, 2023 | Dec. 31, 2022 | Oct. 07, 2022 | ||
Related Party Transaction [Line Items] | |||||||||||||
Interest expenses | $ 126,356 | $ 376,909 | |||||||||||
Additional paid in capital | 965,007 | 965,007 | $ 419,028 | ||||||||||
Professional fees | 231,090 | $ 190,978 | 414,133 | $ 297,428 | |||||||||
Revolving Credit Facility Agreement [Member] | Newpoint Reinsurance Limted [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 1,000,000 | ||||||||||||
Debt term | 3 years | ||||||||||||
Line of credit facility current borrowing capacity | 1,000,000 | 1,000,000 | 836,500 | ||||||||||
Loan Facility Agreement [Member] | Mutual Holdings Inc [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Short term loan | $ 500,000 | $ 1,000,000 | |||||||||||
Short term Interest loan rate | 10% | ||||||||||||
Loan outstanding | 23,124 | 23,124 | |||||||||||
Loan receivable from related party | 400,000 | 400,000 | |||||||||||
Related Party [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to related parties current and noncurrent | 1,723,830 | 1,723,830 | 2,262,076 | ||||||||||
Additional paid in capital | 245,979 | 245,979 | |||||||||||
Loan receivable from related party | 400,000 | 400,000 | |||||||||||
Related Party [Member] | Newpoint Reinsurance Limted [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to related parties current and noncurrent | 100,000 | 100,000 | $ 100,000 | ||||||||||
Repayments of debt | $ 263,500 | ||||||||||||
Professional fees | 60,000 | ||||||||||||
Related Party [Member] | Loan Facility Agreement [Member] | Mutual Holdings Inc [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to related parties current and noncurrent | $ 100,000 | ||||||||||||
Newpoint Financial Corp (Wyoming) [Member] | Related Party [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest expenses | 393,000 | ||||||||||||
Due to related parties current and noncurrent | [1] | 273,747 | |||||||||||
Novea Inc. [Member] | Newpoint Capital Limited [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Credit commitment fee amount | 167,300 | ||||||||||||
Novea Inc. [Member] | Revolving Credit Facility Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 500,000 | ||||||||||||
Debt term | 5 years | ||||||||||||
Line of credit facility current borrowing capacity | 4,669,200 | 4,669,200 | 4,669,200 | ||||||||||
Credit commitment fee amount | $ 5,000,000 | ||||||||||||
Novea Inc. [Member] | Related Party [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Additional paid in capital | 300,000 | 300,000 | |||||||||||
Novea Inc. [Member] | Related Party [Member] | Newpoint Reinsurance Limted [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Repayments of debt | 1,563,830 | ||||||||||||
Novea Inc. [Member] | Related Party [Member] | Newpoint Capital Limited [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to related parties current and noncurrent | $ 1,863,830 | $ 1,863,830 | $ 1,724,829 | ||||||||||
[1]Newpoint Financial Corp (a Wyoming corporation), now known as NPFC SPV 1, Inc. which is an entity owned by the Company’s principal stockholders’, entered into a Loan Facility Agreement (the “LFA”) agreement dated December 13, 2021, with the Company in connection with the Stock Purchase Agreement between the Company and Novea. The total interest expense related to the LFA with NPFC SPV 1 for 2022 was approximately $ 393,000 0 273,747 245,979 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND NOTE PAYABLE (Details Narrative) | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Related Party Transactions [Abstract] | |
Consulting expenses for management costs | $ 15,000 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
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 |
Common stock, shares outstanding | 19,153,923 | 19,153,923 |
Additional paid in capital | $ 965,007 | $ 419,028 |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Additional paid in capital | 245,979 | |
Due to related parties current and noncurrent | 1,723,830 | 2,262,076 |
Additional paid in capital | 300,000 | |
Related Party [Member] | Novea Inc. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Additional paid in capital | 300,000 | |
Related Party [Member] | Newpoint Capital Limited [Member] | Novea Inc. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Due to related parties current and noncurrent | $ 1,863,830 | $ 1,724,829 |