Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 19, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'JMJP Partners, Inc. | ' |
Entity Central Index Key | '0001558989 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 27,500,000 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash | $10,022 | $2,000 |
Total Current Assets | 10,022 | 2,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accrued liabilities | 350 | 350 |
Total Current Liabilities | 350 | 350 |
Stockholders' Equity | ' | ' |
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; 0 shares issued and outstanding | ' | ' |
Common stock; $0.0001 par value, 100,000,000 shares authorized; 27,500,000 and 20,000,000 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 2,750 | 2,000 |
Additional paid-in capital | 77,407 | 1,007 |
Deficit accumulated during the development stage | -70,485 | -1,357 |
Total stockholders' Equity | 9,672 | 1,650 |
Total liabilities and Stockholders' Equity | $10,022 | $2,000 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,500,000 | 20,000,000 |
Common stock, shares outstanding | 27,500,000 | 20,000,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 15 Months Ended |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | ' | ' | ' | $0 |
Operating expenses | 750 | 16,862 | 69,128 | 70,485 |
Loss Before Income Taxes | -750 | -16,862 | -69,128 | -70,485 |
Income tax | ' | ' | ' | ' |
Net loss | ($750) | ($16,862) | ($69,128) | ($70,485) |
Loss per share - basic and diluted | $0 | $0 | $0 | ' |
Weighted average shares - basic and diluted | 20,000,000 | 27,500,000 | 27,500,000 | ' |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 15 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
OPERATING ACTIVITIES: | ' | ' |
Net loss | ($69,128) | ($70,485) |
Changes in Operating Assets and Liabilities: | ' | ' |
Accrued liabilities | ' | 350 |
Net cash used in operating activities | -69,128 | -70,135 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of common stock | 77,150 | 79,150 |
Proceeds from stockholders' additional contribution | ' | 1,007 |
Net cash provided by financing activities | 77,150 | 80,157 |
Net increase in cash | 8,022 | 10,022 |
Cash, beginning of period | 2,000 | ' |
Cash, end of period | $10,022 | $10,022 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations and Summary of Significant Accounting Policies | ' |
NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NATURE OF OPERATIONS | |
JMJP Partners, Inc. (“JMJP” or “the Company”) was incorporated in the State of Delaware on July 23, 2012 under the name Backgate Acquisition Corporation to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception and its operations to date have been limited to issuing shares to its original shareholders. The Company initially attempted to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. | |
On February 4, 2013, the shareholders of the Corporation and the Board of Directors unanimously approved the change of the Company’s name to JMJP Partners, Inc. and filed such change with the State of Delaware. | |
On February 22, 2013, new officers and directors were appointed and elected, and prior officers and directors resigned resulting in the change of control of the company. | |
BASIS OF PRESENTATION | |
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. | |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company has $10,022 in cash and no cash equivalents as of September 30, 2013. | |
CONCENTRATION OF RISK | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2013. | |
INCOME TAXES | |
Under ASC 740, “Income Taxes”, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2013, there was no deferred tax. Asset as a full valuation allowance was recorded due to the uncertainty of realization of net operating loss carry forwards prior to expiration. | |
LOSS PER COMMON SHARE | |
Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2013, there are no outstanding dilutive securities. | |
Fair Value of Financial Instruments | |
The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: | |
● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |
● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |
● Level 3 inputs are unobservable inputs for the asset or liability. | |
The carrying amounts of financial instruments such as cash, loan receivable and current liabilities, approximate their fair values because of the short maturity of these instruments. |
Going_Concern
Going Concern | 9 Months Ended |
Sep. 30, 2013 | |
Going Concern | ' |
Going Concern | ' |
NOTE 2 - GOING CONCERN | |
The Company is in the development stage and has no revenues or profits since its inception on July 23, 2012. As of September 30, 2013, the Company has an accumulated deficit of $70,485. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and /or obtain additional financing from its stockholders and/or other third parties. | |
These financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next fiscal year. The continuation of the Company as a going concern is dependent upon financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations. | |
There is no assurance that the Company will ever be profitable. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS | |
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
NOTE 4 – STOCKHOLDERS’ EQUITY | |
The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of September 30, 2013, 27,500,000 shares of common stock and no preferred stock were issued and outstanding. | |
On July 31, 2012, the Company issued 20,000,000 common shares to two directors and officers for $2,000 in cash. | |
On February 22, 2013, the Company redeemed an aggregate of 19,500,000 of the then 20,000,000 shares of outstanding stock at a redemption price of $.0001 per share for an aggregate redemption price of $1,950. | |
On February 25, 2013, the Company issued 1,000,000 common shares to an officer and director as founder shares. | |
Between February 26, 2013 to March 31, 2013, the Company issued 16,200,000 common shares to eleven investors for $58,500 in cash. | |
Between April 8, 2013 to June 7, 2013, the Company issued 9,250,000 common shares to twenty-five investors for $12,850 in cash. | |
On August 28, 2013, the Company redeemed 250,000 shares of the outstanding stock at a redemption price of $.001 per share for an aggregate redemption price of $250. | |
On September 25, 2013, the Company issued 800,000 common shares to nine investors for $8,000 in cash. |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
NATURE OF OPERATIONS | |
JMJP Partners, Inc. (“JMJP” or “the Company”) was incorporated in the State of Delaware on July 23, 2012 under the name Backgate Acquisition Corporation to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception and its operations to date have been limited to issuing shares to its original shareholders. The Company initially attempted to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. | |
On February 4, 2013, the shareholders of the Corporation and the Board of Directors unanimously approved the change of the Company’s name to JMJP Partners, Inc. and filed such change with the State of Delaware. | |
On February 22, 2013, new officers and directors were appointed and elected, and prior officers and directors resigned resulting in the change of control of the company. | |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. | |
Use of Estimates | ' |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company has $10,022 in cash and no cash equivalents as of September 30, 2013. | |
Concentration of Risk | ' |
CONCENTRATION OF RISK | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2013. | |
Income Taxes | ' |
INCOME TAXES | |
Under ASC 740, “Income Taxes”, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2013, there was no deferred tax. Asset as a full valuation allowance was recorded due to the uncertainty of realization of net operating loss carry forwards prior to expiration. | |
Loss per Common Share | ' |
LOSS PER COMMON SHARE | |
Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2013, there are no outstanding dilutive securities. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: | |
● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |
● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |
● Level 3 inputs are unobservable inputs for the asset or liability. | |
The carrying amounts of financial instruments such as cash, loan receivable and current liabilities, approximate their fair values because of the short maturity of these instruments. |
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Cash | $10,022 |
Cash equivalents | $0 |
Weghted average outstanding dilutive securities | 0 |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 15 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Going Concern | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | $0 | ' |
Accumulated deficit | ' | $70,485 | $70,485 | $70,485 | $1,357 |
Stockholders_Equity_Details_Na
Stockholders' Equity (Details Narrative) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | ||||||
Sep. 25, 2013 | Aug. 28, 2013 | Feb. 25, 2013 | Feb. 22, 2013 | Jul. 31, 2012 | Mar. 31, 2013 | Jun. 07, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Integer | Integer | Integer | |||||||
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 |
Preferred stock, shares authorized | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 20,000,000 |
Common stock, shares issued | ' | ' | ' | ' | ' | ' | ' | 27,500,000 | 20,000,000 |
Common stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | 27,500,000 | 20,000,000 |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock issued during period for consideration of cash, shares | 800,000 | ' | ' | ' | 20,000,000 | 16,200,000 | 9,250,000 | ' | ' |
Stock issued during period for consideration of cash | $8,000 | ' | ' | ' | $2,000 | $58,500 | $12,850 | ' | ' |
Redeemed shares | ' | 250,000 | ' | 19,500,000 | ' | ' | ' | ' | ' |
Stock redemption, price per share | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' |
Redeemed shares value | ' | $250 | ' | $1,950 | ' | ' | ' | ' | ' |
Common stock issued to founder, shares | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Number of investors received stock during period | 9 | ' | ' | ' | ' | 11 | 25 | ' | ' |