Cover
Cover | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q/A |
Amendment Flag | true |
Amendment Description | Amendment No:1 |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-54953 |
Entity Registrant Name | NEWPOINT FINANCIAL CORP. |
Entity Central Index Key | 0001445831 |
Entity Tax Identification Number | 47-2653358 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 100 Pearl Street |
Entity Address, Address Line Two | #265 |
Entity Address, City or Town | Hartford |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06103 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 19,153,923 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS: | ||
TOTAL ASSETS | ||
Current Liabilities: | ||
Accounts Payable | 6,730 | 6,730 |
Accounts Payable - Related Party | 29,829 | |
Interest Payable - Related Party | 11,156 | |
Loan Payable - Related Party | 46,050 | |
Total Current Liabilities | 6,730 | 93,765 |
Due to Related Party | 59,546 | |
Total Liabilities | 66,276 | 93,765 |
Stockholder’s Deficit: | ||
Preferred Stock | ||
Common Stock | 19,154 | 216 |
Additional Paid-In Capital | 419,028 | 350,931 |
Accumulated Deficit | (504,458) | (444,912) |
Total Stockholder’s Deficit | (66,276) | (93,765) |
TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT |
Statement of Operations and Com
Statement of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Expenses: | ||||
Professional fees | $ 38,622 | $ 500 | $ 38,622 | $ 2,000 |
General and administrative expense | 1,794 | 20,924 | 2,824 | |
Total Operating Expenses | 38,622 | 2,294 | 59,546 | 4,824 |
Operating Loss | (38,622) | (2,294) | (59,546) | (4,824) |
Other Income (Expense) | ||||
Gain on Debt Extinguishment | 748 | 1,496 | ||
Interest expense | ||||
Total Other Income (Expense) | 748 | 1,496 | ||
Net Loss | $ (38,622) | $ (3,042) | $ (59,546) | $ (6,320) |
Basic & Diluted Loss per Common Share | $ (0.0020) | $ (0.0141) | $ (0.0031) | $ (0.0292) |
Weighted Average Common Shares Outstanding | 19,153,923 | 216,185 | 19,153,923 | 216,185 |
Statement of Stockholders' Equi
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, 2019 | $ 216 | $ 350,931 | $ (434,459) | $ (83,312) | |
Balance, shares at Dec. 31, 2019 | 216,185 | ||||
Net Loss | (3,278) | (3,278) | |||
Balance at Mar. 31, 2020 | $ 216 | 350,931 | (437,737) | (86,590) | |
Balance, shares at Mar. 31, 2020 | 216,185 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 216 | 350,931 | (434,459) | (83,312) | |
Balance, shares at Dec. 31, 2019 | 216,185 | ||||
Net Loss | (6,320) | ||||
Balance at Jun. 30, 2020 | $ 216 | 350,931 | (440,779) | (89,632) | |
Balance, shares at Jun. 30, 2020 | 216,185 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 216 | 350,931 | (437,737) | (86,590) | |
Balance, shares at Mar. 31, 2020 | 216,185 | ||||
Net Loss | (3,042) | (3,042) | |||
Balance at Jun. 30, 2020 | $ 216 | 350,931 | (440,779) | (89,632) | |
Balance, shares at Jun. 30, 2020 | 216,185 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 216 | 350,931 | (444,912) | (93,765) | |
Balance, shares at Dec. 31, 2020 | 216,185 | ||||
Impacts of stock sale | $ 18,938 | 68,097 | 87,035 | ||
Impacts of stock sale, shares | 18,937,738 | ||||
Net Loss | (20,924) | (20,924) | |||
Balance at Mar. 31, 2021 | $ 19,154 | 419,028 | (465,836) | (27,654) | |
Balance, shares at Mar. 31, 2021 | 19,153,923 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 216 | 350,931 | (444,912) | (93,765) | |
Balance, shares at Dec. 31, 2020 | 216,185 | ||||
Impacts of stock sale | $ 18,938 | ||||
Net Loss | (59,546) | ||||
Balance at Jun. 30, 2021 | $ 19,154 | 419,028 | (504,458) | (66,276) | |
Balance, shares at Jun. 30, 2021 | 19,153,923 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 19,154 | 419,028 | (465,836) | (27,654) | |
Balance, shares at Mar. 31, 2021 | 19,153,923 | ||||
Net Loss | (38,622) | (38,622) | |||
Balance at Jun. 30, 2021 | $ 19,154 | $ 419,028 | $ (504,458) | $ (66,276) | |
Balance, shares at Jun. 30, 2021 | 19,153,923 |
Statement of Cash Flow (Unaudit
Statement of Cash Flow (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net Loss | $ (38,622) | $ (20,924) | $ (3,042) | $ (3,278) | $ (59,546) | $ (6,320) |
Changes In: | ||||||
Accounts Payable | 106 | |||||
Accounts Payable - Related Party | 4,722 | |||||
Interest Payable - Related Party | 1,496 | |||||
Net Cash Provided by (Used in) Operating Activities | (59,546) | 4 | ||||
CASH FLOWS FROM FINANCING | ||||||
Due to Related Party | 59,546 | |||||
Net Cash Provided by Financing Activities | 59,546 | |||||
Net Increase in Cash | 4 | |||||
Cash at Beginning of Period | $ 78 | 78 | ||||
Cash at End of Period | $ 82 | 82 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Interest |
Statement of Cash Flow (Unaud_2
Statement of Cash Flow (Unaudited) (Parenthetical) | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | |||
Reverse stock split | 500-1 | 500-1 | 500-1 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Newpoint Financial Corp. (“Newpoint”or “the Company”) was initially incorporated in the State of Delaware November 16, 2005 |
CURRENT PERIOD RESTATEMENT
CURRENT PERIOD RESTATEMENT | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
CURRENT PERIOD RESTATEMENT | NOTE 2 CURRENT PERIOD RESTATEMENT The Company is filing this amended Form 10Q/A (the Amended Report) to amend our quarterly report for the quarter ended June 30, 2021, which was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 7, 2021 (the “Original Report”), to restate our condensed financial statements for the three and six months ended June 30, 2021. As a result, the previously filed unaudited condensed financial statements for the period ended June 30, 2021, should no longer be relied upon. The Company did not properly identify multiple errors throughout the Form 10Q, which resulted in the Company inappropriately stating total expenses, liabilities, common stock, additional paid-in capital and the total accumulated deficit for the six months ended June 30, 2021. These errors were the result of the Company inappropriately recording expenses from a related party that were not liabilities to Newpoint and the Company inappropriately recording a stock sale. In both the first and second quarter of 2021 the Company recorded additional liabilities to the Company of $ 102,905 12,978 115,883 In March 2021 the Company executed a stock sale which alleviated multiple historical liabilities which were not properly adjusted. This error overstated total liabilities of Newpoint by $ 87,035 500-1 19,153,923 216,185 18,938 68,097 The cumulative impact of these errors outlined herein resulted in a decrease in the net loss per common share of $ 0.2380 0.8069 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed unaudited interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC) for interim information, including the instructions to the Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial six 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. Newpoint Financial Corp. Notes to Condensed June 30, 2021 (Unaudited) NOTE 3 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, 2021 and December 31, 2020 the Company has not recorded any unrecognized tax benefits. Net Loss per Share The computation of basic net loss per common share is based on the weighted average number of shares that were outstanding during the year. The computation of diluted net loss per common share is based on the weighted average number of shares used in the basic net loss per share calculation plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. See Note 5. Stockholders’ Deficit Recently Issued Accounting Pronouncements In 2018, the Company adopted the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and additional ASUs issued to clarify the guidance in ASU 2014-09 (collectively, the revenue standard), which amends the existing accounting standards for revenue recognition. As the Company has no revenue generating activities the adoption of the revenue standard had no impact on the Company. In 2019, the Company adopted FASB ASU 2016-02, Leases (Topic 842), which provides an updated definition of a lease contract, including guidance on the combination and separation of contracts. The standard requires lessees recognize a right-of-use asset and a lease liability for all lease contracts. The Company has determined it does not have any lease agreements and as a result this standard has not impacted the Company’s financial statements.. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 4 – GOING CONCERN The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has no 38,622 3,042 59,546 6,320 504,458 444,912 The Company plans to raise additional capital and will continue to have its expenditures paid for by a related entity (see Note 6). Failure to raise adequate capital and generate adequate sales revenues could result in the Company having to curtail or cease operations. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurance that the revenue will be sufficient to enable it to develop business to a level where it will generate profits and cash flows from operations. Newpoint Financial Corp. Notes to Condensed June 30, 2021 (Unaudited) |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | NOTE 5 – STOCKHOLDERS’ DEFICIT Preferred Stock The Company is authorized to issue 50,000,000 0.001 no Common Stock The Company is authorized to issue up to 100,000,000 0.001 19,153,923 216,185 In February 2021, the Company finalized a 500-1 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Throughout 2021, the Company has incurred various expenses, totaling $ 59,546 The Company currently operates out of an office of a related party free of rent. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS On August 20, 2021, the Company entered into an agreement to purchase 37.5 The Company shall pay $ 1 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed unaudited interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC) for interim information, including the instructions to the Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial six |
Estimates | Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of June 30, 2021 and December 31, 2020 the Company has not recorded any unrecognized tax benefits. |
Net Loss per Share | Net Loss per Share The computation of basic net loss per common share is based on the weighted average number of shares that were outstanding during the year. The computation of diluted net loss per common share is based on the weighted average number of shares used in the basic net loss per share calculation plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. See Note 5. Stockholders’ Deficit |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In 2018, the Company adopted the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and additional ASUs issued to clarify the guidance in ASU 2014-09 (collectively, the revenue standard), which amends the existing accounting standards for revenue recognition. As the Company has no revenue generating activities the adoption of the revenue standard had no impact on the Company. In 2019, the Company adopted FASB ASU 2016-02, Leases (Topic 842), which provides an updated definition of a lease contract, including guidance on the combination and separation of contracts. The standard requires lessees recognize a right-of-use asset and a lease liability for all lease contracts. The Company has determined it does not have any lease agreements and as a result this standard has not impacted the Company’s financial statements.. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity incorporation, state or country code | DE |
Entity incorporation, date of incorporation | Nov. 16, 2005 |
CURRENT PERIOD RESTATEMENT (Det
CURRENT PERIOD RESTATEMENT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Related party expense | $ 59,546 | ||||||
Due to related party | $ 29,829 | ||||||
Liabilities | $ 66,276 | $ 66,276 | $ 93,765 | ||||
Reverse stock split | 500-1 | 500-1 | 500-1 | ||||
Common stock, shares outstanding | 19,153,923 | 19,153,923 | 216,185 | ||||
Increase in common stock, value | $ 87,035 | ||||||
Increase in additional paid in capital | $ 68,097 | ||||||
Net loss per common share | $ (0.0020) | $ (0.0141) | $ (0.0031) | $ (0.0292) | |||
Common Stock [Member] | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Increase in common stock, value | 18,938 | $ 18,938 | |||||
Revision of Prior Period, Error Correction, Adjustment [Member] | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Due to related party | $ 115,883 | 115,883 | |||||
Revision of Prior Period, Adjustment [Member] | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Liabilities | $ 87,035 | 87,035 | $ 87,035 | ||||
Net loss per common share | $ 0.2380 | $ 0.8069 | |||||
Previously Reported [Member] | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Common stock, shares outstanding | 216,185 | 216,185 | |||||
Error Correction, Other [Member] | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
Related party expense | $ 12,978 | $ 102,905 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 | |||
Net loss | 38,622 | $ 20,924 | $ 3,042 | $ 3,278 | 59,546 | $ 6,320 | |
Accumulated deficit | $ 504,458 | $ 504,458 | $ 444,912 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares | 1 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Equity [Abstract] | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 19,153,923 | 216,185 | ||
Common stock, shares outstanding | 19,153,923 | 216,185 | ||
Reverse stock split | 500-1 | 500-1 | 500-1 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Related Party Transactions [Abstract] | |
Related party expenses | $ 59,546 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Citadel Risk Holdings, Inc [Member] $ in Millions | Aug. 20, 2021USD ($) |
Subsequent Event [Line Items] | |
Ownership percentage | 37.50% |
Business combination, consideration transferred | The Company shall pay $1 million per year in exchange for 3.75% of Citadel’s common shares over the course of 10 years beginning December 31, 2021 until it has acquired all 37.5%. |
Consideration payment per year | $ 1 |