CLASSIC RULES JUDO
CHAMPIONSHIPS, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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47-2653358
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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269 Forest Ave.
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Staten Island, NY
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10301
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☐ (Do not check if a smaller reporting company)
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Smaller reporting company ☒
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Item #
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Description
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Page
Numbers
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PART I
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4
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ITEM 1
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UNAUDITED FINANCIAL STATEMENTS
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4
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ITEM 2
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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19
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ITEM 3
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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20
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ITEM 4
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CONTROLS AND PROCEDURES
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21
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PART II
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22
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ITEM 1
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LEGAL PROCEEDINGS
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22
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ITEM 1A
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RISK FACTORS
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22
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ITEM 2
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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23
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ITEM 3
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DEFAULTS UPON SENIOR SECURITIES
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23
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ITEM 4
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MINE SAFETY DISCLOSURES
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23
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ITEM 5
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OTHER INFORMATION
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23
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ITEM 6
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EXHIBITS
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23
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SIGNATURES
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23
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Consolidated Balance Sheets as of September 30, 2015 (unaudited) and December 31, 2014
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Page 5
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Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014 (unaudited)
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6
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Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014 (unaudited)
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7
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Notes to Consolidated Financial Statements (unaudited)
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8
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Consolidated Balance Sheets
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(Unaudited)
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September 30, 2015
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December 31, 2014
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ASSETS
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Current assets
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Cash
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$ | 30,055 | $ | - | ||||
Total current assets
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30,055 | - | ||||||
Total assets
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$ | 30,055 | $ | - | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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Current liabilities
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Bank overdraft
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$ | 8 | $ | - | ||||
Accounts payable and accrued liabilities
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22,129 | 20,716 | ||||||
Related party payables
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4,595 | 2,947 | ||||||
Total current liabilities
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26,732 | 23,663 | ||||||
Stockholders' equity (deficit)
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||||||||
Common stock subscribed
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30,000 | - | ||||||
Preferred stock; $0.001 par value; 50,000,000 shares authorized; 0 and 500,000 shares issued and outstanding at September 30, 2015 and December 31, 2014
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- | 500 | ||||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 19,122,426 and 18,922,426 shares issued and outstanding at September 30, 2015 and December 31, 2014
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19,122 | 18,922 | ||||||
Additional paid-in capital
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268,984 | 268,652 | ||||||
Accumulated deficit
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(314,783 | ) | (311,737 | ) | ||||
Total stockholders' equity (deficit)
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3,323 | (23,663 | ) | |||||
Total liabilities and stockholders' equity (deficit)
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$ | 30,055 | $ | - | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Consolidated Statements of Operations
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(Unaudited)
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Three months ended September 30,
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Nine months ended September 30,
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2015
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2014
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2015
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2014
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Revenue
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$ | - | $ | - | $ | - | $ | - | ||||||||
Operating expenses
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General and administrative
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332 | 12,646 | 3,046 | 183,123 | ||||||||||||
Total operating expenses
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332 | 12,646 | 3,046 | 183,123 | ||||||||||||
Loss from operations
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(332 | ) | (12,646 | ) | (3,046 | ) | (183,123 | ) | ||||||||
Net loss
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$ | (332 | ) | $ | (12,646 | ) | $ | (3,046 | ) | $ | (183,123 | ) | ||||
Basic and diluted loss per common share
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||
Weighted average shares outstanding
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19,122,426 | 18,922,426 | 19,010,338 | 18,905,505 | ||||||||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Statements of Cash Flows
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(Unaudited)
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Nine months ended September 30,
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2015
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2014
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Cash flows from operating activities
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Net loss
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$ | (3,046 | ) | $ | (183,123 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
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Share-based compensation expense | 148,962 | |||||||
Changes in operating liabilities:
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Accounts payable and accrued liabilities
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1,541 | 28,975 | ||||||
Net cash used in operating activities
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(1,505 | ) | (5,186 | ) | ||||
Cash flows from financing activities
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Proceeds from (repayment of) bank overdraft
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8 | - | ||||||
Proceeds from related party
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1,520 | 74 | ||||||
Cash contributions from related party
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32 | 106 | ||||||
Proceeds from common stock subscriptions
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30,000 | - | ||||||
Proceeds from issuance of common stock
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- | 4,320 | ||||||
Net cash provided by financing activities
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31,560 | 4,500 | ||||||
Net change in cash
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30,055 | (686 | ) | |||||
Cash at beginning of period
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- | 700 | ||||||
Cash at end of period
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$ | 30,055 | $ | 14 | ||||
Supplemental cash flow information
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Cash paid for interest
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$ | - | $ | - | ||||
Cash paid for income taxes
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$ | - | $ | - | ||||
Supplemental disclosure of non-cash financing activities:
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Share adjustment
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$ | - | $ | 331 | ||||
Reclassification from accrued liabilities to accounts payable
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$ | - | $ | 9,900 | ||||
Expenses paid by related party
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$ | 128 | $ | - | ||||
Advance from shareholders
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$ | - | $ | 53,038 | ||||
Issuance of preferred stock in payment of advance from shareholders
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$ | - | $ | 51,038 | ||||
Conversion of preferred stock to common stock
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$ | 500 | $ | - | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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●
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Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets;
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Provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
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Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.
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As of September 30, 2015, there was a lack of accounting personnel with the requisite knowledge of Generally Accepted Accounting Principles (“GAAP”) in the US and the financial reporting requirements of the Securities and Exchange Commission.
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As of September 30, 2015, there were insufficient written policies and procedures to insure the correct application of accounting and financial reporting with respect to current requirements of GAAP and SEC disclosure requirements.
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As of September 30, 2015, there was a lack of segregation of duties, in that we had only one person performing all accounting-related duties.
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As of September 30, 2015, there were no independent directors and no independent audit committee.
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Dated: December 9, 2016
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Classic Rules Judo Championships, Inc.
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By: /s/ Lorenzo DeLuca
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Lorenzo DeLuca, Chief Executive Officer and President
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Dated: December 9, 2016
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Classic Rules Judo Championships, Inc.
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By: /s/ Craig Burton
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Craig Burton, Chief Financial Officer and Secretary
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1.
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I have reviewed this quarterly report on Form 10-Q of the registrant for the period ended September 30, 2015;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: December 9, 2016
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/s/Lorenzo DeLuca
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Lorenzo DeLuca
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Chief Executive Officer
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(principal executive officer)
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1.
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I have reviewed this quarterly report on Form 10-Q of the registrant for the period ended September 30, 2015;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: December 9, 2016
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/s/Craig Burton
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Craig Burton
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Chief Financial Officer
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(principal financial officer and accounting officer)
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/s/ Lorenzo DeLuca
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Lorenzo DeLuca
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Chief Executive Officer
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(principal executive officer
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/s/Craig Burton
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Craig Burton
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Chief Financial Officer
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(principal financial officer and accounting officer
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Document and Entity Information - shares |
9 Months Ended | |
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Sep. 30, 2015 |
Dec. 09, 2016 |
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Document And Entity Information | ||
Entity Registrant Name | Classic Rules Judo Championships, Inc. | |
Entity Central Index Key | 0001445831 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 69,122,426 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
Consolidated Balance Sheets (Unaudited) - USD ($) |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|
Current assets | ||
Cash | $ 30,055 | |
Total current assets | 30,055 | |
Total assets | 30,055 | 0 |
Current liabilities | ||
Bank overdraft | 8 | |
Accounts payable and accrued liabilities | 22,129 | 20,716 |
Related party payables | 4,595 | 2,947 |
Total current liabilities | 26,732 | 23,663 |
Stockholders' equity (deficit) | ||
Common stock subscribed | 30,000 | |
Preferred stock; $0.001 par value; 50,000,000 shares authorized; 0 and 500,000 shares issued and outstanding at September 30, 2015 and December 31, 2014 | 500 | |
Common stock, $0.001 par value; 100,000,000 shares authorized; 19,122,426 and 18,922,426 shares issued and outstanding at September 30, 2015 and December 31, 2014 | 19,122 | 18,922 |
Additional paid-in capital | 268,984 | 268,652 |
Accumulated deficit | (314,783) | (311,737) |
Total stockholders' equity (deficit) | 3,323 | (23,663) |
Total liabilities and stockholders' equity (deficit) | $ 30,055 | $ 0 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 500,000 |
Preferred stock, outstanding | 0 | 500,000 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 19,122,426 | 18,922,426 |
Common stock, outstanding | 19,122,426 | 18,922,426 |
Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
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Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
General and administrative | 332 | 12,646 | 3,046 | 183,123 |
Total operating expenses | 332 | 12,646 | 3,046 | 183,123 |
Loss from operations | (332) | (12,646) | (3,046) | (183,123) |
Net loss | $ (332) | $ (12,646) | $ (3,046) | $ (183,123) |
Basic and diluted loss per common share | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.01) |
Weighted average shares outstanding | 19,122,426 | 18,922,426 | 19,010,338 | 18,905,505 |
Note A - Organization and Nature of Busienss |
9 Months Ended |
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Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Note A - Organization and Nature of Business | NOTE A – ORGANIZATION AND NATURE OF BUSINESS
Classic Rules Judo Championships, Inc. was incorporated in the State of Delaware on November 16, 2005 under the name Blue Ribbon Pyrocool, Inc. (“Blue Ribbon”). Blue Ribbon changed its name to Classic Rules Judo Championships, Inc. ("Classic Rules") on July 15, 2008. Classic Rules formed a subsidiary in the State of Connecticut on August 13, 2008 named Classic Rules World Judo Championships, Inc. to develop an annual judo championship tournament. Collectively the entities are referred to as “the Company”. On September 2, 2014, the Company ceased its principal activities of hosting and sponsoring judo tournaments. The Company currently operates in real estate investment activities focused in the New York City metropolitan area.
Unaudited Interim Financial Statements
The accompanying unaudited interim consolidated financial statements as of September 30, 2015, and for the three and nine months ended September 30, 2015 and 2014 have been prepared in accordance with accounting principles generally accepted 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, 2014. 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 September 30, 2015 and the results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 2015 and 2014. The results of operations for the three months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year.
Principles of Consolidation
The consolidated financial statements include the accounts of Classic Rules Judo Championships, Inc. and its wholly owned subsidiary Classic Rules World Judo Championships, Inc. All significant inter-company balances and transactions have been eliminated in consolidation.
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Note B - Going Concern |
9 Months Ended |
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Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note B - Going Concern | NOTE B – GOING CONCERN
The accompanying consolidated 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. As of September 30, 2015, the Company had working capital of $3,323 and accumulated deficit of $314,783. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The Company needs to raise additional capital in order to fully develop its business plan. Failure to raise adequate capital and generate adequate 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 adequate cash flows from operations.
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Note C - Stockholders Equity |
9 Months Ended |
---|---|
Sep. 30, 2015 | |
Equity [Abstract] | |
Note C - Stockholders Equity | NOTE C – STOCKHOLDERS’ DEFICIT
Preferred Stock
The Company is authorized to issue 50,000,000 shares of preferred stock with a par value of $0.001 per share.
On May 9, 2014, the Company approved the designation of 500,000 shares of the preferred stock as Series A Super Voting Preferred Stock (“Series A Preferred Stock”). The Series A Preferred Stock has liquidation preferences over all other current and future classes of stock with each share being entitled to 200 votes. On June 3, 2015, the Company converted the Series A Preferred Stock to common stock and cancelled the Series A Preferred Stock.
On May 9, 2014, a related party company controlled by the former majority shareholder entered into an acquisition agreement with the Company to purchase 500,000 shares of Series A Preferred Stock for a total consideration of $200,000 (the “Purchase Price”). The acquisition agreement stipulated in the event of nonpayment before September 30, 2014, the escrow agent shall release the shares to the related party in proportion to the amount paid of the Purchase Price with the remainder delivered back to the Company. As the related party company has paid $51,038 of expenses on behalf of the Company, the Company issued 128,700 shares as repayment of advances from the related party company. The remaining 371,300 shares were issued back to the former related party, for which the Company recorded a compensation expense in the amount of $148,962.
Common Stock
The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. At September 30, 2015 there were 19,122,426 shares of common stock issued and outstanding.
On January 7, 2014 the Company sold 769,892 shares of common stock to a company owned by the Company’s former President at $0.006 per share for total cash proceeds of $4,320.
On January 1, 2014, common stock was increased by 330,960 shares representing shares held in Blue Ribbon Pyrocol, Inc. by Jerry Greenbaum and Nathan Lapkin. The shares were to be exchanged for shares in Classic Rules, however the shares of Classic Rules were not issued. Common stock and additional paid in capital were adjusted in the amount of $331 representing the par value of the shares.
On June 3, 2015, the Company converted the Series A Preferred Stock to 200,000 shares common stock and cancelled the Series A Preferred Stock.
Common Stock Subscribed
On June 2, 2015, the Company accepted a subscription for 3,000,000 shares of common stock in exchange for $30,000 of cash.
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Note D - Related Party Transactions |
9 Months Ended |
---|---|
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Note D - Related Party Transactions | NOTE D – RELATED PARTY TRANSACTIONS
During the nine months ended September 30, 2015, a controlling shareholder contributed $32 to the Company as additional paid-in capital. Additionally, the Company received non-interest bearing loans from the same controlling shareholder totaling $1,648 of which $128 was paid directly to service providers on behalf of the Company resulting in net cash proceeds of $1,520.
There was $4,595 and $2,947 due to related parties as of September 30, 2015 and December 31, 2014.
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Note E - Commitments and Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Note E - Commitments and Contingencies | NOTE E – COMMITMENTS AND CONTINGENCIES
During the third quarter of 2014, the Company identified fraudulent activities entered into by its former CEO who is also a former member of the Board of Directors. The former officer and director of the Company entered into certain employment agreements and convertible notes payable without the proper authorization of the Company or other members of its Board of Directors. The employment agreements and convertible notes payable were entered into during the three months ended June 30, 2014. The Company assessed its potential responsibility for these liabilities entered into and determined it to be remote due to the former officer not having received approval from the Company board of directors to enter into such transactions and the employment agreements and notes being entered into through a fictitious entity with which the Company has no previous or current affiliation with. As such, the impacts of these agreements are not reflected in these financial statements.
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Note F - Subsequent Events |
9 Months Ended |
---|---|
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Note F - Subsequent Events | NOTE F– SUBSEQUENT EVENTS
On October 15, 2015, the Company entered into a stock purchase agreement whereby it will issue up to 50,000,000 shares of restricted common stock for $0.01 cash per share representing total cash proceeds of up to $500,000. On the same date, the Company issued 50,000,000 common shares and recorded a subscription receivable for $500,000 of which $30,000 was received on June 2, 2015.
In November 2015, certain shareholders of the Company expressed dissatisfaction. While no legal action was taken by the shareholders, the Company deemed it was in its best interest to settle with the shareholders by issuing a total of 165,480 shares of common stock.
Additionally, on November 4, 2015, the Company issued a total of 34,520 shares of common stock for professional services performed related to settling with the dissatisfied shareholders.
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Note A - Organization and Nature of Busienss (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization | Organization and Nature Of Business
Classic Rules Judo Championships, Inc. was incorporated in the State of Delaware on November 16, 2005 under the name Blue Ribbon Pyrocool, Inc. (“Blue Ribbon”). Blue Ribbon changed its name to Classic Rules Judo Championships, Inc. ("Classic Rules") on July 15, 2008. Classic Rules formed a subsidiary in the State of Connecticut on August 13, 2008 named Classic Rules World Judo Championships, Inc. to develop an annual judo championship tournament. Collectively the entities are referred to as “the Company”. On June 2, 2014, the Company ceased its principal activities of hosting and sponsoring judo tournaments. The Company currently operates in real estate investment activities focused in the New York City metropolitan area.
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Unaudited Interim Financial Statements | Unaudited Interim Financial Statements
The accompanying unaudited interim consolidated financial statements as of September 30, 2015, and for the three and nine months ended September 30, 2015 and 2014 have been prepared in accordance with accounting principles generally accepted 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, 2014. 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 September 30, 2015 and the results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 2015 and 2014. The results of operations for the three months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year.
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Principles of Consolidation | Principles of Consolidation
The consolidated financial statements include the accounts of Classic Rules Judo Championships, Inc. and its wholly owned subsidiary Classic Rules World Judo Championships, Inc. All significant inter-company balances and transactions have been eliminated in consolidation.
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Note B - Going Concern (Details Narrative) - USD ($) |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working Capital Deficit | $ 3,323 | |
Accumulated deficit | $ (314,783) | $ (311,737) |
Note D - Related Party Transactions (Details Narrative) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2015 |
Sep. 30, 2014 |
Dec. 31, 2014 |
|
Related Party Transactions [Abstract] | |||
Cash contributions from related party | $ 32 | $ 106 | |
Notes due to related party | 1,648 | ||
Expenses paid by related party | 128 | ||
Proceeds from related party | 1,520 | $ 74 | |
Due to related parties | $ 4,595 | $ 2,947 |
Note F - Subsequent Events (Details Narrative) - USD ($) |
Nov. 04, 2015 |
Oct. 15, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Subsequent Event [Line Items] | ||||
Subscription receivable | $ 30,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase agreement,restricted shares allocated | 50,000,000 | |||
Share price, per share | $ 0.01 | |||
Shares issued for cash | 50,000,000 | |||
Subscription receivable | $ 500,000 | |||
Shares issued for cash, amount | $ 30,000 | |||
Shares issued for settlement | 165,480 | |||
Shares issued for services | 34,520 |
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