Newpoint Financial (NPFC) 10-Q14 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
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 ($)	Jun. 30, 2023		Dec. 31, 2022
Current Assets:
Cash	$ 55,730		$ 934,300
Interest Receivable	20,264		7,059
Total Current Assets	475,994		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	475,994		941,359
Current Liabilities:
Accounts Payable and accrued expenses	167,784		113,139
Total Current Liabilities	2,160,709		2,375,215
Total Liabilities	2,160,709		2,375,215
Stockholders’ Deficit
Preferred Stock, par value $0.001, 50,000,000 shares Authorized,0 Issued or Outstanding at June 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 June 30, 2023 and December 31,2022	19,154		19,154
Additional Paid-In Capital	419,028		419,028
Accumulated Deficit	(2,122,897)		(1,872,038)
Total Stockholders’ Deficit	(1,684,715)		(1,433,856)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	475,994		941,359
Related Party [Member]
Current Assets:
Loan Receivable - Due from Related Party	400,000	[1]
Current Liabilities:
Loans Payable - Due to Related Parties	$ 1,992,925		$ 2,262,076

[1]On March 15, 2023, the Company entered into a loan facility agreement to lend up to $ 1,000,000 500,000 10 13,151 100,000 400,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 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 ($)	3 Months Ended		6 Months Ended
Condensed Statements of Operations (Unaudited) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues:
Expenses:
Professional fees	73,309	91,994	183,043	106,450
General and administrative expense	31,630	63,389	101,789	84,010
Total Operating Expenses	104,939	155,383	284,832	190,460
Operating Loss	(104,939)	(155,383)	(284,832)	(190,460)
Other Income (Expense)
Interest Income	23,685	7,125	33,973	11,985
Interest expense		(108,086)		(250,553)
Total Other Income (Expense)	23,685	(100,961)	33,973	(238,568)
Net Loss	$ (81,254)	$ (256,344)	$ (250,859)	$ (429,028)
Loss per Common Share, Basic	$ (0.0042)	$ (0.0134)	$ (0.0131)	$ (0.0224)
Loss per Common Share, Diluted	$ (0.0042)	$ (0.0134)	$ (0.0131)	$ (0.0224)
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					(429,028)
Balance at Jun. 30, 2022		$ 19,154	419,028	(961,118)	(522,936)
Balance, shares at Jun. 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
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					(250,859)
Balance at Jun. 30, 2023		$ 19,154	419,028	(2,122,897)	(1,684,715)
Balance, shares at Jun. 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

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
Condensed Statement of Cash Flows (Unaudited) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (250,859)	$ (429,028)
Changes In:
Interest Receivable	(13,205)	(7,125)
Accounts Payable and Accrued Expenses	54,645	(25,000)
Other Current Liabilities		40,000
Net Cash Used in Operating Activities	(209,419)	(421,153)
CASH FLOWS FROM INVESTING ACTIVITIES:
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 ACTIVITIES:
Repayment of Related Party Loans	(269,151)
Proceeds from Related Party Loans		454,853
Net Cash (used in) provided by Financing Activities	(269,151)	454,853
Net (Decrease) Increase in Cash	(878,570)	33,700
Cash at Beginning of Period	934,300	5,843
Cash at End of Period	55,730	39,543
Cash paid during the year for:
Interest
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Deposit paid to AMIC financed with related party debt	0	1,000,000
Credit Commitment funded with related party debt	$ 0	$ 167,300

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
ORGANIZATION AND NATURE OF BUSINESS	Jun. 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”, “the Company”) 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	6 Months Ended
GOING CONCERN	Jun. 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 250,859 429,028 2,122,897 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	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 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 current expected credit losses (“CECL”) for all Held-to-Maturity (“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 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 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	6 Months Ended
INVESTMENTS	Jun. 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	6 Months Ended
CREDIT COMMITMENT	Jun. 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	6 Months Ended
RELATED PARTY TRANSACTIONS AND NOTE PAYABLE	Jun. 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 June 30, 2023 December 31, 2022 Due to Related Parties Newpoint Financial Corp (Wyoming) (1) $ 245,907 $ 273,747 Newpoint Reinsurance Limited (2) $ - $ 263,500 Newpoint Capital Limited (3) $ 1,747,018 $ 1,724,829 Total $ 1,992,925 $ 2,262,076 June 30, 2023 December 31, 2022 Due from Related Party Mutual Holdings (4) $ 400,000 $ - Total $ 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 $ 393,000 245,907 273,747 (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 (3) Newpoint Capital Limited (a Company registered in United Kingdom) an entity owned by the Company’s majority shareholders’, paid $ 1,747,018 167,300 (4) On March 15, 2023, the Company entered into a loan facility agreement to lend up to $ 1,000,000 500,000 10 13,151 100,000 400,000 The Company entered into consulting agreements with members of management. The Company incurred $ 15,000

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	6 Months Ended
STOCKHOLDERS’ DEFICIT	Jun. 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

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 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	6 Months Ended
SUBSEQUENT EVENTS	Jun. 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)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 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 current expected credit losses (“CECL”) for all Held-to-Maturity (“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 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
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)	6 Months Ended
RELATED PARTY TRANSACTIONS AND NOTE PAYABLE (Tables)	Jun. 30, 2023
Related Party Transactions [Abstract]
SCHEDULE OF RELATED PARTY TRANSACTION	SCHEDULE OF RELATED PARTY TRANSACTION June 30, 2023 December 31, 2022 Due to Related Parties Newpoint Financial Corp (Wyoming) (1) $ 245,907 $ 273,747 Newpoint Reinsurance Limited (2) $ - $ 263,500 Newpoint Capital Limited (3) $ 1,747,018 $ 1,724,829 Total $ 1,992,925 $ 2,262,076 June 30, 2023 December 31, 2022 Due from Related Party Mutual Holdings (4) $ 400,000 $ - Total $ 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 $ 393,000 245,907 273,747 (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 (3) Newpoint Capital Limited (a Company registered in United Kingdom) an entity owned by the Company’s majority shareholders’, paid $ 1,747,018 167,300 (4) On March 15, 2023, the Company entered into a loan facility agreement to lend up to $ 1,000,000 500,000 10 13,151 100,000 400,000

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)		6 Months Ended
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	Jan. 19, 2021	Jun. 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 ($)	3 Months Ended				6 Months Ended
GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues
Net loss	81,254	$ 169,605	$ 256,344	$ 172,684	250,859	$ 429,028
Accumulated deficit	$ 2,122,897				$ 2,122,897		$ 1,872,038

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 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	Jun. 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 ($)		Jun. 30, 2023		Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties		$ 1,992,925		$ 2,262,076
Due from related party		400,000	[1]
Other Receivables, Net, Current	[1]
Newpoint Financial Corp (Wyoming) [Member]
Related Party Transaction [Line Items]
Due to related parties	[2]	245,907		273,747
Newpoint Reinsurance Limted [Member]
Related Party Transaction [Line Items]
Due to related parties	[3]			263,500
Newpoint Capital Limited [Member]
Related Party Transaction [Line Items]
Due to related parties	[4]	1,747,018		1,724,829
Mutual Holdings [Member]
Related Party Transaction [Line Items]
Due from related party	[1]	$ 400,000
Other Receivables, Net, Current	[1]

[1]On March 15, 2023, the Company entered into a loan facility agreement to lend up to $ 1,000,000 500,000 10 13,151 100,000 400,000 393,000 245,907 273,747 1,000,000 three years 1,000,000 836,500 100,000 263,500 1,747,018 167,300

SCHEDULE OF RELATED PARTY TRA_2

SCHEDULE OF RELATED PARTY TRANSACTION (Details) (Parenthetical) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 21, 2023

Dec. 10, 2021

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2021

Jun. 16, 2023

Mar. 15, 2023

Dec. 31, 2022

Oct. 07, 2022

Related Party Transaction [Line Items]

Interest expenses

$ 108,086

$ 250,553

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

$ 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

13,151

Loan receivable from related party

400,000

Related Party [Member]

Related Party Transaction [Line Items]

Due to related parties current and noncurrent

1,992,925

2,262,076

Loan receivable from related party

400,000

[1]

400,000

[1]

Related Party [Member] | Newpoint Reinsurance Limted [Member]

Related Party Transaction [Line Items]

Due to related parties current and noncurrent

263,500

$ 100,000

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

[2]

245,907

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

Credit commitment fee amount

$ 5,000,000

Novea Inc. [Member] | Related Party [Member] | Newpoint Capital Limited [Member]

Related Party Transaction [Line Items]

Due to related parties current and noncurrent

$ 1,747,018

[1]On March
15, 2023, the Company entered into a loan facility agreement to lend up to $ 1,000,000 500,000 10 13,151 100,000 400,000 393,000 245,907 273,747

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND NOTE PAYABLE (Details Narrative)	3 Months Ended
	Jun. 30, 2023 USD ($)
Related Party Transactions [Abstract]
Consulting expenses for management costs	$ 15,000

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	19,153,923	19,153,923
Common stock, shares outstanding	19,153,923	19,153,923