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EXCEL - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.Financial_Report.xls
10-Q - FORM 10-Q - Classic Rules Judo Championships, Inc.f10q-judo.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R1.htm
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XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R26.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R15.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R29.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R13.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R27.htm
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XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R21.htm
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XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R12.htm
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XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R31.htm
XML - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.R30.htm
EX-21.1 - SUBSIDIARIES - Classic Rules Judo Championships, Inc.f10q_211-judo.htm
EX-31.1 - RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - Classic Rules Judo Championships, Inc.f10q_311-judo.htm
EX-32.1 - SECTION 1350 CERTIFICATIONS OF CEO - Classic Rules Judo Championships, Inc.f10q_321-judo.htm
EX-32.2 - SECTION 1350 CERTIFICATIONS OF CFO - Classic Rules Judo Championships, Inc.f10q_322-judo.htm
EX-31.2 - RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - Classic Rules Judo Championships, Inc.f10q_312-judo.htm
v2.4.0.6
Note F - Income Taxes
9 Months Ended
Sep. 30, 2012
Notes  
Note F - Income Taxes

NOTE F – INCOME TAXES

 

The income tax provision differs from the amount computed by applying the U.S. federal and state statutory corporate income tax rates as follows:

 

 

 

Quarter Ended

 

 

 

September 30,

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 U.S Statutory Corporate Income Tax Rate

 

 

(34.0

)%

 

 

(34.0

)%

 State Income Tax

 

 

(7.0

)%

 

 

(7.0

%)

 Change in Valuation Allowance on Deferred Tax Asset

 

 

41.0

%

 

 

41.0

%

Effective Rate

 

 

-

%

 

 

-

%

 

Net deferred tax assets and liabilities consist of the following components:

 

 

 

Sept. 30,

 

 

December 31,

 

 

 

2012

 

 

2011

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carry-forward

 

$

34,239

 

 

$

30,405

 

Valuation Allowance

 

 

(34,239

)

 

 

(30,405

)

Net Deferred tax assets

 

$

--

 

 

$

--

 

 

Based upon historical net losses and the Company being in the development stage, management believes that it is not more likely than not that the deferred tax assets will be realized and has provided a valuation allowance of 100% of the deferred tax asset.  The valuation allowance increased by $3,834 and $13,487 in the nine months ended September 30, 2012 and year ended December 31, 2011, respectively.

 

The Company's net operating loss carry-forward amounting to $69,023 at December 31, 2011, expires as follows:

 

Year Ending December 31:

 

Amount

 

 

 

 

 

2028

 

$

9,201

 

2029

 

 

8,319

 

2030

 

 

16,432

 

2031

 

 

35,071

 

  Total

 

$

69,023