UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DCD.C. 20549

FORM 10-Q

[X]Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2014
[  ]Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission File Number:  333-165961

DM Products, Inc.For the Quarterly period ended   
(Exact nameMarch 31, 2015
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 333-165961

NEW ASIA HOLDINGS, INC.
 (Exact Name of registrantSmall Business Issuer as specified in its charter)

Nevada45-0460095
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)File Number)

P.O. Box 245833 Ubi Avenue 3 07-58
Walnut Creek, CAVertex Tower A
Singapore
408868
(Address of principal executive offices)

925-943-2090
(Registrant’s telephone number)
_______________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)zip code)
 
+65-6702-3808 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrantregistrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the precedingpast 12 months (or for such shorter period that the issuerregistrant was required to file such reports),; and (2) has been subject to such filing requirements for the past 90 days.    [X] Yes [  ]þ Noo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§S-T(Section 232.405 of this chapter) during the preceding 12 months (or formonths(or such shorter period that the registrant was required to submit and post such files). [ ]files. Yes [X]o  Noþ

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “small reporting company” in Rule 12b-2 of the Exchange Act.

[ ]  
Large accelerated filer o
Accelerated filer
[ ]  Non-accelerated filero
[X]
Non-accelerated filer   o (Do not check if a smaller reporting company)
Smaller reporting company
[ ]  Large accelerated filerþ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X]o   Noþ

StateAs of May 20, 2014, the number ofCompany had 60,726,711  shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 1,821,803 common shares as of November 3, 2014.issued and outstanding.

 
1
 


FORM 10-Q
NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
TABLE OF CONTENTS
TABLE OF CONTENTSPART I  FINANCIAL INFORMATION 
  
PageItem 1. Financial Statements for the period ended March 31, 2015
PART I – FINANCIAL INFORMATION
Consolidated Balance Sheet (Unaudited)3
Item 1.
FinancialConsolidated Statements
of Operations (Unaudited)
3
4
Consolidated Statements of Cash Flows (Unaudited)5
Notes to Consolidated Financial Statements6
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
4
 16
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
8
 18
Item 4.
Controls and Procedures
8
 18
PART II  – OTHER INFORMATION
Item 1.
Legal Proceedings
9
Item 1A.
1. Legal Proceedings 
Risk Factors
9
19
Item 1A. Risk Factor
19
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
9
19
Item 3.
Defaults Upon Senior Securities
9
19
Item 4.
Mine Safety Disclosures
9
19
Item 5.
Other Information
9
19
Item 6.
Exhibits
Exhibits
20
9
Signatures21
 

 
2
 
PART I - FINANCIAL INFORMATION

References in this document to "us," "we," or "Company" refer to New Asia Holdings, Inc.

ItemITEM 1. Financial StatementsFINANCIAL STATEMENTS
NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
 
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
  March 31, 2015  December 31, 2014 
ASSETS      
Current Assets      
Cash and cash equivalents  1,772   - 
Total Current Assets  1,772   - 
         
TOTAL ASSETS  1,772   - 
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current Liabilities        
Accounts Payable  1,045   - 
Advance From Shareholder  28,500   - 
Total Current Liabilities  29,545   - 
Total Liabilities  29,545   - 
         
Stockholders' Equity        
Preferred Stock, $0.001 par value, 30,000,000 shares authorized, 0 shares issued and outstanding  -   - 
Common Stock, $0.001 par value, 400,000,000 shares authorized,  shares issued  60,726,711 and outstanding (1,821,807- 2014).  60,727   1,822 
Stock to be issued  -   350,000 
Additional Paid In Capital  1,583,816   1,292,721 
Accumulated Deficit  (1,672,316)  (1,644,543)
Total Stockholders' Equity (Deficit)  (27,773)  - 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY  1,772   - 
         

Our financial statements included in this Form 10-Q are as follows:
F-1
Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 (unaudited);
F-2
Consolidated Statements of Operations for the three months and six months ended June 30, 2014 and 2013 (unaudited);
F-3
Consolidated Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 (unaudited); and
F-4
Notes to Consolidated Financial Statements.

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included.  Operating results for the interim period ended September 30, 2014 are not necessarily indicative of the results that can be expected for the full year.

3
DM Products, Inc. And Subsidiaries
 
Consolidated Balance Sheets 
(Unaudited) 
      
  September 30, 2014 December 31, 2013 
ASSETS
     
Current Assets
     
 Cash and cash equivalents
 
$
4,549
 
$
10,589
 
Total Current Assets
  
4,549
  
10,589
 
        
Property and Equipment - net
  
-
  
128
 
Other Assets
       
TOTAL ASSETS
 
$
4,549
 
$
10,717
 
        
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
       
Current Liabilities
       
 Accounts Payable
 
$
40,388
 
$
47,074
 
 Accrued Expenses
  
285,653
  
301,653
 
Total Current Liabilities
  
326,041
  
348,727
 
        
Total Liabilities
  
326,041
  
348,727
 
        
        
Stockholders' Equity (Deficit)
       
 Preferred Stock, $0.001 par value, 30,000,000 shares authorized, 0 shares issued and outstanding
  
-
  
-
 
 Common Stock, $0.001 par value, 400,000,000 shares authorized, 1,821,803 shares issued and outstanding (1,557,803 - 2013).
  
1,822
  
1,558
 
 Additional Paid In Capital
  
1,271,148
  
1,245,012
 
 Accumulated Deficit
  
(1,594,462
)
 
(1,584,580
)
 Total DM Products, Inc. Stockholders' Equity (Deficit)
  
(321,492
)
 
(338,010
)
Total Stockholders' Equity (Deficit)
  
(321,492
)
 
(338,010
)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
 
$
4,549
 
$
10,717
 
The accompanying notes are an integral part of these unaudited financial statements.statements

 
F-13
 
NEW ASIA HOLDINGS, INC.
DM Products, Inc. And Subsidiaries
Consolidated Statements of Operations
(Unaudited)
             
  For the 3 months ended  For the 3 months ended  For the 9 months ended  For the 9 months ended 
  September 30, 2014  September 30, 2013  September 30, 2014  September 30, 2013 
Revenues            
Total revenues  -   -   -   - 
                 
Operating expenses                
Professional Fees  3,668   10,124   12,859   20,014 
Consulting  -   -   10,400   25,184 
General & Administrative expenses  4,045   9,269   11,625   27,014 
Total operating expense  7,713   19,393   34,884   72,212 
                 
Income (Loss) from operations and before non-controlling Interest  (7,713)  (19,393)  (34,884)  (72,212)
Other Income  -   -   25.002   2,424 
                 
Income (Loss) before non-controlling Interest  (7,713)  (19,393)  (9,882)  (69,788)
Less: Income Attributable to non-controlling interest  -   -   -   358 
                 
Income (Loss) before income taxes  (7,713)  (19,393)  (9,882)  (70,146)
                 
Provision for income taxes  -   -   -   - 
                 
Net Income (Loss) $(7,713) $(19,393)  (9,882)  (70,146)
                 
Net Income (Loss) per common share-basic and fully diluted $(0.0043) $(0.0124) $(0.0056) $(0.0481)
                 
Weighted average common shares outstanding-basic and diluted  1,821,803   1,557,803   1,781,038   1,454,307 
(fka DM Products, Inc.)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
  For the 3 months ended  For the 3 months ended 
  March 31, 2015  March 31, 2014 
Revenues      
Total revenues  -   - 
         
Operating expenses        
Professional Fees  26,248   3,800 
Communication  385   - 
Consulting  -   10,400 
General & Administrative expenses  1,140   3,636 
Reimbursed expenses  -   - 
Total operating expense  27,773   17,836 
         
Income (Loss) from operations and before non-controlling Interest  (27,773)  (17,836)
Other Income  -   2 
         
Income (Loss) before non-controlling Interest  (27,773)  (17,834)
Less: Income Attributable to non-controlling interest  -   - 
         
Income (Loss) before income taxes  (27,773)  (17,834)
         
Provision for income taxes  -   - 
         
Net Income (Loss)  (27,773)  (17,834)
         
Net Income (Loss) per common share-basic and fully diluted  (0.00)  (0.01)
         
Weighted average common shares outstanding-basic and diluted  45,673,280   1,695,670 
 
The accompanying notes are an integral part of these unaudited financial statements.statements

 
F-24
 
NEW ASIA HOLDINGS, INC.
DM Products, Inc. And Subsidiaries
 
Consolidated Statements of Cash Flows 
(Unaudited) 
       
  For the 9 months ended September 30, 2014  For the 9 months ended September 30, 2013 
Cash flows from operating activities
      
Net Income/Loss
 
$
(9,882
)
 
$
(69,788
)
Adjustment to reconcile net loss to net cash provided (used) by operating activities:
     
Depreciation
  
128
   
225
 
Share-based compensation
  
26,400
   
33,000
 
Changes in operating assets and liabilities:
        
 Royalties receivable
  
-
   
1,541
 
 Accounts payable
  
(6,686
)
  
 2,920
 
 Other payable
  
-
   
(2,424
)
             Advance from IRIS Corp
      
8,000
 
 Accrued expenses
  
(16,000
)
  
(8,000
)
 Net cash provided (used) by operating activities
  
(6,040
)
  
(34,526
)
         
Cash flow from investing activities
  
-
   
-
 
         
Cash flows from financing activities
  
-
   
-
 
         
Net increase (decrease) in cash
  
(6,040
)
  
(34,526
)
         
Cash at beginning of period
  
10,589
   
34,762
 
Cash at end of period
 
$
4,549
  
$
236
 
         
Supplemental disclosure of cash flow information:
        
 Interest paid
 
$
-
   
-
 
 Taxes paid
 
$
600
   
2,300
 
(fka DM Products, Inc.)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

  For the 3 months ended  For the 3 months ended 
  March 31, 2015  March 31, 2014 
Cash flows from operating activities      
Net Income/Loss $(27,773) $(17,834)
Adjustment to reconcile net loss to net cash provided (used) by operating activities:        
Depreciation $-  $75 
Share-based compensation $-  $26,400 
Changes in operating assets and liabilities:        
Accounts payable $1,045  $(3,406)
Advance from Shareholder $28,500  $- 
Accrued expenses $-  $(15,200)
Net cash provided (used) by operating activities $1,772  $(9,965)
         
Cash flow from investing activities $-  $- 
Cash flows from financing activities $-  $- 
Net increase (decrease) in cash $1,772  $(9,965)
         
Cash at beginning of period $-  $10,589 
Cash at end of period $1,772  $624 
         
Supplemental disclosure of cash flow information:        
Taxes paid $-  $600 
 
The accompanying notes are an integral part of these unaudited financial statements.statements

 
F-35
 
NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1:1 - Organization and Summary of Significant Accounting Policies

Nature of Operations

DM Products,New Asia Holdings, Inc. (the Company)“Company”) was incorporated on March 1, 2001 as Effective Sport Nutrition Corporation. Subsequently, on April 11, 2005, the Company changed its name to Midwest E.S.W.T Corp and on December 14, 2005, it changed its name again to DM Products, Inc.

On July 18, 2005, the Company acquired Direct Success, Inc. a California Corporation in exchange for 70% of the Company's Common Stock making Direct Success, Inc. a wholly owned subsidiary of the Company. Midwest E.S.W.T agreed that a total of 114,851,043 shares of Restricted Common Stock were to be issued to shareholders of Direct Success, Inc.

The Company operates from Walnut Creek, California and it wholly owned Direct Success, Inc. which owned 75% of Direct Success, LLC 3, and a limited liability company formed on or about August 16, 2002. Direct Success, Inc. entered into a joint venture with Buena Vista Infomercial Corporation which owned 25%. The purpose is to market products through direct response to television infomercials. The companies obtain the distribution, production and licensing rights to a product in exchange for royalty agreements based on the sales of the products. The Company sets up the production, marketing and the distribution of the products.

On April 8, 2010 a Form S-1 Registration Statement was completed and submitted to the Securities and Exchange Commission. The registration filing was declared effective on October 15, 2010. On April 21, 2010 a Information Statement Form 211 was submitted to the Financial Industry Regulatory Authority (FINRA) for active trading on the Over the Counter Bulletin Board (OTCBB). The filing was approved on November 9, 2010.

On July 14, 2010, the Company incorporated a wholly-owned subsidiary corporation Aliano, Inc dba Aliano Westlake Village. The purpose of this fragrance and personal care division is to create, manufacture, distribute and sell prestige fragrances and beauty related productsproducts.

On April 12, 2012, Articles of Incorporation were filed with the California Secretary of State for the creation of a new division, ELK Films, Inc. This division was established for both film production and distribution.

On December 26, 2012, the Company dissolved ELK Films, Inc. since the corporation has been unsuccessful in raising sufficient capital to commence operations. As a result of this dissolution, the intercompany loan between the Company and ELK Films, Inc. was written off in the respective books with no effect in the consolidated balance sheet and in the consolidated statement of operations.

On December 27, 2012 the Company dissolved Aliano Inc., dba Aliano Westlake Village, since the corporation has been unsuccessful in raising sufficient capital to commence operations. As a result of this dissolution, the intercompany loan between the Company and Aliano, Inc. was written off in the respective books with no effect in the consolidated balance sheet and in the consolidated statement of operations.

In December, 2012, the Company began negotiations with Magnum Real Estate Services, Inc., a Delaware corporation and Don Baker, an individual, for the formation of Dyatlov Pass Productions, LLC, a Nevada limited liability company. It is the intent of the joint venture to raise capital sufficient to produce, promote and distribute a film based on screenplay written by Don Baker. Pursuant to an agreement entered into subsequent to the filing period contained herein, DM Products, Inc. owns 33 1/3% of Dyatlov Pass Productions, LLC. However, the Company surrendered its interest and participation in Dyatlov Pass Productions by way of Board Resolution on April 29, 20132013.

6

NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Summary of Significant Accounting Policies – continued

On May 5, 2013, the Company entered into a non-binding Letter of Intent with Iris Corporation Berhad for the purchase of certain assets in exchange for 96.75% of the outstanding stock of DM Products. Both parties to the transaction acknowledge that the Letter of Intent did not contain all matters upon which a Definitive Agreement (“Agreement”) must be reached, and that the obligations of the Parties to consummate an Agreement was subject to the negotiations and execution of a Definitive Agreement in form and substance satisfactory to all Parties and their respective counsel and further due diligence analysis. A subsequent draft Agreement was approved by written consent of the Directors of DM Products, Inc. and its majority Shareholders. The draft Agreement was between the Company and Earth Heat Limited (an affiliate of Iris Corporation Berhad) and was consistent with the terms presented in the Letter of Intent. However, the draft Agreement was never executed and the Letter of Intent since expired. In April, a confidential settlement was entered into between Iris Corporation Berhad, Earth Heat Limited and DM Products, Inc. whereby the parties satisfactorily resolved any current or future disputes that may arise as a result of the Letter of Intent, its expiration and the failure of the parties to agree upon a Definitive Agreement.

BasisOn December 24, 2014, the Company entered into a Stock Purchase Agreement (the “Agreement”) with four accredited investors pursuant to which the Company issued an aggregate of Consolidation       58,904,964 shares of common stock, or approximately 97% of the issued and outstanding common stock of the Company, at an aggregate purchase price of $350,000. The stock was issued to: New Asia Holdings Limited 54,957,724 shares for $326,546; Wong Kai Fatt 1,821,803 shares for $10,825; Earth Heat Ltd. 1,518,169 shares for $9,021; Kline Law Group PC 607,268 shares for $3,608.

At the Closing, Kurt L. Cockrum and James Clark resigned from all offices of the Company as of December 24, 2014.  On December 24, 2014, Lin Kok Peng Jeffrey was appointed Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Secretary and Director, and Allister Lim Wee Sing was appointed Director.

On January 21, 2015, the Company filed an Articles of Amendment (“Articles of Amendment”) with the Secretary of State of the State of Nevada effecting a name change of the Company to New Asia Holdings, Inc. (the “Name Change”). The Company notified the Financial Regulatory Authority (“FINRA”) of the Name Change and new trading symbol, “NAHD” was assigned effective February 13, 2015. The new CUSIP number for the Company‘s common stock is 64202A109.

On January 21, 2015, Lin Kok Peng Jeffrey resigned from the position of Secretary of the Corporation while retaining all other positions with the Company.  On January 21, 2015, Scott C. Kline was elected to the offices of Secretary and General Counsel of the Corporation.

 
F-47

NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Summary of Significant Accounting Policies – continued

On January 23, 2015 the Company, the stock was effectively issued to the four accredited investors as per approval of the Board of Directors on December 24, 2014: New Asia Holdings Limited 54,957,724 shares for $326,546; Wong Kai Fatt 1,821,803 shares for $10,825; Earth Heat Ltd. 1,518,169 shares for $9,021; Kline Law Group PC 607,268 shares for $3,608.

Basis of Consolidation

The consolidated financial statements include the accounts of DM Products,New Asia Holdings. Inc., Aliano, Inc., Direct Success, Inc., and the accounts of its 75% owned subsidiary Direct Success LLC 3. All material inter-company transactions have been eliminated. As of December 31, 2013, both subsidiaries have been dissolved.

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a December 31 fiscal year end.

Cash and Cash Equivalents

All highly liquid investments with maturities of three months or less are considered to be cash equivalents. At September 30, 2014March 31, 2015 and December 31, 2013,2014, the Company had cash balances of $4,549$1,772 and $10,589$0 respectively.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, prepaid expense, accounts payable, sales tax payable, and other current liabilities. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates, unless otherwise disclosed in these financial statements.
8

NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Summary of Significant Accounting Policies – continued

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

The Company records revenue in accordance with ASC Topic 605 - Revenue Recognition. During the year ended December 31, 2013 revenues came from royalties from the contract Banjo Minnow the fishing lure with TriStar Products, Inc. Revenues derived from the Company license sales are recognized when (1) there is evidence of an arrangement, (2) collection of our fee is considered probable, and (3) the fee is fixed and determinable.

Direct Success entered into a manufacturing, marketing and distribution agreement with Banjo Buddies, who is the inventor of Banjo Minnow, a fishing lure which Direct Success LLC 3 had a license agreement to market the product since Oct 2002.
The Company entered into a modification of said agreement in April 2005. On or about May 11, 2005, Direct Success LLC 3, subcontractedhad no revenues during the manufacturing and distribution rights to TriStar Products, Inc. In March 2007, Direct Success granted back to Banjo, the right to license and privilege for internet sales and small parts sale of the product. Under the agreement, Banjo will pay Direct Success 4% royalty on all gross sales of product. As of date of settlement, effective January 1, 2010, Direct Success no longer receives the 4% royalty for internet and part sales from Banjo Buddies. The revenues are strictly based on the contractual obligation contained in the agreement with Tristar Products, Inc., which are the royalties received from the sales of the Banjo Minnow. These royalty arrangements with Tristar provide the Company with a flat $4.00 (for unit sales under $18) and $5.00 (for unit sales over $18), per unit sold domestically, and $2.50 per unit sold internationally. The present retail price for the Banjo Minnow is $19.95. As of December 31, 2012, no more revenues related to the Banjo Minnow will be recognized due to the terms of the agreement.reporting period.

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax, assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company’s policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of September 30, 2014,March 31, 2015, there have been no interest or penalties incurred on income taxes.

Advertising Policy

F-5

The Company recognizes advertising expense as incurred. The advertising expense for the ninethree month periods ended September 30,March 31, 2015 and March 31, 2014 and September 30, 2013 are $0 and $0 respectively.

9
NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Summary of Significant Accounting Policies – continued

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of  September 30, 2014.March 31, 2015.

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation – Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.

The Company follows ASC Topic 505-50, formerly EITF 96-18, “Accounting“ Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to operating expense and additional paid-in capital over the period during which services are rendered. There were 31,915 shares issued to a non-employee with a value of $6,000 during the year ended December 31, 2013 and $27,000 or share-based compensation issued to employees and directors in 2013.

There was no stock-based compensation issued to non-employees during the nine monthsperiod ended September 30, 2014.March 31, 2015.

F-6
Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows.

Note 2: Property & Equipment

Property and equipment are carried at cost. Major expenditures and those which substantially increase useful lives are capitalized. Maintenance, repairs and minor renewals are charged to operations when incurred. When property and equipment is sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in operations. Once placed in service, depreciable assets are depreciated over their estimated useful lives using both accelerated and straight-line methods.

Depreciation expenses totaled $128$0 and $225$75 for the ninethree month periods ended September 30,March 31, 2015 and March 31, 2014 and September 30, 2013, respectively.

10

NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
  
Note 3: Non-Controlling Interest

The Company has owned 75% of Direct Success LLC 3 (LLC 3) since 2002. The assets and liabilities of Direct Success LLC 3 have been included in these consolidated financial statements. The 25% of LLC 3 not owned by the Company has been presented as a non-controlling interest in these financial statements. As of December 31, 2013 both entities were completely dissolved.
 
Note 4: Accrued Expenses

Accrued expenses consisted ofwere $0 and $0 for the following at September 30, 2014periods ended March 31, 2015 and SeptemberDecember 31, 2013:2014.
 
  2014  2013 
Accrued Wages
 
$
285,653
  
$
285,653
 
Accrued Directors' Fees
  
0
   
16,000
 
Total Accrued Expenses
 
$
285,653
  
$
301,653
 
Wages are accrued under an employee agreement entered into on the 20th day of April, 2007 by and between the Company and Kurt Cockrum, who is the CEO, President, Board Chairman, and a Director. According to the agreement, employee's starting salary is $6,000 per month during the first 90 days following execution of the agreement or until $500,000 in capital is raised. After such period of time, employee's salary shall be increased to $10,000 per month. Should the company determine it in the best interest not to pay employee's entire monthly compensation, at any time, any such compensation shall be treated as deferred compensation and will accumulate on the books and provided to employee, at employee's sole discretion, taking into consideration the funds available and the best interest of the Company.

The accrued wages owed under the employment agreement as of September 30, 2014March 31, 2015 and December 31, 2013,2014, respectively, were $285,653$0 and $285,653.
Salary expense$0. As of December 31, 2014 there was a balance of accrued expenses to Kurt Cockrum in the related party was $0 foramount of $21,573.  Kurt  Cockrum  agreed to cancel the period ended September 30, 2014 and September 30, 2013.debt.

The Board of Directors passed a resolution on October 15, 2011 to compensate Directors, Secretary, Treasurer, CEO, President and Board Chairman by issuing common stock annually. This policy is retroactive with an effective date of January 1, 2010. Per the policy the Company owed Kurtis Cockrum who is a Director, CEO, President and Board Chairman $6,000 worth of common stock, James Clarke who is a Director, Secretary and Treasurer $2,000 worth of common stock as of December 31, 2011. This amount has been recorded as director fees at December 31, 2011. The Company has issued to Kurtis Cockrum $6,000 worth of common stock on April 24, 2013 and to James Clarke $2,000 worth of common stock on May 6, 2013 to settle the balance. For the calendar year 2012, theThe Company owed Kurtis Cockrum $13,000 worth of common stock and James Clarke $6,000 worth of common stock. This amount has been recorded as director fees in the second quarter 2013 and the Company has issued to Kurtis Cockrum $13,000 worth of common stock and $6,000 worth of common stock on April 24, 2013 to settle the balance. For the calendar year 2013, theThe Company owed KurtisKurt is Cockrum $10,000 worth of common stock and James Clarke $6,000 worth of common stock. The amount has been recorded as accrued director fees at December 31, 2013 and the Company has issued to KurtisKurt is Cockrum $10,000 worth of common stock on February 12, 2014 and to James Clarke $6,000 worth of common stock to settle the balance.
Note 5: Other Income

On July 10, 2013, the company received an advance of $8,000 from Iris Corporation related to entering a Letter of Intent on the potential acquisition of the Company. On October 16, 2013 and October 31, 2013, the Company received additional advances of

 
F-711

$15,000NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 5:  Stock Subscription Deposit Common Stock

On December 24, 2014 the company enter in to a stock purchase agreement for $350,000 of which the Company received a deposit of $337,000 and $12,500.out of those funds paid directly for $13,000 legal fees for 58,904,964 shares of common stock per the Stock Purchase Agreement dated December 24, 2014. The total of advances received from Iris Corporation amounted to $35,500 at December 31, 2013. The Company has recently placed Iris Corporationstock was issued on notice that it is in default under the Letter of Intent for acquisition and does not believe it is obligated to return any of the sums advanced to the Company.January 23, 2015.

Note 6: Reimbursed Expenses

On April 4,04, 2014, the companyCompany entered into an agreement with IRISIris Corporation to reimburse expenses relating to a failed Reverse Take Overover (RTO) of DM Products. On April 09, 2014, the companyCompany received the $25,000.

Note 6:7: Advances from Shareholder

As of March 31, 2015, the Company received a total of advances of $28,500 from its majority shareholder, New Asia Holdings Limited.

Note 8: Common Stock

The Company has 430,000,000 shares of capital stock, consisting of 400,000,000 shares of $0.001 par value common stock, and 30,000,000 shares of $0.001 par value preferred stock. The Company had 1,821,8031,821,807 shares of common stock issued and outstanding as of September 30,December 31, 2014 and 1,557,8031,557,807 shares issued and outstanding as of December 31, 2013.

On April 24, 2013, 15,957 shares of restricted common stock were issued to James Clarke for services performed as Secretary, Treasurer, and member of the Board of Directors of the Company for the calendar year 2012. These services were valued at $6,000, which is the fair market value of the shares at the time of issuance.

On April 24, 2013, 50,531 shares of restricted common stock were issued to Kurtis Cockrum for services performed as President and Chairman of the Board of Directors of the Company for the calendar years 2012 and 2011. These services were valued at $19,000, which is the fair market value of the shares at the time of issuance.

On April 29, 2013, 31,915 shares of restricted common stock were issued to Scott Kline for consulting services performed for the Company. The invoice amount for these services was $6,000.

On May 6, 2013, 5,319 shares of restricted common stock were issued to James Clarke for services performed as Secretary, Treasurer, and member of the Board of Directors of the Company for the calendar year 2012 and 2011. These services were valued at $2,000, which is the fair market value of the shares at the time of issuance.

On July 17, 2013, FINRA approved a one for one hundred eighty eight (1:188) reverse split of the Corporation’s issued and outstanding common stock. Following the reverse split, the number of outstanding shares of the Corporation common stock decreased from 306,339,011 shares to 1,557,8031,557,807 shares with effective date of July 17, 2013. All share and per share data reflected in the financial statements have been adjusted to reflect the results of the stock split.

12

NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 8: Common Stock – continued

On February 12, 2014, 60,000 shares of restricted common stock were issued to James Clarke for services performed as Secretary, Treasurer, and member of the Board of Directors of the Company for the calendar year 2013. These services were valued at $6,000, which is the fair market value of the shares at the time of issuance.

On February 12, 2014, 100,000 shares of restricted common stock were issued to KurtisKurt is Cockrum for services performed as President and Chairman of the Board of Directors of the Company for the calendar years 2013. These services were valued at $10,000, which is the fair market value of the shares at the time of issuance.

On February 12, 2014, 104,000 shares of restricted common stock were issued to Don Baker for consulting services performed for the Company. The invoice amount for these services was $10,400.

On January 23, 2015, the stock was issued to the four accredited investors: New Asia Holdings Limited 54,957,724 shares for $326,546; Wong Kai Fatt 1,821,803 shares for $10,825; Earth Heat Ltd. 1,518,169 shares for $9,021; Kline Law Group PC 607,268 shares for $3,608.

Note 9 : Stock Purchase agreement

On December 24, 2014, the Company entered into a Stock Purchase Agreement (the “Agreement”) with four accredited investors, New Asia Holdings Limited, Wong Kai Fatt, Earth Heat Ltd., and Kline Law Group PC, pursuant to which the Company issued an aggregate of 58,904,964 shares of common stock, or approximately 97% of the issued and outstanding common stock of the Company, at an aggregate purchase price of approximately $350,000.

At the Closing, Kurt L. Cockrum and James Clark resigned from all offices of the Company as of December 24, 2014.  On December 24, 2014, Lin Kok Peng Jeffrey was appointed Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Secretary and Director, and Allister Lim Wee Sing was appointed Director.

 
F-813


NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 7:10: Related Party Transactions

The accrued wages owed under the employment agreement as of September 30, 2014 and December 31, 2013 were $285,653. Salary expense to this related party was $0 as of September 30, 2014 and for the year ended December 31, 2013. See note 4.

The Company has issued to KurtisKurt is Cockrum 15,957 of common stock worth $6,000 on April 24, 2013 and to James Clarke 5,319 of common stock worth $2,000 on May 6, 2013 to settle the balance outstanding as of December 31, 2011. For the calendar year 2012, the Company owed KurtisKurt is Cockrum $13,000 worth of common stock and James Clarke $6,000 worth of common stock. This amount has been recorded as director fees in the second quarter 2013 and the Company has issued to KurtisKurt is Cockrum 34,574 of common stock worth $13,000 and 15,957 of common stock worth $6,000 on April 24, 2013 to settle the balance. For the calendar year 2013, the Company owed KurtisKurt is Cockrum $10,000 worth of common stock and James Clarke $6,000 worth of common stock. The amount has been recorded as accrued director fees at December 31, 2013 and the Company has issued to KurtisKurt is Cockrum 100,000 of common stock worth $10,000 and James Clarke 60,000 of common stock worth $6,000 on February 12, 2014 to settle the balance. See note 4 and note 6.
Note 8: Commitments and Contingencies        

The CEOaccrued wages owed under the employment agreement as of March 31, 2015 and employeesDecember 31, 2014 were respectively $0 and $0. Salary expense to this related party was $0 as of March 31, 2015 and $16,000 the year ended December 31, 2014. See note 4.

The Company entered into a consulting contract with Scott Kline, Esq., a stockholder of the Company work from their homes. The fair market value of rents contributed byfor general counsel. Legal expenses for the related parties are estimated to be $50 per month, which is immaterial toparty were $19,000 and $0 the Company's financial statements,periods end March 31, 2015 and has not been recorded onMarch 31, 2014 respectively.

There were advances totaling $28,500 from its majority shareholder, New Asia Holdings Limited, for the Company's books.period ending 2015.  See Note 7.

Note 9:11: Income Taxes

As of September 30, 2014,March 31, 2015, the Company had net operating loss carry forwards of approximately $1,594,462$1,672,316  that may be available to reduce future years’ taxable income through 2032. Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The provision for federal income tax consists of the following for the ninethree months ended:
  March 31,  March 31 , 
  2015  2014 
Federal income tax benefit  attributable to:      
Current Operations $9,443  $6,064 
Less: valuation allowance  (9,443)  (6,064)
Net provision for Federal income taxes $-  $- 

14
 
  Sept 30, 2014  Sept 30, 2013 
Federal income tax benefit  attributable to:
      
Current Operations
 
$
3,360
  
$
23,850
 
Less: valuation allowance
  
(3,360
)
  
(23,850
)
Net provision for Federal income taxes
 
$
0
  
$
0
 
NEW ASIA HOLDINGS, INC.
(fka DM Products, Inc.)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 11: Income Taxes – continued

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

F-9
  March 31,  December 31, 
  2015  2014 
Deferred tax asset attributable to:      
Net operating loss carryover $568,587  $559,144 
Less: valuation allowance  (568,587)  (559,144)
Net deferred tax asset $-  $- 
                Sept 30, 2014  December 31, 2013 
Deferred tax asset attributable to:
      
Net operating loss carryover
 
$
542,116
  
$
538,756
 
Less: valuation allowance
  
(542,116
)
  
(538,756
)
Net deferred tax asset
 
$
0
  
$
0
 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $1,594,462$1,672,316 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, the net operating loss carry forwards may be limited as to use in future years.

Note 10:12: Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has sustained substantial losses since inception, has a working capital deficit, and is in need of additional capital to grow its operations so that it can become profitable.

In view of these matters, the ability of the Company to continue as a going concern is dependent upon growth of revenues and the ability of the Company to raise additional capital. Management believes that its successful ability to raise capital and increases in revenues will provide the opportunity for the Company to continue as a going concern.


Note 11:13: Subsequent Events

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to September 30, 2014March 31, 2015 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION
The following discussion of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by, the consolidated financial statements and notes thereto included in, Item 2.     Management’s Discussion1 in this Quarterly Report on Form 10-Q. This item contains forward-looking statements that involve risks and Analysis of Financial Condition and Results of Operationsuncertainties. Actual results may differ materially from those indicated in such forward-looking statements.

Forward-Looking Statements

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results,This Quarterly Report on Form 10-Q and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.   Thesedocuments incorporated herein by reference contain forward-looking. Such forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions.  We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions.  Forward-looking statements are based on current expectations, estimates, and projections about our industry, management beliefs, and certain assumptions made by our management. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", variations of such words, and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are subjectdifficult to risks and uncertainties which may causepredict; therefore, actual results tomay differ materially from thethose expressed or forecasted in any such forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  WeUnless required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Further information concerning our business, including additionalHowever, readers should carefully review the risk factors set forth in other reports and documents that could materially affect our financial results, is included herein and in our other filingswe file from time to time with the SEC.Securities and Exchange Commission, particularly the Report on Form 10-K, Form 10-Q and any Current Reports on Form 8-K.

Executive Overview

We, throughAfter the change in control, our former wholly owned subsidiary, Direct Success, Inc ., have developed, financed, produced, marketedbusiness model is focused to provide the financial community with highly advanced, proprietary, neural trading models. Our state-of-the-art, trainable, algorithms emulate aspects of the human brain, providing our algorithms with a self-training ability to formalize unclassified information and distributed beauty, fashion, fitnessthus develop an enhanced ability to make forecasts based on the historical information and other products for sale through infomercial marketingdata available at their disposal. Our Neural networks do not make forecasts. Instead, they analyze price data and distribution channels. Profits were derived from inbound sales, outbound sales, up sells and retail distribution. Our primary objective was to penetrate this rapidly expanding industry by introducing consumer products to national and international markets throughuncover opportunities. Using our proprietary neural network, trade decisions are made based on thoroughly analyzed data (which is not generally possible when using traditional technical analysis methods). NAHD offers a series of infomercial campaigns."Next-Generation" tools that can detect subtle non-linear interdependencies and patterns that other methods of technical analysis are unable to uncover. NAHD offers trading software solutions to clients on the basis of a "Software as a Service (SaaS)" licensing and delivery models with licensed users availing themselves of a service-based contractual arrangements. In addition, NAHD utilizes its in-house proprietary neural trading models to trade its own funds, thus providing added value to its shareholders. The NAHD team's proprietary trading models are developed by professional engineers in communications, electronic circuitry design and financial engineering. This diverse team is the key factor of our successful development of non-traditional and innovative trading models. Our systems, which bring a proven, rigorously tested, track-record, are designed to take intelligent positions as the market moves/changes. Our proprietary algorithmic trading systems generate superior, risk adjustable, returns for our clients.

AlthoughResults of Operations

We had no revenue for the three months ended March 31, 2015, or for the same period ended March 31, 2014.
Operating expenses were $27,773 for the three month period ended March 31, 2015, and consisted primarily of general and administrative expenses, professional fees. This compares with operating expenses for the three month period ended March 31, 2014 of $17,836, which also primarily consisted of professional fees and , general and administrative expenses, but also included consulting fees.   The material increase in such expense in the first quarter of 2015 were related to increased legal and accounting fees in connection with our change in control.

As a result of the foregoing, we are actively pursuinghad a net loss of $27,773 for the three month period ended March 31, 2015. This compares with a net loss for the three month period ended March 31, 2014 of $17,834.  

        After the change in control, the Company is focused on a new business model, as described above.  We expect that we will need to raise additional funds to support the expansion of our new business opportunities, as seen elsewhere in this filing,model, including the acquisition of proprietary technologies, working capital to support the implementation of new projects , or for the acquisition of complementary businesses or technologies, or if we have several direct marketing productsmust respond to unanticipated events that require us to make additional investments. We cannot assure that additional financing will be available to launch if sufficient funding is obtained.when needed on favorable terms, or at all.
 

Purchase of Earth Heat Limited and  W2W BV Sp Z.o.o  and PHIL ECO INC

On May 5, 2013,We expect to undertake some near-term acquisitions that would result in the generation of revenues, however, notwithstanding these developments we expect to incur operating losses through the balance of this year because we will be incurring expenses and not generating sufficient revenues. We cannot guarantee that we will be successful in generating sufficient revenues or other funds in the future to cover these operating costs. We expect to cover such shortfall in operating margins through advances from our principal shareholder and other fund-raising measures that the Company entered into a non-binding Letterdeems appropriate.

Liquidity and Capital Resources.

As of Intent with Iris Corporation BerhadMarch 31, 2015 we had cash of $1,772, compared to no cash or cash equivalents at December 31, 2014.
We had net cash provided by operating activities for $1,772 for the purchasethree month period ended March 31, 2015, $9,965 of certain assets in exchangenet cash used for 96.75% ofoperating activities for the outstanding stock of DM Products.  Both parties tothree month period ended March 31, 2014.  The change resulted from our increased net loss during the transaction acknowledge that the Letter of Intent did not contain all matters upon which a Definitive Agreement (“Agreement”) must be reached, and that the obligations of the Parties to consummate an Agreement was subject to the negotiations and execution of a Definitive Agreement in form and substance satisfactory to all Parties and their respective counsel and further due diligence analysis.  A subsequent draft Agreement was approved by written consent of the Directors of DM Products, Inc. and its majority Shareholders. The draft Agreement was between the Company and Earth Heat Limited (an affiliate of Iris Corporation Berhad) and was consistent with the terms presented in the Letter of Intent.  However, the draft Agreement was never executed and the Letter of Intent since expired.period .

On April 4, 2014,We had no cash flows from financing activities or Investing activities during the three month periods ended March 31, 2015 and 2014.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a confidential settlement was executed with IRIS Corporation Berhad, Earth Heat Ltd, Econia Technologies Inc, Jose Antonio Capote, Janusz Bilinski, Scott Kline Law group and Craig Sultan whereby the parties satisfactorily resolved any current or future disputeseffect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that may ariseare material to stockholders.
Future Financings

We will continue to rely on advances from our principal shareholder as awell as from other sources of financing, including private placements of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the Letterequity securities or arrange for debt or other financing to fund our operations and other activities.

Critical Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of Intent, its expirationfinancial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the failurereported amounts of assets and liabilities, the parties to agree upon a Definitive Agreement DM Products has further agreed that, for a perioddisclosure of 6 months fromcontingent assets and liabilities at the date of the agreement (extendable by mutual consent),financial statements and the reported amounts of revenues and expenses during the reporting periods.
We regularly evaluate the accounting policies and estimates that we use to preferentially consider a future offer to undertake a Reverse Take Over (RTO) transaction that may be reintroduced by Earth Heat Ltd on the basisprepare our financial statements. A complete summary of terms similar to that set forththese policies is included in the previous LOI.

Although the Company is still discussing with Earth Heat the possibility of a new Agreement, we are actively looking at other opportunities to benefit the Company and increase valuenotes to our shareholders.financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.


General

OurRecently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations may vary significantly from period-to-period.  Our revenues will fluctuate due to the seasonality of our products, customer buying patterns, product innovations and competition, our ability to meet customer demand, media and advertising campaigns, and our ability to attract new customers and renew existing sales relationships.  In addition, our revenues are highly susceptible to economic factors, including, among other things:  the overall condition of the U.S. economy and economics of other countries where we market our products; and the availability of credit, both in the U.S. and abroad.

Results of Operations for the three months and nine months ended September 30, 2014 and ended September 30, 2013

Results of Operations for the three months and nine months ended September 30, 2014 and ended September 30, 2013 our revenue was $0.00.  For all periods mentioned above, our revenues were solely based on royalty payments, thus, our cost of goods sold during this period was zero. Pursuant to an arbitration settlement, the contractual term of our rights concerning the Banjo Minnow discontinued June 30, 2012. However some revenue continued from the inventory sell off period until yearend 2012.

We do not expect any further Banjo Minnow revenue coming at this time or in the future and we have no other revenue coming in from the Direct Marketing industry. We continue to look at the option of executing a business plan in the Waste to Energy Industry pursuant to executing a new Share Exchange Agreement with Earth Heat and W2W.   The company continues to determine its next step with its business plan and is looking at other viable opportunities and is in conversation with other interested merger candidates with other business models.

We have incurred an operating loss in the amount of $7,713 and net loss in the amount of $7,713 for the three months ended September 30, 2014 as compared to an operating loss of $19,393 and a net loss in the amount of $19,393 for the same period ended September 30, 2013. Our operating loss was $34,884 and a net loss in the amount $9,882 for the nine months ending September 30, 2014, as compared to an operating loss of $72,212 and a net loss of $70,146 for the same period ending September 30, 2013.


Liquidity and Capital Resources

As of September 30, 2014, we had total assets in the amount of $4,549 consisting of $4,549 of cash.  Our current liabilities as of September 30, 2014 were $326,041.  We had a working capital deficit of ($321,492) as of September 30, 2014.

Our current monthly fixed expenses (“Burn Rate”) are approximately $4,000.  As of September 30, 2014, our cash reserves were $4,549.   If we need to and cannot raise additional capital, we would be forced to discontinue operations.

Off Balance Sheet Arrangements

As of September 30, 2014, there were no off balance sheet arrangements.

ItemITEM 3.  Quantitative and Qualitative Disclosures About Market RiskQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

AWe are a smaller reporting company isas defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information required byunder this Item.item.

ItemITEM 4. Remove and ReserveCONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2014.  This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, Kurtis Cockrum.  Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2013, our disclosure controls and procedures are effective.  There have been no changes in our internal controls over financial reporting during the quarter ended September 30, 2013.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act areis recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in ourthe reports filedthat it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Limitations onof the Effectivenesseffectiveness of Internal Controls

Our management does not expect thatthe design and operation of our disclosure controls and procedures orpursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act").

Based on this evaluation, our internal control overprincipal executive and principal financial reporting will necessarily prevent all fraud and material error. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving our objectives and our Chief Executive Officer and Chief Financial Officeraccounting officer concluded that our disclosure controls and procedures are(as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective at that reasonable assurance level.  Further, the designas of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or byMarch 31, 2015.
management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

 
Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The Company is not required by current SEC rules to include, and does not include, an auditor’s attestation report. The Company’s registered public accounting firm has not attested to Management’s reports on the Company’s internal control over financial reporting.

PART II –II. OTHER INFORMATION

ItemITEM 1. Legal ProceedingsLEGAL PROCEEDINGS

We are not a party to anyknow of no material, existing or pending legal proceeding. Weproceedings against our company, nor are not aware ofwe involved as a plaintiff in any material proceeding or pending legal proceeding tolitigation. There are no proceedings in which any of our officers, directors,director, officer or any affiliates, or any registered or beneficial holders of 5%shareholder, is an adverse party or more of our voting securities are adverse to us or havehas a material interest adverse to us.our interest.

ItemITEM 1A. Risk FactorsRISK FACTORS

AWe are a smaller reporting company isas defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information required byunder this Item.item.

ItemITEM 2. Unregistered Sales of Equity Securities and Use of ProceedsUNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

There were no sales of equity securities during the period ended September 30, 2014.None.

ItemITEM 3.  Defaults upon Senior SecuritiesDEFAULTS UPON SENIOR SECURITIES

NoneNone.

ItemITEM 4.  Mine Safety Disclosures.
NoneMINE SAFETY DISCLOSURES.

Not Applicable.

ItemITEM 5.  Other InformationOTHER INFORMATION

NoneNone.
19
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

Item 6.      Exhibits
Exhibit
Number
 
Exhibit NumberDescriptionDescription of ExhibitFiling
31.1
31.1Certification of Chief Executive OfficerCEO pursuant to 18 U.S.C. Section 1350, as adoptedSec. 302Filed herewith.
31.2Certification of CEO pursuant to SectionSec. 302 of the Sarbanes-Oxley Act of 2002Filed herewith.
31.2
32.1Certification of Chief Financial OfficerCEO pursuant to 18 U.S.C. Section 1350, as adoptedSec. 906Filed herewith.
32.2Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002Sec. 906Filed herewith.
32.1
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.DEFXBRL Taxonomy Extension Definition Linkbase DocumentFiled herewith.
101.INSXBRL Instance DocumentFiled herewith.
101SCHXBRL Taxonomy Extension Schema DocumentFiled herewith.
101.CALXBRL Taxonomy Extension Calculation Linkbase DocumentFiled herewith.
101.LABXBRL Taxonomy Extension Label Linkbase DocumentFiled herewith.
101.PREXBRL Taxonomy Extension Presentation Linkbase DocumentFiled herewith.
101.DEFXBRL Taxonomy Extension Definition Linkbase DocumentFiled herewith.
 
 
SIGNATURES

In accordance with the requirementsSection 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.authorized on May 19, 2014.

NEW ASIA HOLDINGS, INC.

 DM Products, Inc.By:/s/ Lin Kok Peng
  
Date:November 3, 2014Lin Kok Peng
  
Chief Executive Officer, Chief Financial Officer, Treasurer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacity and on the date indicated.

Date: May 20, 2015By:/s/ Lin Kok Peng
 Lin Kok Peng
By:       /s/ Kurtis CockrumDirector
             Kurtis Cockrum
Title:    Chief Executive Officer and Director

 
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