Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Apr. 18, 2022 | Jun. 30, 2021 | |
Details | |||
Registrant CIK | 0001485029 | ||
Fiscal Year End | --12-31 | ||
Registrant Name | New Asia Holdings, Inc. | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2021 | ||
Tax Identification Number (TIN) | 45-0460095 | ||
Number of common stock shares outstanding | 75,288,667 | ||
Public Float | $ 557,310 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-55410 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 80 Tras Street | ||
Entity Address, Address Line Two | #01-03 | ||
Entity Address, City or Town | Singapore | ||
Entity Address, Country | SG | ||
Entity Address, Postal Zip Code | 079019 | ||
Country Region | 65 | ||
City Area Code | 6820 | ||
Local Phone Number | 8885 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Auditor Firm ID | 206 | ||
Auditor Name | www.malonebailey.com | ||
Auditor Location | Houston, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 57,888 | $ 200,378 |
Prepaid Expense | 14,133 | 11,000 |
Total Current Assets | 72,021 | 211,378 |
Other Assets | ||
Deposit | 195 | 195 |
Total Other Assets | 195 | 195 |
TOTAL ASSETS | 72,216 | 211,573 |
Current Liabilities | ||
Accounts Payable and Accrued Liabilities | 172,955 | 119,470 |
Advance From Shareholder | 916,452 | 955,149 |
Total Current Liabilities | 1,089,407 | 1,074,619 |
Total Liabilities | 1,089,407 | 1,074,619 |
Stockholders' Deficit | ||
Preferred Stock, $0.001 par value, 400,000,000 shares authorized, 0 shares issued and outstanding | 0 | 0 |
Common Stock, Value, Issued | 75,289 | 75,289 |
Additional Paid In Capital | 11,399,713 | 11,399,713 |
Accumulated Deficit | (12,491,964) | (12,338,183) |
Accumulated Other Comprehensive Income (Loss) | (229) | 135 |
Total Stockholders' Deficit | (1,017,191) | (863,046) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 72,216 | $ 211,573 |
CONSOLIDATED BALANCE SHEETS - P
CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 4,000,000,000 | 4,000,000,000 |
Common Stock, Shares, Issued | 75,288,667 | 75,288,667 |
Common Stock, Shares, Outstanding | 75,288,667 | 75,288,667 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses | ||
Professional fees | $ 51,072 | $ 88,861 |
Outside service | 35,088 | 33,809 |
General & Administrative expenses | 67,621 | 67,484 |
Total operating expense | 153,781 | 190,154 |
Loss from operations | (153,781) | (190,154) |
Loss before income taxes | (153,781) | (190,154) |
Provision for income taxes | 0 | 0 |
Net loss | (153,781) | (190,154) |
Foreign currency translation income (loss) | (364) | 349 |
Total comprehensive loss | $ (154,145) | $ (189,805) |
Net loss per common share-basic and fully diluted | $ 0 | $ 0 |
Weighted average common shares outstanding-basic and diluted | 75,288,667 | 73,029,104 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | $ 72,289 | $ 11,182,713 | $ (12,148,029) | $ (214) | $ (893,241) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 72,288,667 | ||||
Issuance of common stock | $ 3,000 | 217,000 | 220,000 | ||
Stock Issued During Period, Shares, New Issues | 3,000,000 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 349 | 349 | |||
Net loss | (190,154) | (190,154) | |||
Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 75,288,667 | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2020 | $ 75,289 | 11,399,713 | (12,338,183) | 135 | (863,046) |
Issuance of common stock | 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (364) | (364) | |||
Net loss | (153,781) | (153,781) | |||
Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 75,288,667 | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2021 | $ 75,289 | $ 11,399,713 | $ (12,491,964) | $ (229) | $ (1,017,191) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (153,781) | $ (190,154) |
Changes in operating assets and liabilities | ||
Prepaid expenses | (3,133) | 0 |
Accounts payable and accrued liabilities | 53,485 | 66,309 |
Net cash used in operating activities | (103,429) | (123,845) |
Cash flows from financing activities | ||
Advance from shareholder | 0 | 80,000 |
Repayment to shareholder | (38,697) | 0 |
Issuance of common stock | 0 | 220,000 |
Net cash provided by (used in) financing activities | (38,697) | 300,000 |
Effect of exchange rate on cash | (364) | 349 |
Net increase (decrease) in cash | (142,490) | 176,504 |
Cash at beginning of year | 200,378 | 23,874 |
Cash at end of year | 57,888 | 200,378 |
Supplemental disclosure of cash flow information | ||
Interest paid | 0 | 0 |
Taxes paid | 800 | 800 |
Non-cash transactions | ||
Payment made by related party on behalf of the Company | $ 0 | $ 38,697 |
Note 1_ Organization and Summar
Note 1: Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Note 1: Organization and Summary of Significant Accounting Policies | Note 1: Organization and Summary of Significant Accounting Policies Organization New Asia Holdings, Inc. (previously known as DM Products, Inc., Midwest E.S.W.T. Corp, and Effective Sport Nutrition Corporation) (the “Company,” “we” or “our”) was incorporated in the State of Nevada on March 1, 2001. In December 2014, the Company underwent a change in control because of approximately 90% of the issued and outstanding shares of common stock of the Company being acquired by New Asia Holdings, Ltd. (wholly owned by Lin Kok Peng, Ph.D., the Company’s Chief Executive Officer, Chief Financial Officer and Chairman of the Board) (“NAHL”). We offer trading software solutions to clients on the basis of a “Software as a Service (SaaS)” licensing and delivery model with licensed users availing themselves of service-based contractual arrangements. In addition, and consistent with the requirements of the United States federal securities laws, we may utilize our in-house proprietary neural trading models to trade our own funds, thus providing added value to our shareholders. Algorithms were placed into commercial operation in November 2015 upon the execution of a Software Licensing Agreement for the deployment of the proprietary trainable, trading algorithms of Magdallan Quant Pte. Ltd. (“MQL”) with New Asia Momentum Limited (“NAML”), a company owned and controlled by NAHD’s Chairman and CEO, Dr. Lin Kok Peng. Under the terms of the Software License Agreement, NAML agreed to pay MQL a license fee and certain other fixed and time and materials fees. In 2019, Momentum assets under management (“AUM”) were returned to its investors by NAML. The license agreement between MQL and NAML still remains in place. As a result of poor performance by the Company’s Algorithms, over the last several quarters the Company has been focusing on developing new business opportunities, including exploring potential new acquisition. The accompanying audited financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Basis of Presentation The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company’s fiscal year end is December 31. Principles of Consolidation The consolidated financial statements as of December 31, 2021 and 2020, and for the years then ended, include the accounts of its wholly owned subsidiary, Magdallen Quant Pte Ltd. All significant intercompany transactions have been eliminated. 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 amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of and for the year ended December 31, 2021; however, actual results could differ from those estimates and there may be changes to our estimates in future periods. Foreign Currency The functional currency of our foreign subsidiary is their respective local currency. The financial statements of the foreign subsidiary are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange and income and expense amounts at average rates prevailing throughout the period. Translation adjustments resulting from the translation of the subsidiary’ accounts are included in “Accumulated other comprehensive income (loss),” a separate component of stockholders’ equity. The applicable exchange rate on December 31, 2021 closed at $1 = 1.3484 SGD and December 31, 2020 closed at $1 = 1.3215 SGD. Cash All highly liquid investments with maturities of three months or less are considered to be cash equivalents. At December 31, 2021 and December 31, 2020, the Company had no cash equivalents. Fair Value of Financial Instruments The Company’s financial instruments consist of cash, prepaid expense, deposit, accounts payable and accrued liabilities, and advances from shareholder. 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. 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 December 31, 2021 and 2020, there have been no interest or penalties incurred on income taxes. 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 December 31, 2021 and 2020. Related Parties The Company follows the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. See note 5. Recent Accounting Pronouncements The Company does not expect any recent accounting pronouncements to have a material impact to its financial position or result of operations. |
Note 2_ Going Concern
Note 2: Going Concern | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Note 2: Going Concern | Note 2: 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, has a working capital deficit, and is in need of additional capital to grow its operations so that it can become profitable. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. 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. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Note 3_ Income Taxes
Note 3: Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Note 3: Income Taxes | Note 3: Income Taxes As of December 31, 2021, the Company had net operating loss carry forwards of approximately $12.4 million that may be available to reduce future years' taxable income. Future tax benefits, which may arise because 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 carryforwards. The 2017 Act reduces the corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. For net operating losses (NOLs) arising after December 31, 2017, the 2017 Act limits a taxpayer’s ability to utilize NOL carryforwards to 80% of taxable income. In addition, NOLs arising after 2017 can be carried forward indefinitely, but carryback is generally prohibited. NOLs generated in tax years beginning before January 1, 2018 will not be subject to the taxable income limitation. The 2017 Act would generally eliminate the carryback of all NOLs arising in a tax year ending after 2017 and instead would permit all such NOLs to be carried forward indefinitely. The 2020 CARES Act provides for a carryback of any NOLs arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, to each of the five taxable years preceding the taxable year in which the loss arises (carryback period). As a result of that amendment, taxpayers take into account such NOLs in the earliest taxable year in the carryback period, carrying forward unused amounts to each succeeding taxable year. The CARES Act does not have a material impact to the Company’s financial position or result of operations. The provision for federal income tax consists of the following for the twelve months ended: December 31, 2021 December 31, 2020 Federal income tax benefit attributable to: Current operations $ 153,781 $ 39,932 Less: valuation allowance (153,781) (39,932) - - The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: December 31, 2021 December 31, 2020 Deferred tax asset attributable to: Net operating loss carryover $ 2,599,153 $ 2,566,859 Less: valuation allowance (2,599,153) (2,566,859) Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $12.4 million 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 to use in future years. As of December 31, 2021, in accordance with the Internal Revenue Service (“IRS”) Assessment Statute of Limitations, the IRS has the ability to audit or assess the Company’s tax returns on the basis of the following schedule: Year End of IRS Assessment Statute of Limitations 2018 Oct 15, 2022 2019 Oct 15, 2023 2020 Oct 15, 2024 2021 (to be filed on September 15, 2022) Oct 15, 2025 |
Note 3_ Common Stock
Note 3: Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Note 3: Common Stock | Note 4: Common Stock On July 8, 2020, the Company filed a Certificate of Amendment (the “Amendment”) to the Company’s articles of incorporation, as amended, with the Secretary of State of the State of Nevada. The Amendment had the effect of increasing the number of authorized shares of the Company’s common stock from 400,000,000 to 4,000,000,000 and the number of authorized shares of the Company’s preferred stock from 30,000,000 to 400,000,000. As of July 8, 2020, the Company has authorized 4,400,000,000 shares of capital stock, consisting of 4,000,000,000 shares, par value $0.001 per share, of common stock, and 400,000,000 shares, par value $0.001 per share, of “blank check” preferred stock. The Company had 75,288,667 shares of common stock and no shares of preferred stock issued and outstanding as of December 31, 2021 and December 31, 2020. On September 16, 2020, the Company entered into an Equity Purchase Agreement (the “Global Crypto Equity Purchase Agreement”) with Global Crypto Offering Exchange Ltd. (“Global Crypto”). Pursuant to the terms of the Global Crypto Equity Purchase Agreement, the Company agreed to sell to Global Crypto, and Global Crypto agreed to purchase, an aggregate of 50,000,000 restricted shares of the Company’s common stock at purchase price of $0.01 per share, for an aggregate purchase price of $500,000 (the “Share Purchase”). The Global Crypto Equity Purchase Agreement provides that the Share Purchase will be effected in 10 separate blocks (each, a “Block” and collectively, “Blocks”), with the first Block closing on September 18, 2020. In the first Block, Global Crypto purchased 2,000,000 shares for an aggregate purchase price of $20,000. The parties to the Global Crypto Equity Purchase Agreement agreed that each of the remaining nine Blocks will close within 12 months of September 18, 2020. The Global Crypto Equity Purchase Agreement will terminate (i) upon the completion of the full Share Purchase, or (ii) on September 18, 2021. If the Global Crypto Equity Purchase Agreement terminates on September 18, 2021 prior to completion of the full Share Purchase, no additional shares may be purchased under the Global Crypto Share Purchase Agreement. Global Crypto did not complete the full Share Purchase as of September 18, 2021 and as a result the Global Crypto Equity Purchase Agreement was terminated on September 18, 2021 pursuant to its terms. No additional shares may be purchased under the Global Crypto Share Purchase Agreement. On September 21, 2020, the Company entered into an Equity Purchase Agreement (the “ENJU Equity Purchase Agreement”) with ENJU Planning Pte Ltd. (“ENJU”). Pursuant to the terms of the Equity Purchase Agreement, the Company agreed to sell to the ENJU, and the ENJU agreed to purchase, 1,000,000 restricted shares of the Company’s common stock at purchase price of $0.20 per share, for an aggregate purchase price of $200,000. The total proceeds were received by the Company in October 2020. As of December 31, 2021 and 2020, Lin Kok Peng, the Company’s principal shareholder, had not yet acted to exercise its option to convert advances from him to shares of common stock. Accordingly, as of December 31, 2021 and 2020, the advances remain as an interest-free loan to the Company. See Note 5. |
Note 5_ Convertible Advances fr
Note 5: Convertible Advances from Shareholder and other Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Note 5: Convertible Advances from Shareholder and other Related Party Transactions | Note 5: Convertible Advances from Shareholder and other Related Party Transactions During the year ended December 31, 2021, the Company repaid $38,697 to Lin Kok Peng, the Company’s principal shareholder, for payments he made to vendors on the Company’s behalf. During the year ended December 31, 2020, Lin Kok Peng advanced to the Company in an aggregate of $118,697, which consisted of $80,000 proceeds to the Company and $38,697 payments made to vendors on the Company’s behalf. The total advances due to Lin Kok Peng amounted to $916,452 and $955,149 as of December 31, 2021 and December 31, 2020, respectively. As of December 31, 2021 and 2020, the advances constitute unsecured interest-free loans to the Company. On August 14, 2020, the Company signed an Agreement with NAHL. Pursuant to the terms of the Agreement, all funds advanced to the Company by NAHL up to August 14, 2020 (the “Prior Advances”) will continue to constitute an interest-free loan to the Company, which was due and payable by the Company to NAHL on or before September 15, 2020 (the “Prior Advance Repayment Date”, which may be extended as set forth below). If the Company does not repay the Prior Advances by the Prior Advance Repayment Date, NAHL, at its sole discretion, will have the option to extend the Prior Advance Repayment Date or convert all or a portion of the Prior Advances into Common Stock at a conversion price of $0.003 per share (the “Prior Advance Conversion Price”), subject to adjustment as set forth in the Agreement. NAHL’s election to extend the Prior Advance Repayment Date or to convert the Prior Advances into Common Stock shall be made on the first business day following the Prior Advance Repayment Date. The Parties acknowledge and agree that the Prior Advances shall not be convertible into Common Stock prior to the Prior Advance Repayment Date. Following August 14, 2020, NAHL will endeavor, on a best efforts’ basis, to continue to advance operating funds to the Company as may be required and requested by the Company for its operations, for a period of at least through December 31, 2020 (such additional advances, as funded, the “Additional Advances” and, together with the Prior Advances, the “Advances”). Any such Additional Advances shall be due and payable by the Company to NAHL on or before January 31, 2021 (the “Additional Advance Repayment Date”, which may be extended as set forth below). In the event that any Additional Advances are made and are not repaid by the Additional Advance Repayment Date, NAHL, at its sole discretion, will have the option to extend the Additional Advance Repayment Date or convert all or a portion of the Additional Advances into Common Stock at a conversion price of $0.003 per share (the “Additional Advance Conversion Price”), subject to adjustment as set forth in the Agreement. NAHL’s election to extend the Additional Advance Repayment Date or to convert the Additional Advances into Common Stock shall be made on the first business day following the Additional Advance Repayment Date. The Parties acknowledge and agree that any Additional Advances shall not be convertible into Common Stock prior to the Additional Advance Repayment Date. On January 5, 2021, the shares of the Company’s stock under the name of NAHL were changed to Lin Kok Peng, as an individual, at the request of the owner of NAHD, Lin Kok Peng and NAHL was closed. As of December 31, 2021, Lin Kok Peng had not exercised its option to convert the Advances into shares of common stock. Accordingly, the total of $916,452 in advances remained as an unsecured interest-free loan to the Company as of December 31, 2021. Although Lin Kok Peng is expected to continue to advance such operating funds to the Company in the future, there can be no assurance that he will continue to do so. On September 7, 2015, Mr. Jose A. Capote ("Mr. Capote") was appointed to serve as the Company's Secretary and Vice President. There is no family relationship between Mr. Capote and any of the Company's directors or officers. Mr. Capote is currently a shareholder of the Company. The Company has incurred fees due to Mr. Capote for consulting service for acting as the Company’s Secretary and Vice President in the amount of $18,000 and $18,000 for the twelve months ended December 31, 2021 and December 31, 2020, respectively. The balance due to Mr. Capote as of December 31, 2021 and December 31, 2020 was $15,000 and $0, respectively, and was included in accounts payable and accrued liabilities. The Company pays New Asia Momentum Pte Ltd (“NAMPL”), a Singapore private company owned and controlled by Dr. Lin Kok Peng, the Company’s Chief Executive Officer and Chairman of the Board, fees for the rental of office space and for administrative services in its Singapore Headquarters. The Company has incurred fees of $47,342 and $46,294 due to NAMPL during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, and 2020, the Company had $150,739 and $103,397 due to NAMPL recorded in accounts payable and accrued liabilities, respectively. |
Note 6_ Commitments and Conting
Note 6: Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Note 6: Commitments and Contingencies | Note 6: Commitments and Contingencies The Company entered into an agreement with Premier Business Centers (“PBC”) on July 31, 2018. Under the terms of the agreement, PBC granted the Company a license to use the facilities and services of PBC at 15615 Alton Parkway Suite 450, Irvine, CA 92618. This is a month-to-month lease, with monthly fixed fees of $195. The Company pays NAMPL, a Singapore private company owned and controlled by Dr. Lin Kok Peng, the Company’s Chief Executive Officer, Chief Financial Officer and Chairman of the Board, fees for the rental of office space and for administrative services in its Singapore headquarters. This is a month-to-month lease, with monthly fixed fees of approximately $3,900. |
Note 1_ Organization and Summ_2
Note 1: Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company’s fiscal year end is December 31. |
Note 1_ Organization and Summ_3
Note 1: Organization and Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements as of December 31, 2021 and 2020, and for the years then ended, include the accounts of its wholly owned subsidiary, Magdallen Quant Pte Ltd. All significant intercompany transactions have been eliminated. |
Note 1_ Organization and Summ_4
Note 1: Organization and Summary of Significant Accounting Policies: Use of estimates (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Use of estimates | 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 amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of and for the year ended December 31, 2021; however, actual results could differ from those estimates and there may be changes to our estimates in future periods. |
Note 1_ Organization and Summ_5
Note 1: Organization and Summary of Significant Accounting Policies: Foreign Currency (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Foreign Currency | Foreign Currency The functional currency of our foreign subsidiary is their respective local currency. The financial statements of the foreign subsidiary are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange and income and expense amounts at average rates prevailing throughout the period. Translation adjustments resulting from the translation of the subsidiary’ accounts are included in “Accumulated other comprehensive income (loss),” a separate component of stockholders’ equity. The applicable exchange rate on December 31, 2021 closed at $1 = 1.3484 SGD and December 31, 2020 closed at $1 = 1.3215 SGD. |
Note 1_ Organization and Summ_6
Note 1: Organization and Summary of Significant Accounting Policies: Cash (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Cash | Cash All highly liquid investments with maturities of three months or less are considered to be cash equivalents. At December 31, 2021 and December 31, 2020, the Company had no cash equivalents. |
Note 1_ Organization and Summ_7
Note 1: Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash, prepaid expense, deposit, accounts payable and accrued liabilities, and advances from shareholder. 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. |
Note 1_ Organization and Summ_8
Note 1: Organization and Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Income Taxes | 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 December 31, 2021 and 2020, there have been no interest or penalties incurred on income taxes. |
Note 1_ Organization and Summ_9
Note 1: Organization and Summary of Significant Accounting Policies: Basic Income (Loss) Per Share (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Basic Income (Loss) Per Share | 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 December 31, 2021 and 2020. |
Note 1_ Organization and Sum_10
Note 1: Organization and Summary of Significant Accounting Policies: Related Parties (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Related Parties | Related Parties The Company follows the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. See note 5. |
Note 1_ Organization and Sum_11
Note 1: Organization and Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect any recent accounting pronouncements to have a material impact to its financial position or result of operations. |
Note 3_ Income Taxes_ Schedule
Note 3: Income Taxes: Schedule of Current Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Current Income Tax | The provision for federal income tax consists of the following for the twelve months ended: December 31, 2021 December 31, 2020 Federal income tax benefit attributable to: Current operations $ 153,781 $ 39,932 Less: valuation allowance (153,781) (39,932) - - |
Note 3_ Income Taxes_ Schedul_2
Note 3: Income Taxes: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets | The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: December 31, 2021 December 31, 2020 Deferred tax asset attributable to: Net operating loss carryover $ 2,599,153 $ 2,566,859 Less: valuation allowance (2,599,153) (2,566,859) Net deferred tax asset $ - $ - |
Note 3_ Income Taxes_ Schedul_3
Note 3: Income Taxes: Schedule of IRS Assessment Statute of Limitations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of IRS Assessment Statute of Limitations | Year End of IRS Assessment Statute of Limitations 2018 Oct 15, 2022 2019 Oct 15, 2023 2020 Oct 15, 2024 2021 (to be filed on September 15, 2022) Oct 15, 2025 |
Note 1_ Organization and Sum_12
Note 1: Organization and Summary of Significant Accounting Policies (Details) | Dec. 31, 2014 |
New Asia Holdings Limited | |
Ownership percentage acquired | 90.00% |
Note 3_ Income Taxes (Details)
Note 3: Income Taxes (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating Loss Carryforwards | $ 12.4 |
Premier Business Centers | Minimum | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Premier Business Centers | Maximum | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 3_ Income Taxes_ Schedul_4
Note 3: Income Taxes: Schedule of Current Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal income tax benefit attributable to | ||
Current operations | $ 153,781 | $ 39,932 |
Less: valuation allowance | (153,781) | (39,932) |
Provision for income taxes | $ 0 | $ 0 |
Note 3_ Income Taxes_ Schedul_5
Note 3: Income Taxes: Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax asset attributable to | ||
Net operating loss carryover | $ 2,599,153 | $ 2,566,859 |
Less: valuation allowance | (2,599,153) | (2,566,859) |
Net deferred tax asset | $ 0 | $ 0 |
Note 3_ Income Taxes_ Schedul_6
Note 3: Income Taxes: Schedule of IRS Assessment Statute of Limitations (Details) | 12 Months Ended |
Dec. 31, 2021 | |
2018 | |
End of IRS Assessment Statute of Limitations | Oct. 15, 2022 |
2019 | |
End of IRS Assessment Statute of Limitations | Oct. 15, 2023 |
2020 | |
End of IRS Assessment Statute of Limitations | Oct. 15, 2024 |
2021 | |
End of IRS Assessment Statute of Limitations | Oct. 15, 2025 |
Note 3_ Common Stock (Details)
Note 3: Common Stock (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Issuance of common stock | $ 0 | $ 220,000 |
Global Crypto | ||
Stock Issued During Period, Shares, New Issues | 2,000,000 | |
Issuance of common stock | $ 20,000 |
Note 5_ Convertible Advances _2
Note 5: Convertible Advances from Shareholder and other Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Repayment to shareholder | $ 38,697 | $ 0 |
Increase (Decrease) in Due to Officers and Stockholders | 118,697 | |
Advance from shareholder | 0 | 80,000 |
Payment made by related party on behalf of the Company | 0 | 38,697 |
Advance From Shareholder | 916,452 | 955,149 |
Accounts Payable and Accrued Liabilities | $ 172,955 | 119,470 |
New Asia Holdings Limited | ||
Debt Instrument, Convertible, Conversion Price | $ 0.003 | |
Vice President | ||
Administrative Fees Expense | $ 18,000 | 18,000 |
Due to Related Parties, Current | 15,000 | 0 |
New Asia Momentum Limited | ||
Operating Leases, Rent Expense | 47,342 | 46,294 |
Accounts Payable and Accrued Liabilities | $ 150,739 | $ 103,397 |
Note 6_ Commitments and Conti_2
Note 6: Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Premier Business Centers | |
Debt Instrument, Periodic Payment | $ 195 |
New Asia Momentum Limited | |
Debt Instrument, Periodic Payment | $ 3,900 |