Organization and Summary of Significant Accounting Policies | Note 1 - Organization and Summary of Significant Accounting Policies ORGANIZATION New Asia Energy, Inc. (formerly known as High Desert Assets, Inc. and previously known as Univest Tech, Inc.) (the "Company"), was incorporated in the State of Colorado on November 6, 2007. The Company was originally formed to develop and market music based on technology solutions. In February 2015, the Company underwent a change in control as a result of 76% of the then issued and outstanding shares of common stock of the Company being acquired by Rock Capital Limited (wholly owned by Lin Kok Peng, Ph.D.) and management adopting a new business plan based on the development of a "Pure Play" Renewable/Alternative/Distributed Energy Technology Solutions and Wastes to Resources and Energy platforms. On December 31, 2015, the Company went through a change of control in ownership (but not a change of control in management) when (i) the Company issued under Regulation S an aggregate of 285,750,001 shares of the Company's common stock to a total of 10 accredited foreign persons in exchange for the receipt of an aggregate of $300,000, including, but not limited to, Rong Yi Rong (Beijing) Asset Management Limited (167,995,350 shares, representing 51.38% of the issued and outstanding common stock of the Company), Platinum Starlight HK Limited (15,176,877 shares), Beijing Run Zheng Da Technology Development Limited (27,297,224 shares), Million Leader HK Limited (27,297,224 shares), and Jun Wei Kang Biotechnology Ltd ("JWK") (10,000,000 shares) and (ii) Rock Capital Limited sold 14,250,000 of its 31,328,700 shares of the Company's common stock to Platinum Starlight HK Limited in exchange for the receipt of an aggregate of $100,000, altogether representing approximately 91.8% of the issued and outstanding common stock of the Company. Current management consists of Lin Kok Peng, PhD, who serves as the Company's Chief Executive Officer, Chief Financial Officer, and Chairman of the Board as well as a director, Jose Capote, who serves as the Company's Chief Technical Officer and Secretary, and Allister Lim Wee Sing, who serves as a director of the Company. Pursuant to a Memorandum of Understanding ("MOU") dated November 20, 2015, between the Company and JWK, which is a company registered in the People's Republic of China and listed on the Shanghai Equity Exchange under the symbol "SEEQ:206322", the parties agreed to evaluate the potential for the Company to (i) develop, install and operate renewable energy facilities at JWK's cultivation, production and R&D facilities in Jilin Province, China, and (ii) supply renewable energy to JWK's facilities under "take-or-pay," Build-Own-Operate or Build-Own-Operate-and Transfer contractual vehicles, in order to reduce the carbon footprint of the JWK facilities, offset the use of fossil fuels and potentially provide some cost savings to JWK. JWK owns and operates extensive facilities for the cultivation, harvesting, processing, production, distribution and sale of value-added ginseng and other related products that enhance and promote healthy living. JWK has over 5,000 square meters of office and laboratory space and research and development facilities, processing and production plants and over 50 retail stores located throughout China. Jilin Province provides over 85% of the Ginseng raw feedstocks produced in China and 70% of the ginseng raw feedstocks produced world-wide and JWK is a leading provider of Ginseng value-added products in Jilin Province and throughout China. Through its cultivation, harvesting and processing activities, JWK has access to agricultural wastes and other by-products of production that are expected to be excellent sources of feedstock for these renewable energy facilities. The Company is currently evaluating the potential for the development of these projects. On June 16, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 50,056,400 shares of Company Common stock that it owned to 12 individual Foreign National Shareholders. On August 22, 2016, Rong Yi Rong (Beijing) Asset Management Limited re-sold in a private transaction a total of 34,282,340 shares of Company Common stock that it owned to 11 individual Foreign National Shareholders. Rong Yi Rong (Beijing) Asset Management Limited currently retains a total of 83,665,610 shares of common stock representing approximately 26% of the issued and outstanding common stock of the Company. On July 6, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,475,500 shares of Company common stock that it owned to 13 individual Foreign National shareholders. On October 10, 2016, Beijing Run Zheng Da Technology Development Limited re-sold in a private transaction a total of 3,773,500 shares of Company common stock that it owned to 10 individual Foreign National shareholders. Beijing Run Zheng Da Technology Development currently retains a total of 20,048,224 shares of Company common stock representing approximately 6% of the issued and outstanding common stock of the Company. |