Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 02, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | New Asia Holdings, Inc. | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1485029 | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 60,726,767 | ||
Entity Public Float | $256,493 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, Date of Incorporation | 1-Mar-01 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets | ||
Cash and cash equivalents | $0 | $10,589 |
Total Current Assets | 10,589 | |
Property and Equipment - net | 128 | |
TOTAL ASSETS | 10,717 | |
Current Liabilities | ||
Accounts Payable | 47,074 | |
Accrued Expenses | 0 | 301,653 |
Total Current Liabilities | 348,727 | |
Total Liabilities | 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, 1,821,807 shares issued and outstanding (1,557,807 - 2013). | 1,822 | 1,558 |
Stock to be issued | 350,000 | |
Additional Paid In Capital | 1,271,148 | 1,245,012 |
Accumulated Deficit | -1,622,970 | -1,584,580 |
Total Stockholders' Equity (Deficit) | -338,010 | |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $10,717 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position | ||
Common Stock, par or stated value | $0.00 | $0.00 |
Common Stock, shares authorized | 400,000,000 | 400,000,000 |
Common Stock, shares issued | 1,821,807 | 1,557,807 |
Common Stock, shares outstanding | 1,821,807 | 1,557,807 |
Preferred Stock, par or stated value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | ||
Total revenues | ||
Operating expenses | ||
Professional Fees | 37,254 | 22,754 |
Salary & Wages | 16,000 | 0 |
Consulting | 10,684 | 41,343 |
General & Administrative expenses | 21,028 | 35,189 |
Reimbursed expenses | -25,000 | |
Total operating expense | 59,966 | 99,286 |
Income (Loss) from operations and before non-controlling Interest | -59,966 | -99,286 |
Other Income | 2 | 37,924 |
Income (Loss) before non-controlling Interest | -59,964 | -61,362 |
Less: Income Attributable to non-controlling interest | 358 | |
Income (Loss) before income taxes | -59,964 | -61,720 |
Provision for income taxes | ||
Net Income (Loss) | ($59,964) | ($61,720) |
Net Income (Loss) per common share-basic and fully diluted | ($0.03) | ($0.04) |
Weighted average common shares outstanding-basic and diluted | 1,790,702 | 1,525,083 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Deficit) (USD $) | Common Stock | Additional Paid-In Capital | Non-controlling Interest | Accumulated Deficit | Total |
Stockholders' Equity, beginning of period, Value at Dec. 31, 2012 | $273,339 | $642,345 | $297,528 | ($1,522,859) | ($309,647) |
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2012 | 1,454,085 | ||||
Shares issued per agreement for services performed, Value | 33,000 | 33,000 | |||
Shares issued per agreement for services performed, Shares | 103,722 | ||||
Effect of 1-188 reverse stock split July 17, 2013 | -304,781 | 304,781 | |||
Net income (loss) for the period | 358 | -61,720 | -61,362 | ||
To close out non-controlling interest | 297,886 | -297,886 | |||
Stockholders' Equity, end of period, Value at Dec. 31, 2013 | 1,558 | 1,245,012 | -1,584,579 | -338,009 | |
Stockholders' Equity, end of period, Shares at Dec. 31, 2013 | 1,557,807 | ||||
Shares issued per agreement for services performed, Value | 264 | 26,136 | 26,400 | ||
Shares issued per agreement for services performed, Shares | 264,000 | ||||
Net income (loss) for the period | -59,964 | -59,964 | |||
To close out non-controlling interest | 21,573 | 21,573 | |||
Stockholders' Equity, end of period, Value at Dec. 31, 2014 | $1,822 | $1,292,721 | ($1,644,543) | ($350,000) | |
Stockholders' Equity, end of period, Shares at Dec. 31, 2014 | 1,821,807 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | ||
Net Income/Loss | ($59,964) | ($61,362) |
Adjustment to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation | 128 | 300 |
Sales of Common Stock | ||
Share-based compensation | 26,400 | 33,000 |
Changes in operating assets and liabilities: | ||
Royalties receivable | 1,541 | |
Accounts payable | -47,073 | -3,228 |
Other payable | -2,424 | |
Accrued expenses | -301,653 | 8,000 |
Net cash provided (used) by operating activities | -382,162 | -24,173 |
Cash flow from investing activities | ||
Net cash (used) by investing activities | ||
Cash flows from financing activities | ||
Subscription Deposit-Common Stock | 350,000 | |
Contributed Capital | 21,573 | |
Net cash (used) by financing activities | 371,573 | |
Net increase (decrease) in cash | -10,589 | -24,173 |
Cash at beginning of period | 10,589 | 34,762 |
Cash at end of period | 0 | 10,589 |
Supplemental disclosure of cash flow information: | ||
Taxes paid | $600 | $2,300 |
Note_1_Summary_of_Significant_
Note 1: Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 1: Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies |
Nature of Operations | |
DM Products, Inc. (the 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 products. | |
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, 2013 | |
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. | |
On December 24, 2014 the board of directors approves the following, the Company, entered into a Stock Purchase Agreement (the “Agreement”) with four accredited investors 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 $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. | |
Basis of Consolidation | |
The consolidated financial statements include the accounts of DM Products, 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 December 31, 2014 and December 31, 2013, the Company had cash balances of $0 and $10,589 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. | |
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 subcontracted 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 Tri-Star Products, Inc., which are the royalties received from the sales of the Banjo Minnow. These royalty arrangements with Tri-Star 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. | |
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, 2014, there have been no interest or penalties incurred on income taxes. | |
Advertising Policy | |
The Company recognizes advertising expense as incurred. The advertising expense for the twelve month periods ended December 31, 2014 and December 31, 2013 are $0 and $0 respectively. | |
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, 2014. | |
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 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 period ended December 31, 2014. | |
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
Note 2: Property & Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 2: Property & Equipment | 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 and $300 for the year ended December 31, 2014 and 2013, respectively. |
Note_3_NonControlling_Interest
Note 3: Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 3: Non-Controlling Interest | 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
Note 4: Accrued Expenses | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 4: Accrued Expenses | Note 4: Accrued Expenses | ||
Accrued expenses consisted of the following at December 31, 2014 and December 31, 2013: | |||
2014 | 2013 | ||
Accrued Wages | - | $285,653 | |
Accrued Directors' Fees | - | 16,000 | |
Total Accrued Expenses | - | $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 December 31, 2014 and December 31, 2013, respectively, were $0 and $285,653. As of December 31, 2014 there was a balance of accrued expenses to Kurt Cockrum in the amount of $21,573. Kurt Cockrum agreed to cancel the debt. | |||
Salary expense to the related party was $16,000 for the period ended December 31, 2014 and $0 for the period ended December 31, 2013. | |||
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, The 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, The Company owed Kurt 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 Kurt 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_Stock_Subscription_Depo
Note 5: Stock Subscription Deposit Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 5: Stock Subscription Deposit Common Stock | |
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 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 stock was issued on January 23, 2015. |
Note_6_Other_Income
Note 6: Other Income | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 6: Other Income | Note 6: 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 $15,000 and $12,500. The total of advances received from Iris Corporation amounted to $35,500 at December 31, 2013. The Company has recently placed Iris Corporation 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. |
Note_7_Reimbursed_Expenses
Note 7: Reimbursed Expenses | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 7: Reimbursed Expenses | Note 7: Reimbursed Expenses |
On April 04, 2014, the Company entered into an agreement with Iris Corporation to reimburse expenses relating to a Reverse Take over (RTO) of DM Products. On April 09, 2014, the Company received the $25,000. |
Note_8_Common_Stock
Note 8: Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 8: Common Stock | 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 1,821,807 shares of common stock issued and outstanding as of December 31, 2014 and 1,557,807 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 1,557,807 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. | |
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 Kurt 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. |
Note_9_Stock_Purchase_Agreemen
Note 9 : Stock Purchase Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 9 : Stock Purchase Agreement | Note 9 : Stock Purchase agreement |
Pursuant to the authority granted to the shareholders to take action by majority written consent without a meeting pursuant to the Nevada Revised Statutes, the shareholders (“Shareholders”) of DM Products, Inc., a Nevada corporation (“Corporation’), do hereby consent to, adopt, ratify, confirm, and approve, as of December 19, 2014, the following recitals and resolutions, as evidenced by their signature hereunder: WHEREAS, the President of DM Products, Inc. has submitted to the Shareholders a proposed agreement between this Corporation and New Asia Holdings Limited , Wong Kai Fatt, Earth Heat Ltd., and Kline Law Group for the purchase and sale of 58,904,964 shares of common stock of DM Products Inc.; and WHEREAS, a true and correct copy of the proposed Stock Purchase Agreement is attached hereto and made part of this Resolutions; and WHEREAS, the Shareholders have reviewed and discussed among themselves the above described proposed agreement; and NOW, THEREFORE, BE IT RESOLVED THAT the above described agreement is hereby approved by the Shareholders and that the Board of Directors of DM Products, Inc. are hereby authorized to enter into the said agreement in the name of and on behalf of the Corporation. | |
On December 24, 2014 the board of directors, RESOLVED, that the following persons are elected to the offices indicated next to their names to serve until their successor(s) shall be duly elected or appointed, unless he resigns, is removed from office or is otherwise disqualified from serving as an officer of this Corporation, to take their respective offices immediately upon such elections: Lin Kok Peng Jeffrey Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Secretary and Director; Allister Lim Wee Sing Director. | |
At the Closing, Kurt L. Cockrum and James Clark resigned from all offices of the Company as of December 24, 2014. |
Note_10_Related_Party_Transact
Note 10: Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 10: Related Party Transactions | Note 10: Related Party Transactions |
The Company has issued to Kurt 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 Kurt 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 Kurt 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 Kurt 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 Kurt 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. | |
The accrued wages owed under the employment agreement as of December 31, 2014 and December 31, 2013 were respectively $0 and $285,653. Salary expense to this related party was $16,000 as of December 31, 2014. See note 4. |
Note_11_Commitments_and_Contin
Note 11: Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 11: Commitments and Contingencies | Note 11: Commitments and Contingencies |
The CEO and employees of the Company work from their homes. The fair market value of rents contributed by the related parties are estimated to be $50 per month, which is immaterial to the Company's financial statements, and has not been recorded on the Company's books. |
Note_12_Income_Taxes
Note 12: Income Taxes | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 12: Income Taxes | Note 12: Income Taxes | ||
As of December 31, 2014, the Company had net operating loss carry forwards of approximately $1,622,970 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 twelve months ended: | |||
31-Dec-14 | December 31, 2013 | ||
Federal income tax benefit attributable to: | |||
Current Operations | $20,388 | $20,984 | |
Less: valuation allowance | -20,388 | -20,984 | |
Net provision for Federal income taxes | - | - | |
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | |||
December 31, 2014 | 31-Dec-13 | ||
Deferred tax asset attributable to: | |||
Net operating loss carryover | $559,144 | $538,756 | |
Less: valuation allowance | -559,144 | -538,756 | |
Net deferred tax asset | - | - | |
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $1,622,970 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_13_Going_Concern
Note 13: Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 13: Going Concern | Note 13: 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_14_Subsequent_Events
Note 14: Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 14: Subsequent Events | Note 14: Subsequent Events |
On January 21, 2015, DM Products, Inc (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 has notified the Financial Regulatory Authority (“FINRA”) of the Name Change and new trading symbol, “NAHD” has been assigned effective February 13, 2015. The new CUSIP number for the Company‘s common stock is 64202A109. | |
On January 21, 2015 the board of directors, resolved, that the resignation of Lin Kok Peng Jeffrey from the position of Secretary of the Corporation is hereby accepted – it being that Lin Kok Peng Jeffrey shall retain all other positions with the Corporation that he currently holds. | |
On January 21, 2015 the board of directors, resolved, that Scott C. Kline is elected to the offices of Secretary and General Counsel of the Corporation to serve until his successor shall be duly elected or appointed, unless he resigns, is removed from office or is otherwise disqualified from serving as an officer of this corporation, to take their respective offices immediately upon such election. | |
On January 21, 2015 the board of directors, resolved, that the Chairman, the Chief Executive Officer, any Vice President, the Secretary or any Assistant Secretary of the Corporation, each with the full power to act alone, be, and each hereby is, authorized, directed and empowered, in the name and on behalf of the Corporation, to carry out and fully perform the terms and provisions of the foregoing resolutions, and to execute, deliver and, where called for, affix the seal of the Corporation to any required consents, agreements, certificates, instruments and other documents, to make all such payments, and to do and perform all such other acts and things as such individual may deem necessary, appropriate or convenient, as conclusively evidenced by such action by such individual in order to carry into effect the foregoing resolutions and each document as delivered pursuant thereto, all such action heretofore taken and disclosed to the Board being hereby ratified, confirmed and approved as the acts and deeds of the Corporation; resolved further, that the directors and the appropriate officers of the Corporation, and each of them hereby is, authorized and empowered, in the name and on behalf of the Corporation, to execute and deliver any and all such other agreements, instruments and documents and to take any and all such other actions as the director or officer so doing considers, with the advice of counsel, necessary or appropriate to carry out the intent of the foregoing resolutions; and resolved further, that any action taken by any director or officer of the Corporation pursuant to the authority conferred by the Board under any of the foregoing resolutions (including, without limitation, the execution and delivery of any agreement or instrument in the name and on behalf of the Corporation) shall conclusively evidence the due authorization thereof by the Corporation. | |
On January 23, 2015 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 $350,000. 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_1_Summary_of_Significant_1
Note 1: Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Basis of Consolidation | Basis of Consolidation |
The consolidated financial statements include the accounts of DM Products, 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 | 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 | 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 | Cash and Cash Equivalents |
All highly liquid investments with maturities of three months or less are considered to be cash equivalents. At December 31, 2014 and December 31, 2013, the Company had cash balances of $0 and $10,589 respectively. | |
Fair Value of Financial Instruments | 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. | |
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 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 | 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 subcontracted 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 Tri-Star Products, Inc., which are the royalties received from the sales of the Banjo Minnow. These royalty arrangements with Tri-Star 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. | |
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, 2014, there have been no interest or penalties incurred on income taxes. | |
Advertising Policy | Advertising Policy |
The Company recognizes advertising expense as incurred. The advertising expense for the twelve month periods ended December 31, 2014 and December 31, 2013 are $0 and $0 respectively. | |
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, 2014. | |
Stock-Based Compensation | 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 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 period ended December 31, 2014. | |
Recent Accounting Pronouncements | 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_4_Accrued_Expenses_Schedu
Note 4: Accrued Expenses: Schedule of Accrued Expenses (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31, 2014 and December 31, 2013: | ||
2014 | 2013 | ||
Accrued Wages | - | $285,653 | |
Accrued Directors' Fees | - | 16,000 | |
Total Accrued Expenses | - | $301,653 | |
Note_12_Income_Taxes_Schedule_
Note 12: Income Taxes: Schedule of Components of Income Tax (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Components of Income Tax | The provision for federal income tax consists of the following for the twelve months ended: | ||
31-Dec-14 | December 31, 2013 | ||
Federal income tax benefit attributable to: | |||
Current Operations | $20,388 | $20,984 | |
Less: valuation allowance | -20,388 | -20,984 | |
Net provision for Federal income taxes | - | - |
Note_12_Income_Taxes_Schedule_1
Note 12: Income Taxes: Schedule of Net Deferred Tax Amount (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Net Deferred Tax Amount | The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | ||
December 31, 2014 | 31-Dec-13 | ||
Deferred tax asset attributable to: | |||
Net operating loss carryover | $559,144 | $538,756 | |
Less: valuation allowance | -559,144 | -538,756 | |
Net deferred tax asset | - | - |
Note_1_Summary_of_Significant_2
Note 1: Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 23, 2015 | Dec. 31, 2005 | Jul. 18, 2005 | |
Entity Incorporation, Date of Incorporation | 1-Mar-01 | ||||
Letter of Intent Terms | 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. | ||||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | $350,000 | ||||
Common Stock | Subsequent Event | |||||
Stock issued pursuant to Stock Purchase Agreement | 58,904,964 | ||||
Common Stock | Subsequent Event | New Asia Holdings Limited | |||||
Stock issued pursuant to Stock Purchase Agreement | 54,957,724 | ||||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 326,546 | ||||
Common Stock | Subsequent Event | Wong Kai Fatt | |||||
Stock issued pursuant to Stock Purchase Agreement | 1,821,803 | ||||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 10,825 | ||||
Common Stock | Subsequent Event | Earth Heat Ltd. | |||||
Stock issued pursuant to Stock Purchase Agreement | 1,518,169 | ||||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 9,021 | ||||
Common Stock | Subsequent Event | Kline Law Group PC | |||||
Stock issued pursuant to Stock Purchase Agreement | 607,268 | ||||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 3,608 | ||||
Direct Success Inc | |||||
Business acquisition, percentage of ownership acquired | 70.00% | ||||
Direct Success Inc | Common Stock | |||||
Business Acquisition, Shares Issued | 114,851,043 | ||||
Direct Success LLC 3 | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||||
Aliano, Inc | |||||
Entity Incorporation, Date of Incorporation | 14-Jul-10 |
Note_1_Summary_of_Significant_3
Note 1: Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Details | |||
Cash balance | $0 | $10,589 | $34,762 |
Note_1_Summary_of_Significant_4
Note 1: Summary of Significant Accounting Policies: Revenue Recognition (Details) (Banjo Buddies) | 12 Months Ended |
Dec. 31, 2014 | |
Banjo Buddies | |
Legal Services Revenue Sharing Agreement, Description | 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 Tri-Star Products, Inc., which are the royalties received from the sales of the Banjo Minnow. These royalty arrangements with Tri-Star 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. |
Note_1_Summary_of_Significant_5
Note 1: Summary of Significant Accounting Policies: Advertising Policy (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Advertising Expense | $0 | $0 |
Note_1_Summary_of_Significant_6
Note 1: Summary of Significant Accounting Policies: Basic Income (loss) Per Share (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Details | |
Antidilutive Securities, Amount | 0 |
Note_1_Summary_of_Significant_7
Note 1: Summary of Significant Accounting Policies: Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Shares issued per agreement for services performed, Value | $26,400 | $33,000 |
Common Stock | ||
Shares issued per agreement for services performed, Shares | 264,000 | 103,722 |
Shares issued per agreement for services performed, Value | 264 | 33,000 |
Consultant | ||
Shares issued per agreement for services performed, Value | 6,000 | |
Consultant | Common Stock | ||
Shares issued per agreement for services performed, Shares | 31,915 | |
Non-employees | ||
Shares issued per agreement for services performed, Value | 6,000 | |
Employees | ||
Shares issued per agreement for services performed, Value | $27,000 |
Note_2_Property_Equipment_Deta
Note 2: Property & Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Property, Plant and Equipment, Depreciation Methods | accelerated and straight-line methods | |
Depreciation | $128 | $300 |
Note_3_NonControlling_Interest1
Note 3: Non-Controlling Interest (Details) (Direct Success LLC 3) | Dec. 31, 2014 |
Direct Success LLC 3 | |
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% |
Note_4_Accrued_Expenses_Schedu1
Note 4: Accrued Expenses: Schedule of Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Accrued Wages | $0 | $285,653 |
Accrued Directors' Fees | 0 | 16,000 |
Total Accrued Expenses | $0 | $301,653 |
Note_4_Accrued_Expenses_Detail
Note 4: Accrued Expenses (Details) (USD $) | 12 Months Ended | 86 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | |
Description of employment contract | 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. | ||||
Accrued Wages | $0 | $285,653 | |||
Salary & Wages | 16,000 | 0 | |||
Shares issued per agreement for services performed, Value | 26,400 | 33,000 | |||
President | |||||
Directors fees | 10,000 | 10,000 | 13,000 | 6,000 | |
Shares issued per agreement for services performed, Value | 19,000 | ||||
President | Accrued Director Fees 2011 | |||||
Shares issued per agreement for services performed, Value | 6,000 | ||||
President | Accrued Director Fees 2012 | |||||
Shares issued per agreement for services performed, Value | 13,000 | ||||
Director | |||||
Directors fees | 6,000 | 6,000 | 6,000 | 2,000 | |
Director | Accrued Director Fees 2011 | |||||
Shares issued per agreement for services performed, Value | 2,000 | ||||
Director | Accrued Director Fees 2012 | |||||
Shares issued per agreement for services performed, Value | $6,000 |
Note_5_Stock_Subscription_Depo1
Note 5: Stock Subscription Deposit Common Stock (Details) (USD $) | 0 Months Ended | |
Jan. 23, 2015 | Dec. 31, 2014 | |
Stock to be issued | $350,000 | |
Subsequent Event | Common Stock | ||
Stock issued pursuant to Stock Purchase Agreement | 58,904,964 | |
Legal Fees | ||
Stock to be issued | 13,000 | |
Subscription Deposit | ||
Stock to be issued | $337,000 |
Note_6_Other_Income_Details
Note 6: Other Income (Details) (Iris Corporation, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Advance from Acquirer | $35,500 |
Advance 1 | |
Advance from Acquirer | 8,000 |
Advance 2 | |
Advance from Acquirer | 15,000 |
Advance 3 | |
Advance from Acquirer | $12,500 |
Note_7_Reimbursed_Expenses_Det
Note 7: Reimbursed Expenses (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Details | |
Proceeds from reimbursed expenses | $25,000 |
Note_8_Common_Stock_Details
Note 8: Common Stock (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 17, 2013 | Jul. 16, 2013 | |
Capital Units, Authorized | 430,000,000 | |||
Common Stock, shares authorized | 400,000,000 | 400,000,000 | ||
Common Stock, par or stated value | $0.00 | $0.00 | ||
Preferred Stock, shares authorized | 30,000,000 | 30,000,000 | ||
Preferred stock, par value | $0.00 | $0.00 | ||
Common Stock, shares outstanding | 1,821,807 | 1,557,807 | 1,557,807 | 306,339,011 |
Shares issued per agreement for services performed, Value | $26,400 | $33,000 | ||
Common Stock | ||||
Shares issued per agreement for services performed, Shares | 264,000 | 103,722 | ||
Shares issued per agreement for services performed, Value | 264 | 33,000 | ||
Stockholders' Equity, Reverse Stock Split | 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. | |||
Director | Compensation for Services 4-24-2013 | ||||
Shares issued per agreement for services performed, Value | 6,000 | |||
Director | Compensation for Services 4-24-2013 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 15,957 | |||
Director | Compensation for Services 5-06-2013 | ||||
Shares issued per agreement for services performed, Value | 2,000 | |||
Director | Compensation for Services 5-06-2013 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 5,319 | |||
Director | Compensation for Services 2-12-2014 | ||||
Shares issued per agreement for services performed, Value | 6,000 | |||
Director | Compensation for Services 2-12-2014 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 60,000 | |||
President | ||||
Shares issued per agreement for services performed, Value | 19,000 | |||
President | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 50,531 | |||
President | Compensation for Services 2-12-2014 | ||||
Shares issued per agreement for services performed, Value | 10,000 | |||
President | Compensation for Services 2-12-2014 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 100,000 | |||
Consultant | ||||
Shares issued per agreement for services performed, Value | 6,000 | |||
Consultant | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 31,915 | |||
Consultant | Compensation for Services 2-12-2014 | ||||
Shares issued per agreement for services performed, Value | $10,400 | |||
Consultant | Compensation for Services 2-12-2014 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 104,000 |
Note_9_Stock_Purchase_Agreemen1
Note 9 : Stock Purchase Agreement (Details) (Subsequent Event, Common Stock) | 0 Months Ended |
Jan. 23, 2015 | |
Subsequent Event | Common Stock | |
Stock issued pursuant to Stock Purchase Agreement | 58,904,964 |
Note_10_Related_Party_Transact1
Note 10: Related Party Transactions (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares issued per agreement for services performed, Value | $26,400 | $33,000 | ||
Accrued Wages | 0 | 285,653 | ||
Common Stock | ||||
Shares issued per agreement for services performed, Shares | 264,000 | 103,722 | ||
Shares issued per agreement for services performed, Value | 264 | 33,000 | ||
President | ||||
Shares issued per agreement for services performed, Value | 19,000 | |||
Directors fees | 10,000 | 10,000 | 13,000 | 6,000 |
President | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 50,531 | |||
President | Accrued Director Fees 2011 | ||||
Shares issued per agreement for services performed, Value | 6,000 | |||
President | Accrued Director Fees 2011 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 15,957 | |||
President | Accrued Director Fees 2012 | ||||
Shares issued per agreement for services performed, Value | 13,000 | |||
President | Accrued Director Fees 2012 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 34,574 | |||
President | Compensation for Services 2-12-2014 | ||||
Shares issued per agreement for services performed, Value | 10,000 | |||
President | Compensation for Services 2-12-2014 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 100,000 | |||
Director | ||||
Directors fees | 6,000 | 6,000 | 6,000 | 2,000 |
Director | Accrued Director Fees 2011 | ||||
Shares issued per agreement for services performed, Value | 2,000 | |||
Director | Accrued Director Fees 2011 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 5,319 | |||
Director | Accrued Director Fees 2012 | ||||
Shares issued per agreement for services performed, Value | 6,000 | |||
Director | Accrued Director Fees 2012 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 15,957 | |||
Director | Compensation for Services 2-12-2014 | ||||
Shares issued per agreement for services performed, Value | $6,000 | |||
Director | Compensation for Services 2-12-2014 | Common Stock | ||||
Shares issued per agreement for services performed, Shares | 60,000 |
Note_12_Income_Taxes_Details
Note 12: Income Taxes (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Details | |
Operating Loss Carryforwards | $1,622,970 |
Operating Loss Carryforwards, Expiration Date | 31-Dec-32 |
Note_12_Income_Taxes_Schedule_2
Note 12: Income Taxes: Schedule of Components of Income Tax (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Federal Income Tax Benefit Attributable To: | ||
Current Operations | $20,388 | $20,984 |
Less: Valuation Allowance | -20,388 | -20,984 |
Net provision for Federal income taxes |
Note_12_Income_Taxes_Schedule_3
Note 12: Income Taxes: Schedule of Net Deferred Tax Amount (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Expected Tax Rate | 34.00% | |
Deferred Tax Asset Attributable To: | ||
Net Operating Loss Carryover | $559,144 | $538,756 |
Less: Valuation Allowance | -559,144 | -538,756 |
Net deferred tax asset | $0 | $0 |
Note_14_Subsequent_Events_Deta
Note 14: Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Feb. 13, 2015 | Jan. 23, 2015 | |
Value of Stock Issued Pursuant to Stock Purchase Agremeent | $350,000 | ||
Subsequent Event | |||
Trading Symbol | NAHD | ||
Subsequent Event | Common Stock | |||
Stock issued pursuant to Stock Purchase Agreement | 58,904,964 | ||
Subsequent Event | Common Stock | New Asia Holdings Limited | |||
Stock issued pursuant to Stock Purchase Agreement | 54,957,724 | ||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 326,546 | ||
Subsequent Event | Common Stock | Wong Kai Fatt | |||
Stock issued pursuant to Stock Purchase Agreement | 1,821,803 | ||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 10,825 | ||
Subsequent Event | Common Stock | Earth Heat Ltd. | |||
Stock issued pursuant to Stock Purchase Agreement | 1,518,169 | ||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 9,021 | ||
Subsequent Event | Common Stock | Kline Law Group PC | |||
Stock issued pursuant to Stock Purchase Agreement | 607,268 | ||
Value of Stock Issued Pursuant to Stock Purchase Agremeent | 3,608 |