Thu, Aug 29, 4:04 PM (138 days ago)
New Asia Holdings, Inc. reported a net loss of $70,782 for Q2 2024, compared to $45,057 in Q2 2023, reflecting increased operating expenses driven by higher professional fees. Total operating expenses rose to $70,782 from $45,057 year-over-year. The company continues to face significant challenges, with no revenue generated during both periods, as it dissolved its trading software subsidiary, Magdallen Quant Pte Ltd, due to poor performance. As of June 30, 2024, total assets were $20,026,000, with current liabilities significantly higher at $1,473,646, leading to a stockholders' deficit of $1,453,620. Cash reserves decreased to $13,393,000 from $23,409,000 in the prior year, highlighting liquidity issues. The company has relied on advances from its principal shareholder, Lin Kok Peng, totaling $1,092,683, which were converted to common stock post-acquisition of Olenox Corp., shifting its business focus to diversified energy operations. The ongoing need for capital raises concerns about its ability to sustain operations and achieve profitability, compounded by a going concern warning from auditors. Future financing remains uncertain, which could further impact operations and stockholder value.