Thu, May 16, 8:15 PM (219 days ago)
New Asia Holdings, Inc. (NAHD), a Nevada corporation, reported no revenue for fiscal years 2023 and 2022, reflecting a strategic shift due to poor performance of its proprietary neural trading algorithms. Consequently, its subsidiary Magdallen Quant Pte Ltd. (MQL) was dissolved in February 2023. The company incurred operating expenses of $195,039 in 2023 and $154,070 in 2022, leading to net losses of $187,539 and $154,070, respectively. The net loss increased due to higher professional fees in 2023. NAHD's financial condition shows a working capital deficit, with total liabilities of $1,358,530 against assets of $15,828 as of December 31, 2023. The company is dependent on advances from its principal shareholder, Lin Kok Peng, who provided $83,000 in 2023. NAHD is exploring new business opportunities, including a potential acquisition of Olenox Corp., a licensed operator in Texas, Oklahoma, and Kansas. Despite ongoing efforts, the company's ability to continue as a going concern remains uncertain, as highlighted by its auditors.