New Asia Holdings, Inc. - Quarter Report: 2012 September (Form 10-Q)

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[X]	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2012
[ ]	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission File Number: 333-165961

 

Nevada	45-0460095
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

P.O. Box 2458 Walnut Creek, CA

(Address of principal executive offices)

925-943-2090

(Registrant’s telephone number)

_______________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

[ ] Large accelerated filer Accelerated filer	[ ] Non-accelerated filer
[X] Smaller reporting company

 

 

	TABLE OF CONTENTS	Page
PART I – FINANCIAL INFORMATION
Item 1:	Financial Statements	3
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4T:	Controls and Procedures	19
PART II – OTHER INFORMATION
Item 1:	Legal Proceedings	20
Item 1A:	Risk Factors	20
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3:	Defaults Upon Senior Securities	20
Item 4:	Mine Safety Disclosures	20
Item 5:	Other Information	20
Item 6:	Exhibits	20

Our financial statements included in this Form 10-Q are as follows:
F-1	Consolidated Balance Sheets as of September 30, 2012 and December 31, 2011 (unaudited) ;
F-2	Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011 (unaudited);
F-3	Consolidated Statement of Stockholders’ Equity as of September 30, 2012 (unaudited);
F-4	Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and 2011 (unaudited); and
F-5	Notes to Consolidated Financial Statements.

 

See accompanying notes to financial statements.

DM Products, Inc. And Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
		For the 9 months ended				For the 9 months ended
		September 30, 2012				September 30, 2011
Cash flows from operating activities
Net Loss		$	(121,366	)		$	(50,760	)
Adjustment to reconcile net loss to net cash provided (used) by operating activities:
Depreciation			225				300
Changes in operating assets and liabilities:
Royalties receivable			5,009				(37,706	)
Employee Advances			-				5,000
Prepaid Expenses			10,656				(4,445	)
Accounts payable			6,749				10,378
Accrued Expenses			90,000				90,000
Net cash provided (used) by operating activities			(8,727	)			12,767
Cash flows from financing activities
Net decrease in credit card balances			-				(7,632	)
Net cash (used) by financing activities			-				(7,632	)
Net increase (decrease) in cash			(8,727	)			5,135
Cash at beginning of period			26,089				2,714
Cash at end of period		$	17,362			$	7,849
Supplemental disclosure of cash flow information:
Interest paid		$	734			$	776
Taxes paid		$	3,550			$	5,250

		September  30, 2012				September 30, 2011
Federal income tax benefit attributable to:
Current Operations		$	41,264			$	17,258
Less: valuation allowance		$	(41,264	)		$	(17,258	)
Net provision for Federal income taxes		~				~

		September  30, 2012				December  31,  2011
Deferred tax asset attributable to:
Net operating loss carryover		$	502,331			$	461,067
Less: valuation allowance		$	(502,331	)		$	(461,067	)
Net deferred tax asset		~				~

·	Complete Project Funding - The Company would obtain the exclusive licensing rights to products and pay a nominal royalty (2-5%) of gross sales to the product developer;

·	Joint Venture Projects - The Company would share costs of production, marketing and distribution and would share revenues with product developers; and

·	Straight Royalty Arrangements - The Company would partially finance the infomercials in exchange for a fixed royalty on gross sales.

 

 

Our revenue was $39,928 for the three months ended September 30, 2012, a decrease of $73,159 for the same period ended September 30, 2011, respectively. Our revenue was $ 79,868 and for the nine month periods ended September 30, 2012, a decrease of $85,677 for the same period ended  September 30, 2011, respectively. For all periods mentioned above, our revenues were solely based on royalty payments, thus, our cost of goods sold during this period was zero. The contractual term of our rights concerning the Banjo Minnow terminated on June 30, 2012.  However, we anticipate receiving royalty payments for the next several months.

 

 

 

 

 

None

 

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	DM Products, Inc.
Date:	November 14, 2012
	By:       /s/ Kurtis Cockrum                                                                                                               Kurtis Cockrum Title:    Chief Executive Officer and Director