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<TITLE>DM Products, Inc. (Form: 8-K, Received: 06/21/2013 16:22:50)</TITLE>
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<DIV style=margin-left:63pt;width:490.5pt><P align=center style='font:12pt Times New Roman;margin:0'><A name=eolPage1 /><A name=FIS_TOP_OF_DOCUMENT /><A name=DMPRODUCTS8K06212013_HTM /><A name=FIS_FORM />&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>UNITED STATES</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>WASHINGTON, DC 20549</B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>FORM 8-K</B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>CURRENT REPORT PURSUANT</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>TO SECTION 13 OR 15(D) OF THE</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'>Date of report (Date of earliest event reported): August 14, 2020</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>New Asia Holdings</B><B>, Inc.</B></FONT></P>
<P align=center style='font:12pt Times New Roman;margin:0'>(Exact name of registrant as specified in its charter)</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:477pt><TR><TD valign=top style=width:189pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='border-bottom:1px solid #000000'>Nevada</FONT></P>
</TD><TD valign=top style=width:135pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='border-bottom:1px solid #000000'>000-55410</FONT></P>
</TD><TD valign=top style=width:153pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='border-bottom:1px solid #000000'>45-0460095</FONT></P>
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<TR><TD valign=top style=width:189pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>(State or other jurisdiction of incorporation)</P>
</TD><TD valign=top style=width:135pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'><FONT style='border-bottom:1px solid #000000'>Commission File Number</FONT></P>
</TD><TD valign=top style=width:153pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>(IRS Employer Identification No.)</P>
</TD></TR>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style=width:576pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>11 Beach Road #03-01</P>
<P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>Singapore, 189675</P>
</TD></TR>
<TR><TD valign=top style=width:576pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>(Address of principal executive offices) (Zip Code)</P>
</TD></TR>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:576pt><TR><TD valign=top style=width:576pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>Registrant&#8217;s telephone number, including area code: +65-6702-3808</P>
</TD></TR>
<TR><TD valign=top style=width:576pt><P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'><B>N/A</B></P>
<P align=center style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>(Former name or former address, if changed since last report)</P>
</TD></TR>
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<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&#160;&#160;&#160;[ ]&#160;&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&#160;&#160;&#160;[ ]&#160;&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&#160;&#160;&#160;[ ]&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&#160;&#160;&#160;[ ]&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>Securities registered pursuant to Section 12(b) of the Act:</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=bottom style=width:163.3pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:12pt Times New Roman;margin:0'>Title of each class</P>
</TD><TD valign=bottom style=width:163.35pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:12pt Times New Roman;margin:0'>Trading Symbol(s)</P>
</TD><TD valign=bottom style=width:163.35pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:12pt Times New Roman;margin:0'>Name of each exchange on which registered</P>
</TD></TR>
<TR><TD valign=top style=width:163.3pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:12pt Times New Roman;margin:0'>N/A</P>
</TD><TD valign=top style=width:163.35pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:12pt Times New Roman;margin:0'>N/A</P>
</TD><TD valign=top style=width:163.35pt;padding-left:5.4pt;padding-right:5.4pt><P align=center style='font:12pt Times New Roman;margin:0'>N/A</P>
</TD></TR>
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<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=right style='font:12pt Times New Roman;margin:0'>Emerging growth company [ &nbsp;]</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:12pt Times New Roman;margin:0'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ &nbsp;]</P>
<P style='font:12pt Times New Roman;margin:0'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</P>
<P style='font:12pt Times New Roman;margin:0;margin-right:18pt'>&#160;<BR>&#160;<A name=eolPage2 /></P>
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<P style='font:12pt Times New Roman;margin:0'><A name=FIS_SECTION_5_CORPORATE_GOVERNANCE />&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><B>Item 1.01 Entry into a Material Definitive Agreement. </B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>On August 19, 2015, the Board of Directors (the &#8220;Board&#8221;) of New Asia Holdings Inc. (the &#8220;Company&#8221;) approved that all or a portion of those advances made and any future advances by New Asia Holdings Ltd. (&#8220;NAHL&#8221;) would be convertible by NAHL, at its own discretion, into shares of common stock of the Company at a conversion price of $0.02 per share. Dr. Lin Kok Peng, the Company&#8217;s Chairman and Chief Executive Officer and principal controlling shareholder of the Company is the sole owner of NAHL.</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>From December 24, 2014 through June 30, 2020, NAHL has advanced to the Company an aggregate of $906,452 in operating funds and NAHL is expected to continue to advance such operating funds through the end of 2020. NAHL recently informed the Company that the conversion terms are not consistent with the level of risk that NAHL has taken in effecting these advances and that NAHL wishes to re-establish the terms of the advances to date and the terms of any future advances prior to NAHL undertaking any such future advances. </P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Therefore, on August 14, 2020, the Company and NAHL entered into an Agreement on Advances (the &#8220;2020 Agreement&#8221;) pursuant to which the Company and NAHL agreed as follows: </P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD>All funds that have been advanced to the Company by NAHL up to August 14, 2020 (the &#8220;Prior Advances&#8221;) will continue to constitute an interest-free loan to the Company, which will be due and payable by the Company to NAHL on or before September 15, 2020. If the Company does not repay the Prior Advances by that date, NAHL will have the option to extend the repayment date or to convert all or a portion of the Prior Advances into Company common stock at a conversion price of $0.003 per share.<A name=_Ref48206731 /><A name=_Ref48203105 />&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt;margin-left:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD>Following August 14, 2020, NAHL will endeavor, on a best efforts basis, to continue to advance operating funds to the Company as may be required and requested by the Company for its operations, for a period of at least through December 31, 2020 (such additional advances, as funded, the &#8220;Additional Advances&#8221;). Any such Additional Advances will be due and payable by the Company to NAHL on or before January 31, 2021. In the event that any Additional Advances are made and are not repaid by such date, NAHL will have the option to extend the repayment date or to convert all or a portion of the Additional Advances into Company common stock at a conversion price of US $0.003 per share.<A name=_Ref48204442 />&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD>In the event that NAHL determines not to fund any Additional Advances, then the conversion price for any Prior Advances made prior to January 1, 2020 will remain $0.003 per share, and the conversion price with respect to any Prior Advances made after January 1, 2020 will be $0.01 per share. &nbsp;<A name=_Ref39086808 />&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD>The conversion prices as set forth above are subject to customary adjustments for stock splits, stock dividends, recapitalizations and other customary events which occur following August 14, 2020.&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>The 2020 Agreement contains customary representations, warranties and other agreements by and between the parties. &nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt;color:#111111'><FONT style=color:#000000>The description of the 2020 Agreement as set forth above is qualified in its entirely to the full text of the 2020 Agreement, which is attached hereto as Exhibits 10.1 respectively, and incorporated herein by reference. </FONT></P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:12pt Times New Roman;margin:0'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'><B>Item 2.03</B></KBD><KBD style=margin-left:72pt></KBD><B>Creation of A Direct Financial Obligation </B>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>The disclosure as set forth above in Item 1.01 is incorporated herein by reference.</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:0pt;color:#000000'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'><B>Item 9.01</B></KBD><KBD style=margin-left:72pt></KBD><B>Financial Statements and Exhibits.</B>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;color:#201F1E'>&#160;</P>
<TABLE style=margin-left:auto;border-collapse:collapse;width:490.5pt><TR><TD valign=top style='width:63pt;border-bottom:1.5pt solid #000000'><P style='font:12pt Times New Roman;margin:0'><B>Exhibit No.</B></P>
</TD><TD valign=top style=width:18pt;padding-bottom:1pt><P style='font:12pt Times New Roman;margin:0'><B>&#160;</B></P>
</TD><TD valign=top style='width:409.5pt;border-bottom:1.5pt solid #000000'><P style='font:12pt Times New Roman;margin:0'><B>Description</B></P>
</TD></TR>
<TR><TD valign=top style=width:63pt><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top style=width:18pt><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top style=width:409.5pt><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD></TR>
<TR><TD valign=top bgcolor=#CCEEFF style=width:63pt><P align=center style='font:12pt Times New Roman;margin:0'>10.1</P>
</TD><TD valign=top bgcolor=#CCEEFF style=width:18pt><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top bgcolor=#CCEEFF style=width:409.5pt><P style='font:12pt Times New Roman;margin:0'><A href=nahd_ex10z1.htm style=text-decoration:none><FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>Agreement</FONT></A><FONT style='color:#0000FF;border-bottom:1px solid #0000FF'> on Advances dated as of August 14, 2020 by and between the registrant and New Asia Holdings Ltd.</FONT></P>
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<TR><TD valign=top bgcolor=#FFFFFF style=width:63pt><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:18pt><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:409.5pt><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
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<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SIGNATURES</B></P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style=width:287.05pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD colspan=2 valign=top style=width:219.35pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:1.8pt'><B>New Asia Holdings, Inc.</B></P>
</TD><TD valign=top style=width:69.6pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD></TR>
<TR><TD valign=top style=width:287.05pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:18.15pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:201.2pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:69.6pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
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<TR><TD valign=top style='width:287.05pt;border-bottom:3pt solid #FFFFFF'><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>Date: August 19, 2020</P>
</TD><TD valign=top style='width:18.15pt;border-bottom:3pt solid #FFFFFF'><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>By:</P>
</TD><TD valign=top style='width:201.2pt;border-bottom:1.5pt solid #000000'><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>/s/&#160; Lin Kok Peng</P>
</TD><TD valign=top style='width:69.6pt;border-bottom:3pt solid #FFFFFF'><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD></TR>
<TR><TD valign=top style=width:287.05pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:18.15pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=bottom style=width:201.2pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>Lin Kok Peng</P>
</TD><TD valign=top style=width:69.6pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD></TR>
<TR><TD valign=top style=width:287.05pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:18.15pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:201.2pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>Chief Executive Officer</P>
</TD><TD valign=top style=width:69.6pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD></TR>
<TR><TD valign=top style=width:287.05pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:18.15pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:201.2pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
</TD><TD valign=top style=width:69.6pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&#160;</P>
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<TR><TD valign=top style=width:287.05pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:18.15pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
</TD><TD valign=top style=width:201.2pt><P align=justify style='font:12pt Times New Roman;margin:0;margin-right:0.8pt'>&nbsp;</P>
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DM Products, Inc. (Form: 8-K, Received: 06/21/2013 16:22:50)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 14, 2020
New Asia Holdings
, Inc.
(Exact name of registrant as specified in its charter)
Nevada
000-55410
45-0460095
(State or other jurisdiction of incorporation)
Commission File Number
(IRS Employer Identification No.)
11 Beach Road #03-01
Singapore, 189675
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: +65-6702-3808
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
N/A
N/A
N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [  ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]
Item 1.01 Entry into a Material Definitive Agreement.
On August 19, 2015, the Board of Directors (the "Board") of New Asia Holdings Inc. (the "Company") approved that all or a portion of those advances made and any future advances by New Asia Holdings Ltd. ("NAHL") would be convertible by NAHL, at its own discretion, into shares of common stock of the Company at a conversion price of $0.02 per share. Dr. Lin Kok Peng, the Company's Chairman and Chief Executive Officer and principal controlling shareholder of the Company is the sole owner of NAHL.
From December 24, 2014 through June 30, 2020, NAHL has advanced to the Company an aggregate of $906,452 in operating funds and NAHL is expected to continue to advance such operating funds through the end of 2020. NAHL recently informed the Company that the conversion terms are not consistent with the level of risk that NAHL has taken in effecting these advances and that NAHL wishes to re-establish the terms of the advances to date and the terms of any future advances prior to NAHL undertaking any such future advances.
Therefore, on August 14, 2020, the Company and NAHL entered into an Agreement on Advances (the "2020 Agreement") pursuant to which the Company and NAHL agreed as follows:
·
All funds that have been advanced to the Company by NAHL up to August 14, 2020 (the "Prior Advances") will continue to constitute an interest-free loan to the Company, which will be due and payable by the Company to NAHL on or before September 15, 2020. If the Company does not repay the Prior Advances by that date, NAHL will have the option to extend the repayment date or to convert all or a portion of the Prior Advances into Company common stock at a conversion price of $0.003 per share.
·
Following August 14, 2020, NAHL will endeavor, on a best efforts basis, to continue to advance operating funds to the Company as may be required and requested by the Company for its operations, for a period of at least through December 31, 2020 (such additional advances, as funded, the "Additional Advances"). Any such Additional Advances will be due and payable by the Company to NAHL on or before January 31, 2021. In the event that any Additional Advances are made and are not repaid by such date, NAHL will have the option to extend the repayment date or to convert all or a portion of the Additional Advances into Company common stock at a conversion price of US $0.003 per share.
·
In the event that NAHL determines not to fund any Additional Advances, then the conversion price for any Prior Advances made prior to January 1, 2020 will remain $0.003 per share, and the conversion price with respect to any Prior Advances made after January 1, 2020 will be $0.01 per share.
·
The conversion prices as set forth above are subject to customary adjustments for stock splits, stock dividends, recapitalizations and other customary events which occur following August 14, 2020.
The 2020 Agreement contains customary representations, warranties and other agreements by and between the parties.
The description of the 2020 Agreement as set forth above is qualified in its entirely to the full text of the 2020 Agreement, which is attached hereto as Exhibits 10.1 respectively, and incorporated herein by reference.
Item 2.03
Creation of A Direct Financial Obligation
The disclosure as set forth above in Item 1.01 is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
Exhibit No.
Description
10.1
Agreement
on Advances dated as of August 14, 2020 by and between the registrant and New Asia Holdings Ltd.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
New Asia Holdings, Inc.
Date: August 19, 2020
By:
/s/  Lin Kok Peng
Lin Kok Peng
Chief Executive Officer