ENABLING ASIA, INC. December 31, 2017 Quarterly Report

Transcription

1 ENABLING ASIA, INC. December 31, 2017 Quarterly Report ITEM 1 NAME OF ISSUER AND ITS PREDECESSORS (if any): Enabling Asia, Inc.: 12/2017 to present Budget Center, Inc.: 3/2009 to 11/2017 Formerly Cosco ESP, Inc.: 9/2005 to 3/2009 Formerly: Shore Ventures, Inc.: 4/2005 to 9/2005 Formerly: Secureware Inc.: 3/1999 to 4/2005 ITEM 2 ADDRESS OF THE ISSUER S PRINCIPAL EXECUTIVE OFFICES: Unit 18-3 Level 3, Jalan Sri Hartamas 8 Kuala Lumpur Malaysia Phone: ITEM 3 SECURITY INFORMATION: As of December 31, 2017: Trading symbol: EAIN Exact title and class of securities: Common Stock CUSIP: 29248G105 Par or Stated Value: $0.001 Total shares authorized: 500,000,000 Total shares outstanding: 1,221,186 Additional Classes: Trading symbol: None Exact title and class of securities: Preferred Stock CUSIP: None Par or Stated Value: $0.01 Total shares authorized: 50,000,000 Total shares outstanding: None 1

2 Transfer Agent Pacific Stock Transfer 6725 Via Austi Pkwy Suite 300 Las Vegas, Nevada, Phone: (800) Is the Transfer Agent registered under the Exchange Act? Yes No List any restrictions on the transfer of security: None. Describe any trading suspension orders issued by the SEC in the past 12 months: None. List any stock split, stock dividend, recapitalization, merger, acquisition, spin-off, or reorganization either currently anticipated or that occurred within the past 12 months: Effective December 5, 2017, the Company s Board of Directors and a majority of the shareholders of the Company amended the Company s Articles of Incorporation to (i) change the name of the Company to Enabling Asia, Inc. and (ii) effect a 1-for-300 reverse common stock split. All common stock share and per-share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. ITEM 4 ISSUANCE HISTORY During the twelve months ended March 31, 2017 and 2016, the Company issued no shares of capital stock. During the nine months ended December 31, 2017, the Company issued 1,000,000 shares (post reverse split) of common stock for conversion of note payable and stock based compensation. 2

3 ITEM 5 FINANCIAL STATEMENTS Enabling Asia, Inc. Financial Statements December 31,

4 ENABLING ASIA, INC Balance Sheet (Unaudited) December 31, March 31, Assets: Current Assets: Prepaid expenses $ 1,500 $ - Total Current Assets 1,500 - Other Assets: Investment in Banner Services Group Inc 30,000 30,000 Total Other Assets 30,000 30,000 Total Assets $ 31,500 $ 30,000 Liabilities: Current Liabilities: Accounts payable $ 9,272 $ 9,702 Notes payable - 12,186 Total Current Liabilities 9,272 21,888 Total Liabilities $ 9,272 $ 21,888 Stockholders' Equity: Common stock par value $0.001 authorized 500,000,000 shares, 1,221,186 and 221,029 shares issued and outstanding at December 31, 2017 and March 31, 2017 respectively $ 1,221 $ 221 Additional paid in capital 1,560,451 1,253,423 Accumulated deficit (1,539,444) (1,245,532) Total Stockholders' Equity 22,228 8,112 Total Liabilities and Stockholders' Equity $ 31,500 $ 30,000 The accompanying notes are an integral part of these financial statements. 4

5 ENABLING ASIA, INC Statement Of Operations (Unaudited) For the Three Months For the Nine Months Ended December 31, Ended December 31, Revenues $ - $ - Total Revenue - - Operating Expenses: General and administrative 2,212 3,275 Legal fees 6,443 6,443 Stock transfer fees 2,380 2,380 Stock compensation expenses - 281,814 Total Operating Expenses 11, ,312 Operating Loss (11,035) (293,312) Other Income/Expense: Other income - - Total Other Income/Expense - - Net Loss Before Taxes (11,035) (293,312) Income tax - - Net Loss $ (11,035) (293,312) Loss per share, Basic & Diluted $ (0.01) (2.43) Weighted average shares outstanding 1,221, ,120 The accompanying notes are an integral part of these financial statements. 5

6 ENABLING ASIA, INC Statement of Cash Flows (Unaudited) For the nine months ended December 31, 2017 CASH FLOW FROM OPERATING ACTIVITES: Net loss for the period $ (293,312) Adjustments to Reconcile Net Loss to Net Cash Used by Operating Activities: Stock compensation expenses 281,814 Debt forgiveness 8,028 Changes in Operating Assets and Liabilities: (Increase) decrease in prepaid expenses (1,500) Increase (decrease) in accounts payable (430) Net Cash Used in Operating Activities (6,000) CASH FLOW FROM FINANCING ACTIVITES: Proceeds from notes payable 6,000 Net Cash Provided by Financing Activities 6,000 Net Increase (Decrease) in Cash Cash at Beginning of Period - - Cash at End of Period $ - SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the year for: Interest paid $ - Income taxes paid $ - SUPPLEMENTAL DISLOSURE OF NON-CASH ITEMS: Common stock issued for conversion of promissory notes $ 18,186 The accompanying notes are an integral part of these financial statements. 6

7 ENABLING ASIA INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2017 (Stated in US Dollars) (Unaudited) 1. General Organization and Business Enabling Asia, Inc. was originally incorporated in the State of Nevada on March 12, 1999 as Secureware, Inc. On April 1, 2005, the Company changed its name to Shore Ventures Inc. and on September 13, 2005, the Company changed its name to Cosco ESP, Inc. On March 31, 2009, the Company changed its name to Budget Center, Inc. and in November 2017, the Company changed its name to Enabling Asia, Inc. its current name. In February, 2014, the Company acquired 100% of Vericard Inc. ( Vericard ) in exchange for 30 million common shares. Vericard is a private Wyoming registered company in the business of providing a web based service that allows online businesses to create secure product order forms to reduce credit card fraud. On November 25, 2014 the Company changed its name from Vericard Inc. to Banner Services Group Ltd. 2. Summary of Significant Accounting Policies (a) Accounting Principles The Company's accounting and reporting policies conform to generally accepted accounting principles in the United States. (b) Revenue Recognition The Company recognizes revenue in accordance with FASB ASC Subtopic 605, Revenue Recognition. Under FASB ASC Subtopic 605, revenue is recognized at the point of passage to the customer of title and risk of loss, there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured. The Company generally recognizes revenue at the time of delivery of goods. Sales are reflected net of sales taxes, discounts and returns. (c) Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents are on deposit with financial institutions without any restrictions. At December 31, 2017 and March 31, 2017, cash equivalents amounted to $0 and $0 7

8 (d) Fair Value of Financial Instruments The Company's financial instruments comprise cash, accounts receivable related party, accounts payable and accrued liabilities, notes payable and advances. The carrying value of Company's short-term instruments approximates fair value, unless otherwise noted, due to the short-term maturity of these instruments. In management's opinion, the fair value of notes payable is approximate to carrying value as the interest rates and other features of these instruments approximate those obtainable for similar instruments in the current market. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks in respect of these financial instruments. (e) Income Taxes The Company follows FASB ASC Subtopic 740, Income Taxes, for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. (f) Stock-based Compensation The Company follows FASB ASC Subtopic 718, Stock Compensation, for accounting for stockbased compensation. The guidance requires that new, modified and unvested share-based payment transactions with employees, such as grants of stock options and restricted stock, be recognized in the consolidated financial statements based on their fair value at the grant date and recognized as compensation expense over their vesting periods. The Company also follows the guidance for equity instruments issued to consultants. (g) Basic Loss Per Share FASB ASC Subtopic 260, Earnings Per Share, provides for the calculation of Basic" and "Diluted" earnings per share. Basic earnings per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. 8

9 (h) Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements that impacted the third quarter of fiscal 2018, or which are expected to impact future periods that were not already adopted and disclosed in prior periods. 3. Going Concern These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At December 31, 2017, the Company had not yet achieved profitable operations, has accumulated losses of $1,539,444 since its inception and expects to incur further losses in the development of its business, all of which cast substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon future profitable operations and/or the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has obtained additional funds by related party advances, however there is no assurance that this additional funding is adequate and further funding may be necessary. 4. Other Assets URL Domains The Company purchased a number of URL domain names which are proprietary addresses of a World Wide Web (www) page. The Company did not pay the necessary fees to renew these URL domain names. The Company wrote off $137,000 as of March 31, 2017 the carried value of the URL Domains names on the financial statements. 5. Common Stock Shares authorized On May 24, 2017, pursuant to stockholder consent, our Board of Directors authorized an amendment (the "Amendment") to our Certificate of Incorporation, as amended, to increase the authorized capital stock to 550,000,000. The capital stock is divided into two classes: (1) Common Stock in the amount of 500,000,000 shares, having a par value of $0.001 per share and (2) Preferred Stock in the amount of 50,000,000 shares, having par value of $0.01 per share. We filed the Amendment with the Nevada Secretary of State on May 25, Common Stock Issued During the quarter ended June 30, 2017, the Company issued 1,000,000 (post reverse split) shares of common stock for debt reduction of $18,186 and services valued at $281,814. 9

10 Reverse Split Effective December 5, 2017, the Company s Board of Directors and a majority of the shareholders of the Company amended the Company s Articles of Incorporation to effect a 1-for-300 reverse common stock split. All common stock share and per-share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. 6. Convertible Note Payable On March 1, 2011, the Company issued a convertible note payable (the "Note") of $68,003. The Note matured on March 31, 2016 and was convertible at any time at $0.001 per share. The Note was unsecured and was non-interest bearing In March 2014, the Company converted $9,000 of the Convertible Debenture to 9 million common shares. On March 31, 2017 the balance of the Convertible Debenture, $59,003 was cancelled by the Company. 7. Convertible Debenture On October 1, 2012, the Company issued a convertible debenture (the "Debenture") of $300,000. The Debenture matures on September 30, 2017 and is convertible at any time at $ per share. The Debenture is unsecured and bears interest at the rate of 5% per annum. On March 31, 2017, the $300,000 Convertible Debenture was cancelled by the Company. The Company based its decision on (1) could not locate a copy of the Convertible Debenture documents, (2) the conversion rate per share at $ per share was less than the par value of the Company common stock $0.001 per share and (3) if all shares were to be converted at $ per share, the total issue from the Convertible Debenture would exceed the total authorized shares of the Company at 150,000, Related Party Debt On Oct 1, 2017 the current shareholders took over the debt of $8,028 from the previous shareholders. During the three months ended December 31, 2017 the current shareholders has forgiven the debt of $8,028 leaving a balance of $0 due to related party as on December 31, Subsequent Events The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there were no reportable subsequent events to be disclosed. 10

11 ITEM 6 DESCRIBE THE ISSUER S BUSINESS, PRODUCTS AND SERVICES A. Description of the issuer s business operations: Enabling Asia, Inc. was originally incorporated in the State of Nevada on March 12, 1999 as Secureware, Inc. On April 1, 2005, the Company changed its name to Shore Ventures Inc. and on September 13, 2005, the Company changed its name to Cosco ESP, Inc. On March 31, 2009, the Company changed its name to Budget Center, Inc. and in November 2017, the Company changed its name to Enabling Asia, Inc. its current name. B. Date and State (or Jurisdiction) of Incorporation: March 12, Nevada C. The issuer s primary SIC Code: 7389 D. The issuer s fiscal year end date: 3/31 E. Principal products or services, and their markets: The Company is Asean s first and only integrated mobile virtual network aggregator (MVNA), offering all-in-one mobile telecommunication solutions that help you bring your brand to market rapidly with a reasonable investment capital. Our services cover every step of your mobile virtual netword operator (MVNO) journey, from providing TELCO connectivity, to implementing loyalty programs and setting up e- commerce and m-commerce platforms. ITEM 7 DESCRIBE THE ISSUER S FACILITIES The Company has no facilities to list. ITEM 8 OFFICER, DIRECTORS AND CONTROL PERSONS A. Names of Officers, Directors, and Control Persons. Full Name: Eric Yap Title: Chairman of the Board of Directors Business Address: Unit 18-3 Level 3, Jalan Sri Hartamas 8, Kuala Lumpur Malaysia Compensation: None Ownership: 430,000 shares of common stock Biography Mr. Yap has been serving as CEO and President of TRON Communications, a telecommunication company in Malaysia since April Dr. Yap holds an advanced diploma in international marketing, a master s degree and an honorable doctorate qualification in business administration. His career as an entrepreneur has led him to venture into various industries including insurance, property, construction, travel, security and finally telecommunications. During his career, Mr. Yap has earned the Brandlaureate Corporate Best Brand Award, the Brandlaureate Leadership Award, the Malaysia 2016 CSR Award and the Asia Pacific Entrepreneur Award. 11

12 Full Name: Loke Yee Siong Title: Chief Executive Officer and member of the Board of Directors Business Address: Unit 18-3 Level 3, Jalan Sri Hartamas 8, Kuala Lumpur Malaysia Compensation: None Ownership: 378,000 shares of common stock Biography Mr. Loke has over 20 years of experience in the telecommunications sector, working with a diverse group of companies that were all market leaders in their respective market segments. Among them include Maxis the leading mobile operator in Malaysia, Packet One Networks, which is a leading WIMAX internet provider in Malaysia, and TuneTalk, the country's most successful mobile virtual network operator (MVNO). He spent 11 years with Maxis Communications where he and his team helped build the telco, then a newcomer to the industry, to the number one mobile operator in Malaysia. A sales and distribution specialist, Loke worked his way up from a regional senior executive in 1996 to occupy the position of national senior manager for sales and distribution. He instituted a number of changes to the telcos' sales and distribution strategy, which comprised the most extensive distribution network with more than 26,000 touch points at its peak. The strategy included the introduction of an electronic delivery system for Maxis' prepaid service, which drove cost-efficiencies, as well as segmentised Maxis distributors and dealers to leverage on their respective strengths for two decades. 20 years. In 2011, Loke has entered the ASEAN region and started up the MVNA and MVNO business in Malaysia. Mr Loke being the co-founder and Group CEO of Enabling Asia Tech Sdn Bhd, a pioneer of MVNA in Malaysia, and its in-house MVNO subsidiary, i.e. Mobile 8 Telco Sdn Bhd, launched under the brand of Buzzme. Full Name: Kewell Yap Title: Chief Financial Officer Business Address: Unit 18-3 Level 3, Jalan Sri Hartamas 8, Kuala Lumpur Malaysia Compensation: None Ownership: No shares owned Biography Mr. Yap has over 12 years of financial services and business management experiences in various industries such as telecom, retail and media. His leadership experience in sales and marketing controllership backed with expertise in spearheading business reporting and analysis, developing financial model and assessment, regulating adherence to compliance, instituting internal control and process improvement and formulating streamlined business solutions. Kewell started his career with Maxis as an accountant. He was appointed as Head of Budget & Process Management for consumer business in January 2008 and subsequently redesignated as Head of Financial & Marketing Services in mid In 2013, Kewell has joined Enabling Asia as Chief Business Controller as a senior management team. 12

13 B. Legal/Disciplinary History. Please identify whether any of the foregoing persons have, in the last five years, been the subject of: Legal/Disciplinary History. Please identify whether any of the foregoing persons have, in the last five years, been the subject of: 1. A conviction in a criminal proceeding or named as a defendant in a pending criminal proceeding (excluding traffic violations and other minor offenses); None. 2. The entry of an order, judgment, or decree, not subsequently reversed, suspended or vacated, by a court of competent jurisdiction that permanently or temporarily enjoined, barred, suspended or otherwise limited such person s involvement in any type of business, securities, commodities, or banking activities; None. 3. A finding or judgment by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission, the Commodity Futures Trading Commission, or a state securities regulator of a violation of federal or state securities or commodities law, which finding or judgment has not been reversed, suspended, or vacated; or None. 4. The entry of an order by a self-regulatory organization that permanently or temporarily barred suspended or otherwise limited such person s involvement in any type of business or securities activities. None. 13

14 C. Beneficial Shareholders. The following table sets forth, as of March 14, 2018, the name, address and shareholdings or the percentage of shares owned by all persons beneficially owning more than ten percent (10%) of any class of Enabling Asia, Inc. s equity securities. Name Eric Yap Unit 18-3 Level 3, Jalan Sri Hartamas 8 Kuala Lumpur Malaysia Loke Yee Siong Unit 18-3 Level 3, Jalan Sri Hartamas 8 Kuala Lumpur Malaysia Number of Shares Beneficially Class Percentage of Class (1) 430,000 Common 35% 378,000 Common 31% 1) The above percentages are based on 1,221,186 shares of common stock outstanding as of March 14, ITEM 9 THIRD PARTY PROVIDERS: 1. Counsel Bauman & Associates Law Firm Frederick C. Bauman 6228 Dartle Street Las Vegas, NV Phone: (702) Accountant or Auditor None 3. Investor Relations Consultant None 4. Any other advisor(s) that assisted, advised, prepared or provided information with respect to this disclosure statement - the information shall include the telephone number and address of each advisor. None 14

15 ITEM 10 ISSUER CERTIFICATION I, Loke Yee Siong, certify that: 1. I have reviewed this quarterly report of Enabling Asia, Inc.; 2. Based on my knowledge, this disclosure statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this disclosure statement; and 3. Based on my knowledge, the financial statements, and other financial information included or incorporated by reference in this disclosure statement, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this disclosure statement. Date March 14, 2018 /s/ Loke Yee Siong Loke Yee Siong Chief Executive Officer (Principal Executive Officer) 15

16 I, Kewell Yap, certify that: 1. I have reviewed this quarterly report of Enabling Asia, Inc.; 2. Based on my knowledge, this disclosure statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this disclosure statement; and 3. Based on my knowledge, the financial statements, and other financial information included or incorporated by reference in this disclosure statement, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this disclosure statement. Date March 14, 2018 /s/ Kewell Yap Kewell Yap Chief Financial Officer (Principal Financial Officer) 16