New Momentum Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>New Momentum Corp. has filed its 2023 10-K report, detailing its financial performance and corporate history.</b>

AI Summary

New Momentum Corp. (NNAX) filed a Annual Report (10-K) with the SEC on April 17, 2024. New Momentum Corp. reported its fiscal year 2023 results, ending December 31, 2023. The company was formerly known as Eason Education Kingdom Holdings, Inc. and HAN LOGISTICS INC. Its business address is located at 150 Cecil Street, #08-01, Singapore, 069543. The company's common stock has a par value of $0.001. The filing covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking New Momentum Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of New Momentum Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance. The report includes historical company name changes, indicating potential restructuring or strategic shifts that could impact future business direction.

Risk Assessment

Risk Level: — New Momentum Corp. shows moderate risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures without immediate red flags.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand New Momentum Corp.'s current business standing and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-17 — Filing Date (Date the report was filed)
• 0.001 — Par Value (Common Stock par value)

Key Players & Entities

• New Momentum Corp. (company) — Filer name
• Eason Education Kingdom Holdings, Inc. (company) — Former company name
• HAN LOGISTICS INC (company) — Former company name
• Singapore (company) — Business and mail address city
• NV (company) — State of incorporation
• 0.001 (dollar_amount) — Par value of common stock

FAQ

Industry Context

The company operates within the Services-Management Services sector, SIC code 8741.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Examine the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance and strategy.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-17: Filing Date — Date New Momentum Corp. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial 10-K filing for New Momentum Corp. under its current name, following previous filings under former names.

Key Financial Figures

• $0.001 — he Registrant's common stock, par value $0.001 per share, outstanding. NEW MOMENTUM C
• $2.00 — by Gagfare, travelers can now pay only $2.00 to secure up to nine flight seats, well
• $2.00 b — ow-pay-later solution, a non-refundable $2.00 booking fee is paid to Gagfare. The booki
• $500,000 — anagement estimates to be approximately $500,000 over the next twelve months. If such es
• $403,933 — or the year ended December 31, 2023 was $403,933. We have few customers, and we have not

Filing Documents

• nnax_10k.htm (10-K) — 961KB
• nnax_ex313.htm (EX-3.13) — 1KB
• nnax_ex315.htm (EX-3.15) — 4KB
• nnax_ex211.htm (EX-21.1) — 2KB
• nnax_ex311.htm (EX-31.1) — 13KB
• nnax_ex312.htm (EX-31.2) — 10KB
• nnax_ex321.htm (EX-32.1) — 4KB
• nnax_ex315img8.jpg (GRAPHIC) — 90KB
• nnax_10kimg4.jpg (GRAPHIC) — 2KB
• nnax_10kimg3.jpg (GRAPHIC) — 33KB
• nnax_ex313img2.jpg (GRAPHIC) — 145KB
• nnax_ex315img9.jpg (GRAPHIC) — 105KB
• nnax_ex315img7.jpg (GRAPHIC) — 102KB
• nnax_ex315img11.jpg (GRAPHIC) — 89KB
• nnax_ex315img6.jpg (GRAPHIC) — 106KB
• 0001477932-24-002194.txt (&nbsp;) — 4936KB
• nnax-20231231.xsd (EX-101.SCH) — 40KB
• nnax-20231231_lab.xml (EX-101.LAB) — 212KB
• nnax-20231231_cal.xml (EX-101.CAL) — 40KB
• nnax-20231231_pre.xml (EX-101.PRE) — 194KB
• nnax-20231231_def.xml (EX-101.DEF) — 109KB
• nnax_10k_htm.xml (XML) — 515KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 20 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6.

Selected Financial Data

Selected Financial Data 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 30 Item 9A.

Controls and Procedures

Controls and Procedures 30 Item 9B. Other Information 31 PART III Item 10. Directors, Executive Officers and Corporate Governance 33 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 PART IV Item 15. Exhibits and Financial Statement Schedules 39 Item 16. Form 10-K Summary 39

Signatures

Signatures 40 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K of New Momentum Corporation, a Nevada corporation (the "Company"), contains "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (i) commercialization of our technology and products, (ii) development and protection of our intellectual property, (iii) the Company's need for and ability to obtain additional financing, (iv) industry competition, (v) the exercise of the control over us by Leung Tin Lung David, the Company's sole director and officer, and majority shareholder, (vi) other factors over which we have little or no control; and (vii) other factors discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). Our management has included projections and estimates in this Form 10-K, which are based primarily on management's experience in the industry, assessments of our results of ope

BUSINESS

ITEM 1. BUSINESS DESCRIPTION OF BUSINESS Our Corporate History and Background The Company was incorporated on July 1, 1999, under the laws of the State of Nevada, under the name "Han Logistics, Inc." On August 6, 2015, the Company changed its name to "Eason Education Kingdom Holdings, Inc." On June 18, 2020, the Company changed its name to New Momentum Corporation. Amee Han Lombardi served as President, Secretary, Treasurer and a director from July 1, 1999 until her resignation on February 13, 2015. Michael Vardakis served as a director from April 19, 2012 until his resignation on February 13, 2015. On February 13, 2015, Kin Hon Chu was appointed a director, Law Wai Fan was appointed Chief Executive Officer, Cheng Kin Ning was appointed Chief Financial Officer, and Marie Huen Lai Chun was appointed Chief Operating Officer. On April 27, 2020, Leung Tin Lung David acquired approximately 233,813,213, or approximately 75.2%, of the issued and outstanding shares of common stock of the Company on such date. On May 27, 2020, Chu Kin Hon resigned as director; Law Wai Fan resigned as Chief Executive Officer and President; Cheng Kin Ning resigned as Chief Financial Officer, Secretary and Treasurer; and Marie Huen Lai Chun resigned as Chief Operating Officer, of the Company. Effective May 27, 2020, Leung Tin Lung David was appointed as President, Secretary, and Treasurer and a Director of the Company. Mr. Leung is currently the sole director and officer of the Company. Reverse Acquisition of Nemo Holding On July 6, 2020, the Company entered into a Share Exchange Agreement (the "Share Exchange Agreement"), with Nemo Holding Company Limited, a British Virgin Islands corporation ("Nemo Holding"), and the holders of common shares of Nemo Holding. The holders of the common stock of Nemo Holding consisted of 29 stockholders. Under the terms and conditions of the Share Exchange Agreement, the Company offered, sold and issued 10,000,000 shares of common stock in considerat

RISK FACTORS

ITEM 1A. RISK FACTORS As a "smaller reporting company," as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

Risk Factors

Item 1A. Risk Factors The following information sets forth risk factors that could cause our actual results to differ materially from those contained in forward-looking statements we have made in this registration statement and those we may make from time to time. You should carefully consider the risks described below, in addition to the other information contained in this registration statement, before making an investment decision. Our business, financial condition or results of operations could be harmed by any of these risks. The risks and uncertainties described below are not the only ones we face. Additional risks not presently known to us or other factors not perceived by us to present significant risks to our business at this time also may impair our business operations. 7 Table of Contents RISKS RELATING TO OUR COMPANY Our auditors have expressed substantial doubt about our ability to continue as a going concern. Our audited financial statements for the year ended December 31, 2023 were prepared assuming that we will continue our operations as a going concern. Our wholly-owned subsidiary, Nemo Holding Company Limited, was incorporated on April 16, 2020, and does not have a history of earnings. As a result, our independent auditors in their audit report have expressed substantial doubt about our ability to continue as a going concern. Continued operations are dependent on our ability to complete equity or debt financings or generate profitable operations. Such financings may not be available or may not be available on reasonable terms. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. If our estimates related to future expenditures are erroneous or inaccurate, our business will fail and you could lose your entire investment. Our success is dependent in part upon the accuracy of our management's estimates of our future cost expenditures for legal and accounting services (including tho

View Full Filing

View this 10-K filing on SEC EDGAR