Business
MANAGEMENT DISCUSSES RESULTS OF FINANCIAL AUDITS, S-1 FILING AND CURRENT CONDITION OF THE COMPANY.
MANAGEMENT DISCUSSES RESULTS OF FINANCIAL AUDITS, S-1 FILING AND CURRENT CONDITION OF THE COMPANY..
About this update from New Asia Holdings, Inc.
[{"type":"text","content":"Walnut Creek, CA, March 8, 2010 - DM Products, Inc. (www.dmproducts.biz), has recently released the results of financial audits conducted for years ended December 31, 2007, December 31, 2008 and the first nine months ended September 30, 2009. President and Chairman of the Board of Directors, Kurtis Cockrum, provides the following summary of the current overall condition of the company: As stated in previous press releases, we are in the process of compiling an S-1 document for submittal to the SEC, which we hope will be submitted by the end of March. We then intend to apply for Bulletin Board status, a move which Management has been anxiously awaiting. Although we are unaware of the exact time frame in which the SEC will respond to our filing, we feel as though we have satisfied our internal goals with regards to the completion and submission of the audited statements and Form S-1. By becoming a fully reporting company, we hope to instill confidence in our existing shareholders as well as the general public. As shown in the Consolidated Statements of Operations, our company is healthy and growing. Total revenue for the first three quarters of 2009 exceeded the entire revenues derived throughout the entire year of 2008 ($278,851 v. 220,261). This amounts to an increase of 27% in just the first three months of 2009. We anticipate having the final revenue totals for 2009 by mid-April. What management believes is of significance regarding these figures, is the fact that these revenues were the result of royalty payments; therefore, our gross profits during these periods were not reduced as the result of cost of sales. Assuming we had manufactured and marketed our product directly and assumed the cost of sales associated therewith, we would have had to have received total revenues of $2,788,510 (assuming a profit margin of 10%) to obtain the gross profit shown for the first three quarters of 2009. What also stands out to management is the lack of any long term debt or need to have raised additional capital through the sale of our common stock. Although we do not rule out the option to acquire capital through future debt or equity transactions, should an opportunity arise justifying such an action, to date, we are essentially debt free and h...