MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
−Removed: The following information should be read in conjunction with (i) the financial statements of Eason Education Kingdom Holdings, Inc., a Nevada corporation (the “Company”), and development-stage company, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the December 31, 2019 audited financial statements and related notes included in the Company’s Form 10-K (File No.
+Added: The following information should be read in conjunction with (i) the financial statements of New Momentum Corporation (formerly Eason Education Kingdom Holdings, Inc.), a Nevada corporation (the “disclosed in the Company's Current Report on Form 8-K (File No.
+Added: 000-52273), filed with the Securities and Exchange Commission on July 8, 2020,”), and development-stage company, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information disclosed in the Company's Current Report on Form 8-K (File No.
+Added: 000-52273), filed with the Securities and Exchange Commission on July 8, 2020, and the December 31, 2019 audited financial statements and related notes included in the Company’s Form 10-K (File No.
the “Form 10-K”), as filed with the Securities and Exchange Commission on March 30, 2020.
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The Company was incorporated in the State of Nevada on July 1, 1999, and established a fiscal year end of December 31.
+Added: On July 6, 2020, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”), by and among the Company, Nemo Holding Company Limited, a British Virgin Islands corporation (“Nemo Holding”), and the holders of common shares of Nemo Holding.
+Added: The holders of the common stock of Nemo Holding consisted of 29 stockholders.
+Added: Under the terms and conditions of the Share Exchange Agreement, the Company offered, sold and issued 10,000,000 shares of common stock in consideration for all the issued and outstanding shares in Nemo Holding.
+Added: Leung Tin Lung David, the Company’s sole officer and director, is the beneficial holder of 6,000,000 common shares, or 60%, of the issued and outstanding shares of Nemo Holding.
+Added: The effect of the issuance of the 10,000,000 shares issued under the Share Exchange Agreement represents 10.8% of the issued and outstanding shares of common stock of the Company.
+Added: Immediately prior to the closing of the transactions under the Share Exchange Agreement, Mr.
+Added: Leung was the holder of 233,813,213 shares of common stock, or 75.2%, of the issued and outstanding shares of common stock of the Company.
+Added: Giving effect to the closing of the transactions under the Share Exchange Agreement, Mr.
+Added: Leung acquired 6,000,000 shares of common stock of the Company, by virtue of his 60% beneficial ownership of Nemo Holding.
+Added: The remaining 28 common shareholders of Nemo Holding acquired 4,000,000 shares of common stock under the Share Exchange Agreement, by virtue of their aggregate of 40% beneficial ownership of Nemo Holding.
+Added: Giving effect to the transactions under the Share Exchange Agreement, Mr.
+Added: Leung is now the beneficial holder of 239,813, 213 shares of common stock, or 74.7%, of the issued and outstanding shares of common stock of Nemo Holding.
+Added: As a result of the share exchange, Nemo Holding is now a wholly-owned subsidiary of the Company.
Going Concern
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Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.
−Removed: Our activities have been financed from related-party loans and the proceeds of share subscriptions.
−Removed: During October 2015, the Company raised a total of $300,500 in cash from offerings of our common stock.
−Removed: We have no outstanding loans.
The Company plans to raise additional funds through debt or equity offerings.
−Removed: There is no guarantee that the Company will be able to raise any capital through this or any other offerings.
−Removed: PLAN OF OPERATION
−Removed: We are a development stage corporation and have not yet generated or realized any revenues from our business.
−Removed: We are involved in the child education business in China.
−Removed: During the 12 months following the date of filing of this Quarterly Report on Form 10-Q, will be focused on attempting to raise $750,000 of funds to expand our business.
We have no assurance that future financing will materialize.
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As a result, investors in our common stock would lose all of their investment.
+Added: PLAN OF OPERATION
+Added: We are a development stage corporation and have not yet generated or realized any revenues from our business.
+Added: In the next 12 months, we plan to increase our revenues by garnering more customers.
+Added: With new customers, the Company intends to develop a travel services businesses, which includes an online ticketing platform Gagfare, which provides to travelers a “Book Now, Pay Later” business model, for travelers to secure the best fares and reserve flights well ahead of time.
+Added: The Company intends to also become the driving force behind a bold new hospitality concept that takes nature lovers and intrepid travelers to exciting new and established destinations.
+Added: The Company intends to curate a collection of boutique properties, each with a focus on diving, sustainability, conservation, and cultural authenticity, offering a thoroughly contemporary travel experience that is intrinsically linked to the destination, its heritage and its culture.
RESULTS OF OPERATIONS
−Removed: Three-Month Periods Ended March 31, 2020 and 2019
−Removed: We did not earn revenues for the three-month periods ended March 31, 2020 and 2019.
−Removed: For the three-month period ended March 31, 2020, we incurred total operating expenses of $8,573, consisting solely of general and administrative expenses.
−Removed: By comparison, for the three-month period ended March 31, 2019, we incurred total operating expenses of $7,061, consisting solely of general and administrative expenses.
−Removed: For the three-month period ended March 31, 2020, we had a net loss of $8,573.
−Removed: For the three-month period ended March 31, 2019, we had a net loss of $7,061.
+Added: Three-Month Periods Ended June 30, 2020 and 2019
+Added: We did not earn revenues for the three-month periods ended June 30, 2020 and 2019.
+Added: For the three-month period ended June 30, 2020, we incurred total operating expenses of $63,029, consisting solely of general and administrative expenses.
+Added: By comparison, for the three-month period ended June 30, 2019, we incurred total operating expenses of $11,493, consisting solely of general and administrative expenses.
+Added: For the three-month period ended June 30, 2020, we had a net loss of $63,029.
+Added: For the three-month period ended June 30, 2019, we had a net loss of $11,493.
+Added: Six-Month Periods Ended June 30, 2020 and 2019
+Added: We did not earn revenues for the six-month periods ended June 30, 2020 and 2019.
+Added: For the six-month period ended June 30, 2020, we incurred total operating expenses of $71,612, consisting solely of general and administrative expenses.
+Added: By comparison, for the six-month period ended June 30, 2019, we incurred total operating expenses of $18,554, consisting solely of general and administrative expenses.
+Added: For the six-month period ended June 30, 2020, we had a net loss of $71,612.
+Added: For the six-month period ended June 30, 2019, we had a net loss of $18,554.
Liquidity and Capital Resources
−Removed: At March 31, 2020, we had a cash balance of $21,131, total current assets of $21,131, total current liabilities of approximately $20,000, and working capital and stockholders’ equity of approximately $1,131.
−Removed: We do not have sufficient cash on hand to commence our 12-month plan of operation or to fund our ongoing operational expenses.
+Added: At June 30, 2020, we had a cash balance of $0 and an escrow accounts hold by attorney of $5,092, total current assets of $5,092, total current liabilities of approximately $67,000, and working deficit and stockholders’ deficit of approximately $61,908.
We will need to raise funds to commence our plan of operation and fund our ongoing operational expenses.
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Off-Balance Sheet Arrangements
−Removed: We had no off-balance sheet arrangements for the three months ended March 31, 2020.
+Added: We had no off-balance sheet arrangements for the six months ended June 30, 2020.
Subsequent Events
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.