EDGAR 10-K Filing

Company CIK: 1686515
Filing Year: 2022
Filename: 1686515_10-K_2022_0001493152-22-020096.json

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ITEM 1. BUSINESS
ITEM 1. BUSINESS
Corporate History
ECCO Auto World Corporation was incorporated in Nevada on June 6, 2016 (the “Company”).
On June 7, 2017, the Company acquired 100% interest in ECCO Auto World Corporation, a company incorporated in Labuan (“ECCO Labuan”). On February 17, 2020, the Company acquired 100% of Free Share X-Change Limited, an Anguilla corporation (“FSX”), and its wholly owned subsidiary, Vtrade Technology Sdn. Bhd. (“Vtrade”) (collectively, “FSX Vtrade”). On January 2, 2021, the Company sold its interests in ECCO Labuan and FSX Vtrade.
Trademark
The Company doesn’t own any patents, trademarks, licenses, franchises, concessions, royalty agreements or labor contracts register under its subsidiaries in respective jurisdiction of which the subsidiary is operates.
Government regulation
We are subject to the laws and regulations of the jurisdictions in which we operate, which may include business licensing requirements, income taxes and payroll taxes. In general, the development and operation of our business is not subject to special regulatory and/or supervisory requirements.
Employees
As of March 31, 2022, and 2021 the Company has five (5) employees, all of them are our directors and officers.
We do not presently have pension, health, annuity, insurance, stock options, profit sharing, or similar benefit plans; however, we may adopt plans in the future. There are presently no personal benefits available to our directors, officers, or employees.

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ITEM 1A. RISK FACTORS
ITEM 1A. RISK FACTORS
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 1B. UNRESOLVED STAFF COMMENTS
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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ITEM 2. PROPERTIES
ITEM 2. PROPERTIES
Our principal executive office is located at Unit C, 4/F, China Insurance Building, 48 Cameron Road, Tsim Sha Tsui, Kowloon, Hong Kong.

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ITEM 3. LEGAL PROCEEDINGS
ITEM 3. LEGAL PROCEEDINGS
From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. There are currently no pending legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition, or operating results. None of our directors, officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.

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ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Presently, there is no public market for the common shares. There has been no trading in the Company’s securities, and there has been no bid or ask prices quoted. We cannot assure you that there will be a market for our Common Stock in the future.
Holders
As of March 31, 2022, we had 93,089,643 shares of our issued and outstanding Common Stock, par value $0.0001 per share. There were 38 beneficial owners of our Common Stock.
Transfer Agent and Registrar
The transfer agent for our capital stock is Vstock Transfer, LLC, with an address at 18, Lafayette Place, Woodmere, New York 11598, and telephone number is +1 (212)828-843.
Penny Stock Regulations
The Securities and Exchange Commission has adopted regulations which generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share. Our Common Stock, when and if a trading market develops, may fall within the definition of penny stock and be subject to rules that impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (generally those with assets more than $1,000,000, or annual incomes exceeding $200,000 individually, or $300,000, together with their spouse).
For transactions covered by these rules, the broker-dealer must make a special suitability determination for the purchase of such securities and have received the purchaser’s prior written consent to the transaction. Additionally, for any transaction, other than exempt transactions, involving a penny stock, the rules require the delivery, prior to the transaction, of a risk disclosure document mandated by the Securities and Exchange Commission relating to the penny stock market. The broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and, if the broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market. Finally, monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Consequently, the “penny stock” rules may restrict the ability of broker-dealers to sell our Common Stock and may affect the ability of investors to sell their Common Stock in the secondary market.
In addition to the “penny stock” rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our Common Stock, which may limit the investors’ ability to buy and sell our stock.
Dividend Policy
Any future determination as to the declaration and payment of dividends on shares of our Common Stock will be made at the discretion of our board of directors out of funds legally available for such purpose. We are under no contractual obligations or restrictions to declare or pay dividends on our shares of Common Stock. In addition, we currently have no plans to pay such dividends. Our board of directors currently intends to retain all earnings for use in the business for the foreseeable future.
Equity Compensation Plan Information
Currently the Company has no equity compensation plan in place.
Unregistered Sales of Equity Securities
None.
Purchases of Equity Securities by the Registrant and Affiliated Purchasers
We have not repurchased any shares of our Common Stock during the fiscal year ended March 31, 2022.

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ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. SELECTED FINANCIAL DATA
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion of our financial condition and results of operations should be read in conjunction with our audited financial statements and the notes to those financial statements appearing elsewhere in this Report.
Certain statements in this Report constitute forward-looking statements. These forward-looking statements include statements, which involve risks and uncertainties, regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategy, (c) anticipated trends in our industry, (d) our future financing plans, and (e) our anticipated needs for, and use of, working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plan,” “potential,” “project,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend,” or the negative of these words or other variations on these words or comparable terminology. Considering these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.
The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Results of Operations
Revenue
The Company has no revenue generated for the years ended March 31, 2022 and 2021.
General and Administrative Expenses and Other Income
General and administrative (“G&A”) expenses were $37,487 and $45,973 for the years ended March 31, 2022 and 2021, respectively. A decrease in G&A expenses was resulted from the Company’s stringent cost management.
There is no other income incurred for the year ended March 31, 2022. Other income for the year ended March 31, 2021 amounted to $1 which was derived from bank interest income.
Net Income or Loss
Net loss for the year ended March 31, 2022 was $37,487 as compared to net profit of $108,953 for the year ended March 31, 2021.
Liquidity and Capital Resources
As of March 31, 2022 and 2021, cash and cash equivalents both were $1,544.
During the year ended March 31, 2022, the Company recorded no change in cash and cash equivalents comparing to a decrease in cash and cash equivalents of $1,471 for the year ended March 31, 2021.
During the year ended March 31, 2022, the Company recorded no cash generated from or used in operating activities for the year ended March 31, 2022 as compared to $11,180 of net cash generated from operating activities for the year ended March 31, 2021.
Going concern
For the year ended March 31, 2022, the Company incurred a loss of 37,488 and at March 31, 2022, the Company had a stockholders’ deficit of $88,844 and an accumulated deficit of $722,147. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. As a result, our independent registered public accounting firm included an explanatory paragraph in its report on our financial statements as of and for the year ended March 31, 2022, with respect to this going concern uncertainty. This going concern opinion could materially limit our ability to raise additional funds through the issuance of new debt or equity securities and future reports on our financial statements may also include an explanatory paragraph with respect to our ability to continue as a going concern.
The continuation of the Company as a going concern for one year from the date the financial statements are ready to be issued is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due.
Critical Accounting Policies and Estimates
Use of estimates
In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets, and revenues and expenses during the periods reported. Actual results may differ from these estimates.
Revenue recognition
The Company recognizes revenue in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. To determine revenue recognition under ASC 606, an entity performs the following five-steps (i) identifies the contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-steps to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.
Recent accounting pronouncements
See Note 1 of the financial statements for a discussion of recent accounting pronouncements.
Off-balance sheet arrangements
As of March 31, 2022, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.
Other significant events
The Company is unable to file its Form 10-K for the year ended March 31, 2022 (the “Report”) on time due to circumstances related to the COVID-19 global outbreak. The main operation of the Company is carried out in Kuala Lumpur, Malaysia. During the year 2020, the Malaysian government had imposed Movement Control Oder (MCO).
The MCO continued to year 2021 as Recovery Movement Control Order (RMCO), and even extended to total lockdown in June 2021. The officers had a limited access to the essential accounting documents and information stored in the Company’s office in Kuala Lumpur and the industry which the Company operates in was not deemed as essential services by the Malaysian government. Throughout the pandemic, the Company also experienced significant delays in operation and business development. The Company’s operation was suspended since then.
As such, the officers of the Company had a limited access to the documents and information necessary, it had been highly affected our operations along with our accountants, auditors, consultants, and professional advisors in their efforts to timely file the Report until early 2022. In relation to a letter issued by the SEC on May 10, 2022, the Company is not in compliance with the reporting requirements under Section 13(a) of the Securities Exchange Act of 1934, the Company is trying to fulfill the requirements and expects to file the Report no later than July 22, 2022.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements required by this item are located in PART IV of this Annual Report.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

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ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that information relating to the Company is accumulated and communicated to management, including our principal officers, as appropriate to allow timely decisions regarding required disclosure. Our Chief Executive and Financial Officer has evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2022 and has concluded that our disclosure controls and procedures were not effective as of March 31, 2022 due to material weaknesses in our internal control over financial reporting as described below.
Management’s Annual Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15. Internal control over financial reporting is defined in Rule 13a-15(f) and 15(d)-15(f) under the Exchange Act as a process designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of published financial statements. Management conducted an assessment of the Company’s internal control over financial reporting as of March 31, 2022, based on the framework and criteria established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013) (COSO). Based on the assessment, management concluded that, as of March 31, 2022, the Company’s internal controls over financial reporting were not effective.
We identified material weaknesses in our internal controls over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.
The material weaknesses identified include (i) we had an insufficient number of personnel appropriately qualified to perform control design, execution and monitoring activities; (ii) we did not have written documentation of our internal control policies and procedures, including written policies and procedures to ensure the correct application of accounting and financial reporting with respect to the current requirements of U.S. GAAP and SEC disclosure requirements; (iii) we had ineffective controls over our financial statement close and reporting process and did not provide reasonable assurance that accounts were complete and accurate and agreed to detailed support and that reconciliations of accounts were properly performed, reviewed and approved; and (iv) we had inadequate segregation of duties consistent with control objectives.
Notwithstanding the identified material weaknesses, management has concluded that the Financial Statements included in this Annual Report on Form 10-K present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the periods disclosed in conformity with U.S. GAAP.
Planned Remediation of Material Weaknesses
Our management has been actively engaged in developing and implementing remediation plans to address material weaknesses described above. These remediation efforts are ongoing and include or are expected to include preparation of written documentation of our internal control policies and procedures, increasing personnel resources and technical accounting expertise within the accounting function, and to hire one or more additional personnel. During the fiscal year of 2022, and as of the date of this Report, we continue to work with an outside consultant with experience and expertise in U.S. GAAP and public company SEC accounting and reporting requirements to assist management with its accounting and reporting of complex and/or non-recurring transactions and related disclosures.
Changes in Internal Control over Financial Reporting
There were no changes in internal control over financial reporting (as defined by Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive and Financial Officer, intends that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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ITEM 9B. OTHER INFORMATION
ITEM 9B. OTHER INFORMATION
Delay in filing of Form 10-K
The Company is unable to file its Form 10-K for the year ended March 31, 2022 (the “Report”) on time due to circumstances related to the COVID-19 global outbreak. The main operation of the Company is carried out in Kuala Lumpur, Malaysia. During the year 2020, the Malaysian government had imposed Movement Control Oder (MCO) for the period from March 18 to March 31, 2020. The MCO was later extended for additional two weeks to April 14, 2020, and subsequently further extended to April 28 and May 12, 2020, respectively. Under the MCO, only businesses categorized under essential services such as water, electricity, energy, telecommunications, postal, transportation, banking, health, pharmacy, and food supply were allowed to operate with limited business hours. All other non-essential businesses were required to halt physical operations and public were only allowed to leave home for certain reasons, such as seeking medical assistance and buying groceries.
The MCO continued to year 2021 as Recovery Movement Control Order (RMCO), and even extended to total lockdown in June 2021. The officers had a limited access to the essential accounting documents and information stored in the Company’s office in Kuala Lumpur and the industry which the Company operates in was not deemed as essential services by the Malaysian government. Throughout the pandemic, the Company also experienced significant delays in operation and business development. The Company’s operation was suspended since then.
As such, the officers of the Company had a limited access to the documents and information necessary, it had been highly affected our operations along with our accountants, auditors, consultants, and professional advisors in their efforts to timely file the Report until early 2022. In relation to a letter issued by the SEC on May 10, 2022, the Company is not in compliance with the reporting requirements under Section 13(a) of the Securities Exchange Act of 1934, the Company is trying to fulfill the requirements and expects to file the Report no later than July 22, 2022.
PART III

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
Our executive officers’ and directors’ and their respective ages as of the date hereof are as follows:
NAME
AGE
POSITION
Woo Shuk Fong
Director
Wong Chee Hon Jason
Director, Chief Executive Officer, Chief Financial Officer, President, Secretary and Treasurer
Koh Kok Wei
Director
Koh Khee Ngiap
Director
Yeo Hung Kwang Joson
Director
Set forth below is a brief description of the background and business experience of our executive officers and directors for the past five years.
Woo Shuk Fong, age 53, has served as our Director since June 2016. Ms. Woo had worked for Tse & Loke, Certified Public Accountants, as a company secretary from 1993 to 1996. Ms. Woo was responsible for the preparation of documents for the formation of companies, drafting board minutes, annual returns, Annual General Meetings, and taking care of clients’ statutory matters. From 1996 to 1997, Ms. Woo joined Global Business Services Limited. She was responsible for the preparation of documents for the formation of companies, drafting board minutes and handling clients’ statutory matters. Over the course of her career, she has accumulated more than 15 years of business experience in international trading.
Ms. Woo brings to the board of directors extensive knowledge and experience in international trading.
Wong Chee Hon Jason, age 51, has served as our Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director since October 26, 2017. Mr. Wong graduated from University of Glasgow, Scotland and has more than 20 years working in management consultancy, start-ups, banking, and insurance industry with significant experience in many areas of technology delivery and strategic innovation in financial system. He managed and delivered multiple enterprises and digital projects for banks and insurance companies. Brainchild of innovative products, technologies, and R&D development in banking, financial, insurance, and Fintech services. Mr. Jason is the co-founder and director of IMocha Sdn. Bhd. since year 2003, his role includes providing technology and software solutions to banks, insurance, Fintech, and corporate clients in financial, payments, insurance, banking, and automation solutions. This primarily covers delivering custom and proprietary web and mobile applications as well as consultation services. He acts as an advisory and business development role for these businesses.
Mr. Wong brings to the board of directors’ business leadership and extensive experience in technology product development.
Koh Kok Wei, age 41, has served as our Director since October 26, 2017. Mr. Koh Kok Wei (“Mr. Koh KW”) has more than 15 years in enterprise software implementation in banking, financial and insurance services. Commercially driven and subject matter expert in transaction banking, enterprise cash management, treasury and payments marketplace in regional countries. Core formative role in the conceptualization, development, and creation of range of software IP. Mr. Koh KW is the co-founder and managing director for IMocha Sdn. Bhd. since year 2003, an IT consulting and software provider specializing in frontline banking and insurance delivery software, his role includes developing year on year business growth through new client acquisition, sales, business development, software product development (R&D), high-level project management and strategic partnership alliances.
Mr. Koh KW graduated from Staffordshire University in UK and holds a bachelor’s degree of science in computing and internet technology. He brings to the board of directors extensive knowledge and experience in Fintech.
Koh Khee Ngiap, age 58, has served as our Director since October 26, 2017. Mr. Koh Khee Ngiap (“Mr. Koh KN”) more than 20 years of experience in corporate development, merger and acquisition, and venture capital funding facilitate. As one of Malaysia’s early internet pioneers and has been instrumental in building numerous Internet start-up with presence internationally. Since year 2016, Mr. Koh KN has been appointed as chief corporate development officer of IMocha, is responsible for idea generation, deal structuring, negotiation, and divestitures for IMocha.
Mr. Koh KN graduated from Upsala College, USA and holds a bachelor’s degree of science in computer information science and business studies. He brings to the board of director extensive experience in corporate development.
Yeo Hung Kwang Joson, age 47, has served as our Director since October 26, 2017. Mr. Yeo has more than 18 years of experience in regional enterprise IT solutions, mobile O2O platform, ITSM and MSP market development covering FSI, corporate, government, Telco and MSME industries. Since 2016, Mr. Yeo has been the chief business development officer of IMocha Sdn. Bhd., his role focuses on strengthening global alliances, corporate governance, fintech innovation development landscape and operation process optimization.
Mr. Yeo graduated from ATC College, and he brings to the board of directors extensive knowledge and experience in business management.
Corporate Governance
The Company promotes accountability for adherence to honest and ethical conduct; endeavors to provide full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with the Securities and Exchange Commission (the “SEC”) and in other public communications made by the Company; and strives to be compliant with applicable governmental laws, rules and regulations. The Company has not formally adopted a written code of business conduct and ethics that governs the Company’s employees, officers and Directors as the Company is not required to do so.
In lieu of an audit committee, the Company’s board of directors, is responsible for reviewing and making recommendations concerning the selection of outside auditors, reviewing the scope, results, and effectiveness of the annual audit of the Company’s financial statements and other services provided by the Company’s independent public accountants. The Chief Executive and Financial Officer and the board of directors of the Company review the Company’s internal accounting controls, practices, and policies.
Committees of the Board
Our Company currently does not have nominating, compensation, or audit committees or committees performing similar functions nor does our Company have a written nominating, compensation, or audit committee charter. Our directors believes that it is not necessary to have such committees, at this time, because the directors can adequately perform the functions of such committees.
Audit Committee Financial Expert
Our board of directors has determined that we do not have a board member that qualifies as an “audit committee financial expert” as defined in Item 407(D)(5) of Regulation S-K, nor do we have a board member that qualifies as “independent” as the term is used in Item 7(d)(3)(iv)(B) of Schedule 14A under the Securities Exchange Act of 1934, as amended, and as defined by Rule 4200(a)(14) of the FINRA Rules.
Audit committee financial expert means a person who has the following attributes:
(1) An understanding of generally accepted accounting principles and financial statements;
(2) Experience applying such generally accepted accounting principles in connection with the accounting for estimates, accruals, and reserves that are generally comparable to the estimates, accruals and reserves, if any, used in the registrant’s financial statements;
(3) Experience preparing or auditing financial statements that present accounting issues that are generally comparable to those raised by the registrant’s financial statements;
(4) Experience with internal controls and procedures for financial reporting; and
(5) An understanding of audit committee functions.
Currently, the Company does not have an audit committee or an audit committee financial expert (as defined in Item 407 of Regulation S-K) serving on its board of directors because given the early stage of our business development, it is costly to retain an independent Director who qualify as an audit committee financial expert. However, we expect, in the foreseeable future, to form such a committee composed of our non-employee directors. We may attempt to add a qualified board member to serve as an audit committee financial expert in the future, subject to our ability to locate and compensate such a person. The audit committee’s duties will be to recommend to the Company’s board of directors the engagement of an independent registered public accounting firm to audit the Company’s financial statements and to review the Company’s accounting and auditing principles.
Involvement in Certain Legal Proceedings
Our directors and our executive officers have not been involved in any of the following events during the past ten years:
1. Bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
3. Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his/her involvement in any type of business, securities or banking activities; or
4. Being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.
5. Such person was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
6. Such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended, or vacated;
7. Such person was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:(i) Any Federal or State securities or commodities law or regulation; or(ii) Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
8. Such person was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26)), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29)), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
Code of Ethics
We have not adopted a formal Code of Ethics. The board of directors evaluated the business of the Company and the number of employees and determined that since the business is operated by a small number of persons, general rules of fiduciary duty and federal and state criminal, business conduct and securities laws are adequate ethical guidelines. In the event our operations, employees and/or directors expand in the future, we may take actions to adopt a formal Code of Ethics.
Shareholder Proposals
The Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for directors. The board of directors believe that, given the stage of our development, a specific nominating policy would be premature and of little assistance until our business operations develop to a more advanced level. The Company does not currently have any specific or minimum criteria for the election of nominees to the board of directors and we do not have any specific process or procedure for evaluating such nominees. The board of directors will assess all candidates, whether submitted by management or shareholders, and make recommendations for election or appointment.
A shareholder who wishes to communicate with our board of directors may do so by directing a written request addressed to our President, at the address appearing on the first page of this Information Statement.

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ITEM 11. EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION
The following table sets forth information concerning the compensation of our Chief Executive Officer, and the executive officers who served for the year ended March 31, 2022, for services rendered in all capacities to us.
Name and Principal
Position Year Salary
($) Bonus
($)
Stock Awards
($)
Option
Awards
($)
Non-Equity
Incentive
Plan
Compensation
($)
Non-Qualified
Deferred
Compensation
Earnings
($)
All Other
Compensation
($) Total
($)
Wong Chee Hon Jason, - - - - - - - -
Chief Executive and Financial Officer - - - - - - - -
Narrative Disclosure to Summary Compensation Table
There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. Our directors and executive officers may receive stock options at the discretion of our board of directors in the future. We do not have any material bonus or profit-sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our board of directors from time to time. We have no plans or arrangements in respect of remuneration received or that may be received by our executive officers to compensate such officers in the event of termination of employment (because of resignation, retirement, change of control) or a change of responsibilities following a change of control.
Stock Option Grants
We have not granted any stock options to our executive officers since our incorporation.
Compensation of Directors
The table below summarizes all compensation of our directors as of March 31, 2022.
Name and
Principal Position
Year Fee ($) Bonus ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Non-Qualified Deferred Compensation Earnings ($) All Other Compensation ($) Total ($)
Woo Shuk Fong, Director (1) - - - - - -
- -
- - - - - - - -
Wong Chee Hon Jason, Chief Executive and Financial Officer, President, Secretary, Treasurer and Director (2) - - - - - - - -
- - - - - - - -
Koh Kok Wei, Director (3) - - - - - - - -
- - - - - - - -
Koh Khee Ngiap, Director (4) - - - - - - - -
- - - - - - - -
Yeo Hung Kwang Joson, Director (5) - - - - - - - -
- - - - - - - -
(1) On June 6, 2016, Ms. Woo Shuk Fong was appointed as a Director of the Company.
(2)
On October 26, 2017, Mr. Wong Chee Hon Jason was appointed as Chief Executive and Financial Officer, President, Secretary, Treasurer and a Director of the Company.
(3) On October 26, 2017, Mr. Koh Kok Wei was appointed as a Director of the Company.
(4) On October 26, 2017, Mr. Koh Khee Ngiap was appointed as a Director of the Company.
(5) On October 26, 2017, Mr. Yeo Hung Kwang Joson was appointed as a Director of the Company.
Employment Agreements
We do not have an employment or consulting agreement with any officers or directors.
Compensation Discussion and Analysis
Directors’ Compensation
Our board of directors does not currently receive any consideration for their services as members of the board of directors. The board of directors reserves the right in the future to award the members of the board of directors’ cash or stock-based consideration for their services to the Company, which awards, if granted shall be in the sole determination of the board of directors.
Executive Compensation Philosophy
Our board of directors determines the compensation given to our executive officers in their sole determination. Our board of directors reserves the right to pay our executive or any future executives a salary, and/or issue them shares of Common Stock in consideration for services rendered and/or to award incentive bonuses which are linked to our performance, as well as to the individual executive officer’s performance. This package may also include long-term stock-based compensation to certain executives, which is intended to align the performance of our executives with our long-term business strategies. Additionally, while our board of directors has not granted any performance base stock options to date, the board of directors reserves the right to grant such options in the future, if the Board in its sole determination believes such grants would be in the best interests of the Company.
Incentive Bonus
The board of directors may grant incentive bonuses to our executive officer and/or future executive officers in its sole discretion, if the board of directors believes such bonuses are in the Company’s best interest, after analyzing our current business objectives and growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability of such executives.
Long-term, Stock Based Compensation
To attract, retain and motivate executive talent necessary to support the Company’s long-term business strategy we may award our executive and any future executives with long-term, stock-based compensation in the future, at the sole discretion of our board of directors, which we do not currently have any immediate plans to award.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
As of March 31, 2022, the Company had 93,089,643 shares of Common Stock issued and outstanding and this number of shares was used throughout this report.
The following table sets forth, as of March 31, 2022 certain information with regard to the record and beneficial ownership of the Company’s Common Stock by (i) each person known to the Company to be the record or beneficial owner of more than 5% of the Company’s Common Stock, (ii) each director of the Company, (iii) each of the named executive officers, and (iv) all executive officers and directors of the Company as a group:
Name of Beneficial Owner (1) Number of Shares Beneficially Owned (1) (2) Percentage of Shares Beneficially Owned (1)
Woo Shuk Fong 153,000 0.16 %
Director
Wong Chee Hon Jason - -
Chief Executive Officer, President, Secretary, Treasurer and Director
Koh Khee Ngiap - -
Director
Koh Kok Wei - -
Director
Yeo Hung Kwang Joson - -
Director
All the officers and directors as a group (5 persons named above) 153,000 0.16 %
Yiap Soon Keong (3) 34,000,000 36.52 %
Greenpro Asia Strategic SPC (4) 52,000,000 55.86 %
Other owners of the Company 6,936,643 7.46 %
Total 93,089,643 100.00 %
(1) Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Beneficial ownership also includes shares of stock subject to options and warrants currently exercisable or exercisable within 60 days of the date of this table. In determining the percent of Common Stock owned by a person or entity as of the date of this Report, (a) the numerator is the number of shares of the class beneficially owned by such person or entity, including shares which may be acquired within 60 days on exercise of warrants or options and conversion of convertible securities, and (b) the denominator is the sum of (i) the total shares of Common Stock outstanding on as of the date of this Annual Report (93,089,643 shares), and (ii) the total number of shares that the beneficial owner may acquire upon exercise of the derivative securities. Unless otherwise stated, each beneficial owner has sole power to vote and dispose of its shares.
(2) Based on the total issued and outstanding shares of 93,089,643 as of the date of this Annual Report.
(3) Mr. Yiap Soon Keong had been the Chief Executive Officer, President, Secretary, Treasurer and Director of the Company since June 6, 2016. On October 26, 2017, Mr. Yiap resigned from the positions with the Company, including that of President, Secretary, Treasurer and Director but remained as the Chief Executive Officer of the Company.
On February 18, 2020, Mr Yiap resigned as the Chief Executive Officer of the Company and at the same day, the board of directors of the Company appointed Wong Chee Hon Jason as the Chief Executive and Financial Officer of the Company.
(4) Greenpro Asia Strategic SPC is a fund established in the Cayman Islands (the “Fund”).

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE
On June 6, 2016, Ms. Woo Shuk Fong was appointed as President, Secretary, Treasurer, and a member of our board of directors. Additionally, on June 6, 2016, the Company issued 100,000 shares of restricted Common Stock, each with a par value of $0.0001 per share, to Ms. Woo for initial working capital of $10.
On September 22, 2016, Ms. Woo resigned as President, Secretary and Treasurer. On September 22, 2016, Mr. Yiap Soon Keong was appointed as President, Secretary, Treasurer, and a member of our board of directors. Moreover, on September 22, 2016, the Company issued 24,000,000 shares of restricted Common Stock to Yiap Soon Keong and on October 3, 2016 the Company issued 4,000,000 and 52,000,000 shares of restricted Common Stock to Greenpro Venture Capital Limited and Greenpro Asia Strategic SPC, respectively, each with par value of $0.0001 per share, for additional working capital of $8,000. Mr. Lee Chong Kuang and Mr. Loke Che Chan Gilbert have voting and dispositive power over the shares held by Greenpro Asia Strategic SPC.
On September 25, 2016, the Company issued 20,000 shares of restricted Common Stock to Woo Shuk Fong at the price of $0.10 per share, for additional working capital of $2,000.
On January 19, 2017, the Company issued 10,000,000 shares of restricted Common Stock to Yiap Soon Keong, each with par value of $0.0001 per share, for additional working capital of $1,000.
On October 10, 2017, the Company issued 33,000 shares of free traded Common Stock to Woo Shuk Fong, each with par value of $0.15 per share, for additional working capital of $4,950 in relation to initial public offering which was declared effective by Securities & Exchange Commission on September 14, 2017.
In regards to all of the above transactions we claim an exemption from registration afforded by Section 4(a)(2) and/or Regulation S of the Securities Act of 1933, as amended (“Regulation S”) for the above sales of the stock since the sales of the stock were made to non-U.S. persons (as defined under Rule 902 section (k)(2)(i) of Regulation S), pursuant to offshore transactions, and no directed selling efforts were made in the United States by the issuer, a distributor, any of their respective affiliates, or any person acting on behalf of any of the foregoing.
Related Party Transactions
For the year ended March 31, 2022, the Company had entered into following transactions or had a cumulative balance with respective related parties:
(1) Asia UBS Global Limited, a subsidiary of Greenpro Capital Corp. Greenpro Capital Corp. through its another subsidiary, Greenpro Venture Capital Limited owns approximately 4.30% of the Company’s issued and outstanding shares (collectively “Greenpro”).
As of March 31, 2022, the Company had secretarial fees payable to Greenpro of $4,000.
Review, Approval and Ratification of Related Party Transactions
Given our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval, or ratification of transactions, such as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional Directors, so that such transactions will be subject to the review, approval, or ratification of our board of directors, or an appropriate committee thereof. On a moving forward basis, our directors will continue to approve any related party transaction.
Director Independence
Our board of directors is currently composed of five members, neither of whom qualifies as an independent director in accordance with the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by the directors and us about each director’s business and personal activities and relationships as they may relate to us and our management.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Audit Fees
The following table sets forth the aggregate fees billed to the Company by its independent registered public accounting firm, Weinberg & Company, for the fiscal years indicated.
ACCOUNTING FEES AND SERVICES For the year ended March 31, 2022 For the year ended March 31, 2021
Audit fees $ 15,000 $ 15,000
Audit related fees - -
Tax fees - -
All other fees - -
Total $ 15,000 $ 15,000
The category of “Audit fees” includes fees for our annual audit, quarterly reviews and services rendered in connection with regulatory filings with the SEC, such as the issuance of comfort letters and consents.
The category of “Audit-related fees” includes employee benefit plan audits, internal control reviews and accounting consultation.
All of the professional services rendered by principal accountants for the audit of our annual financial statements that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for last two fiscal years were approved by our board of directors.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) Financial Statements
The following are filed as part of this report:
Financial Statements
The following financial statements of ECCO Auto World Corp. and Report of Independent Registered Public Accounting Firm are presented in the “F” pages of this Report:
Page
Index
Report of Independent Registered Public Accounting Firm (PCAOB ID: 572)
Financial Statements
Consolidated Balance Sheets as of March 31, 2022 and 2021
Consolidated Statements of Operations and Comprehensive Loss for the Years Ended March 31, 2022 and 2021
Consolidated Statement of Changes in Stockholders’ Deficit for the Years Ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows for the Years Ended March 31, 2022 and 2021
Notes to Consolidated Financial Statements for the Years Ended March 31, 2022 and 2021 -
(b) Exhibits
The following exhibits are filed or “furnished” herewith:
3.1
Articles of Incorporation**
3.2 Bylaws**
31.1 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101.INS Inline XBRL Instance Document
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Filed herewith.
** As filed in the Registrant’s Registration Statement on Form S-1 Amendment No. 3 (File No. 333-218334) on September 6, 2017.