SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2018~~2019

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-55630

DOERS EDUCATION ASEAN LTD.

(Exact name of registrant as specified in its charter)

Delaware		81-2141471
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

9454 Wilshire Boulevard, #612

Beverly Hills, California 90212

(Address of principal executive offices) (zip code)

310-888-1870

(Registrant’s telephone number, including area code)

COLLINS ISLAND ACQUISITION CORPORATION

(Former Name)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company”, in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated Filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ ~~(do not check if a smaller reporting company)~~ Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Indicate the number of shares outstanding of each of the issuer’s classes of stock, as of the latest practicable date.

Class		Outstanding at ~~October~~May 126, ~~2018~~2019
Common Stock, par value $0.0001		20,390,000
Documents incorporated by reference:		None

FINANCIAL STATEMENTS

Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017	1
Balance sheets as of March 31, 2019 (unaudited) and December 31, 2018	1
Statements of Operations for the three and nine months ended September 30, 2018 and 2017 (unaudited)	2
Statements of operations for the three months ended March 31, 2019 and 2018 (unaudited)	2
Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (unaudited)	3
Statements of Stockholders’ deficit for the three months ended March 31, 2019 and 2018 (unaudited)	3
Notes to Financial Statements (unaudited)	4 - 8
Statements of cash flows for the three months ended March 31, 2019 and 2018 (unaudited)	4
Notes to Financial Statements (unaudited)	5 - 9

DOERS EDUCATION ASEAN LIMITED

BALANCE SHEETS

	September 30, 2018			December 31, 2017
	March 31, 2019			December 31, 2018
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	82,~~185~~759		$	646,989
Prepaid expense		500			-
Prepaid expenses		300			-
Total Assets	$	83,~~685~~059		$	646,989
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accrued liabilities	$	58,~~775~~354		$	104,~~550~~175
Due to a related party		7279,~~399~~899			4279,~~889~~899
Total Liabilities		7888,~~174~~253			5384,~~439~~074
Stockholders’ Equity
Preferred stock, $0.0001 par value 20,000,000 shares authorized; none issued and outstanding at September 30, 2018 and December 31, 2017, respectively		-			-
Preferred stock, $0.0001 par value 20,000,000 shares authorized; none issued and outstanding at March 31, 2019 and December 31, 2018, respectively		-			-
Common Stock, $0.0001 par value, 100,000,000 shares authorized; 20,390,000 and 20,640,000 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively		2,039			2,064
Common Stock, $0.0001 par value, 10,000,000,000 shares authorized; 20,390,000 and 20,390,000 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively		2,039			2,039
Discount on Common Stock		(2,000	)		(2,000	)
Additional paid-in capital		1,606			1,606
Accumulated deficit		(7186,~~134~~839	)		(5578,~~045~~730	)
Total stockholders’ deficit		(6985,~~489~~194	)		(5377,~~375~~085	)
Total Liabilities and Stockholders’ Deficit	$	83,~~685~~059		$	646,989

The accompanying notes are an integral part of these unaudited financial statements.

DOERS EDUCATION ASEAN LIMITED

STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the three months ended September 30,						For the nine months ended September 30,
	For the three months ended March 31,
	2018			2017			2018			2017
	2019			2018
Revenue	$	-		$	-		$	-		$	-
Cost of Revenues		-			-			-			-
Gross Profit		-			-			-			-
Operating expenses		48,~~650~~109			5,~~040~~418			~~16,101~~			~~30,835~~
Other Income		0			-			12			-
Loss before income taxes		(8,109	)		(5,418	)
Loss before income taxes		(4,650	)		(5,040	)		(16,089	)		(30,835	)
Income Tax Expense		-			-
Income Tax Expense		-			-			-			-
Net loss	$	(8,109	)	$	(5,418	)
Net loss	$	(4,650	)	$	(5,040	)	$	(16,089	)	$	(30,835	)
Loss per share - basic and diluted	$	(0.00	)	$	(0.00	)
Loss per share - basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average shares-basic and diluted		20,390,000			20,567,778
Weighted average shares-basic and diluted		20,390,000			20,640,000			20,448,608			20,640,000

The accompanying notes are an integral part of these unaudited financial statements.

DOERS EDUCATION ASEAN LIMITED

~~STATEMENTS~~ STATEMENT OF ~~CASH~~STOCKHOLDERS’ ~~FLOWS~~DEFICIT

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

(UNAUDITED)

	For the nine months ended September 30,
							Discount on			Additional					Total
	2018			2017
	Common Stock						Common			Paid-in					Stockholders’
OPERATING ACTIVITIES
	Shares			Amount			Stock			Capital		Deficit			Equity
Net Loss	$	(16,089	)	$	(30,835	)
Balance December 31, 2017		20,640,000		$	2,064		$	(2,000	)	$	1,606	$	(55,045	)	$	(53,375	)
Changes in Operating Assets and Liabilities:
Redemption of common stock		(250,000	)		(25	)		-			-		-			(25	)
Prepaid expense		(500	)		(500	)
Net loss		-			-			-			-		(5,418	)		(5,418	)
Accrued liability		(4,775	)		(3,004	)
Balance March 31, 2018		20,390,000		$	2,039		$	(2,000	)	$	1,606	$	(60,463	)	$	(58,818	)
Net cash used in operating activities		(21,364	)		(34,339	)
Balance December 31, 2018		20,390,000		$	2,039		$	(2,000	)	$	1,606	$	(78,730	)	$	(77,085	)
FINANCING ACTIVITIES
Net loss		-			-			-			-		(8,109	)		(8,109	)
Net proceeds from related parties		29,510			34,339
Balance March 31, 2019		20,390,000		$	2,039		$	(2,000	)	$	1,606	$	(86,839	)	$	(85,194	)
Payments made to a shareholder to redeem common stock		(25	)		-
Net cash provided by financing activities		29,485			34,339
Net increase in cash		8,121			-
Cash, beginning of period		64			64
Cash, end of period	$	8,185		$	64
SUPPLEMENTAL DISCLOSURES:
Cash paid during the period for:
Income tax	$	-		$	-
Interest	$	-		$	-

The accompanying notes are an integral part of these unaudited financial statements.

DOERS EDUCATION ASEAN LIMITED

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the three months ended March 31,
	2019			2018
OPERATING ACTIVITIES
Net Loss	$	(8,109	)	$	(5,418	)
Changes in Operating Assets and Liabilities:
Prepaid expenses		(300	)		-
Accrued liability		4,179			(1,387	)
Net cash used in operating activities		(4,230	)		(6,805	)

FINANCING ACTIVITIES
Net proceeds from a related party		-			24,510
Repurchase of common stock		-			(25	)
Net cash provided by financing activities		-			24,485

Net increase (decrease) in cash		(4,230	)		17,680

Cash, beginning of period		6,989			64

Cash, end of period	$	2,759		$	17,744

SUPPLEMENTAL DISCLOSURES:
Cash paid during the period for:
Income tax	$	-		$	-
Interest	$	-		$	-

The accompanying notes are an integral part of these unaudited financial statements.

DOERS EDUCATION ASEAN LIMITED

Notes to Unaudited Financial Statements

NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

Doers Education Asean Ltd. (formerly Collins Island Acquisition Corporation) (the “Company”) was incorporated on April 4, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception and its operations to date have been limited to issuing shares to its original shareholders. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934.

BASIS OF PRESENTATION

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s unaudited financial statements. Such unaudited financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying unaudited financial statements. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. The results for the ~~nine~~three months ended ~~September~~March 31, 302019, ~~2018,~~ are not necessarily indicative of the results to be expected for the year ending December 31, ~~2018~~2019.

USE OF ESTIMATES

The preparation of unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. Cash and cash equivalents amounted to $82,~~185~~759 and $646,989 as of ~~September~~March 3031, ~~2018~~2019 and December 31, ~~2017~~2018, respectively.

CONCENTRATION OF RISK

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash in bank in Taiwan where the standard deposit insurance coverage limit is approximately $100,627 (NT$3 million). The Company’s bank balance did not exceed the insured amounts as of ~~September~~March 3031, ~~2018~~2019 and December 31, ~~2017,~~ 2018, respectively.

INCOME TAXES

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of ~~September~~March 3031, ~~2018~~2019 and December 31, ~~2017~~2018, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

LOSS PER COMMON SHARE

Basic loss per common share excludes dilution and is computed by dividing net loss with the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of ~~September~~March 3031, ~~2018~~2019 and ~~2017~~December 31, 2018, there are no outstanding dilutive securities.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments.

RECENT ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date for ASU 2014-09 by one year. For public entities, the guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods), and for all other entities, ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue versus Net)” (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. In December 2016, the FASB further issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”), which makes minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are intended to address implementation and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. These amendments have the same effective date as the new revenue standard. The Company assessed the potential impact of the adoption Topic 606 using the retrospective transition method, but does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements. The Company believes that its current revenue recognition policies are generally consistent with the new revenue recognition standards set forth in ASU 2014-09. Potential adjustments to input measures are not expected to be pervasive to the majority of the Company’s contracts.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, to increase the transparency and comparability about leases among entities. The new guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on its financial statements.

6In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory”, which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-06 will be effective for the Company in its first quarter of 2019. The Company has adopted this ASU and its adoption did not have a material effect on its financial statements.

In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory”, which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-06 will be effective for the Company in its first quarter of 2019. The Company does not expect that the adoption of this guidance will have a material impact on its financial statements.

In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Basically, these amendments provide a screen to determine when a set is not a business. If the screen is not met, the amendments in this ASU first, require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and second, remove the evaluation of whether a market participant could replace missing elements. These amendments take effect for public businesses for fiscal years beginning after December 15, 2017 and interim periods within those periods, and all other entities should apply these amendments for fiscal years beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The Company does not expect that the adoption of this guidance will have a material impact on its financial statements.

In September 2017, the FASB issued ASU 2017-13, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842). The main objective of this pronouncement is to clarify the effective date of the adoption of ASC Topic 606 and ASC Topic 842 and the definition of public business entity as stipulated in ASU 2014-09 and ASU 2016-02. ASU 2014-09 provides that a public business entity and certain other specified entities adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities are required to adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. ASU 2016-12 requires that “a public business entity and certain other specified entities adopt ASC Topic 842 for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. All other entities are required to adopt ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. ASU 2017-13 clarifies that the SEC would not object to certain public business entities electing to use the non-public business entities effective dates for applying ASC 606 and ASC 842. ASU 2017-13, however, limits such election to certain public business entities that “otherwise would not meet the definition of a public business entity except for a requirement to include or inclusion of its financial statements or financial information in another entity’s filings with the SEC”. The Company expects that the adoption of this ASU would not have a material impact on its financial statements.8

NOTE 2 - GOING CONCERN

The Company has not yet generated any revenue since inception to date and has sustained operating loss of $168,~~101~~109 and $305,~~835~~418 during the ~~nine~~three months ended ~~September~~March 3031, ~~2018~~2019 and ~~2017~~2018, respectively. The Company had a working capital deficit of $6985,~~489~~194 and an accumulated deficit of $7186,~~134~~839 as of ~~September~~March 3031, ~~2018~~2019 and a working capital deficit of $5377,~~375~~085 and an accumulated deficit of $5578,~~045 as~~730 as of December 31, ~~2017~~2018. The Company’s continuation as a going concern is dependent on its ability to generate sufficient ~~cash~~ cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as ~~may~~ may be required.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations.

NOTE 3 - ACCRUED LIABILITIES

As of ~~September~~March 3031, ~~2018~~2019 and December 31, ~~2017~~2018, the Company had accrued professional fees of $58,~~775~~354 and $104,~~550,~~175 respectively.

NOTE 4 - DUE TO A RELATED ~~PARTIES~~PARTY

Due to a related party amounted to $7279,~~399~~899 ~~and $42,889~~ as of ~~September~~March 3031, ~~2018~~2019 and December 31, ~~2017,~~2018 ~~respectively,~~was ~~were~~due ~~fees~~to ~~paid by~~Lin aWei-Hsien, ~~shareholder~~the ondirector ~~behalf~~and major shareholder of the Company ~~for operating expenses purposes~~. The amount due to related party is interest free, with no collateral, and due on demand.

NOTE 5 - STOCKHOLDERS’ DEFICIT

The Company is authorized to issue 10,000,000,000 shares of common stock and 20,000,000 shares of preferred stock. On March 21, 2017, the Company increased its authorized shares of common stock from 100,000,000 shares to 10,000,000,000. As of March 31, 2019, 20,390,000 shares of common stock and no preferred stock were issued and outstanding.

On April 4, 2016, the Company issued 20,000,000 founders common stock to two directors and officers at par and at discount of $2,000.

On July 24, 2016, the Company redeemed an aggregate of 19,500,000 of the then 20,000,000 shares of outstanding stock at a redemption price of $.0001 per share.

On July 25, 2016, the Company issued 19,500,000 shares of its common stock pursuant to Section 4(2) of the Securities Act of 1933 at par and at a discount of $1,950 representing 97.5% of the total outstanding 19,000,000 shares of common stock to Lin Wei-Hsien and 500,000 shares to DazMc Securities. DazMc Securities works with Lin Wei-Hsien together as shareholders and management of the Company.

On September 30, 2016, the Company issued 640,000 shares of its common stock to 38 shareholders for $64 at par value.

On March 6, 2018, the Company repurchased 250,000 shares from its shareholder for $25. The 250,000 shares were canceled.

As of September 30, 2018 and December 31, 2017, 20,390,000 and 20,640,000 shares of common stock and no preferred stock were issued and outstanding, respectively.

NOTE 6 - SUBSEQUENT EVENT

Management has evaluated subsequent events through ~~October~~May 126, ~~2018~~2019, the date which the financial statements were available to be issued. ~~All~~ All subsequent events requiring recognition as of ~~September~~March 3031, ~~2018~~2019 have been incorporated into these financial statements and ~~there~~ there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of the results of our operations and financial condition should be read in conjunction with our financial statements and the related notes, which appear elsewhere in this report. The following discussion includes forward-looking statements. For a discussion of important factors that could cause actual results to differ from our forward-looking statements, see the section entitled “Cautionary Note Regarding Forward Looking Statements” above.

In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. This Annual Report should be read in its entirety and with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

Overview

Doers Education Asean Ltd. (formerly “Collins Island Acquisition Corporation”) was incorporated on April 4, 2016 under the laws of the State of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. Doers Education Asean Ltd. (“Doers” or the “Company”) is a blank check company and qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act which became law in April 2012.

~~Results~~As of ~~Operations~~March 31, 2019, Doers had not generated revenues and had no income or cash flows from operations since inception. Doers had sustained net loss of $8,109 and $5,418 for the three months ended March 31, 2019 and 2018, respectively. The Company has an accumulated deficit of $86,839 and $78,730 as of March 31, 2019 and December 31, 2018, respectively.

AsThe ofCompany ~~September~~received ~~30,~~$0 ~~2018~~and $24,485 ~~Doers~~from ~~had~~financing ~~not~~activities ~~generated~~for ~~revenues~~the ~~since~~three ~~inception.~~months ~~Doers~~ended ~~had~~March ~~sustained~~31, ~~net~~2019 ~~loss~~and of2018, respectively. Total $~~16,089~~0 and $3024,~~835~~510 ~~for the~~from ~~nine~~related ~~months~~parties ~~ended~~were ~~September~~paid ~~30,~~by ~~2018~~a ~~and~~shareholder ~~2017,~~on ~~respectively.~~behalf ~~The~~of the Company ~~has~~for anoperating ~~accumulated~~expenses ~~deficit~~purposes offor ~~$71,134~~the three ~~and~~months ~~$55~~ended March 31,~~045 as~~ of2019 ~~September~~and 302018, ~~2018~~respectively. ~~and~~The ~~December~~payable 31is interest free, ~~2017~~with no collateral, ~~respectively~~and due on demand.

Operating expenses totaled $16,101 for the nine months ended September 30, 2018, compared to $30,835 for the nine months ended September 30, 2017, a decrease of $14,734, or approximately 47.78%. The decrease is mainly attributed to the decrease in professional expenses.

Operating expenses totaled $4,650 for the three months ended September 30, 2018, compared to $5,040 for the three months ended September 30, 2017, a decrease of $390, or approximately 7.73%. The decrease is mainly attributed to the decrease in professional expenses.

Liquidity and Capital Resources

At September 30, 2018, cash and cash equivalents were $8,185, compared to $64 at December 31, 2017, an increase of $8,121. Our working capital deficit increased by $16,114 to a deficit of $69,489 at September 30, 2018 from $53,375 at December 31, 2017.

The Company used $21,364 and $34,339 from operating activities for the nine months ended September 30, 2018 and 2017, respectively. The decrease is due to decreased net loss offset by increased accrued liabilities.

The Company received $29,485 and $34,339 from financing activities for the nine months ended September 30, 2018 and 2017, respectively. Total $29,510 and $34,339 from related parties were paid by a shareholder on behalf of the Company for operating expenses purposes for the nine months ended September 30, 2018 and 2017, respectively. The payable is interest free, with no collateral, and due on demand.

The Company’s independent auditors have issued a report raising substantial doubt about the Company’s ability to continue as a going concern. At present, the Company has no operations and the continuation of the Company as a going concern is dependent upon financial support from its stockholders, its ability to obtain necessary equity financing to continue operations and/or to successfully locate and negotiate with a business entity for the combination of that target company with the Company.

USE OF ESTIMATES

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. Cash and cash equivalents amounted to $8,185 and $64 as of September 30, 2018 and December 31, 2017, respectively.

CONCENTRATION OF RISK

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash in bank in Taiwan where the standard deposit insurance coverage limit is approximately $100,627 (NT$3 million). The Company’s bank balance did not exceed the insured amounts as of September 30, 2018 and December 31, 2017, respectively.

INCOME TAXES

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2018 and December 31, 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

LOSS PER COMMON SHARE

Basic loss per common share excludes dilution and is computed by dividing net loss with the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2018 and 2017, there are no outstanding dilutive securities.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

RECENT ACCOUNTING PRONOUNCEMENTS

SUBSEQUENT EVENT

None

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

Information not required to be filed by ~~emerging growth companies and~~ Smaller reporting companies.

ITEM 4. Controls and Procedures.

Disclosures and Procedures

Pursuant to Rules adopted by the Securities and Exchange Commission, the Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rules. This evaluation was done as of the end of the period covered by this report under the supervision and with the participation of the Company’s principal executive officer (who is also the principal financial officer).

Based upon that evaluation, he believes that the Company’s disclosure controls and procedures are effective in gathering, analyzing and disclosing information needed to ensure that the information required to be disclosed by the Company in its periodic reports is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

This Quarterly Report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Quarterly Report.

Changes in Internal Controls

There was no change in the Company’s internal control over financial reporting that was identified in connection with such evaluation that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are no legal proceedings against the Company and the Company is unaware of such proceedings contemplated against it.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

For the period from April 4, 2016 (Inception) to ~~September~~March 3031, ~~2018~~2019, the Company has issued 20,~~640~~390,000 common shares pursuant to Section 4(2) of the Securities Act of 1933 at par as follows:

On April 4, 2016, the Company issued the following shares of its common stock:

Name		Number of Shares

James Cassidy		10,000,000
		9,750,000 redeemed July 24, 2016
		250,000 redeemed March 24, 2018

James McKillop		10,000,000
		9,750,000 redeemed July 24, 2016

On July 24, 2016, the Company redeemed an aggregate of 19,500,000 of the then 20,000,000 shares of outstanding stock.

On July 25, 2016, the Company issued 19,500,000 shares of its common stock pursuant to Section 4(2) of the Securities Act of 1933 at par and at a discount of $1,950 representing 97.5% of the total outstanding 19,000,000 shares of common stock to Lin Wei-Hsien and 500,000 shares to Daz Mc Securities. Daz Mc Securities works with Lin Wei-Hsien together as shareholders and management of the Company.

On September 30, 2016, the Company issued 640,000 shares of its common stock to 38 shareholders for a total $64 at par value of $0.0001 per share.

On March 6, 2018, the Company repurchased 250,000 shares of its common stocks from James Cassidy for $25. The 250,000 shares were canceled.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

ITEM 5. OTHER INFORMATION

(a)	Not applicable.

(b)	Item 407(c)(3) of Regulation S-K:

During the quarter covered by this Report, there have not been any material changes to the procedures by which security holders may recommend nominees to the Board of Directors.

ITEM 6. EXHIBITS

(a)

Exhibits

31	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	~~Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002~~
32	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	~~Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002~~
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DOERS EDUCATION ASEAN LIMITED By: /s/ Lin Wei-Hsien Lin Wei-Hsien President and Chief Financial Officer

	DOERS EDUCATION ASEAN LIMITED

Date: May 6, 2019	By:	/s/ Lin Wei-Hsien
		Lin Wei-Hsien
		President and Chief Financial Officer

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