0001686515 false --03-31 Q1 2022 Yes No 0001686515 2021-04-01 2021-06-30 0001686515 2022-07-29 0001686515 2021-06-30 0001686515 2021-03-31 0001686515 2020-04-01 2020-06-30 0001686515 us-gaap:CommonStockMember 2021-03-31 0001686515 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001686515 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001686515 us-gaap:RetainedEarningsMember 2021-03-31 0001686515 us-gaap:CommonStockMember 2020-03-31 0001686515 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001686515 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001686515 us-gaap:RetainedEarningsMember 2020-03-31 0001686515 2020-03-31 0001686515 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001686515 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001686515 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001686515 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001686515 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001686515 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001686515 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001686515 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001686515 us-gaap:CommonStockMember 2021-06-30 0001686515 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001686515 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001686515 us-gaap:RetainedEarningsMember 2021-06-30 0001686515 us-gaap:CommonStockMember 2020-06-30 0001686515 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001686515 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001686515 us-gaap:RetainedEarningsMember 2020-06-30 0001686515 2020-06-30 0001686515 EAWC:ECCOAutoWorldCorporationMember 2017-06-07 0001686515 EAWC:FreeShareXChangeLimitedMember 2020-02-17 0001686515 EAWC:ECCOLabuanAndFSXVtradeMember 2021-01-01 2021-01-02 0001686515 EAWC:GreenproCapitalCorpMember 2021-06-30 0001686515 EAWC:GreenproCapitalCorpMember 2021-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

~~[X]~~ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The ~~Nine~~Quarterly ~~Month~~ Period Ended ~~December~~June 3130, ~~2020~~2021

~~[ ]~~ ☐ 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 000-56048

ECCO AUTO WORLD CORPORATION

(Exact name of registrant issuer as specified in its charter)

Nevada		30-0943638
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Unit C, 4/F, China Insurance Building, 48 Cameron Road, Tsim Sha Tsui,

~~Tsim Sha Tsui,~~ Kowloon, Hong Kong.

(Address of principal executive offices, including zip code)

Registrant’s phone number, including area code ~~+852 8134 5953~~

+852 8134 5953

Securities registered pursuant to Section 12(b) of the Securities Exchange Act: None

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

Title of each class		Trading Symbol		Name of each exchange on which registered
Common stock, par value $0.0001		EAWC		N/A

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 ~~[X]~~☒ 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 (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

YES ~~[ ]~~☐ NO ~~[X]~~☒

Indicate by check mark ~~whether~~if ~~the~~disclosure ~~registrant~~of isdelinquent filers apursuant ~~large~~to ~~accelerated~~Item ~~filer,~~405 anof ~~accelerated~~Regulation ~~filer,~~S-K a(§ ~~non-accelerated~~229.405 ~~filer~~of this chapter) is not contained herein, orand awill ~~smaller reporting~~not ~~company.~~be ~~See~~contained, to the ~~definitions~~best of ~~“large~~registrant’s ~~accelerated filer~~knowledge,” ~~“accelerated~~in ~~filer”~~definitive ~~and~~proxy ~~“smaller reporting~~or ~~company”~~information statements incorporated by reference in ~~Rule~~Part ~~12b-2~~III of ~~the~~this Form ~~Exchange~~10-K ~~Act.~~or ~~(Check~~any ~~one):~~amendment to this Form 10-K. ☒

~~Large~~Indicate ~~Accelerated~~by ~~Filer~~check ~~[ ]~~mark ~~Accelerated~~whether ~~Filer~~the ~~[ ]~~registrant ~~Non~~is a large accelerated filer, an accelerated filer, a non-accelerated ~~Filer~~filer, ~~[ ]~~or ~~Smaller~~a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” ~~[X]~~in Rule 12b-2 of the Exchange Act.

~~Emerging~~Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☒ Emerging growth company ~~[X]~~☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for ~~complying~~ 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 [X]~~

~~The~~Yes ~~aggregate~~☐ ~~market~~No value of the Company’s common stock held by non-affiliates computed by reference to the closing bid price of the Company’s common stock, as of the last business day of the registrant’s most recently completed second fiscal quarter:☒

~~APPLICABLE~~The ~~ONLY~~aggregate TOmarket ~~ISSUERS~~value ~~INVOLVED~~of INthe ~~BANKRUPTCY~~Company’s ~~PROCEEDINGS~~Common ~~DURING~~Stock ~~THE~~held ~~PRECEDING~~by ~~FIVE~~non-affiliates ~~YEARS~~computed by reference to the closing bid price of the Company’s Common Stock, as of the last business day of the registrant’s most recently completed second fiscal quarter:

Indicate by check mark whether the registrant has fled all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a courtN/A.

N/A

APPLICABLE ONLY TO CORPORATE ISSUERS:

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

Class		Outstanding at ~~December~~July 3129, ~~2020~~2022
Common Stock, $.0001 par value		93,089,643

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION	3
ITEM 1.	~~UNAUDITED~~ CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:	~~F-1~~3
	Condensed Consolidated Balance Sheets as of December 31, 2020 (unaudited) and March 31, 2020 (Audited)	F-2
	Condensed Consolidated Balance Sheets - June 30, 2021 (Unaudited) and March 31, 2021	3
	Condensed Consolidated Statements of Operations and Comprehensive Income for the Nine Months Ended December 31, 2020 and 2019 (unaudited)	F-3
	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - Three Months Ended June 30, 2021 and 2020	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2020 (unaudited)	F-4
	Condensed Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited) - Three Months Ended June 30, 2021 and 2020	5
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2020 and 2019 (unaudited)	F-5
	Condensed Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended June 30, 2021 and 2020	6
	Notes to the Condensed Consolidated Financial Statements	F-6 - F-14
	Notes to the Condensed Consolidated Financial Statements (Unaudited) - Three Months Ended June 30, 2021 and 2020	7
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	~~3-4~~10
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	512
ITEM 4.	CONTROLS AND PROCEDURES	512
PART II	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	613
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	613
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	613
ITEM 4	MINE SAFETY DISCLOSURES	613
ITEM 5	OTHER INFORMATION	613
ITEM 6	EXHIBITS	614
	SIGNATURES	715

PART I – FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ECCO AUTO WORLD CORPORATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets as of December 31, 2020 (unaudited) and March 31, 2020 (Audited)	F-2
Condensed Consolidated Statements of Operations and Comprehensive Income for the Nine Months Ended December 31, 2020 and 2019 (unaudited)	F-3
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2020 (unaudited)	F-4
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2020 and 2019 (unaudited)	F-5
Notes to the Condensed Consolidated Financial Statements	F-6 - F-14

F-1

ECCO AUTO WORLD CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

AsAS ofOF ~~December~~JUNE 3130, ~~2020~~2021 ~~March~~AND MARCH 31, ~~2020~~2021

(~~Currency expressed~~Expressed in United States Dollars ~~(“US$”~~)~~, except for number of shares)~~

	As of December 31, 2020			As of March 31, 2020
		June 30, 2021			March 31, 2021
	(Unaudited)			~~(Audited)~~
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	21,~~899~~544		$	81,~~969~~544
Other receivable and prepayment		2,920			2,920
TOTAL ASSETS	$	1,544		$	1,544
Due from related party		14,182			7,088
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Total Current Assets		20,001			18,977
NON-CURRENT ASSETS
Plant and equipment, net		26,770			32,549
TOTAL ASSETS	$	46,771			51,526
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Other payables and accrued liabilities		198,678			181,684
Accounts payable and accrued liabilities (includes $4,000 due to related party as of June 30, 2021 and March 31, 2021, respectively)	$	61,120		$	52,900
Deferred Revenue		-			17,500
TOTAL LIABILITIES		61,120			52,900
Total Current Liabilities		198,678			199,184
Commitments and Contingencies		-			-
TOTAL LIABILITIES	$	198,678			199,184
STOCKHOLDERS’ DEFICIT
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; No shares issued and outstanding		-			-
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; None issued and outstanding
Common Stock, par value $0.0001; 600,000,000 shares authorized, 93,089,643 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively		9,309			9,309
Common Stock, par value $0.0001; 600,000,000 shares authorized, 93,089,643 shares issued and outstanding as of December 31, 2020 and March 31, 2020		9,309			9,309
Additional paid in capital		622,147			622,147
Accumulated losses		(785,210	)		(793,612	)
Accumulated other comprehensive income		1,847			1,847
Accumulated other comprehensive income		1,847			14,498
Accumulated deficit		(692,879	)		(684,659	)
TOTAL STOCKHOLDERS’ EQUITY	$	(151,907	)	$	(147,658	)
TOTAL STOCKHOLDERS’ DEFICIT		(59,576	)		(51,356	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	46,771		$	51,526
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	1,544		$	1,544

See accompanying notes to condensed consolidated financial statements.

~~F-2~~3

ECCO AUTO WORLD CORPORATION

CONDENSED CONSOLIDATED ~~STATEMENT~~STATEMENTS OF ~~OPERATION~~OPERATIONS ~~AND COMPREHENSIVE INCOME~~

~~For~~AND ~~the~~COMPREHENSIVE ~~nine months ended December 31, 2020 and 2019~~LOSS

~~(Currency~~FOR ~~expressed~~THE inTHREE ~~United~~MONTHS ~~States~~ENDED ~~Dollars~~JUNE ~~(“US$”)~~30, ~~except~~2021 ~~for~~and ~~number of shares)~~2020

(Expressed in United States Dollars, except for number of shares)

(Unaudited)

	Three months ended December 31						Nine months ended December 31
		2021			2020
	2020			2019			2020			2019
	Three months ended June 30,
REVENUE	$	9,100		$	5,200		$	44,700		$	5,200
	2021			2020
COST OF REVENUE	$	-		$	-		$	-		$	-
Revenues	$	-		$	-
GROSS PROFIT	$	9,100		$	5,200		$	44,700		$	5,200
General and administrative expenses (including $0 and $4,200 to related party for the three months ended June 30, 2021 and 2020, respectively)		(8,220	)		(10,193	)
OTHER INCOME	$	11		$	23		$	12		$	84
Loss from operations		(8,220	)		(10,193	)
GENERAL AND ADMINISTRATIVE EXPENSES	$	(10,401	)	$	(9,128	)	$	(36,310	)	$	(37,481	)
Interest income		-			1
(LOSS)/PROFIT BEFORE INCOME TAX	$	(1,290	)	$	(3,905	)	$	8,402		$	(32,197	)
Loss from continuing operations		(8,220	)		(10,192	)
INCOME TAX PROVISION	$	-			-		$	-		$	-
Discontinued operations:
NET (LOSS)/GAIN	$	(1,290	)	$	(3,905	)	$	8,402		$	(32,197	)
- Income from discontinued operations		-			14,680
OTHER COMPREHENSIVE INCOME/(LOSS)	$	(4,310	)	$	-		$	1,847		$	(13	)
Net (loss) income		(8,220	)		4,488
TOTAL COMPREHENSIVE INCOME/(LOSS)	$	(5,600	)	$	(3,905	)	$	10,249		$	(32,210	)
Other comprehensive loss:
Net (loss)/profit per share, basic and diluted:		(0.00	)		(0.00	)		0.00			(0.00	)
-Foreign exchange translation adjustment		-			(4,468	)
Weighted average number of common shares outstanding – Basic and diluted		93,089,643			93,089,643			93,089,643			93,089,643
Comprehensive (loss) income	$	(8,220	)	$	20
Basic and diluted income (loss) per share:
Loss from continuing operations	$	(0.00	)	$	(0.00	)
Income from discontinued operations	$	-		$	0.00
Net (loss) income per share, basic and diluted:	$	(0.00	)	$	0.00
Weighted average number of common shares outstanding - Basic and diluted		93,089,643			93,089,643

See accompanying notes to condensed consolidated financial statements.

~~F-3~~4

ECCO AUTO WORLD CORPORATION

CONDENSED CONSOLIDATED ~~STATEMENT~~STATEMENTS OF CHANGES IN STOCKHOLDERS’ ~~EQUITY~~DEFICIT

~~For~~FOR ~~the~~THE ~~nine~~THREE ~~months~~MONTHS ~~ended~~ENDED ~~December~~JUNE 3130, 2021 AND 2020

(~~Currency expressed~~Expressed in United States Dollars, ~~(“US$”~~except for number of shares))

(Unaudited)

	COMMON STOCK				ADDITIONAL								ACCUMULATED OTHER
Three months ended June 30, 2021 (Unaudited)
	Number of Shares		Amount		PAID-IN CAPITAL		ACCUMULATED LOSSES			MERGER RESERVE			COMPREHENSIVE INCOME			TOTAL EQUITY
	Common Stock				Additional		Accumulated Other						Total
Balance as of April 1, 2019		93,089,643	$	9,309	$	622,147	$	(570,484	)	$	15		$	(1,364	)	$	59,623
	Number of shares		Amount		Paid-in Capital		Comprehensive Income			Accumulated Deficit			Stockholders’ Deficit
Balance as of April 1, 2019 (acquisition of new subsidiaries)		-	$	-		-	$	(187,435	)		-			3,544			(183,891	)
Balance as of March 31, 2021		93,089,643	$	9,309	$	622,147	$	1,847		$	(684,659	)	$	(51,356	)
Balance as of April 1, 2019 (Restated)		93,089,643	$	9,309		622,147		(757,919	)		-			2,180			(124,268	)
Net loss		-		-		-		-			(8,220	)		(8,220	)
Transaction with owner		-		-		-		-			(15	)		-			(15	)
Balance as of June 30, 2021 (Unaudited)		93,089,643	$	9,309	$	622,147	$	1,847		$	(692,879	)	$	(59,576	)
Accumulated other comprehensive income		-		-		-		-			-			12,318		$	12,318
Net loss for the year		-		-		-	$	(35,693	)		-			-		$	(35,693	)
Balance as of March 31, 2020		93,089,643	$	9,309		622,147		(793,612	)		-			14,498			(147,658	)
Accumulated other comprehensive loss		-		-		-		-			-			(4,468	)		(4,468	)
Net Profit for the period		-		-		-		4,488			-			-			4,488
Balance as of June 30 2020		93,089,643	$	9,309		622,147		(789,124	)		-			10,030			(147,638	)
Accumulated other comprehensive loss											-			(3,873	)		(3,873	)
Net profit for the period								5,207			-			-			5,207
Balance as of September 30, 2020		93,089,643	$	9,309		622,147		(783,917	)		-			6,157			(146,304	)
Accumulated other comprehensive loss											-			(4,310	)		(4,310	)
Net loss for the period								(1,290	)		-			-			(1,290	)
Balance as of December 31, 2020		93,089,643	$	9,309		622,147		(785,210	)					1,847			(151,907	)

Three months ended June 30, 2020 (Unaudited)

	Common Stock				Additional		Accumulated Other						Total
	Number of shares		Amount		Paid-in Capital		Comprehensive Income			Accumulated Deficit			Stockholders’ Deficit
Balance as of March 31, 2020		93,089,643	$	9,309	$	622,147	$	14,498		$	(793,612	)	$	(147,658	)
Foreign currency translation		-		-		-		(4,468	)		-			(4,468	)
Net income		-		-		-		-			4,488			4,488
Net income (loss)		-		-		-		-			4,488			4,488
Balance as of June 30, 2020 (Unaudited)		93,089,643	$	9,309	$	622,147	$	10,030		$	(789,124	)	$	(147,638	)

See accompanying notes to condensed consolidated financial statements.

~~F-4~~5

ECCO AUTO WORLD CORPORATION

CONDENSED CONSOLIDATED ~~STATEMENT~~STATEMENTS OF CASH FLOWS

~~For~~FOR ~~the~~THE ~~nine~~THREE ~~months~~MONTHS ~~ended~~ENDED ~~December~~JUNE ~~31,~~30 ~~2020~~2021 ~~and~~AND ~~2019~~2020

(~~Currency expressed~~Expressed in United States Dollars ~~(“US$”~~)~~, except for number of shares)~~

(Unaudited)

	Nine Months Ended
	2021			2020
	December 31, 2020 (Unaudited)			December 31, 2019 (Unaudited)
	Three Months Ended June 30
CASH FLOWS FROM OPERATING ACTIVITIES:
	2021			2020
Net profit/(loss)	$	8,402		$	(32,197	)
Cash flows from operating activities:
Adjustment to reconcile net profit/(loss) to net used in operating activities:
Net (loss) income	$	(8,220	)	$	4,488
Depreciation	$	7,665		$	548
Adjustment to reconcile net (loss) income to net cash generated from operating activities:
Changes in operating assets and liabilities:
Income from discontinued operations		-			(14,680	)
Prepaid Expenses	$	-		$	1,752
Depreciation		-			183
Due from related party	$	(6,565	)		500
Changes in operating liabilities:
Account receivable		-			10,000
Accounts payable and accrued liabilities		8,220			(4,951	)
Other payables and accrued liabilities	$	1,455		$	(8,134	)
Net cash used in operating activities		-			(14,960	)
Deferred revenue	$	(17,500	)		-
Net cash generated from operating activities - discontinued operations		-			19,351
Due to related parties	$	-		$	(3,650	)
Net cash generated from operating activities		-			4,391
Net cash used in operating activities	$	(6,543	)	$	(31,181	)
Effect of exchange rate changes on cash and cash equivalents		-			(4,468	)
Effect of exchange rate changes on cash and cash equivalents	$	4,73		$	(13	)
Net decrease in cash and cash equivalents		-			(77	)
Net decrease in cash and cash equivalents	$	(6,070	)	$	(31,194	)
Cash and cash equivalents, beginning of period		1,544			3,015
Cash and cash equivalents, beginning of period	$	8,969		$	52,390
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,544		$	2,938
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	2,899		$	21,196
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income tax	$	-		$	-
Cash paid for interest	$	-		$	-

See accompanying notes to condensed consolidated financial statements.

~~F-5~~6

ECCO AUTO WORLD CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~For~~FOR ~~the~~THE ~~Nine~~THREE ~~months~~MONTHS ~~ended~~ENDED ~~December~~JUNE 3130, 2021 AND 2020

(~~Currency~~In ~~expressed~~U.S. ~~in United States Dollars (“US$”)~~dollars, except ~~for~~share ~~number~~and ofper ~~shares~~share data)

(Unaudited)

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

ECCO Auto World Corporation is(the ~~organized~~“Company”) aswas aincorporated in Nevada ~~limited liability company, incorporated~~ on June 6, 2016. For purposes of consolidated financial statement presentation, ECCO Auto World Corporation and its subsidiary are herein referred to as “the Company” or “we”. The Company is a business whose planned principal operations are to develop and operate an Automobile mobile application or a platform to connect auto repair shops and car owners.

On June 7, 2017, the Company acquired 100% interest in ECCO Auto World Corporation, a ~~private limited liability~~ company incorporated in Labuan, ~~resulting~~(“ECCO inLabuan”). On February 17, 2020, the ~~latter~~Company acquired ~~becoming~~100% of aFree ~~wholly~~Share X-Change Limited, an Anguilla corporation (“FSX”), and its wholly owned subsidiary, ~~company~~Vtrade ofTechnology Sdn. Bhd. (“Vtrade”) (collectively, “FSX Vtrade”). On January 2, 2021, the Company sold its interests in ECCO Labuan and FSX Vtrade (see Note 2).

On February 17, 2020, Ecco Auto World Corp (the “ECCO”) and Mr Joson Yeo Hung Kwang, Mr Chai Kok Leong and Mr Loke Che Chan, Gilbert, each representing 49.5% ,49.5% and 1% shareholding of Free Share X- Change Limited, an Anguilla corporation, (“FSX”) entered into a Sale and Purchase Agreement (the “FSX Purchase Agreement”), pursuant to which ECCO acquired 100% of the issued and outstanding shares of FSX (the “Acquisition”). As consideration thereof, ECCO agreed to paid cash consideration of US$15 to the shareholders

FSX wholly owned a subsidiary Vtrade Technology Sdn Bhd, (the “Vtrade”) in Malaysia, is a private Limited company incorporated in July 12th, 2018

Details of the Company’s subsidiary:

	Company name	Place and date of incorporation	Particulars of issued capital	Principal activities
1.	ECCO Auto World Corporation	Labuan, March 1, 2017	100 shares of ordinary share of US$1 each	Investment holding
2.	Free Share X-change Limited	Anguilla, December 17, 2013	101 shares of ordinary shares of US$15 in total	Providing system and software development, Information technology (IT) consultancy and managed services.
3.	Vtrade Technology Sdn Bhd	Malaysia, July 12, 2018	2 shares of ordinary shares of US$0.48 in total	Providing system and software development, Information technology (IT) consultancy and managed services.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying condensed ~~consolidated~~ financial statements ~~are~~of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. These condensed financial statements should be read in conjunction with the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, filed with the SEC on July 22, 2022. The accompanying condensed financial statements are unaudited, but in the opinion of management contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position as of June 30, 2021, and the results of its operations and its cash flows for the three months ended June 30, 2021 and 2020. The balance sheet as of March 31, 2021, is derived from the Company’s audited financial statements. Since the disposal of ECCO Labuan and FSX Vtrade on January 2, 2021, the financial statements include the accounts of the Company only.

~~Basis~~The results of ~~consolidation~~operations for the three months ended June 30, 2021 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending March 31, 2022.

~~The condensed~~Going ~~consolidated financial statements include the accounts of the Company and its subsidiary. All inter-company accounts and transactions have been eliminated upon consolidation.~~concern

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements for the three months ended June 30, 2021, the Company incurred a net loss of $8,220 and at June 30, 2021, had a stockholders’ deficit of $59,576. These factors, among others, 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. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s March 31, 2021 financial statements, raised substantial doubt about the Company’s ability to continue as a going concern. 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 classification of liabilities that may result in the Company not being able to continue as a going concern.

The continuation of the Company as a going concern is dependent upon 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.

COVID-19

The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. The Company monitors guidance from national and local public health authorities and has implemented health and safety precautions and protocols in response to these guidelines. The extent of the impact of the COVID-19 pandemic has had and will continue to have on the Company’s business is highly uncertain and difficult to predict and quantify at this time.

Use of estimates

Management uses estimates and assumptions in preparing these ~~consolidated~~ financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheet, and the reported revenue and expenses during the periods reported. Significant estimates include those related to the accrual of potential liabilities. Actual results may differ from these estimates.

Revenue recognition

~~In accordance~~The Company recognizes revenue in accordance with Financial Accounting ~~Standards~~Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic ~~605~~606, “ Revenue ~~Recognition”,~~from ~~the~~Contracts ~~Company~~with ~~recognizes~~Customers. To determine revenue ~~from~~recognition ~~sales~~under ofASC ~~goods~~606, ~~when~~an entity performs the following ~~four~~five-steps ~~revenue~~(i) ~~criteria~~identifies ~~are~~the ~~met:~~contract(s) with a customer; (1ii) ~~persuasive~~identifies ~~evidence~~the ofperformance anobligations ~~arrangement~~in ~~exists~~the contract; (2iii) ~~delivery~~determines ~~has~~the ~~occurred~~transaction price; (3iv) ~~selling~~allocates the transaction price isto ~~fixed or~~the ~~determinable~~performance obligations in the contract; and (4v) ~~collectability~~recognizes revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-steps to contracts when it is ~~reasonable~~probable ~~assured~~that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

~~Revenue~~Net isincome ~~measured~~(loss) atper ~~the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue.~~share

FBasic income (loss) per share is computed by dividing the net loss by the weighted-6average number of common shares outstanding during the period. Diluted income (loss) per share is computed like basic income (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

ECCO AUTO WORLD CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine months ended December 31, 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

The Company derives its revenue from provision of servicing scheduling, system optimization advisory services, also providing Finance IT solution, system and software development, Information technology (IT) consultancy and managed services. The services are billed on a fixed-fee basis.

Cost of revenue

Cost of revenue includes the cost of consultation services in providing system and software development, Information technology (IT) consultancy and managed services.

Cash and cash equivalents

The Company considers all highly liquid instruments with a maturity of six months or less at the time of issuance to be cash equivalents.

Plant and equipment

Plant and equipment is stated at cost less accumulated depreciation and impairment. Depreciation of plant and equipment are calculated on the straight-line method over their estimated useful lives as follows:

Classification		Estimated useful lives
Computer and peripherals		5 years

Expenditures for maintenance and repairs are expenses as incurred.

Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

The Company conducts major businesses in Malaysia and Hong Kong, and is expanding to China and Thailand. The Company is subject to tax in these jurisdiction. As a result of its business activities, the Company will file tax returns that are subject to examination by the foreign tax authority.

Going Concern

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period ended December 31, 2020, the Company incurred a net gain of $8,402 and has generated revenue of $44,700. 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. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stock holders, in the case of equity financing.

Net income/(loss) per share

The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

F-7

ECCO AUTO WORLD CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine months ended December 31, 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates ~~prevailing~~ prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the ~~Condensed Consolidated~~ Statements of Operations and Comprehensive Income or Loss.

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary in Malaysia maintains their books and record in their local currency, Ringgits Malaysia (“RM”) which is functional currency as being the primary currency of the economic environment in which the entity operates.

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

Translation of amounts from RM into US$1 has been made at the following exchange rates for the respective periods:

	As of and for the period ended December 31
	2020		2019
Period-end RM : US$1 exchange rate		4.0225		4.0907
Period-average RM : US$1 exchange rate		4.2104		4.1581

Source of currency rate: https://www.x-rates.com/

Fair value of financial instruments

The carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

F-8

ECCO AUTO WORLD CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended December 31, 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

Recent accounting pronouncements

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

~~F-9~~8

~~ECCO~~2. ~~AUTO~~DISCONTINUED ~~WORLD CORPORATION~~OPERATIONS

~~NOTES~~On TOJanuary ~~CONDENSED~~2, ~~CONSOLIDATED~~2021, ~~FINANCIAL~~the ~~STATEMENTS~~Company sold its interests in its wholly owned subsidiaries, ECCO Labuan and FSX Vtrade, to an unrelated party for $115.

~~For~~ECCO Labuan and FSX Vtrade were deconsolidated effective January 2, 2021, and the ~~nine~~Company ~~months~~does ~~ended~~not ~~December~~have 31any continuing involvement in the operations of the disposed subsidiaries. The disposal is accounted for as discontinued operations and, ~~2020~~accordingly, all prior periods presented in the accompanying condensed consolidated statements of operations and statements of cash flows have been adjusted to conform to this presentation; no adjustment has been made to the condensed consolidated balance sheet as a result of the disposal.

~~(Currency~~The ~~expressed~~following intable ~~United~~summarizes ~~States~~certain ~~Dollars~~selected ~~(“US$”),~~components ~~except~~of discontinued operations for ~~number~~the ofdisposed ~~shares)~~subsidiaries for the three months ended June 30, 2020:

~~(Unaudited)~~ SCHEDULE OF COMPONENTS OF DISCONTINUED OPERATIONS

Off-Balance Sheet Arrangements

	Three months ended
	June 30, 2020

Revenues	$	16,500

Income from discontinued operations	$	14,680

Income per share from discontinued operations - Basic and Diluted	$	0.00

As3. ofRELATED ~~December~~PARTY 31, 2020, 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.TRANSACTIONS

~~F-10~~Asia UBS Global Limited, a subsidiary of Greenpro Capital Corp. (collectively “Greenpro”), owns approximately 4.3% of the Company’s issued and outstanding shares. For the three months ended June 30, 2021 and 2020, the Company incurred secretarial fees to Greenpro of $0 and $4,200, respectively. As of June 30, 2021 and March 31, 2021, the Company had secretarial fees payable to Greenpro of $4,000.

~~ECCO AUTO WORLD CORPORATION~~9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended December 31, 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

3. OTHER RECEIVABLE AND PREPAYMENT

Other receivable and prepayment consisted of the following at December 31, 2020 and March 31, 2020:

	As of December 31, 2020		As of March 31, 2020
Receivable		120		120
Prepayment		2,800		2,800
Total receivable and prepayment	$	2,920	$	2,920

4. PLANT AND EQUIPMENT

	December 31, 2020			March 31, 2020
Computer and peripherals	$	51,266		$	51,266
Accumulated depreciation		(24,461	)		(16,796	)
Effect of translation exchange		(35	)		(1,921	)
Plant and equipment	$	26,770		$	32,549

Depreciation expense for the three and nine months ended December 31, 2020 is $2,612 and $7,665 respectively. Depreciation expense for the three and nine months ended December 31, 2019 is $183 and $548 respectively.

5. DUE FROM RELATED PARTIES

The amount due from related parties are unsecured, interest-free with no fixed repayment term, for working capital purpose.

6. COMMON STOCK

As of December 31, 2020 and March 31, 2020 the Company has 93,089,643 shares issued and outstanding respectively. There are no shares of preferred stock issued and outstanding.

F-11

ECCO AUTO WORLD CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine months ended December 31, 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

7. OTHER PAYABLES AND ACCRUED LIABILITIES

	December 31, 2020		March 31, 2020
Accrued audit fee	$	19,345	$	28,990
Accrued review fee		10,500		3,800
Other payable		168,833		148,894
Total other payables and accrued liabilities	$	198,678	$	181,684

As of March 31, 2020, the other payable is made up of loan from non-trade third party amounted to US$56,579 and other payable amounted to US$92,315.

As of December 31, 2020, the other payable is made up of loan from non-trade third party amounted to US$60,680 and other payable amounted to US$108,153. There is no interest incur and repayment period is upon request by non-trade third party.

8. INCOME TAXES

For the nine months ended December 31, 2020, the local (United States) and foreign components of profit(loss) before income taxes were comprised of the following:

	Nine months ended			Nine months ended
	December 31, 2020			December 31, 2019
Tax jurisdictions from:
- Local	$	(26,595	)	$	(29,834	)
- Foreign, representing		-			-
Labuan	$	(142	)		(2,363	)
Malaysia		4,914			-
Anguilla		30,225			-
Profit/(Loss) before income tax	$	8,402		$	(32,197	)

The provision for income taxes consisted of the following:

		Nine months ended		Nine months ended
		December 31, 2020		December 31, 2019
Current:
- Local	$	-	$	-
- Foreign		-		-
Deferred:
- Local		-		-
- Foreign		-		-
	$		$
Income tax expense	$	-	$	-

F-12

ECCO AUTO WORLD CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine months ended December 31, 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

United States of America

The Tax Cuts and Jobs Act was enacted in the United States on December 22, 2017. The Act reduces the US federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign sourced earnings. In December 2017, the SEC issued SAB 118, which directs taxpayers to consider the impact of the U.S. legislation as “provisional” when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law.

As of December 31, 2020, the Company does not recognize any provisional amount for the transition tax.

We re-measured certain deferred tax assets and liabilities based on the rates at which they are anticipated to reverse in the future, which is generally 21%. However, we are still examining certain aspects of the Act and refining our calculations, the Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of December 31, 2020, the operations in the United States of America incurred $674,118 of cumulative net operating loss which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2040, if unutilized. The Company has provided for a full valuation allowance of $141,565 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

Labuan

Under the current laws of the Labuan, ECCO Auto World Corporation is governed under the Labuan Business Activity Act, 1990. The tax charge for such company is based on 3% of net audited profit.

Malaysia

Vtrade Technology Sdn Bhd is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 17% to 24% on its assessable income. As of December 31, 2020, the operations in the Malaysia incurred $288,731 of cumulative net operating loss. The Company has provided for a full valuation allowance of $49,084 against the deferred tax assets on the expected future tax benefits from the net operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

Anguilla

Under the current laws of the Anguilla, Free Share Xchange Limited is registered as an international business company which governs by the International Business Companies Act of Anguilla and there is no income tax charged in Anguilla.

9. CONCENTRATIONS OF RISK

The Company is exposed to the following concentrations of risk:

(a) Major customers

For the year ended December 31, 2020 and 2019, the customers who accounted for 10% or more of the Company’s sales and its outstanding receivable balance at year-end are presented as follows:

	For the year ended December 31
	2020		2019		2020			2019			2020		2019
	Revenue				Percentage of Revenue						Accounts Receivable, Trade
Customer A	$	17,500	$	-		39	%		-	%	$	-	$	-
Customer B	$	27,200	$	-		61	%		-	%	$	-	$	-
	$	44,700	$	-		100	%		-	%	$	-	$	-

(b) Major vendor

For the nine month ended December 31, 2020 and 2019, no vendor accounted for 10% or more of the Company’s cost of revenues, or accounts payable at period-end.

The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate actually post higher or lower income depending on exchange rate of RM converted into US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

(d) Liquidity Risk

Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. For the nine months ended December 31, 2020, the company has current ratio of 0.1 which is relatively low. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern.

10. COMMITMENTS AND CONTINGENCIES

As of December 31, 2020, the Company has no commitments or contingencies involved.

F-13

ECCO AUTO WORLD CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended December 31, 2020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

11. RELATED PARTY TRANSACTIONS

	Nine months ended December 31, 2020		Nine months ended December 31, 2019
Asia UBS Global Limited (1)
- Professional Fee		6,000		5,800
- Company Renewal Fee		2,200		3,330
		8,200		9,100

(1) Asia UBS Global Limited is a subsidiary of Greenpro Capital Corp. through its subsidiary Greenpro Venture Capital Limited owns approximately 4.30% of the Company issued and outstanding shares as of December 31, 2020. For the Nine months ended December 31, 2020, the Company has incurred professional fee of $6,000 and company renewal fees of $2,200. For the Nine months ended December 31, 2019, the Company has $5,800 professional fee and $3,300 company renewal fees incurred.

(2) Greenpro Financial Consulting Limited is a subsidiary of Greenpro Capital Corp., through its subsidiary Greenpro Venture Capital Limited owns approximately 4.30% of the Company issued and outstanding shares as of December 31, 2020. For the Nine months ended December 31, 2019, the Company incurred no professional fees.

12. SUBSEQUENT EVENTS

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2020 up through the date the Company issued the audited consolidated financial statements. During this period, there was no subsequent event that required recognition or disclosure

13. SIGNIFICANT EVENTS

During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates.

The Company considers this outbreak as non-adjusting-events. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company.

F-14

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

The information contained in this ~~quarter report on~~ Form 10-Q is intended to update the information contained in our Annual Report on Form 10-K for the year ended March 31, ~~2020~~2021 filed with the Securities and Exchange Commission on July 22, 2022 (the “Form 10-K”) and presumes that readers have access to, and will have read, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our ~~consolidated~~ financial statements and the notes to the ~~consolidated~~ financial statements included elsewhere in this Form 10-Q.

The following discussion contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements are not ~~guarantees~~ guaranteed of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarterly report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S10-1K ~~Amendment No.8, dated July 20, 2016~~ in the section entitled “Risk Factors” for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this ~~transition~~quarterly report on Form 10-Q. The following should also be read in conjunction with the unaudited ~~Condensed Consolidated~~ Financial Statements and notes thereto that appear elsewhere in this report.

~~Company~~Results ~~Overview~~of Operations

ECCO Auto World Corporation, a Nevada corporation (“the Company”) was incorporated under the laws of the State of Nevada on June 6, 2016.

ECCO Auto World Corporation, which is incorporated in Labuan, Malaysia on March 1, 2017, is a wholly owned subsidiary of ECCO Auto World Corporation.

ECCO Auto World Corporation has engaged a third party for the development of ECCO App, which is a platform that connects users with auto repair shops and service centers throughout Malaysia and will be made up of a selection of auto repair shops who join our ‘ECCO Partnership’ and car owners who use the ECCO App. Auto repair shops that make use of ECCO user base will be subject to stringent supervision and entrant requirements in order to ensure quality service to users. The company has spent approximately $300,000 for the research and development of the mobile application.

During the year 2020, ECCO Auto World Corporation has expand their business toward consultancy in providing Finance IT solution to clients. In addition, Ecco Auto World Corporation was developing Cash & Treasury Management system that strives to provide clients’ businesses with a single view of cash across their entire operation. It equips clients with innovative but practical tools aimed at removing inefficiencies, and enhance the client’s skill in strategic planning, carry out effective cash decisions based on clear, actionable information.

On February 17, 2020, Ecco Auto World Corp (the “ECCO”) and Mr Joson Yeo Hung Kwang Mr Chai Kok Leong and Mr Loke Che Chan, Gilbert, each representing 49.5% ,49.5% and 1% shareholding of Free Share X- Change Limited, an Anguilla corporation, (“FSX”) entered into a Sale and Purchase Agreement (the “FSX Purchase Agreement”), pursuant to which ECCO acquired 100% of the issued and outstanding shares of FSX (the “Acquisition”). As consideration thereof, ECCO agreed to paid cash consideration of US$15 to the sharaeholders

FSX wholly owned a subsidiary Vtrade Technology Sdn Bhd, (the “Vtrade”) in Malaysia, is a private Limited company incorporated in July 12th, 2018. The company is providing system and software development, Information technology (IT) consultancy and managed services.

Results of Operation

For Nine Months Ended December 31, 2020 and 2019.

Revenues

The Company ~~has~~did ~~generated~~not agenerate ~~revenue~~any ofrevenues ~~$44,700~~ for the ~~period~~three months ended ~~December~~June 3130, ~~2020~~2021 and ~~generated revenue of $5~~2020,~~200~~ ~~for the period ended December 31, 2019~~respectively. ~~During the year, the revenue generated was the result from providing consultancy service in Finance IT solution to client and Information technology (IT) consultancy and managed services.~~

~~Cost~~General and Administrative Expenses ofand ~~Revenue~~Other Income

NoGeneral ~~cost~~and ofadministrative ~~revenue~~(“G&A”) ~~was~~expenses ~~incurred~~were $8,220 and $10,193 for the ~~period~~three months ended ~~December~~June 3130, 2021 and 2020, asrespectively. ~~consultancy~~A ~~services~~decrease ~~have~~in ~~been~~G&A ~~provided~~expenses bywas ~~the~~a ~~CEO~~result ~~and director~~of ~~to clients at no cost to~~ the Company’s cost management.

~~The~~There ~~Company~~was ~~has~~no other income incurred afor ~~net~~the ~~gain~~three ofmonths ~~$8,402~~ended ~~and~~June ~~net~~30, ~~loss~~2021. ofOther ~~$32,197~~income for ~~nine~~the three months ended ~~December~~June 3130, 2020 ~~and 2019 respectively.~~ ~~The~~amounted ~~increase in net gain is mainly due~~ to ~~the~~$1 ~~decrease~~which inwas ~~general~~derived ~~and~~from ~~administrative~~bank ~~expenses~~interest income.

Net Loss or Income

Net loss for the three months ended June 30, 2021 was $8,220 as compared to net income of $4,488 for the three months ended June 30, 2020.

Liquidity and Capital Resources

As atof ~~December~~June 3130 and March 31, ~~2020~~2021, ~~the Company has a current asset entirely consisting~~ cash and cash equivalents ofboth ~~$2,899~~were ~~and~~ $81,~~969 respectively~~544. ~~The decrease of $6,070 in cash flow mainly is due to the increase of operating expenses.~~

~~Operating~~During ~~Activities~~the three months ended June 30, 2021, the Company recorded no change in cash and cash equivalents comparing to a decrease in cash and cash equivalents of $77 for the three months ended June 30, 2020.

~~For~~During the ~~nine~~three months ended ~~December~~June 3130, ~~2020~~2021, ~~and~~the ~~2019,~~Company ~~net~~recorded no cash generated from or used in operating activities ~~was~~as ~~$6,543~~compared ~~and~~to ~~net cash used~~ $314,~~181 respectively~~391 ~~consist~~ of ~~mainly~~net ~~general~~cash ~~and~~generated ~~administrative~~from ~~transaction.~~operating ~~This~~activities isfor ~~mainly due to~~ the ~~decrease~~three inmonths ~~general~~ended ~~and~~June ~~administrative~~30, ~~expenses~~2020.

~~Investing~~Going ~~Activities~~concern

For the ~~nine~~three months ended ~~December~~June 3130, ~~2020~~2021, the Company incurred a net loss of $8,220 and ~~2019~~at June 30, ~~there~~2021 ~~was~~had noa ~~net~~stockholders’ ~~cash~~deficit of ~~used~~$59,576. These factors, among others, 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 ~~investing~~its ~~activities~~report on our financial statements as of and for ~~business~~the ~~purpose~~year ended March 31, 2021, 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.

~~Financing~~The ~~Activities~~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.

~~For the nine months ended December 31, 2020 and 2019, the Company did not have any capital used in financing activities for business purpose for the current period.~~10

~~Capital~~Critical ~~Expenditures~~Accounting Policies and Estimates

~~There~~Use ~~was~~of ~~no capital expenditures for nine months period ended December 31, 2020 and 2019.~~estimates

~~Off-balance~~In ~~Sheet~~preparing ~~Arrangements~~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.

WeRevenue 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 as of December 31, 2020.recognition

4The 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.

~~ITEM~~Recent 3.accounting ~~QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~pronouncements

AsSee aNote ~~“smaller~~1 ~~reporting company” as defined by Item 10~~ of ~~Regulation S-K,~~ the ~~Company~~financial isstatements ~~not~~for ~~required~~a todiscussion ~~provide~~of ~~information required~~recent byaccounting ~~this Item~~pronouncements.

Off-balance sheet arrangements

As of June 30, 2021, 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 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 29, 2022.

ITEM 3. 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.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures:

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of ~~December~~June 3130, ~~2020~~2021. This evaluation was carried out under the supervision and with the participation of our Chief Executive and Financial Officer. Based upon that evaluation, our Chief Executive and Financial Officer concluded that, as as of ~~March~~June 3130, ~~2020~~2021, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is is a reasonable possibility that a material misstatement of ~~the~~our ~~company’s annual or interim~~ financial statements will not be prevented or detected on a timely basis. The ~~Management~~matters ~~has~~involving ~~identified~~internal ~~the~~controls ~~following~~and ~~material~~procedures ~~weaknesses~~that ~~which~~our ~~have~~management ~~caused~~considered ~~management~~ to ~~conclude~~be ~~that,~~material asweaknesses were: (i) we had an insufficient number of ~~December~~personnel ~~31,~~appropriately ~~2020,~~qualified ~~our~~to ~~disclosure~~perform ~~controls~~control ~~and~~design, ~~procedures~~execution ~~were~~and ~~not~~monitoring ~~effective:~~activities; (iii) ~~inadequate~~we ~~segregation~~did not have written documentation of ~~duties~~our ~~and~~internal ~~effective~~control ~~risk~~policies ~~assessment;~~ and ~~(ii)~~procedures, ~~insufficient~~including written policies and procedures ~~for~~to ensure the correct application of accounting and financial reporting with respect to the current requirements of U.S. GAAP and ~~application~~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 ~~both~~accounts USwere ~~GAAP~~properly performed, reviewed and approved, ~~SEC~~(iv) ~~guidelines~~we did not maintain effective controls over the recording and approval of recurring and non-recurring journal entries and (v) we had inadequate segregation of duties consistent with control objectives.

Changes in Internal Control over Financial Reporting:

There were no changes in our internal control over financial reporting during the ~~nine months~~ period ended ~~December~~June 3130, ~~2020~~2021 that have ~~materially~~ materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

512

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.

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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults ~~Upon~~upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information.

~~None.~~Delay in filing of Form 10-Q

The Company is unable to file its Form 10-Q for the period ended June 30, 2021 (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.

ITEM 6. Exhibits

Exhibit No.		Description
31.1		~~Rule 13(a)-14(a)/15(d)-14(a)~~ Certification of ~~principal~~Principal ~~executive~~Executive ~~officer~~Officer ~~and~~pursuant ~~principal~~to ~~financial~~Section ~~officer~~302 of the Sarbanes-Oxley Act of 2002*
32.1		Section 1350 Certification of principal executive officer and principal financial officer*
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
101.INS		XBRL Instance Document*
32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101.SCH		XBRL Schema Document*
101.INS		Inline XBRL Instance Document*
101.CAL		XBRL Calculation Linkbase Document*
101.SCH		Inline XBRL Schema Document*
101.DEF		XBRL Definition Linkbase Document*
101.CAL		Inline XBRL Calculation Linkbase Document*
101.LAB		XBRL Label Linkbase Document*
101.DEF		Inline XBRL Definition Linkbase Document*
101.PRE		XBRL Presentation Linkbase Document*
101.LAB		Inline XBRL Label Linkbase Document*
101.PRE		Inline XBRL Presentation Linkbase Document*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

614

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.

	ECCO AUTO WORLD CORPORATION
	ECCO AUTO WORLD CORP.
	(Name of Registrant)
Date: February 23, 2021
Date: July 29, 2022
	By:	/s/ ~~JASON~~Wong ~~WONG~~Chee ~~CHEE~~Hon ~~HON~~Jason
		JASON WONG CHEE HON
		Wong Chee Hon Jason Chief Executive Officer, Chief Financial Officer, President, Secretary and Treasurer (Principal Executive Officer and Principal Financial and Accounting Officer)
		President, Treasurer, Secretary, Director

715

Filing Compare · Ecco Auto World Corp