China VTV (CVTV) 10-Q 21 Oct 19 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 31, 2019	Oct. 14, 2019
Document And Entity Information
Entity Registrant Name	China VTV Ltd
Entity Central Index Key	0001639234
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--02-28
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Aug. 31, 2019
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		220,550,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Aug. 31, 2019	Feb. 28, 2019
Assets
Cash and cash equivalents	$ 6,701	$ 17,548
Total current assets	6,701	17,548
Property, plant, and equipment, net	106,101
Total Assets	112,802	17,548
Current Liabilities
Accounts payable	1,275
Accrued expenses	100,939	23,163
Due to related parties	826,574	592,739
Total current liabilities	928,788	615,902
Total liabilities	928,788	615,902
Stockholders' Deficit
Common stock, par value $0.001, 600,000,000 shares authorized, 220,550,000 and 105,000,000 shares issued and outstanding as of August 31, 2019 and February 28, 2019, respectively	220,550	105,000
Additional paid-in capital	2,096,778	2,212,328
Accumulated deficit	(3,132,436)	(2,914,919)
Accumulated other comprehensive income loss	(878)	(763)
Total stockholders' deficit	(815,986)	(598,354)
Total Liabilities and Stockholders' Deficit	$ 112,802	$ 17,548

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2019	Feb. 28, 2019
Stockholders' Deficit
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	220,550,000	105,000,000
Common stock, shares outstanding	220,550,000	105,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
Net revenue	$ 3,828		$ 3,828
Cost of revenue	1,276		1,276
Gross profit	2,552		2,552
Research and development expenses				862,142
General and administrative expenses	117,030	17,520	220,069	34,134
Total operating expense	114,478	17,520	220,069	896,276
Loss from operations before income taxes	(114,478)	(17,520)	(217,517)	(896,276)
Provision for income tax
Net loss	(114,478)	(17,520)	(217,517)	(896,276)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	112	1,662	(115)	2,144
Comprehensive income (loss)	$ (114,366)	$ (15,858)	$ (217,632)	$ (894,132)
Net loss per common share:
Basic and diluted	$ 0	$ 0	$ 0	$ (0.01)
Weighted average number of common shares outstanding:
Basic and diluted	220,550,000	87,391,304	179,102,717	81,195,652

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
Cash Flows from Operating Activities
Net loss	$ (217,517)	$ (896,276)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	5,023
Changes in assets and liabilities:
Increase in accounts payable	1,275
Increase (decrease) in accrued expenses	77,811	(5,476)
Increase (decrease) in due to related parties	233,727	(23,502)
Net cash provided by (used in) operating activities	100,319	(925,254)
Cash Flows from Investing Activities
Purchase of equipment	(111,166)
Net cash used in investing activities	(111,166)
Cash Flows from Financing Activities
Capital contribution from the shareholder		864,539
Issuance of common stock		30,000
Net cash provided by financing activities		894,539
Net decrease in cash and cash equivalents	(10,847)	(30,715)
Cash and Cash Equivalents
Beginning	17,548	51,451
Ending	$ 6,701	$ 20,736
Supplemental Disclosure of Cash Flows
Cash paid during the period for:
Interest expenses
Income taxes
Noncash Financing and Investing Activities:
Issuance of common stock for equity acquisition	$ 2,201,665

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Total	Common Stock Number of shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income Loss
Balance, shares at Feb. 28, 2018		75,000,000
Balance, amount at Feb. 28, 2018	$ (1,864,596)	$ 75,000	$ 10,663	$ (1,949,895)	$ (364)
Net loss for the period	(878,756)			(878,756)
Foreign currency translation	484				484
Balance, shares at May. 31, 2018		75,000,000
Balance, amount at May. 31, 2018	(2,742,868)	$ 75,000	10,663	(2,828,651)	120
Net loss for the period	(17,520)			(17,520)
Foreign currency translation	1,662				1,662
Balance, shares at Aug. 31, 2018		75,000,000
Balance, amount at Aug. 31, 2018	(2,758,726)	$ 75,000	10,663	(2,846,171)	1,782
Balance, shares at Feb. 28, 2019		105,000,000
Balance, amount at Feb. 28, 2019	(598,354)	$ 105,000	2,212,328	(2,914,919)	(763)
Issuance of common stock for the acquisition of China VTV Ltd., shares		115,550,000
Net loss for the period	(103,039)			(103,039)
Foreign currency translation	(227)				(227)
Issuance of common stock for the acquisition of China VTV Ltd., amount		$ 115,550	(115,550)
Balance, shares at May. 31, 2019		220,550,000
Balance, amount at May. 31, 2019	(701,620)	$ 220,550	2,096,778	(3,017,958)	(990)
Net loss for the period	(114,478)			(114,478)
Foreign currency translation	112				112
Balance, shares at Aug. 31, 2019		220,550,000
Balance, amount at Aug. 31, 2019	$ (815,986)	$ 220,550	$ 2,096,778	$ (3,132,436)	$ (878)

ORGANIZATION AND BUSINESS BACKG

ORGANIZATION AND BUSINESS BACKGROUND	6 Months Ended
	Aug. 31, 2019
ORGANIZATION AND BUSINESS BACKGROUND
NOTE 1. ORGANIZATION AND BUSINESS BACKGROUND	China VTV Limited (formerly known as T-Bamm, the Company) was incorporated in the State of Nevada on February 19, 2015 and established a fiscal year end of February 28. The Company is a holding company and has not carried out substantive business operations of its own. The Company was organized to sell Bamboo T-Shirts over the internet. On February 9, 2018, the Company changed its name from T-Bamm to China VTV Limited. The Company is no longer in the Bamboo T-Shirt business. China VTV Ltd. (China VTV) was incorporated on January 9, 2015 under the laws of Hong Kong. China VTV is developing an Over-The-Top (the OTT) platform that distributes streaming media as a standalone product directly to viewers over the Internet, bypassing telecommunications, multichannel television, and broadcast television platforms that traditionally act as a controller or distributor of such content. On March 15, 2019, the Company, China VTV and its shareholders entered into a share purchase/ exchange agreement (the Share Exchange Agreement), pursuant to which the Company issued an aggregate of 110,550,000 shares of its common stock to all of the shareholders of China VTV in prorated amounts in exchange for all of the issued and outstanding equity interests of China VTV on May 6, 2019 (the Closing Date). Effective on the Closing Date, pursuant to the Share Exchange Agreement, the Company issued an aggregate of 115,550,000 shares of common stock of the Company to the shareholders of China VTV in exchange for all of the issued and outstanding equity interests of China VTV and five individuals who provided prior services to China VTV. As a result, China VTV has become a wholly-owned subsidiary of the Company. The acquisition of China VTV is treated as a reverse acquisition (the Reverse Merger), and the business of China VTV became the business of the Company. At the time of the Reverse Merger, the Company was not engaged in any active business. Effective on January 31, 2019, China VTV changed its fiscal year end to February 28.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The interim financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States of America applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. This report on Form 10-Q should be read in conjunction with the Companys financial statements and notes thereto included in the Companys Form 10-K for the fiscal year ended February 28, 2019. Principal of Consolidation The accompanying consolidated financial statements, including the accounts of the Company and its wholly-owned subsidiary, China VTV Ltd., a Hong Kong corporation. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with original maturities of three months or less, when purchased, to be cash and cash equivalents. As of August 31, 2019, and February 28, 2019, the Company had $6,701 and $17,548 in cash and cash equivalents, respectively. Property, Plant, and Equipment Property, plant, and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant, and equipment under capital leases, generally based on the following useful lives: Estimated Life Office Equipment and Furniture 3 years Impairment of Long-Lived Assets: The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (ASC 360-10). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed to be reported at the lower of the carrying amount or the fair value less costs to sell. Reclassification Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss nor accumulated deficit. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to a customer. Topic 606 requires the Company to recognize revenues when control of the promised goods or services and receipt of payment is probable. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied. The Company adopted Topic 606 effective March 1, 2019 and began to generate revenue during the six months ended August 31, 2019. The Company sells advertising services to third-party advertising agencies and advertisers. Advertising contracts are signed to establish the price and advertising services to be provided. Pursuant to the advertising contracts, the Company provides advertisement placements on its OTT platform in different formats, including but not limited to video, banners, links, logos, brand placement and buttons. The Company performs a credit assessment of the customer to assess the collectability of the contract price prior to entering into contracts. For contracts where the Company provides customers with multiple performance obligations, primarily for advertisements to be displayed in different spots, placed under different forms and occur at different times, the Company would evaluate all the performance obligations in the arrangement to determine whether each performance obligation is distinct. Consideration is allocated to each performance obligation based on its standalone selling price and revenue is recognized as each performance obligation is satisfied by displaying the advertisements in accordance with the advertising contracts. Research and Development Expenses Research and development costs are generally expensed as incurred. Research and development expenses mainly consist of the costs incurred in the development and improvement of the Companys OTT service platform. Research and development expenses were $0 and $862,142 for the six months ended August 31, 2019 and 2018, respectively. Translation Adjustment The accounts of China VTV were maintained, and its financial statements were expressed, in Hong Kong Dollar (HKD). Such financial statements were translated into U.S. Dollars ($ or USD) in accordance ASC 830, Foreign Currency Matters, with the HKD as the functional currency. Pursuant to the ASC 830, all assets and liabilities are translated at the current exchange rate, stockholders equity (deficit) are translated at the historical rates, and income statement items are translated at an average exchange rate for the period. The resulting translation adjustments are reported under accumulated other comprehensive income (loss) as a component of stockholders equity (deficit). Comprehensive Income (Loss) Comprehensive income (loss) includes accumulated foreign currency translation gains and losses. The Company has reported the components of comprehensive income (loss) on its consolidated statements of stockholders equity (deficit) and consolidated statements of operations and comprehensive income (loss). Fair Value Measurements FASB ASC 820, Fair Value Measurements defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Companys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: · Level 1 Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. · Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as accounts payable and accrued expenses, approximate to fair value due to their relatively short maturities. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued and their potential effect on the consolidated financial statements. The Companys management believes that these recent pronouncements will not have a material effect on its consolidated financial statements.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Aug. 31, 2019
GOING CONCERN
NOTE 3. GOING CONCERN	The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of August 31, 2019, the Company had a working capital deficiency of $922,087 and has incurred losses since its inception resulting in an accumulated deficit of $3,132,436. During the six months ended August 31, 2019, the Company incurred a net loss of $217,517. Further losses are anticipated in the development of the business, raising substantial doubt about the Companys ability to continue as a going concern. The financial statements do not include any adjustment that might result from the outcome of this uncertainty. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company upon signing of that agreement. The Company faces all the risks common to companies at development stage, including capitalization and uncertainty of funding sources, high initial research and development expenditure levels, uncertain revenue streams, and difficulties in managing growth. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. The Company plans to seek additional funds through capital contributions and loans from its stockholders, officers, and directors. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Aug. 31, 2019
ACCRUED EXPENSES
NOTE 4. ACCRUED EXPENSES	Accrued expenses consist of the following: August 31, February 28, 2019 2019 Accrued salaries $ 87,134 $ - Accrued professional fees 13,805 23,163 Total $ 100,939 $ 23,163

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Aug. 31, 2019
RELATED PARTY TRANSACTIONS
NOTE 5. RELATED PARTY TRANSACTIONS	The related parties of the Company with whom transactions are reported in these consolidated financial statements are as follows: Name of entity or Individual Relationship with the Company and its subsidiary Tijing Song Shareholder, Chairman of the Board, CEO and President Guoping Chen Shareholder, Director, interim CFO, Secretary and Treasurer Due to related parties August 31, February 28, 2019 2019 Due to Guoping Chen $ 549,733 $ 456,474 Due to Tijing Song 276,841 136,265 Total $ 826,574 $ 592,739 The Company has received advances from its related parties for working capital purposes. The Company has not entered into any agreement on the repayment terms for these advances. The advances bear no interest and are due on demand.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	6 Months Ended
	Aug. 31, 2019
STOCKHOLDERS' DEFICIT
NOTE 6. STOCKHOLDERS' DEFICIT	The Companys capitalization is comprised of 600,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On April 18, 2018, the Company filed a Certificate of Amendment to Articles of Incorporation, as amended, with the Nevada Secretary of State to amend the Companys Articles of Incorporation to increase the number of authorized shares of common stock from 75,000,000 to 600,000,000 shares, par value of $0.001 per share. Pursuant to the Share Exchange Agreement (See Note 1), the Company issued an aggregate of 115,550,000 shares of common stock to the shareholders of China VTV and five individuals who provided prior services to China VTV on May 6, 2019.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Aug. 31, 2019
INCOME TAXES
NOTE 7. INCOME TAXES	United States The Company files income tax returns in the U.S. federal jurisdiction and local jurisdictions. The Company is not currently under examination by the Internal Revenue Service or any state income tax authorities. The 2015 through 2017 tax years remain subject to examination by the Internal Revenue Service. On December 22, 2017, H.R. 1 , . Hong Kong China VTV was incorporated in Hong Kong and is subject to Hong Kong profits tax at 16.5%. No provision for Hong Kong income or profit tax has been made as the China VTV has no assessable profit for the period from January 9, 2015 (date of inception) to August 31, 2019. China VTV has provided a full valuation allowance on the deferred tax assets for the net operating loss carry-forward because of the uncertainty regarding its realizability. Provision for income tax expense (benefit) consists of the following: For the Six Months Ended August 31, 2019 2018 Current USA $ - $ - Hong Kong - - Subtotal - - Deferred USA Deferred tax assets for NOL carryforwards (20,700 ) (6,460 ) Valuation allowance 20,700 6,460 Net changes in deferred income tax expense (benefit) - - Hong Kong Deferred tax assets for NOL carryforwards (19,626 ) (142,810 ) Valuation allowance 19,626 142,810 Net changes in deferred income tax expense (benefit) - - Total provision for income tax expense (benefit) $ - $ - The following is a reconciliation of the statutory tax rate to the effective tax rate: For the Six Months Ended August 31, 2019 2018 U.S. statutory tax benefit (21.0 )% (21.0 )% Change in deferred tax asset valuation allowance 21 % 21 % Hong Kong statutory tax benefit (16.5 )% (16.5 )% Change in deferred tax asset valuation allowance 16.5 % 16.5 % Effective income tax rate 0 % 0 % The significant component of deferred income tax assets at August 31, 2019 and February 28, 2019 is as follows: August 31, 2019 February 28, 2019 Net operating loss carry-forward $ 547,286 $ 506,960 Valuation allowance (547,286 ) (506,960 ) Net deferred income tax assets $ $

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Aug. 31, 2019
SUBSEQUENT EVENTS
NOTE 8. SUBSEQUENT EVENTS	The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of August 31, 2019 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, Subsequent Events.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The interim financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States of America applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The interim financial information has been prepared on a basis consistent with prior interim periods and years and includes all disclosures that are necessary and required by applicable laws and regulations. This report on Form 10-Q should be read in conjunction with the Companys financial statements and notes thereto included in the Companys Form 10-K for the fiscal year ended February 28, 2019.
Principal of Consolidation	The accompanying consolidated financial statements, including the accounts of the Company and its wholly-owned subsidiary, China VTV Ltd., a Hong Kong corporation. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with original maturities of three months or less, when purchased, to be cash and cash equivalents. As of August 31, 2019, and February 28, 2019, the Company had $6,701 and $17,548 in cash and cash equivalents, respectively.
Property, Plant, and Equipment	Property, plant, and equipment is carried at cost net of accumulated depreciation. Repairs and maintenance are expensed as incurred. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Depreciation is calculated on the straight-line method, including property, plant, and equipment under capital leases, generally based on the following useful lives: Estimated Life Office Equipment and Furniture 3 years
Impairment of Long-Lived Assets	The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (ASC 360-10). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed to be reported at the lower of the carrying amount or the fair value less costs to sell.
Reclassifications	Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss nor accumulated deficit.
Revenue Recognition	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to a customer. Topic 606 requires the Company to recognize revenues when control of the promised goods or services and receipt of payment is probable. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied. The Company adopted Topic 606 effective March 1, 2019 and began to generate revenue during the six months ended August 31, 2019. The Company sells advertising services to third-party advertising agencies and advertisers. Advertising contracts are signed to establish the price and advertising services to be provided. Pursuant to the advertising contracts, the Company provides advertisement placements on its OTT platform in different formats, including but not limited to video, banners, links, logos, brand placement and buttons. The Company performs a credit assessment of the customer to assess the collectability of the contract price prior to entering into contracts. For contracts where the Company provides customers with multiple performance obligations, primarily for advertisements to be displayed in different spots, placed under different forms and occur at different times, the Company would evaluate all the performance obligations in the arrangement to determine whether each performance obligation is distinct. Consideration is allocated to each performance obligation based on its standalone selling price and revenue is recognized as each performance obligation is satisfied by displaying the advertisements in accordance with the advertising contracts.
Research and Development Expenses	Research and development costs are generally expensed as incurred. Research and development expenses mainly consist of the costs incurred in the development and improvement of the Companys OTT service platform. Research and development expenses were $0 and $862,142 for the six months ended August 31, 2019 and 2018, respectively.
Translation Adjustment	The accounts of China VTV were maintained, and its financial statements were expressed, in Hong Kong Dollar (HKD). Such financial statements were translated into U.S. Dollars ($ or USD) in accordance ASC 830, Foreign Currency Matters, with the HKD as the functional currency. Pursuant to the ASC 830, all assets and liabilities are translated at the current exchange rate, stockholders equity (deficit) are translated at the historical rates, and income statement items are translated at an average exchange rate for the period. The resulting translation adjustments are reported under accumulated other comprehensive income (loss) as a component of stockholders equity (deficit).
Comprehensive Income (Loss)	Comprehensive income (loss) includes accumulated foreign currency translation gains and losses. The Company has reported the components of comprehensive income (loss) on its consolidated statements of stockholders equity (deficit) and consolidated statements of operations and comprehensive income (loss).
Fair Value Measurements	FASB ASC 820, Fair Value Measurements defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Companys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows: · Level 1 Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available. · Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. The carrying values of certain assets and liabilities of the Company, such as accounts payable and accrued expenses, approximate to fair value due to their relatively short maturities.
Recently Issued Accounting Pronouncements	Management has considered all recent accounting pronouncements issued and their potential effect on the consolidated financial statements. The Companys management believes that these recent pronouncements will not have a material effect on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Property, Plant, and Equipment	Estimated Life Office Equipment and Furniture 3 years

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Aug. 31, 2019
ACCRUED EXPENSES (Tables)
Schedule Of Accrued Expenses	August 31, February 28, 2019 2019 Accrued salaries $ 87,134 $ - Accrued professional fees 13,805 23,163 Total $ 100,939 $ 23,163

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Aug. 31, 2019
RELATED PARTY TRANSACTIONS
Schedule of Due to related parties	August 31, February 28, 2019 2019 Due to Guoping Chen $ 549,733 $ 456,474 Due to Tijing Song 276,841 136,265 Total $ 826,574 $ 592,739

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Aug. 31, 2019
INCOME TAXES (Tables)
Provision for income taxes	For the Six Months Ended August 31, 2019 2018 Current USA $ - $ - Hong Kong - - Subtotal - - Deferred USA Deferred tax assets for NOL carryforwards (20,700 ) (6,460 ) Valuation allowance 20,700 6,460 Net changes in deferred income tax expense (benefit) - - Hong Kong Deferred tax assets for NOL carryforwards (19,626 ) (142,810 ) Valuation allowance 19,626 142,810 Net changes in deferred income tax expense (benefit) - - Total provision for income tax expense (benefit) $ - $ -
Reconciliation of the statutory tax rate	For the Six Months Ended August 31, 2019 2018 U.S. statutory tax benefit (21.0 )% (21.0 )% Change in deferred tax asset valuation allowance 21 % 21 % Hong Kong statutory tax benefit (16.5 )% (16.5 )% Change in deferred tax asset valuation allowance 16.5 % 16.5 % Effective income tax rate 0 % 0 %
Component of deferred income tax assets	August 31, 2019 February 28, 2019 Net operating loss carry-forward $ 547,286 $ 506,960 Valuation allowance (547,286 ) (506,960 ) Net deferred income tax assets $ $

ORGANIZATION AND BUSINESS BAC_2

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - USD ($)	May 06, 2019	Aug. 31, 2019
State of Incorporation		Nevada
Date of Incorporation		Feb. 19, 2015
Share Exchange Agreement [Member]
Shares issued	$ 110,550,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
Office Equipment and Furniture	3 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018	Feb. 28, 2019	Feb. 28, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
Cash and Cash Equivalents	$ 6,701	$ 20,736	$ 6,701	$ 20,736	$ 17,548	$ 51,451
Research and development expenses				$ 862,142

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018	Feb. 28, 2019
Going Concern
Working capital deficit	$ (922,087)		$ (922,087)
Accumulated deficit	(3,132,436)		(3,132,436)		$ (2,914,919)
Net loss	$ (114,478)	$ (17,520)	$ (217,517)	$ (896,276)

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Aug. 31, 2019	Feb. 28, 2019
ACCRUED EXPENSES (Details)
Accrued salaries	$ 87,134	$ 0
Accrued professional fees	13,805	23,163
Total	$ 100,939	$ 23,163

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Aug. 31, 2019	Feb. 28, 2019
Due to related parties	$ 826,574	$ 592,739
Guoping Chen [Member]
Due to related parties	549,733	456,474
Tijing Song [Member]
Due to related parties	$ 276,841	$ 136,265

STOCKHOLDERS DEFICIT (Details N

STOCKHOLDERS DEFICIT (Details Narrative) - USD ($)	May 06, 2019	Aug. 31, 2019	Feb. 28, 2019	Apr. 18, 2018	Apr. 17, 2018
Common stock, par value		$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized		600,000,000	600,000,000		75,000,000
Number of shares authorized, increased				600,000,000
Common stock, shares issued		220,550,000	105,000,000
Share Exchange Agreement [Member]
Shares issued	$ 110,550,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	6 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
Current
USA
Hong Kong
Subtotal
Total provision for income tax expense (benefit)
Hong Kong [Member]
Current
Deferred tax assets for NOL carryforwards	(19,626)	(142,810)
Valuation allowance	19,626	142,810
Net changes in deferred income tax expense (benefit)
USA [Member]
Current
Deferred tax assets for NOL carryforwards	(20,700)	(6,460)
Valuation allowance	20,700	6,460
Net changes in deferred income tax expense (benefit)

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	6 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
Effective income tax rate	0.00%	0.00%
Hong Kong [Member]
Change in deferred tax asset valuation allowance	16.50%	16.50%
Hong Kong statutory tax benefit	(16.50%)	(16.50%)
USA [Member]
U.S. statutory tax benefit	(21.00%)	(21.00%)
Change in deferred tax asset valuation allowance	21.00%	21.00%

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	Aug. 31, 2019	Feb. 28, 2019
INCOME TAXES (Details 2)
Net operating loss carry-forward	$ 547,286	$ 506,960
Valuation allowance	(547,286)	(506,960)
Net deferred income tax asset	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	1 Months Ended	6 Months Ended
	Dec. 22, 2017	Aug. 31, 2019
Hong Kong [Member]
Tax cuts and jobs act, description		China VTV was incorporated in Hong Kong and is subject to Hong Kong profits tax at 16.5%.
USA [Member]
Tax cuts and jobs act, description	The Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018.