Longwen (WYGC) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	000-11596
Entity Registrant Name	LONGWEN GROUP CORP.
Entity Central Index Key	0000723533
Entity Tax Identification Number	95-3506403
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	No. 25
Entity Address, Address Line Two	Caihe Rd
Entity Address, Address Line Three	Shangcheng Dist.
Entity Address, City or Town	Hangzhou
Entity Address, Country	CN
Entity Address, Postal Zip Code	310000
City Area Code	+86 0571 -85128985
Local Phone Number	85128985
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,529,707

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 272,098
Prepaid expenses and others	83,071
Total current assets	355,169
Property and equipment, net	269,030
Goodwill	993
TOTAL ASSETS	625,192	0
Current Liabilities:
Commercial loans	209,059	12,250
Shareholder loans	80,883
Accrued interest	1,675	1,300
Total current liabilities	291,617	13,550
TOTAL LIABILITIES	291,617	13,550
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 50,000,000 authorized, nil shares issued and outstanding
Common stock, $0.0001 par value, 550,000,000 authorized, 69,290,927 and 65,127,061 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	6,929	6,513
Additional paid-in capital	18,804,465	18,261,346
Accumulated deficit	(18,477,976)	(18,281,409)
Accumulated other comprehensive income	157
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)	333,575	(13,550)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 625,192	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares Authorized	550,000,000	550,000,000
Common Stock, Shares, Issued	69,290,927	65,127,061
Common Stock, Shares, Outstanding	69,290,927	65,127,061

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Consulting service income	$ 11,328		$ 19,307
Operating Expenses
Professional expenses	30,011		111,346	3,750
Selling, general and administrative expenses	21,379		104,181	2,750
Total operating expenses	51,390		215,527	6,500
Loss from operations	(40,062)		(196,220)	(6,500)
Other income (expenses):
Interest expense	(124)	(125)	(375)	(375)
Loss on debt settlement				(15,593,500)
Other Income	(111)		(28)
Other Income	111		28
Total other expense, net	(235)	(125)	(347)	(15,593,875)
Net loss before income tax	(40,297)	(125)	(196,567)	(15,600,375)
Income tax expense
Net loss	(40,297)	(125)	(196,567)	(15,600,375)
Other comprehensive income
Foreign currency translation gain	2,255		157
Comprehensive loss	$ (38,042)	$ (125)	$ (196,410)	$ (15,600,375)
Weighted average shares outstanding: Basic and diluted	65,936,163	65,127,061	65,606,270	22,746,109
Loss per share: Basic and diluted	$ 0	$ 0	$ 0	$ (0.69)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (196,567)	$ (15,600,375)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,328
Loss on debt settlement by issuance of common stock		15,593,500
Changes in operating assets and liabilities:
Prepaid expense	(81,280)
Accrued interest and other payable	375	6,875
Net cash used in operating activities	(276,144)
Cash flows from investing activities:
Purchase of equipment	(7,753)
Cash obtained from business acquisition	7
Net cash used in investing activities	(7,746)
Cash flows from financing activities:
Proceeds from shareholder loans	86,741
Proceeds from commercial loans	287,876
Repayment of commercial loan	(75,757)
Proceeds from share issuance	278,357
Net cash provided by financing activities	577,217
Effect of exchange rate changes on cash and cash equivalents	(21,229)
Net increase in cash and cash equivalents	272,098
Cash and cash equivalents, beginning balance
Cash and cash equivalents, ending balance	272,098
Supplemental Disclosures:
Interest paid
Income tax paid
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Acquisition of Hangzhou Longwen Enterprise Management with shareholder loan	993
Acquisition of property by issuance of common stocks	265,178
Common stock issued for debt settlement		$ 15,600,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2020		$ 13	$ 2,667,846	$ (2,680,909)		$ (13,050)
Shares, Issued at Dec. 31, 2020		127,061
Issuance of common stock for debt settlement		$ 6,500	15,593,500			$ 15,600,000
Issuance of common stock for debt settlemen, shares		65,000,000				65,000,000
Net loss				(15,600,375)		$ (15,600,125)
Ending balance, value at Sep. 30, 2021		$ 6,513	18,261,346	(18,281,284)		(13,425)
Shares, Issued at Sep. 30, 2021		65,127,061
Beginning balance, value at Jun. 30, 2021		$ 6,513	18,261,346	(18,281,159)		(13,300)
Shares, Issued at Jun. 30, 2021		65,127,061
Net loss				(125)		(125)
Ending balance, value at Sep. 30, 2021		$ 6,513	18,261,346	(18,281,284)		(13,425)
Shares, Issued at Sep. 30, 2021		65,127,061
Beginning balance, value at Dec. 31, 2021		$ 6,513	18,261,346	(18,281,409)		(13,550)
Shares, Issued at Dec. 31, 2021		65,127,061
Issuance of common stock		$ 39	116,048			116,087
Issuance of common stock, shares		386,955
Issuance of common stock		$ 25	74,613			74,638
Issuance of common stock, shares		248,792
Issuance of common stock for cash		$ 87	87,545			87,632
Issuance of common stock for cash, shares		876,339
Issuance of common stock for property		$ 265	264,913			$ 265,178
Issuance of common stock for property, shares		2,651,780				2,651,780
Other comprehensive income					157	$ 157
Net loss				(196,567)		(196,567)
Ending balance, value at Sep. 30, 2022		$ 6,929	18,804,465	(18,477,976)	157	333,575
Shares, Issued at Sep. 30, 2022		69,290,927
Beginning balance, value at Jun. 30, 2022		$ 6,577	18,452,007	(18,437,679)	(2,098)	18,807
Shares, Issued at Jun. 30, 2022		65,762,808
Issuance of common stock for cash		$ 87	87,545			87,632
Issuance of common stock for cash, shares		876,339
Issuance of common stock for property		$ 265	264,913			265,178
Issuance of common stock for property, shares		2,651,780
Other comprehensive income					(2,255)	(2,255)
Net loss				(40,297)		(40,297)
Ending balance, value at Sep. 30, 2022		$ 6,929	$ 18,804,465	$ (18,477,976)	$ 157	$ 333,575
Shares, Issued at Sep. 30, 2022		69,290,927

NOTE 1 _ ORGANIZATION AND PRINC

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES	NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES Longwen Group Corp. (the “Company”) was originally incorporated as Expertelligence, Inc in the State of California on March 31, 1980 and reincorporated in the State of Nevada on November 17, 2005. On January 23, 2017, after a series of various name changes, the Company amended its Articles of Incorporation (“Charter Amendment”) to affect the current name change of Longwen Group Corp with trading symbol of “LWLW”. On or about April 5, 2016, the Company affected a 1 for 750 share reverse split of its issued and outstanding common stocks and reduced to 127,061 shares outstanding. Effective November 29, 2016, 66,667 shares of common stock of the Company were transferred to Longwen Group Corp., a Cayman Island company (“Longwen Cayman”). All of the shares held by Longwen Cayman are restricted securities. As a result of the transactions, Mr. Xizhen Ye, President of Longwen Cayman, was appointed as a sole Director of the Company, and President and Chief Executive Officer and Chief Financial Officer of the Company. On August 22, 2018, Mr. Lizhong Lu was appointed as a director of Board. From August 2018 to June 2021, the Company continued to seek for new business opportunities in order to increase its value of the common stock. However, due to the impact of the Covid-19 pandemic, the progress was delayed and the business goal was not successfully achieved. On June 9, 2021, Anthony Lombardo (“Lombardo”) filed an Application for Appointment of Custodian (“Application”) with the Eighth Judicial District Court in Nevada to request the custodianship of the Company due to the Company’s non-response and late filing with the State of Nevada. On June 24, 2021, a hearing was held on this Application, where Lombardo was named temporary custodian of the Company. Subsequently after Lombardo’s custodianship, Deanna Johnson was appointed as the CEO, CFO and Secretary of the Company. On September 1, 2021, Deanna Johnson appointed Joseph Passalaqua (“Joseph”) as CEO, CFO and Secretary and resigned from all positions in the Company, On October 25, 2021, Mr. Xizhen Ye (“Ye”), the ex-officer and director of the Company prior to Lombardo’s custodianship, and Longwen Cayman, filed a motion to dissolve custodianship (“Motion”) with the Eighth Judicial District Court of Nevada State. Pursuant to the Settlement Agreement entered on January 12, 2022, by Longwen Cayman, Mr. Ye, Lombardo, Joseph and Deanna Johnson regarding Lombardo’s custodianship, Mr. Ye and Mr. Lizhong Lu were reinstated as the officer and directors of the Company, and 65,000,000 common stocks of the Company was transferred from Joseph to Mr. Ye on February 9, 2022. Further on February 17, 2022, the Eighth Judicial District Court officially terminated Lombardo’s custodianship over the Company. On February 23, 2022, the Company entered into an Acquisition Agreement with a third-party individual to acquire the 100% ownership of Hangzhou Longwen Enterprise Management Co., Ltd. (“Hangzhou Longwen”), a wholly foreign-owned enterprise (“WOFE”) in Hangzhou, the People’s Republic of China (the “PRC”), for a total cash consideration of $1,000. As a result of the acquisition, Hangzhou Longwen became the Company’s wholly owned subsidiary in the PRC. Hangzhou Longwen was originally registered on January 4, 2012 and has minimum operations since its inception. The Company recognize $993 goodwill upon consummated the acquisition. On March 15, 2022, Hangzhou Longwen entered into a Consulting Service Agreement with Yunnan Yusu Import and Export Trading Co., Ltd (China) (“Yunnan Yusu”), pursuant to which, Hangzhou Longwen will provide a series of consulting services to Yunnan Yusu, including to assist in the preparation of jadeite sales and purchase agreement, assist with tax filing, assist with financial report preparation, assist with jadeite business negotiation and business website maintenance. On September 2, 2022, Hangzhou Longwen entered into a Consulting Service Agreement with Linhai Dingji Auto Service Co., Ltd (China) (“Linhai Dingji”), pursuant to which, Hangzhou Longwen will provide a series of consulting services to Linhai Dingji, including to assist in the preparation of member sales and purchase agreement, assist with tax filing, assist with financial report preparation, assist with auto parts business negotiation and auto parts valuation. On September 5, 2022, Hangzhou Longwen entered into a Consulting Service Agreement with Linhai Aodiluo Ecotourism Development Co., Ltd (China) (“Linhai Aodiluo”), pursuant to which, Hangzhou Longwen will provide a series of consulting services to Linhai Aodiluo, including to assist in the preparation of member sales and purchase agreement, assist with tax filing, assist with financial report preparation, assist with ecotourism business negotiation and business website content publicity. Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiary as described in Note 1. All significant intercompany transactions and balances have been eliminated in the consolidation. Basis of Presentation The unaudited consolidated financial statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the financial statements have been included. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates and assumptions. Foreign Currency Transactions The Company’s consolidated financial statements are presented in U.S. dollars ($), which is the Company’s reporting and functional currency. The functional currency of the Company’s subsidiary is RMB. The resulting translation adjustments are reported under other comprehensive loss in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 220 (“ASC 220”), “Reporting Comprehensive Income” The Company translates the assets and liabilities into U.S. dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from RMB into U.S. dollars are recorded in shareholders’ equity as part of accumulated other comprehensive loss. The exchange rate used for financial statements are as follows: Average Rate for the three months ended September 30, Average Rate for the nine months ended September 30, 2022 2021 2022 2021 China yuan (RMB) RMB 6.8506 RMB - RMB 6.6001 RMB - United States dollar ($) $ 1.0000 $ - $ 1.0000 $ - Exchange Rate at September 30, 2022 December 31, 2021 China yuan (RMB) RMB 7.1135 RMB - United States dollar ($) $ 1.0000 $ - Revenue Recognition The Company recognizes revenue when a customer obtains control of promised products or services, in an amount that reflects the consideration expected to be received in exchange for those products or services. The Company follows the five-step model prescribed under Topic 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies each performance obligation. Revenues are presented net of any sales or value added taxes collected from customers and remitted to the government. The Company’s consulting revenues consist of the delivery of focused insights and recommendations that assist customer with their challenges in developing and executing strategies around jadeite trade business, valuation of jadeite materials and the customer’s financial reporting. The consulting service provided are fixed-fee arrangements that are generally in one year term. The Company has concluded that each contract represents a single performance obligation as each is a single promise to deliver a customized engagement and deliverable. For the majority of these services, either practically or contractually, the work performed and delivered to the customer has no alternative use to the Company. Additionally, the Company maintains an enforceable right to payment at all times throughout the contract. Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes Related Parties The Company follows ASC 850, Related Party Disclosures, Accounting Standards Issued but Not Yet Adopted Credit Losses In June 2016, the FASB issued ASU No. 2016-13, (FASB ASC Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the “incurred loss” model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. The effective date of ASU No. 2016-13 for smaller reporting companies is postponed to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company believes the adoption of ASU No. 2016-13 will not have a material impact on its financial position and results of operations. There were other updates recently issued. The management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position results of operations or cash flows.

NOTE 3 _ GOING CONCERN

NOTE 3 – GOING CONCERN	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 3 – GOING CONCERN	NOTE 3 – GOING CONCERN The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. During the nine months ended September 30, 2022, the Company incurred a net loss of $ 196,567 18,477,976 The Company’s future success is dependent upon its ability to acquire and achieve business with profitable operations, generate cash from operating activities and obtain additional financing. The Company intends to raise funds from the issuance of equity and/or debt securities, but there is no assurance that additional funds from the issuance of equity will be available for the Company to finance its operations on acceptable terms, or at all. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 _ PREPAID EXPENSES AND O

NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS As of September 30, 2022 and December 31, 2021, prepaid expenses and other current assets comprised as follows: September 30, 2022 December 31, 2021 Prepaid consulting fee $ 76,895 $ — VAT defer tax Assets 2,108 — Prepaid rent and parking lot 4,068 — Total $ 83,071 $ —

NOTE 5 _ EQUIPMENT, NET

NOTE 5 – EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
NOTE 5 – EQUIPMENT, NET	NOTE 5 – EQUIPMENT, NET As of September 30, 2022 and December 31, 2021, equipment consisted of the following: September 30, 2022 December 31, 2021 Equipment $ 7,193 $ — Property 263,070 — Less: accumulated depreciation (1,233 ) — Total property and equipment, net $ 269,030 $ — On September 28, 2022, the Company closed an office suite purchase agreement with a third party. Pursuant to the agreement, the Company issued 2,651,780 $265,178 Depreciation expenses were $ 1,316 $83 $581

NOTE 6 _ COMMERCIAL LOANS

NOTE 6 – COMMERCIAL LOANS	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
NOTE 6 – COMMERCIAL LOANS	NOTE 6 – COMMERCIAL LOANS The Company’s commercial loans consisted of the following as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Loan with a third-party lender; the loan bears a fixed interest at $ 500 $ 12,250 $ 12,250 Loan with a third-party lender; unsecure, non-interest-bearing, and due on demand 196,809 — Total loans 209,059 12,250 Less: current portion (209,059 ) (12,250 ) Total non-current portion $ — $ — On December 31, 2019, the Company entered into a loan agreement of $12,250 with a third-party individual with three-year term. The borrowing bears interest of $300 1,675 $1,300 $125 125 $375 $375 On September 30, 2022, Hangzhou Longwen borrowed a total of $ 267,097 1,900,000 70,288 500,000 196,809 1,400,000

NOTE 7 _ INCOME TAX

NOTE 7 – INCOME TAX	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
NOTE 7 – INCOME TAX	NOTE 7 – INCOME TAX As of September 30, 2022 and December 31, 2021, the Company has incurred an accumulated net loss of approximately $18.5 million and $18.3 million which resulted in a net operating loss for income tax purposes. NOLs can carry forward indefinitely up to offset 80 percent of taxable income after CARES Act effect on December 31, 2017. The deferred tax asset has been fully reserved for valuation allowance as the Company believes they will most-likely-than-not realize the benefits. Significant components of the deferred tax assets and liabilities for income taxes as of September 30, 2022 and December 31, 2021 consisted of the following: September 30, 2022 December 31, 2021 Deferred tax assets Net operating loss carry-forward $ 515,505 $ 474,226 Total $ 515,505 $ 474,226 Valuation allowance (515,505 ) (474,226 ) Net deferred tax assets - noncurrent $ — $ — Reconciliation of income tax provision and the accounting profit multiplied by U.S. federal income tax rate for the three and nine months ended September 30, 2022 and December 31, 2021: Three Months Ended September 30, Six Months ended 2022 2021 2022 2021 Income (loss) at 21% statutory tax rate 21 % 21 % 21 % 21 % Taxable difference 4 % — 4 % — Nontaxable items — — — — GULTI tax — — — — Others  — — — — Valuation allowance -25 % -21 % -25 % -21 % 0 % 0 % 0 % 0 %

NOTE 8 _ STOCKHOLDERS_ EQUITY

NOTE 8 – STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
NOTE 8 – STOCKHOLDERS’ EQUITY	NOTE 8 – STOCKHOLDERS’ EQUITY Common Stock On June 28, 2021, the Company issued 65,000,000 15,600,000 6,500 15,593,500 During the nine-month ended September 30, 2022, the Company sold 635,747 876,339 $0.30 $0.10 $27,357 1,512,086 On September 28, 2022, the Company and its subsidiary, Hangzhou Longwen closed an Assets Sales and Purchase Agreement with a third-party seller to acquire an office suite located in Hangzhou, China by issuing 2,651,780 shares of common stock of the Company, $0.10 per share with a total value of $265,178 (Note 5).

NOTE 9 _ RELATED PARTY TRANSACT

NOTE 9 – RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
NOTE 9 – RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS During the nine months ended September 30, 2022, the Company borrowed total $ 80,883

NOTE 10 _ CONTINGENCIES

NOTE 10 – CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
NOTE 10 – CONTINGENCIES	NOTE 10 – CONTINGENCIES On June 9, 2021, Anthony Lombardo (“Lombardo”) filed an Application for Appointment of Custodian (“Application”) with the Eighth Judicial District Court in Nevada to request the custodianship of the Company due to the Company’s non-response and late filing with the State of Nevada. On June 24, 2021, a hearing was held on this Application, where Lombardo was named temporary custodian of the Company. Subsequently after Lombardo’s custodianship, Deanna Johnson and Joseph Passalaqua (“Joseph”) were designated as the CEO, CFO and Secretary of the Company in June and September 2021, respectively. On October 25, 2021, Mr. Xizhen Ye (“Ye”), the ex-officer and director of the Company prior to Lombardo’s custodianship, and Longwen Cayman, filed a motion to dissolve custodianship (“Motion”) with the Eighth Judicial District Court of Nevada State. Pursuant to the Settlement Agreement entered on January 12, 2022, by Longwen Cayman, Mr. Ye, Lombardo, Joseph and Deanna Johnson regarding Lombardo’s custodianship, Mr. Ye and Mr. Lizhong Lu were reinstated as the officer and directors of the Company, and 65,000,000

NOTE 11 _ SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
NOTE 11 – SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS The Company has evaluated all other subsequent events through the date these consolidated financial statements were issued and determine that there were no other subsequent events or transactions, except disclosed below and the one in Note 6, that require recognition or disclosures in the consolidated financial statements: On October 11, 2022, the Company and its subsidiary, Hangzhou Longwen entered into an Acquisition Agreement with a third-party individual to acquire the 100% ownership of Hangzhou Yusu Trading Co., Ltd. (“HZYS”), a limited liability company in Hangzhou, the People’s Republic of China (the “PRC”), for a total cash consideration of RMB 1,000 141 The Company sold 238,780 shares of common stock to two non-U.S. investors at $0.10 $23,878

NOTE 1 _ ORGANIZATION AND PRI_2

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiary as described in Note 1. All significant intercompany transactions and balances have been eliminated in the consolidation.
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the financial statements have been included. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates and assumptions.
Foreign Currency Transactions	Foreign Currency Transactions The Company’s consolidated financial statements are presented in U.S. dollars ($), which is the Company’s reporting and functional currency. The functional currency of the Company’s subsidiary is RMB. The resulting translation adjustments are reported under other comprehensive loss in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 220 (“ASC 220”), “Reporting Comprehensive Income” The Company translates the assets and liabilities into U.S. dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from RMB into U.S. dollars are recorded in shareholders’ equity as part of accumulated other comprehensive loss. The exchange rate used for financial statements are as follows: Average Rate for the three months ended September 30, Average Rate for the nine months ended September 30, 2022 2021 2022 2021 China yuan (RMB) RMB 6.8506 RMB - RMB 6.6001 RMB - United States dollar ($) $ 1.0000 $ - $ 1.0000 $ - Exchange Rate at September 30, 2022 December 31, 2021 China yuan (RMB) RMB 7.1135 RMB - United States dollar ($) $ 1.0000 $ -
Revenue Recognition	Revenue Recognition The Company recognizes revenue when a customer obtains control of promised products or services, in an amount that reflects the consideration expected to be received in exchange for those products or services. The Company follows the five-step model prescribed under Topic 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies each performance obligation. Revenues are presented net of any sales or value added taxes collected from customers and remitted to the government. The Company’s consulting revenues consist of the delivery of focused insights and recommendations that assist customer with their challenges in developing and executing strategies around jadeite trade business, valuation of jadeite materials and the customer’s financial reporting. The consulting service provided are fixed-fee arrangements that are generally in one year term. The Company has concluded that each contract represents a single performance obligation as each is a single promise to deliver a customized engagement and deliverable. For the majority of these services, either practically or contractually, the work performed and delivered to the customer has no alternative use to the Company. Additionally, the Company maintains an enforceable right to payment at all times throughout the contract.
Income Taxes	Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes
Related Parties	Related Parties The Company follows ASC 850, Related Party Disclosures,
Accounting Standards Issued but Not Yet Adopted	Accounting Standards Issued but Not Yet Adopted Credit Losses In June 2016, the FASB issued ASU No. 2016-13, (FASB ASC Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts, rather than the “incurred loss” model. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. The effective date of ASU No. 2016-13 for smaller reporting companies is postponed to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company believes the adoption of ASU No. 2016-13 will not have a material impact on its financial position and results of operations. There were other updates recently issued. The management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position results of operations or cash flows.

NOTE 4 _ PREPAID EXPENSES AND_2

NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	September 30, 2022 December 31, 2021 Prepaid consulting fee $ 76,895 $ — VAT defer tax Assets 2,108 — Prepaid rent and parking lot 4,068 — Total $ 83,071 $ —

NOTE 5 _ EQUIPMENT, NET (Tables

NOTE 5 – EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	September 30, 2022 December 31, 2021 Equipment $ 7,193 $ — Property 263,070 — Less: accumulated depreciation (1,233 ) — Total property and equipment, net $ 269,030 $ —

NOTE 6 _ COMMERCIAL LOANS (Tabl

NOTE 6 – COMMERCIAL LOANS (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Commerical Loan	September 30, 2022 December 31, 2021 Loan with a third-party lender; the loan bears a fixed interest at $ 500 $ 12,250 $ 12,250 Loan with a third-party lender; unsecure, non-interest-bearing, and due on demand 196,809 — Total loans 209,059 12,250 Less: current portion (209,059 ) (12,250 ) Total non-current portion $ — $ —

NOTE 7 _ INCOME TAX (Tables)

NOTE 7 – INCOME TAX (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Deferred Income Taxes	September 30, 2022 December 31, 2021 Deferred tax assets Net operating loss carry-forward $ 515,505 $ 474,226 Total $ 515,505 $ 474,226 Valuation allowance (515,505 ) (474,226 ) Net deferred tax assets - noncurrent $ — $ —
Income Tax Provision	Three Months Ended September 30, Six Months ended 2022 2021 2022 2021 Income (loss) at 21% statutory tax rate 21 % 21 % 21 % 21 % Taxable difference 4 % — 4 % — Nontaxable items — — — — GULTI tax — — — — Others  — — — — Valuation allowance -25 % -21 % -25 % -21 % 0 % 0 % 0 % 0 %

NOTE 3 _ GOING CONCERN (Details

NOTE 3 – GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent	$ 40,297	$ 125	$ 196,567	$ 15,600,375
Retained Earnings (Accumulated Deficit)	$ 18,477,976		$ 18,477,976		$ 18,281,409

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid consulting fee	$ 76,895
VAT defer tax Assets	2,108
Prepaid rent and parking lot	4,068
Total	$ 83,071

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Equipment	$ 7,193
Property	263,070
Less: accumulated depreciation	(1,233)
Total property and equipment, net	$ 269,030

NOTE 5 _ EQUIPMENT, NET (Detail

NOTE 5 – EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Issuance of common stock for property. shares		2,651,780
Issuance of common stock for property	$ 265,178	$ 265,178
Depreciation	$ 581	1,316
Difference in Accumlated Depreciation		$ 83

Commerical Loan (Details)

Commerical Loan (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total loans	$ 209,059	$ 12,250
Third Party Lender 1 [Member]
Short-Term Debt [Line Items]
Total loans	12,250	12,250
Debt Instrument, Periodic Payment, Interest	500
Third Party Lender 2 [Member]
Short-Term Debt [Line Items]
Total loans	$ 196,809

NOTE 6 _ COMMERCIAL LOANS (Deta

NOTE 6 – COMMERCIAL LOANS (Details Narrative)			1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 03, 2022 USD ($)	Oct. 03, 2022 CNY (¥)	Dec. 31, 2019 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Short-Term Debt [Line Items]
Interest Expense, Short-Term Borrowings			$ 300
Interest Payable, Current				$ 1,675		$ 1,675			$ 1,300
Interest Expense				125	$ 125	375		$ 375
Proceeds from Issuance of Debt						267,097	¥ 1,900,000
Proceeds from (Repayments of) Debt	$ 196,809	¥ 1,400,000				70,288	¥ 500,000
Third Party Lender 1 [Member]
Short-Term Debt [Line Items]
Interest Payable, Current				$ 1,675		$ 1,675			$ 1,300

Deferred Income Taxes (Details)

Deferred Income Taxes (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Deferred tax assets
Net operating loss carry-forward	$ 515,505	$ 474,226
Valuation allowance	(515,505)	(474,226)
Net deferred tax assets - noncurrent

Income Tax Provision (Details)

Income Tax Provision (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income (loss) at 21% statutory tax rate	21%	21%	21%	21%
Taxable difference	4%		4%
Valuation allowance	(25.00%)	(21.00%)	(25.00%)	(21.00%)

NOTE 8 _ STOCKHOLDERS_ EQUITY (

NOTE 8 – STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Shares, Conversion of Units				65,000,000
Notes Reduction				$ 15,600,000
Debt retirement				6,500
Debtor Reorganization Items, Gain (Loss) on Settlement of Other Claims, Net				$ 15,593,500
Common stock shares sold			1,512,086
Sale of Stock, Consideration Received on Transaction			$ 27,357
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Shares, Conversion of Units				65,000,000
Common stock shares sold			635,747
Sale of Stock, Price Per Share	$ 0.30		$ 0.30
Common Stock 1 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock shares sold			876,339
Sale of Stock, Price Per Share	$ 0.10		$ 0.10

NOTE 9 _ RELATED PARTY TRANSA_2

NOTE 9 – RELATED PARTY TRANSACTIONS (Details Narrative)	9 Months Ended
	Sep. 30, 2022 USD ($)
Related Party Transactions [Abstract]
Proceeds from Related Party Debt	$ 80,883

NOTE 10 _ CONTINGENCIES (Detail

NOTE 10 – CONTINGENCIES (Details Narrative)	1 Months Ended
	Feb. 09, 2022 shares
Commitments and Contingencies Disclosure [Abstract]
Stock Issued During Period, Shares, Issued for Services	65,000,000

NOTE 11 _ SUBSEQUENT EVENTS (De

NOTE 11 – SUBSEQUENT EVENTS (Details Narrative)			1 Months Ended	9 Months Ended
	Oct. 11, 2022 USD ($)	Oct. 11, 2022 CNY (¥)	Oct. 31, 2022 $ / shares shares	Sep. 30, 2022 shares
Subsequent Event [Line Items]
Payment to acquire subsidiary	$ 141	¥ 1,000
Sale of Stock, Number of Shares Issued in Transaction				1,512,086
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of Stock, Price Per Share | $ / shares			$ 0.10
Sale of Stock, Number of Shares Issued in Transaction			23,878