Longwen (LWLW) 10-K 30 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Document and Entity Information:
Entity Registrant Name	Longwen Group Corp.
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Trading Symbol	logc
Amendment Flag	false
Entity Central Index Key	723,533
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	127,061
Entity Public Float		$ 127,061
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses	$ 6,753	$ 4,500
Shareholder Loan	13,411
Total Current Liabilities and Total Liabilities	20,164	4,500
STOCKHOLDERS' DEFICIT
Common stock, $0.0001 par value, 550,000,000shares authorized, 127,061 shares issued and outstanding as of December 31, 2017 and December 31, 2016.	13	13
Additional paid-in capital	2,667,846	2,667,846
Accumulated Deficit	(2,688,023)	(2,672,359)
Total Stockholders' Deficit	$ (20,164)	$ (4,500)

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
EXPENSES
General and administrative	$ 15,664	$ 29,340
Total Expenses	15,664	29,340
LOSS BEFORE INCOME TAXES	(15,664)	(29,340)
NET INCOME (LOSS)	$ (15,664)	$ (29,340)
BASIC AND DILUTED LOSS PER SHARE	$ (0.12)	$ (0.23)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	127,061	127,061

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Profit (loss)	$ (15,664)	$ (29,340)
Changes in operating assets and liabilities:
Change in accounts payable & accrued expenses	2,253	(9,720)
Net Cash Used in Operating Activities	(13,411)	(39,060)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loan	13,411
Net Cash Provided by Financing Activities	$ 13,411
DECREASE IN CASH		(39,060)
CASH AT BEGINNING OF YEAR		$ 39,060

Note 1 - Company Background and

Note 1 - Company Background and Organization	12 Months Ended
	Dec. 31, 2017
Notes
Note 1 - Company Background and Organization	NOTE 1 – COMPANY BACKGROUND AND ORGANIZATION Longwen Group Corp.,(the Company), was incorporated on March 31, 1980, under the laws of the State of California as Expertelligence, Inc. On June 26, 2006, the Company reincorporated in Nevada. Since then, the Company has gone through a series of name changes including the current name change that occurred on January 23, 2015, in which the Company amended its Articles of Incorporation to change its name to Longwen Group Corp. The Company is a “shell company” as defined Under SEC Rule 12b-2 under the Securities Exchange Act of 1934, as amended and is looking for a new business opportunity.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes
Note 2 - Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Income Taxes The Company utilizes the asset and liability method to account for income taxes pursuant to ASC 740 “Income Taxes”. 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 bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is used to reduce net deferred tax assets to the amount that, based on management’s estimate, is more likely than not to be realized. ASC 740 provides guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. If the Company determines that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. A liability for uncertain tax positions would then be recorded if the Company determined it is more likely than not that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. The Company does not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company classifies interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and other expense in the consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stock Based Compensation Stock based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Basic Loss Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common stock by the weighted average number of shares during the period. Diluted earnings per share is calculated by dividing the Company’s net loss by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There is no dilutive debt or equity. Fair Value Measurements The Company follows the provisions of ASC 820, “Fair Value Measurements And Disclosures”. ASC 820 defines fair value, establishes a framework for measuring fair value under generally accepted principles, and enhances disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 – Valuations based on observable inputs other than quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 – Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. As of December 31, 2017 and 2016, the Company did not have any assets or liabilities that were required to be measured at fair value on a recurring basis or on a non-recurring basis. Recent Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented. The Tax Cuts and Jobs Act (“the Act”) was enacted on December 22, 2017. The Act reduces the US federal corporate tax rate from 34% 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. On December 22, 2017, the Securities and Exchange Commission issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”) directing 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. We are currently evaluating the impact of the Act.

Note 3 - Going Concern

Note 3 - Going Concern	12 Months Ended
	Dec. 31, 2017
Notes
Note 3 - Going Concern	NOTE 3 – GOING CONCERN The Company’s 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 year ended December 31, 2017, the Company incurred a loss of $15,664 The Company has an accumulated deficit of $2,688,023 as of December 31, 2017. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s future success is dependent upon its ability to achieve 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 - Shareholder Loan

Note 4 - Shareholder Loan	12 Months Ended
	Dec. 31, 2017
Notes
Note 4 - Shareholder Loan	NOTE 4 – SHAREHOLDER LOAN The Company was advanced $13,411 by a shareholder for working capital purposes. The loan is non-interest bearing and is payable on demand.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Notes
Note 5 - Stockholders' Equity	NOTE 5 – STOCKHOLDERS’ EQUITY In November 2016, the Company’s president made a capital contribution of $39,060. On or about April 5, 2016, the Company affected a 1 for 750 share reverse split of its issued and outstanding common stock. On such date, the Company’s common stock was reduced from 95,164,140 to 127,061 shares outstanding.

Note 6 - Income Taxes

Note 6 - Income Taxes	12 Months Ended
	Dec. 31, 2017
Notes
Note 6 - Income Taxes	NOTE 6 – INCOME TAXES The reconciliation of the federal statutory income tax rate of 34% to the Company’s effective income tax rate is as follows as of December 31, 2017 and 2016, respectively: 2017 2016 Income tax benefit using U.S. statutory rate of 34% 5,326 10,000 Change in valuation allowance (5,326) (10,000) Effective income tax rate - - The components of the Company’s deferred tax asset are as follows as of December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Deferred Tax Asset: Net Operating Loss Carryforward $ 5,326 $ - Valuation Allowance (5,326) - Total Net Deferred Tax Asset $ - $ - Due to the changes in ownership of the Company that occurred on November 29, 2016, approximately $2,700,000 in net operating loss carryforwards (computed in accordance with IRS section 382) were lost for future taxable income. In addition, losses incurred from the date of the change in control to December 31, 2016 were nominal due to limited transactions of the Company. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax assets for every period because it is more likely than not that all of the deferred tax assets will not be realized. The Company has not filed 2012, 2013, 2014, 2015 and 2016 income tax returns. The Company’s tax returns are subject to examination by the federal tax authorities for years 2012 through 2016.

Note 7 - Subsequent Events

Note 7 - Subsequent Events	12 Months Ended
	Dec. 31, 2017
Notes
Note 7 - Subsequent Events	NOTE 7 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on managements’ evaluation, no events have occurred that require disclosure or adjustments to the financial statement.