Longwen (LWLW) 10-K/A 16 Apr 19 2018 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018
Document and Entity Information:
Entity Registrant Name	Longwen Group Corp.
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Trading Symbol	logc
Amendment Flag	false
Entity Central Index Key	0000723533
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	127,061
Entity Public Float		$ 127,061
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

BALANCE SHEET

BALANCE SHEET - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CURRENT LIABILITIES
Accounts payable and accrued expenses	$ 3,860	$ 6,753
Stockholder Advance	27,124	13,411
Total Liabilities (all current)	30,984	20,164
STOCKHOLDERS' DEFICIT
Common stock, $0.0001 par value, 550,000,000 shares authorized, 127,061 shares issued and outstanding as of December 31, 2018 and 2017	13	13
Additional paid-in capital	2,667,846	2,667,846
Accumulated deficit	(2,698,843)	(2,688,023)
Total Stockholders' Deficit	$ (30,984)	$ (20,164)

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
EXPENSES
General and administrative expenses	$ 10,820	$ 15,664
Total Expenses	10,820	15,664
LOSS BEFORE INCOME TAXES	(10,820)	(15,664)
NET INCOME (LOSS)	$ (10,820)	$ (15,664)
LOSS PER SHARE - BASIC AND DILUTED	$ (0.09)	$ (0.12)
WEIGHTED AVERAGE OUTSTAND SHARES BASIC AND DILUTED	127,061	127,061

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Profit (loss)	$ (10,820)	$ (15,664)
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	(2,893)	2,253
Related party payable	$ 13,713	$ 13,411

Note 1 - Company Background and

Note 1 - Company Background and Organization	12 Months Ended
	Dec. 31, 2018
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, 2018
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. F-7 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, 2018 and 2017, 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. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. We do not believe the adoption of this ASU would have a material effect on the Company’s financial statements.

Note 3 - Going Concern

Note 3 - Going Concern	12 Months Ended
	Dec. 31, 2018
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, 2018, the Company incurred a net loss of $10,820. The Company had an accumulated deficit of $2,698,843 as of December 31, 2018. 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 Advance

Note 4 - Shareholder Advance	12 Months Ended
	Dec. 31, 2018
Notes
Note 4 - Shareholder Advance	NOTE 4 – SHAREHOLDER ADVANCE As of December 31, 2018 and 2017, the Company had stockholder advances of $27,124 and $13,411 by a shareholder for working capital purposes. The loan is interest-free, unsecured and due on demand.

Note 5 - Income Taxes

Note 5 - Income Taxes	12 Months Ended
	Dec. 31, 2018
Notes
Note 5 - Income Taxes	NOTE 5 – INCOME TAXES The reconciliation of the federal statutory income tax rate of 34% and 21% to the Company’s effective income tax rate is as follows as of December 31, 2018 and 2017, respectively: Years Ended December 31, 2018 2017 Income tax benefit using U.S. statutory rate of 21% & 34% $ 2,272 $ 5,326 Change in valuation allowance (2,272) (5,326) Income tax expense - - The components of the Company’s deferred tax asset are as follows as of December 31, 2018 and 2017: December 31, December 31, 2018 2017 Deferred Tax Asset: Net Operating Loss Carryforward $ 7,598 $ 5,326 Valuation Allowance (7,598) (5,326) 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, 2016 and 2017-income tax returns. The Company’s tax returns are subject to examination by the federal tax authorities for years 2012 through 2017.

Note 6 - Subsequent Events

Note 6 - Subsequent Events	12 Months Ended
	Dec. 31, 2018
Notes
Note 6 - Subsequent Events	NOTE 6 – SUBSEQUENT EVENTS On February 15, 2019, the Company completed the acquisition and registration of all of common stock of Hangzhou Longwen Management Co., Ltd (“Hangzhou Longwen”), a limited liability company in the People’s Republic of China (the “PRC”). The Company acquired Hangzhou Longwen from a third party seller for a total cash consideration of $1,000. As a result of the acquisition, Hangzhou Longwen became the Company’s wholly owned subsidiary. Hangzhou Longwen had no assets or liabilities as of the date of the acquisition.