Fovea Jewelry (FJHL) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 07, 2022
Cover [Abstract]
Entity Registrant Name	FOVEA JEWELRY HOLDINGS, LTD.
Entity Central Index Key	0000850971
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		8,099,119
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-56156
Entity Incorporation State Country Code	WY
Entity Tax Identification Number	95-4202424
Entity Interactive Data Current	Yes
Entity Address Address Line 1	Room 403, 4/F
Entity Address Address Line 2	Phase 1 Austin Tower
Entity Address Address Line 3	22-26A Austin Avenue
Entity Address City Or Town	Tsim Sha Tsui
City Area Code	852
Local Phone Number	6847 6812
Entity Address Country	HK

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current asset:
Cash and cash equivalents	$ 1,735	$ 1,476
Amount due from a shareholder	99,641	100,188
Inventories	727,939	731,038
Total current assets	829,315	832,584
Non-current asset:
Plant and equipment	18,518	20,521
TOTAL ASSETS	847,833	853,105
Current liabilities:
Accrued liabilities	74,500	74,500
Income tax payable	255	234
Deferred tax liabilities	3,055	3,386
Total current liabilities	77,810	78,120
TOTAL LIABILITIES	77,810	78,120
Commitments and contingencies	0	0
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 8,099,119 and 8,099,119 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	8,099	8,099
Additional paid-in capital	131,700	131,700
Accumulated other comprehensive loss	(24,278)	(20,678)
Retained earnings	653,502	654,864
Stockholder equity	770,023	774,985
Series A preferred stock, $0.001 par value,1,000,000 shares designated; 1,000,000 issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively	1,000	1,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	847,833	853,105
Series A Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Series A preferred stock, $0.001 par value,1,000,000 shares designated; 1,000,000 issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	8,099,119	8,099,119
Common stock, shares outstanding	8,099,119	8,099,119
Series A Preferred Stock [Member]
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000
Preferred stock, shares designated	1,000,000	1,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Revenue, net	$ 1,217	$ 162,887
Cost of revenue	(952)	(81,682)
Gross profit	265	81,205
Operating expenses:
General and administrative expenses	(1,922)	(8,509)
Total operating expenses	(1,922)	(8,509)
(LOSS) INCOME BEFORE INCOME TAXES	(1,657)	72,696
Income tax expenses	295	319
NET (LOSS) INCOME	(1,362)	73,015
Other comprehensive loss:
- Foreign currency adjustment loss	(3,600)	(7,757)
COMPREHENSIVE (LOSS) INCOME	$ (4,962)	$ 65,258
Net (loss) income per share - Basic and Diluted	$ (0.01)	$ 0.01
Weighted average common shares outstanding- Basic and Diluted	8,099,119	10,889,119

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities:
Net (loss) income	$ (1,362)	$ 73,015
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of plant and equipment	1,922	1,934
Change in operating assets and liabilities:
Inventories	3,099	0
Deferred tax liabilities	(331)	(319)
Amount due from a shareholder	429	0
Net cash provided by operating activities	3,757	74,630
Foreign currency translation adjustment	(3,498)	(7,695)
Net change in cash and cash equivalents	259	66,935
BEGINNING OF PERIOD	1,476	832,151
END OF PERIOD	1,735	899,086
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	0	0
Cash paid for interest	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($)	Total	Series A Preferred Stock	Common Stock	Common stock to be issued [Member]	Additional Paid-In Capital	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2020		1,000,000	10,199,119
Balance, amount at Dec. 31, 2020	$ 855,611	$ 1,000	$ 10,199	$ 90	$ 129,510	$ (10,591)	$ 725,403
Shares issued to service providers, shares			900,000
Shares issued to service providers, amount	0	0	$ 900	(90)	(810)	0	0
Foreign currency translation adjustment	(7,757)	0	0	0	0	(7,757)	0
Net income for the period	73,015	$ 0	$ 0	0	0	0	73,015
Balance, shares at Mar. 31, 2021		1,000,000	10,161,039
Balance, amount at Mar. 31, 2021	920,869	$ 1,000	$ 10,161	0	128,700	(18,348)	798,418
Balance, shares at Dec. 31, 2021		1,000,001	8,099,119
Balance, amount at Dec. 31, 2021	774,985	$ 1,000	$ 8,099	0	131,700	(20,678)	654,864
Foreign currency translation adjustment	(24,278)	0	0	0	0	(24,278)	0
Net income for the period	1,362	$ 0	$ 0	0	0	0	1,362
Balance, shares at Mar. 31, 2022		1,000,001	8,099,119
Balance, amount at Mar. 31, 2022	$ 752,069	$ 1,000	$ 8,099	$ 0	$ 131,700	$ (44,956)	$ 656,226

DESCRIPTION OF BUSINESS AND ORG

DESCRIPTION OF BUSINESS AND ORGANIZATION	3 Months Ended
	Mar. 31, 2022
DESCRIPTION OF BUSINESS AND ORGANIZATION
NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION	NOTE – 1 DESCRIPTION OF BUSINESS AND ORGANIZATION Fovea Jewelry Holdings, Ltd (the “Company” or “FJHL”) was originally founded on February 1, 2006 as Dycam, Inc. On March 4, 2019, the Company redomiciled from Nevada to Wyoming. Currently, the Company through its subsidiary, mainly commenced to operate an online store to sell the quality jewelry at affordable prices on www.fovea-jewellery.com. The goal is to "Deliver A Better Living". All products selling on the online store are with great quality, natural, socially responsible and niche. Description of subsidiar ies Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of registered/ paid up share capital Effective interest held Fovea International Holdings Limited British Virgin Islands Investment holding 100 ordinary shares at par value of US$1 100% Fovea Jewellery Holdings Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share at par value of HK$1 100% Gold Shiny International Limited British Virgin Islands Investment holding 115 ordinary shares at par value of US$1 100% Gold Shiny (Asia) Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share at par value of HK$1 100% The Company and its subsidiaries are hereinafter referred to as (the “Company”).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE – 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes. • Basis of presentation These accompanying condensed consolidated financial statements have been prepared in U.S. Dollars in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the interim period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis, and the financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on April 29, 2022. • Use of estimates and assumptions In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. • Basis of consolidation The condensed consolidated financial statements include the accounts of FJHL and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. • Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. • Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended March 31, 2022 and 2021 were $1,922 and $1,930, respectively. • Revenue recognition The Company adopted Accounting Standards Codification (“ASC”) “ 606 – Revenue from Contracts with Customers Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract’s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. Majority of the Company's income is derived from contracts with customers in the sale of diamond and jewelry products, and as such, the revenue recognized depicts the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company’s revenue recognition policies are in compliance with ASC 606, as follows: Product sales consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue when the following events have occurred: (a) the Company has transferred physical possession of the products, depending upon the method of distribution and shipping terms set forth in the customer contract, (b) the Company has a present right to payment, (c) the customer has legal title to the products, and (d) the customer bears significant risks and rewards of ownership of the products. For these sales, the Company determined that the customer is able to direct the use of and obtain substantially all of the benefits from, the products at the time the products are delivered. • Cost of revenue Cost of revenue consists primarily of the purchase cost of diamond and jewelry products, which are directly attributable to the sales of products. • Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. • Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the three months ended March 31, 2022 and 2021. • Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintain its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the period ended March 31, 2022 and 2021: March 31, 2022 March 31, 2021 Period-end HKD:US$ exchange rate 0.1277 0.1286 Period average HKD:US$ exchange rate 0.1281 0.1289 • Comprehensive income ASC Topic 220, “ Comprehensive Income • Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. • Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. • Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. • Recent accounting pronouncements Accounting Standards Adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), (“ASU 2021-04”). This ASU reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically addresses: (1) how an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; (2) how an entity should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; and (3) how an entity should recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. This ASU will be effective for all entities for fiscal years beginning after December 15, 2021. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2021-04 on January 1, 2022 did not have a material impact on the Company’s financial statements or disclosures. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	3 Months Ended
	Mar. 31, 2022
STOCKHOLDERS EQUITY
NOTE - 3 STOCKHOLDERS' EQUITY	NOTE – 3 STOCKHOLDERS’ EQUITY Authorized shares The Company’s authorized shares were 5,000,000 shares of preferred stock, with a par value of $0.001. The Company’s authorized shares were 2,000,000,000 shares of common stock, with a par value of $0.001. Issued and outstanding shares As of March 31, 2022 and December 31, 2021, the Company had 1,000,000 shares of Series A preferred stock issued and outstanding. As of March 31, 2022 and December 31, 2021, the Company had 8,099,119 and 8,099,119 shares of common stock issued and outstanding, respectively.

INCOME TAX

INCOME TAX	3 Months Ended
	Mar. 31, 2022
INCOME TAX
NOTE 4 - INCOME TAX	NOTE – 4 INCOME TAX The provision for income taxes consisted of the following: Three months ended March 31, 2022 2021 Current tax $ 22 $ 6,157 Deferred tax (317 ) (319 ) Income tax expense $ (295 ) $ 5,838 The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Hong Kong that is subject to taxes in the jurisdictions in which they operate, as follows: United States of America FJHL is registered in the State of Wyoming and is subject to the tax laws of United States of America. For the three months ended March 31, 2022 and 2021, there was no operation in the United States of America. BVI Under the current BVI law, the Company is not subject to tax on income. Hong Kong The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current year, after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the three months ended March 31, 2022 And 2021 is as follows: Three months ended March 31, 2022 2021 Income before income taxes $ 1,657 $ 72,696 Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate 273 11,994 Tax effect of non-deductible items 317 319 Tax effect of tax holiday (568 ) (6,156 ) Income tax expense $ 22 $ 6,157 The following table sets forth the significant components of the deferred tax liabilities of the Company as of March 31, 2022 and December 31, 2021: As of March 31, December 31, 2022 2021 Deferred tax liabilities: Accelerated depreciation $ (3,055 ) $ (3,386 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
NOTE 5 - RELATED PARTY TRANSACTIONS	NOTE – 5 RELATED PARTY TRANSACTIONS Apart from the transactions and balances detailed elsewhere in these accompanying condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented.

CONCENTRATIONS OF RISK

CONCENTRATIONS OF RISK	3 Months Ended
	Mar. 31, 2022
CONCENTRATIONS OF RISK
NOTE 6 - CONCENTRATIONS OF RISK	NOTE – 6 CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the three months ended March 31, 2022 and 2021, the individual customer who accounts for 10% or more of the Company’s revenues and its outstanding receivable balances as at period-end dates, are presented as follows: Three months ended March 31, 2022 March 31, 2022 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 1,217 100 % $ - Three months ended March 31, 2021 March 31, 2021 Customers Revenues Percentage of revenues Accounts receivable Customers B $ 50,922 31 % $ - Customers C 45,766 28 % - Customers D 40,738 25 % - Customers E 25,461 16 % - Total: $ 162,887 100 % $ - All of the Company’s customers are located in Hong Kong. (b) Major vendor For the three months ended March 31, 2022 and 2021, there was one vender represented more than 10% of the Company’s operating cost. This vendor accounted for 100% of the Company’s operating cost with no accounts payable at March 31, 2022 and 2021. The Company’s vendor is located in Hong Kong. (c) Economic and political risk The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

COMMITEMENTS AND CONTIGENCIES

COMMITEMENTS AND CONTIGENCIES	3 Months Ended
	Mar. 31, 2022
COMMITEMENTS AND CONTIGENCIES
NOTE 7 - COMMITMENTS AND CONTIGENCIES	NOTE – 7 COMMITMENTS AND CONTINGENCIES As of March 31, 2022, the Company has no material commitments or contingencies.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
SUBSEQUENT EVENTS
NOTE 8 - SUBSEQUENT EVENTS	NOTE – 8 SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	These accompanying condensed consolidated financial statements have been prepared in U.S. Dollars in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the interim period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis, and the financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on April 29, 2022.
Use of estimates and assumptions	In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates.
Basis of consolidation	The condensed consolidated financial statements include the accounts of FJHL and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.
Cash and cash equivalents	Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.
Plant and equipment	Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended March 31, 2022 and 2021 were $1,922 and $1,930, respectively.
Revenue recognition	The Company adopted Accounting Standards Codification (“ASC”) “ 606 – Revenue from Contracts with Customers Under ASC 606, a performance obligation is a promise within a contract to transfer a distinct good or service, or a series of distinct goods and services, to a customer. Revenue is recognized when performance obligations are satisfied and the customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for goods or services. Under the standard, a contract’s transaction price is allocated to each distinct performance obligation. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. Majority of the Company's income is derived from contracts with customers in the sale of diamond and jewelry products, and as such, the revenue recognized depicts the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company’s revenue recognition policies are in compliance with ASC 606, as follows: Product sales consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue when the following events have occurred: (a) the Company has transferred physical possession of the products, depending upon the method of distribution and shipping terms set forth in the customer contract, (b) the Company has a present right to payment, (c) the customer has legal title to the products, and (d) the customer bears significant risks and rewards of ownership of the products. For these sales, the Company determined that the customer is able to direct the use of and obtain substantially all of the benefits from, the products at the time the products are delivered.
Cost of revenue	Cost of revenue consists primarily of the purchase cost of diamond and jewelry products, which are directly attributable to the sales of products.
Income taxes	The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Uncertain tax positions	The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the three months ended March 31, 2022 and 2021.
Foreign currencies translation	Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar ("US$") and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintain its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the period ended March 31, 2022 and 2021: March 31, 2022 March 31, 2021 Period-end HKD:US$ exchange rate 0.1277 0.1286 Period average HKD:US$ exchange rate 0.1281 0.1289
Comprehensive income	ASC Topic 220, “ Comprehensive Income
Related parties	The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Commitments and contingencies	The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.
Fair value of financial instruments	The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments.
Recent accounting pronouncements	In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), (“ASU 2021-04”). This ASU reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically addresses: (1) how an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; (2) how an entity should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; and (3) how an entity should recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. This ASU will be effective for all entities for fiscal years beginning after December 15, 2021. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2021-04 on January 1, 2022 did not have a material impact on the Company’s financial statements or disclosures. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of plant and equipment	Expected useful lives Computer equipment 5 years
Summary of exchange rates	March 31, 2022 March 31, 2021 Period-end HKD:US$ exchange rate 0.1277 0.1286 Period average HKD:US$ exchange rate 0.1281 0.1289

INCOME TAX (Tables)

INCOME TAX (Tables)	3 Months Ended
	Mar. 31, 2022
INCOME TAX
Schedule of provision for income tax	Three months ended March 31, 2022 2021 Current tax $ 22 $ 6,157 Deferred tax (317 ) (319 ) Income tax expense $ (295 ) $ 5,838
Schedule of income tax rate	Three months ended March 31, 2022 2021 Income before income taxes $ 1,657 $ 72,696 Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate 273 11,994 Tax effect of non-deductible items 317 319 Tax effect of tax holiday (568 ) (6,156 ) Income tax expense $ 22 $ 6,157
Schedule of Deferred Tax Liabilities	As of March 31, December 31, 2022 2021 Deferred tax liabilities: Accelerated depreciation $ (3,055 ) $ (3,386 )

CONCENTRATIONS OF RISK (Tables)

CONCENTRATIONS OF RISK (Tables)	3 Months Ended
	Mar. 31, 2022
CONCENTRATIONS OF RISK
Schedule of concentrations of risk	Three months ended March 31, 2022 March 31, 2022 Customers Revenues Percentage of revenues Accounts receivable Customer A $ 1,217 100 % $ - Three months ended March 31, 2021 March 31, 2021 Customers Revenues Percentage of revenues Accounts receivable Customers B $ 50,922 31 % $ - Customers C 45,766 28 % - Customers D 40,738 25 % - Customers E 25,461 16 % - Total: $ 162,887 100 % $ -

DESCRIPTION OF BUSINESS AND O_2

DESCRIPTION OF BUSINESS AND ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2022
Fovea International Holdings Limited [Member]
Place Of Incorporation And Kind Of Legal Entity	British Virgin Islands
Principal Activities And Place Of Operation	Investment holding
Particulars Of Registered/ Paid Up Share Capital	100 ordinary shares at par value of US$1
Effective Interest Held	100.00%
Fovea Jewellery Holdings Limited [Member]
Place Of Incorporation And Kind Of Legal Entity	Hong Kong
Principal Activities And Place Of Operation	Sales and marketing in Hong Kong
Particulars Of Registered/ Paid Up Share Capital	1 ordinary share at par value of HK$1
Effective Interest Held	100.00%
Gold Shiny International Limited [Member]
Place Of Incorporation And Kind Of Legal Entity	British Virgin Islands
Principal Activities And Place Of Operation	Investment holding
Particulars Of Registered/ Paid Up Share Capital	115 ordinary shares at par value of US$1
Effective Interest Held	100.00%
Gold Shiny (Asia) Limited [Member]
Place Of Incorporation And Kind Of Legal Entity	Hong Kong
Principal Activities And Place Of Operation	Sales and marketing in Hong Kong
Particulars Of Registered/ Paid Up Share Capital	1 ordinary share at par value of HK$1
Effective Interest Held	100.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2022
Computer Equipment [Member]
Expected Useful Lives	5 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	Mar. 31, 2022	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Period-end Hkd:us$ Exchange Rate	0.1277	0.1286
Period Average Hkd:us$ Exchange Rate	0.1281	0.1289

STOCKHOLDERS EQUITY (Details Na

STOCKHOLDERS EQUITY (Details Narrative) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	8,099,119	8,099,119
Common stock, shares outstanding	8,099,119	8,099,119
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Preferred Stock [Member]
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000
Common Stocks
Common stock, shares issued	8,099,119	8,099,119
Common stock, shares outstanding	8,099,119	8,099,119

INCOME TAX (Details)

INCOME TAX (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
INCOME TAX
Current tax	$ 22	$ 6,157
Deferred Tax	(317)	(319)
Income tax (credit) expense	$ (295)	$ 5,838

INCOME TAX (Details 1)

INCOME TAX (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INCOME TAX
Income before income taxes	$ 1,657	$ 72,696
Statutory income tax rate	16.50%	16.50%
Income tax expense at statutory rate	$ 273	$ 11,994
Tax effect of non-deductible items	317	319
Tax effect of tax holiday	(568)	(6,156)
Income tax expenses	$ 22	$ 6,157

INCOME TAX (Details 2)

INCOME TAX (Details 2) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Deferred tax liabilities:
Accelerated depreciation	$ (3,055)	$ (3,386)

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - Hong Kong [Member]	3 Months Ended
	Mar. 31, 2022
Minimum [Member]
Profits tax rates	8.25%
Maximum [Member]
Profits tax rates	16.50%

CONCENTRATIONS OF RISK (Details

CONCENTRATIONS OF RISK (Details ) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 1,217	$ 162,887
Percentage of revenues		100.00%
Account receivables		$ 0
Customer A [Member]
Revenues	$ 1,217
Percentage of revenues	100.00%
Account receivables	$ 0
Customer B [Member]
Revenues		$ 50,922
Percentage of revenues		31.00%
Account receivables		$ 0
Customer C [Member]
Revenues		$ 45,766
Percentage of revenues		2.00%
Account receivables		$ 0
Customer D [Member]
Revenues		$ 40,738
Percentage of revenues		25.00%
Account receivables		$ 0
Customer E [Member]
Revenues		$ 25,461
Percentage of revenues		16.00%
Account receivables		$ 0

CONCENTRATIONS OF RISK (Detai_2

CONCENTRATIONS OF RISK (Details Narrative)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Customer [Member]
Percentages of revenue	10.00%	10.00%
Major Customer [Member]
Operating cost, percentage	100.00%	100.00%
Concentration risk	10.00%	10.00%