0001640334-18-002093.txt : 20181113 0001640334-18-002093.hdr.sgml : 20181113 20181113061118 ACCESSION NUMBER: 0001640334-18-002093 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181113 DATE AS OF CHANGE: 20181113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOVE INTERNATIONAL GROUP, INC. CENTRAL INDEX KEY: 0001605780 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 800929366 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55642 FILM NUMBER: 181174690 BUSINESS ADDRESS: STREET 1: SUITE 1303, 13/F., CTS COURT STREET 2: 363 PORTLAND STREET CITY: MONGKOK STATE: K3 ZIP: 00000 BUSINESS PHONE: (852) 2697 7733 MAIL ADDRESS: STREET 1: SUITE 1303, 13/F., CTS COURT STREET 2: 363 PORTLAND STREET CITY: MONGKOK STATE: K3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: QUINTEC CORP DATE OF NAME CHANGE: 20140416 10-Q 1 lovv_10q.htm FORM 10-Q lovv_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

 

Commission File No.: 000-55642

 

LOVE INTERNATIONAL GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

 

80-0929366

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

Suite 1303, 13/F., CTS Court, 363 Portland Street

Mongkok, Hong Kong

(Address of principal executive offices) (Zip Code)

 

+852 2697 7733

(Registrant's telephone number, including area code)

 

26 Floor, One Harbour Square, 181 Hoi Bun Road,

Kwun Tong, Kowloon, Hong Kong

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

x

Smaller reporting company

x

Emerging company

x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

As of November 12, 2018, there were 289,333,360 shares of the issuer's common stock, par value $0.0001, issued and outstanding.

 

 
 
 
 

 

FORM 10-Q

FOR THE PERIOD ENDED SEPTEMBER 30, 2018

 

TABLE OF CONTENTS

 

PART I FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements for the period ended September 30, 2018 (unaudited)

3

 

Condensed Balance Sheets as of September 30, 2018 (Unaudited) and December 31, 2017

3

 

Unaudited Condensed Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2018 and 2017

4

 

Unaudited Condensed Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2018 and 2017

5

 

Unaudited Condensed Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (Unaudited)

6

 

Notes to Unaudited Condensed Financial Statements

7

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

12

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

16

 

Item 4.

Controls and Procedures

16

 

 

PART II OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

18

 

Item 1A.

Risk Factors

18

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

18

 

Item 3.

Defaults Upon Senior Securities

18

 

Item 4.

Mine Safety Disclosures

18

 

Item 5.

Other Information

18

 

Item 6.

Exhibits

19

 

 

Signatures

20

 
 
2
 
 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements for the Period Ended September 30, 2018.

 

LOVE INTERNATIONAL GROUP, INC.

Condensed Balance Sheets

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$ -

 

 

$ -

 

Deposits and prepaid expenses

 

 

3,300

 

 

 

20,000

 

TOTAL ASSETS

 

$ 3,300

 

 

$ 20,000

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$ 1,400

 

 

$ 7,661

 

Due to related party

 

 

167,466

 

 

 

137,161

 

Total current liabilities

 

 

168,866

 

 

 

144,822

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 289,333,360 shares issued and outstanding

 

 

28,933

 

 

 

28,933

 

Additional paid-in capital

 

 

33,383

 

 

 

33,383

 

Accumulated deficit

 

 

(227,882 )

 

 

(187,138 )

TOTAL STOCKHOLDERS' DEFICIT

 

 

(165,566 )

 

 

(124,822 )

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

 

$ 3,300

 

 

$ 20,000

 

 

The accompanying notes are an integral part of these condensed financial statements.

 
 
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LOVE INTERNATIONAL GROUP, INC.

Condensed Statements of Operations and Comprehensive Loss

(Unaudited)

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$ -

 

 

$ -

 

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

68

 

 

 

68

 

 

 

373

 

 

 

205

 

Professional fees

 

 

18,492

 

 

 

7,438

 

 

 

40,371

 

 

 

32,652

 

Total Expenses

 

 

18,560

 

 

 

7,506

 

 

 

40,744

 

 

 

32,857

 

Loss before income taxes

 

 

(18,560 )

 

 

(7,506 )

 

 

(40,744 )

 

 

(32,857 )

Income tax

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

NET LOSS

 

$ (18,560 )

 

$ (7,506 )

 

$ (40,744 )

 

$ (32,857 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC AND DILUTED LOSS PER SHARE

 

$ (0.00 )

 

$ (0.00 )

 

$ (0.00 )

 

$ (0.00 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED

 

 

289,333,360

 

 

 

289,333,360

 

 

 

289,333,360

 

 

 

289,333,360

 

 

The accompanying notes are an integral part of these condensed financial statements.

 
 
4
 
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LOVE INTERNATIONAL GROUP, INC.

Condensed Statements of Changes in Stockholders' Deficit

(Unaudited)

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Total

 

 

 

Common stock

 

 

Paid-in

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balance, January 1, 2018

 

 

289,333,360

 

 

$ 28,933

 

 

$ 33,383

 

 

$ (187,138 )

 

$ (124,822 )

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(40,744 )

 

 

(40,744 )

Balance, September 30, 2018

 

 

289,333,360

 

 

$ 28,933

 

 

$ 33,383

 

 

$ (227,882 )

 

$ (165,566 )

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Total

 

 

 

Common stock

 

 

Paid-in

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balance, January 1, 2017

 

 

289,333,360

 

 

28,933

 

 

33,383

 

 

(142,483 )

 

(80,167 )

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(32,857 )

 

 

(32,857 )

Balance, September 30, 2017

 

 

289,333,360

 

 

$ 28,933

 

 

$ 33,383

 

 

$ (175,340 )

 

$ (113,024 )

 

The accompanying notes are an integral part of these condensed financial statements.

 
 
5
 
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LOVE INTERNATIONAL GROUP, INC.

Condensed Statements of Cash Flows

(Unaudited)

 

 

 

Nine months ended

September 30,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$ (40,744 )

 

$ (32,857 )

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Deposits and prepaid expenses

 

 

16,700

 

 

 

10,862

 

Accounts payable and accrued liabilities

 

 

(6,261 )

 

 

-

 

CASH USED IN OPERATING ACTIVITIES

 

 

(30,305 )

 

 

(21,995 )

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Advances from related party

 

 

30,305

 

 

 

21,995

 

CASH PROVIDED BY FINANCING ACTIVITIES

 

 

30,305

 

 

 

21,995

 

 

 

 

 

 

 

 

 

 

NET CHANGE IN CASH

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH BEGINNING OF PERIOD

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH END OF PERIOD

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW DISCLOSURES

 

 

 

 

 

 

 

 

Interest paid

 

$ -

 

 

$ -

 

Income taxes paid

 

$ -

 

 

$ -

 

 

The accompanying notes are an integral part of these condensed financial statements.

 
 
6
 
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LOVE INTERNATIONAL GROUP, INC.

Notes to the Condensed Financial Statements

(Unaudited)

 

NOTE 1. ORGANIZATION, PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION

 

Love International Group, Inc. ("we", "us", "our" or the "Company") was incorporated on May 23, 2013 under the laws of the State of Nevada. On November 11, 2015, a change in control of the Company occurred, whereby Walter Lee, the-then sole officer and director, sold 15,000,000 of his shares of common stock, representing 51.8% of the voting power of the issued and outstanding capital stock of the Company, in a private transaction to Yong Qiang Yang (8,250,000 shares) and Wei Min Jin (6,750,000 shares), who subsequently became officers and directors of the Company. Mr. Lee sold the remainder of his shares (5,000,000 shares) to other individuals in separate transactions not involving a public sale or distribution. After the sale of stock, Walter Lee had no further ownership of any voting securities of the Company.

 

On November 30, 2015, the Company accepted the resignation of Walter Lee from his positions as President, Principal Executive Officer, Principal Financial Officer and member of the Board of Directors. The Board of Directors appointed Yong Qiang Yang as President of the Company, and as a member of the Board of Directors, and Wei Min Jin as Principal Financial Officer and Secretary of the Company and a member of the Board of Directors, effective November 30, 2015.

 

All references above to share and per share data have not been adjusted to give effect of the forward stock split (see below).

 

On February 4, 2016, the Financial Industry Regulatory Authority approved: (a) changing the name of the Company to Love International Group, Inc. ("Name Change"); (b) increasing the aggregate number of authorized shares of Common Stock of the Company from one hundred and fifty million (150,000,000) shares, par value $0.001, to one billion (1,000,000,000) shares, par value $0.0001 per share ("Authorized Share Increase"); (c) a 10-for-1 forward stock split ("Forward Split"; together with the Name Change and Authorized Share Increase, the "Corporate Actions") of the issued and outstanding shares of Common Stock of the Company; and (d) a new trading symbol of LOVV.

 

On February 5, 2016, the Corporate Actions became effective and the issued and outstanding shares of common stock of the Company became 289,333,360.

 

On March 7, 2016, the trading symbol changed to LOVV and a new CUSIP number (54714U107) was assigned to the Company's common stock.

 

On May 18, 2016, the Company shifted its business focus from developing and launching an online, cross-border e-commerce platform to promote and market worldwide premium specialties and other well-known branded products with highly comparable discount pricing to developing and launching an online platform to promote cheap airline tickets and hotels as well as developing and launching a "Do-It-Yourself" ("DIY") system for the Company's customers to put together a trip with exotic activities such as hunting, flying a plane, or even piloting a submarine.

 

The Company anticipates the prices of the airline tickets and hotel rooms promoted on its online platform will be priced competitively, if not lower, than the marketplace as the Company plans on partnering with some of the airlines and big airline ticket wholesalers. As for the DIY system, the Company anticipates gaining market share based on the originality and specialty of the travel activities to be offered on the Company's online platform through local travel companies and/or travel specialists that the Company is going to partner with.

 

In the beginning, the Company anticipates targeting potential customers in mainland China and Hong Kong as to the promotion of airline tickets and hotel rooms. The airline tickets and hotel booking selections may be limited upon the launch of the Company's online platform. The Company anticipates focusing the DIY activities upon the launch of the online platform in South East Asia, Canada, United States and Australia.

 
 
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The Company does not yet have any operations and the development of its business is speculative. It has not generated any operating revenues to date.

 

The Company had a working capital deficiency, accumulated deficit from recurring net losses and net liabilities as of December 31, 2017 and September 30, 2018. These factors raise substantial doubts about the Company's ability to continue as a going concern. The Company plans to raise additional funds through financing, either through a stock offering, or standard or convertible debt, in the future to meet its daily cash demands if required. However, there can be no assurance that the Company will be successful in obtaining further financing. Until and unless it is able to secure adequate financing, its business development will be curtailed.

 

The accompanying financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company's ability to continue as a going concern.

 

All common share and per share amounts disclosed herein and in the accompanying financial statements have been retroactively restated to reflect the forward stock split, except as otherwise provided herein.

 

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

 

The interim condensed financial information as of September 30, 2018 and for the three and nine month periods ended September 30, 2018 and 2017 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are normally included in financial statements prepared in accordance with U.S. GAAP have not been included. The interim condensed financial information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, previously filed with the SEC on April 3, 2018.

 

In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company's interim condensed financial position as of September 30, 2018, its interim condensed results of operations and comprehensive loss for the three and nine month periods ended September 30, 2018 and 2017, as applicable, and its interim condensed results of cash flows for the nine month periods ended September 30, 2018 and 2017, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.

 

Estimates and Assumptions

 

The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions and could have a material effect on the Company's reported financial position and results of operations.

 

Foreign Currency Transactions

 

The reporting currency of the Company is the United States dollar ("U.S. Dollars"). The financial records of the Company are maintained in U.S. Dollars, which is the functional currency.

 

Monetary assets and liabilities denominated in currencies other than U.S. Dollars are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are re-measured into U.S. Dollars at historical exchange rates. Transactions in currencies other than U.S. Dollars during the period are converted into U.S. Dollars at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of operations.

 
 
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Cash and Cash Equivalents

 

Cash consists of cash on hand and in banks. The Company considers all highly liquid debt instruments, with initial terms of less than three months to be cash equivalents. The Company did not maintain any bank accounts as of September 30, 2018 and December 31, 2017.

 

Fair Value Measurements

 

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:

 

·

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

·

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

 

·

Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, balance with related parties and accounts payable approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.

 

Stock-Based Compensation

 

The Company adopted ASC 718, Compensation – Stock-Based Compensation, to account for its stock options and similar equity instruments issued. Accordingly, compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period. ASC 718 requires excess tax benefits be reported as a financing cash inflow rather than as a reduction of taxes paid. The Company did not grant any stock options since inception on May 23, 2013 through September 30, 2018.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. 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 carry-forwards. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations and comprehensive loss in the period that includes the enactment date.

 

The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.

 
 
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Basic and Diluted Loss per Share

 

Loss per share is computed using the weighted average number of shares outstanding during the period. The Company has adopted ASC 260, "Earnings per Share". Diluted loss per share for all the periods presented was the same as basic loss per share as there were no potential dilutive equity instruments.

 

New Accounting Pronouncements

 

Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's financial statements upon adoption.

 

NOTE 3. DUE TO RELATED PARTY

 

Due to related parties consisted of the following:

 

 

 

Note

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

 

 

MMI Group NZ Limited

 

(a)

 

$ 167,466

 

 

$ 137,161

 

 

(a)

Yong Qiang Yang and Wei Min Jin, both directors of the Company, have beneficial interests in this company.

 

The above balance is unsecured and non-interest bearing. This related company has agreed not to demand repayment until the Company is financially capable to do so.

 

NOTE 4. STOCKHOLDERS' EQUITY

 

During the three and nine month periods ended September 30, 2018 and 2017, the Company did not issue any common stock.

 

As at September 30, 2018 and December 31, 2017, the Company had 289,333,360 shares issued and outstanding.

 

NOTE 5. INCOME TAXES

 

The Company is incorporated in the State of Nevada and is subject to the U.S. federal tax and state tax. The Tax Cuts and Jobs Act of (“TCJ Act”) was signed into law in December 2017, and among its many provisions, it imposed a mandatory one-time transition tax on undistributed international earnings and reduced the U.S. corporate income tax rate to 21%, effective January 1, 2018. No provision for income taxes in the United States has been made as the Company had no taxable income for the three and nine month ended September 30, 2018 and 2017.

 

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income statutory tax rates to pretax loss as follows: 

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

$ (18,560 )

 

$ (7,506 )

 

$ (40,744 )

 

$ (32,857 )

Statutory income tax rate

 

 

21 %

 

 

34 %

 

 

21 %

 

 

34 %

Tax benefit at statutory rates

 

 

3,898

 

 

 

2,552

 

 

 

8,556

 

 

 

11,171

 

Change in valuation allowance

 

 

(3,898 )

 

 

(2,552 )

 

 

(8,556 )

 

 

(11,171 )

Provision for income taxes

 

$ -

 

 

$ -

 

 

$ -

 

 

$ -

 

 
 
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Net deferred tax assets consist of the following components:

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Deferred tax asset:

 

 

 

 

 

 

Net operating loss carry forwards

 

$ 47,855

 

 

$ 39,299

 

Valuation allowance

 

 

(47,855 )

 

 

(39,299 )

Net deferred tax asset

 

$ -

 

 

$ -

 

 

The Company has accumulated net operating loss carryovers of approximately $227,882 and $187,138 as of September 30, 2018 and December 31, 2017, respectively, which are available to reduce future taxable income. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes may be subject to annual limitations. A change in ownership may limit the utilization of the net operating loss carry forwards in future years. The tax losses begin to expire in 2035. The fiscal year 2017 remain open to examination by federal tax authorities and other tax jurisdictions.

 

NOTE 6. SUBSEQUENT EVENTS

 

Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure.

 
 
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

As used in this Quarterly Report on Form 10-Q, references to "Love International" the "Company," "we," "our" or "us" refer to Love International Group, Inc. (formerly known as Quintec Corp.), unless the context otherwise indicates.

 

Forward-Looking Statements

 

Except for historical information, this Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words "expects," "anticipates," "intends," "believes" and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed herein as well as in the "Description of Business - Risk Factors" section in our Annual Report on Form 10-K, as filed on April 3, 2018. You should carefully review the risks described in our Annual Report on Form 10-K and in other documents we file from time to time with the Securities and Exchange Commission (the “SEC”). You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

 

Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

 

Business Introduction / Overview

 

Love International Group, Inc., formerly known as Quintec Corp., (the “Company”) was incorporated in Nevada on May 23, 2013. The Company was originally formed to develop a way to make toy and trinket shopping more interactive and more fun. Prior to November 2015, our primary mission was to develop and install 3D printing kiosks in shopping centers throughout Chile and eventually all of South America, which would allow customers to create 3D printed products on location, while they wait or shop for other items. The idea behind the technology was to allow customers to print toys and gifts at a low price, in a very interactive manner. On November 11, 2015, the Company underwent a change in control and a change in management, and the new management adopted a new business plan that was based on the development of an online, cross-border e-commerce platform for promotion and sales of foreign specialties and other discount branded products to worldwide customers.

 

Since May 18, 2016, the Company has shifted its business focus to developing and launching an online platform to promote cheap airline tickets and hotels as well as developing and launching a "Do-It-Yourself" ("DIY") system for the Company's customers to put together a trip with exotic activities such as hunting, flying a plane, or even piloting a submarine.

 

The Company is currently developing and launching the online platform to promote cheap airline tickets and hotels as well as developing and launching the DIY system. The Company anticipates the prices of the airline tickets and hotel rooms promoted on its online platform will be priced competitively, if not lower, than the marketplace as the Company plans on partnering with some of the airlines and big airline ticket wholesalers. As for the DIY system, the Company anticipates gaining market share based on the originality and specialty of the travel activities to be offered on the Company's online platform through local travel companies and/or travel specialists that the Company is going to partner with.

 

At the beginning, the Company anticipates targeting potential customers in mainland China and Hong Kong as to the promotion of airline tickets and hotel rooms. The airline tickets and hotel booking selections may be limited upon the launch of the Company's online platform. The Company anticipates focusing the DIY activities upon launching the online platform in South East Asia, Canada, United States and Australia.

 
 
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We do not yet have any operations and the development of our business is speculative. We will require additional financing, either through a stock offering, or standard or convertible debt. Until and unless we are able to secure adequate financing, our business development will be curtailed.

 

Results of Operation

 

The following table provides selected financial data about our company as of September 30, 2018 and December 31, 2017.

 

Balance Sheet Data

 

September 30,

2018

 

 

December 31,

2017

 

Cash

 

$ -

 

 

$ -

 

Deposits and prepaid expenses

 

 

3,300

 

 

 

20,000

 

Total Assets

 

 

3,300

 

 

 

20,000

 

Total Liabilities

 

 

168,866

 

 

 

144,822

 

Stockholders' Deficit

 

$ (165,566 )

 

$ (124,822 )

 

The following summary of our results of operations for the three and nine month periods ended September 30, 2018 and 2017 should be read in conjunction with our financial statements, as included in this Form 10-Q.

 

Three months ended September 30, 2018 and 2017

 

 

 

Three Months Ended

September 30,

 

 

 

2018

 

 

2017

 

REVENUES

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

General and administrative

 

 

68

 

 

 

68

 

Professional fees

 

 

18,492

 

 

 

7,438

 

Total Expenses

 

 

18,560

 

 

 

7,506

 

Loss before income taxes

 

 

(18,560 )

 

 

(7,506 )

Income tax

 

 

-

 

 

 

-

 

NET LOSS

 

$ (18,560 )

 

$ (7,506 )

 

Revenue

 

For the three months ended September 30, 2018 and 2017, we had no revenue.

 

Expenses

 

The majority of our expenses were primarily professional fees related to ongoing regulatory costs. Total expenses for the three months ended September 30, 2018 were $18,560, increasing by $11,054 from $7,506 for the same period in 2017. The increase was mainly attributed to increased professional fees.

 
 
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Net loss

 

Net loss for the three months ended September 30, 2018 was $18,560, increasing by $11,054 from a net loss of $7,506, for the same period in 2017. The increase was mainly attributed to increased professional fees.

 

 

 

Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

REVENUES

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

General and administrative

 

 

373

 

 

 

205

 

Professional fees

 

 

40,371

 

 

 

32,652

 

Total Expenses

 

 

40,744

 

 

 

32,857

 

Loss before income taxes

 

 

(40,744 )

 

 

(32,857 )

Income tax

 

 

-

 

 

 

-

 

NET LOSS

 

$ (40,744 )

 

$ (32,857 )

 

Revenue

 

For the nine months ended September 30, 2018 and 2017, we had no revenue.

 

Expenses

 

The majority of our expenses were primarily professional fees related to ongoing regulatory costs. Total expenses for the nine months ended September 30, 2018 were $40,744, increasing by $7,887 from $32,857 for the same period in 2017. The increase was mainly attributed to increased professional fees.

 

Net loss

 

Net loss for the nine months ended September 30, 2018 was $40,744, increasing by $7,887 from a net loss of $32,857, for the same period in 2017. The increase was mainly attributed to increased professional fees.

 

Liquidity and Capital Resources

 

To date, we are still preparing to launch our principal plan of operations. Thus we have minimal business and our expenses have been primarily for professional fees related to past registration statements and ongoing regulatory expenses.

 

We anticipate we will need $50,000 to fund the next 12 months of our operations. Currently we do not have sufficient capital to fund our operations and business development for the next 12 months. Management intends to raise additional funds through public or private placement offerings. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to us.

 

As of September 30, 2018, our cash balance was $0 and we had current liabilities $168,866.

 

We had no material commitments for capital expenditures as of September 30, 2018.

 

We have no known demands or commitments, and we are not aware of any events or uncertainties as of September 30, 2018 that will result in or that are reasonably likely to materially increase or decrease our current liquidity.

 

Working Capital

 

 

 

As of

September 30,

2018

 

 

As of

December 31,

2017

 

Current Assets

 

$ 3,300

 

 

$ 20,000

 

Current Liabilities

 

$ (168,866 )

 

$ (144,822 )

Working Capital Deficiency

 

$ (165,566 )

 

$ (124,822 )

 
 
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Cash Flows

 

 

 

Nine Months

Ended

September 30,

 

 

 

2018

 

 

2017

 

Cash Used in Operating Activities

 

$ (30,305 )

 

$ (21,995 )

Cash Provided by Financing Activities

 

$ 30,305

 

 

$ 21,995

 

Net Change in Cash During Period

 

$ -

 

 

$ -

 

 

As of September 30, 2018 and December 31, 2017, our cash balances were $0, and our total assets were $3,300 as of September 30, 2018, compared to $20,000 as of December 31, 2017. The decrease in total assets was primarily due to a decrease in prepaid expenses.

 

As of September 30, 2018, our company had total liabilities of $168,866, compared to total liabilities of $144,822 as of December 31, 2017.

 

As of September 30, 2018, our company had a working capital deficiency of $165,566, compared to $124,822 as of December 31, 2017. The increase in the working capital deficiency was primarily due to the costs associated with ongoing regulatory requirements.

 

Cash Flows from Operating Activities

 

During the nine months ended September 30, 2018 and 2017, the Company used $30,305 and $21,995 in cash for operating activities, respectively. The increase in cash used in operating activities in the third quarter of 2018 was attributed to our net loss and settlement of accrued professional fees related to ongoing regulatory requirements.

 

Cash Flows from Investing Activities

 

We did not use any funds for investing activities in the nine months ended September 30, 2018 and 2017.

 

Cash Flows from Financing Activities

 

During the nine months ended September 30, 2018, we received $30,305 from advances from a related party, compared to $21,995 during the nine months ended September 30, 2017.

 

Going Concern

 

We had a working capital deficiency, accumulated deficit from recurring net losses and net liabilities as of December 31, 2017 and September 30, 2018. These factors raise substantial doubts about our ability to continue as a going concern. We plan to raise additional funds through financing, either through a stock offering, or standard or convertible debt, in the future to meet our daily cash demands if required. However, there can be no assurance that we will be successful in obtaining further financing. Until and unless it is able to secure adequate financing, our business development will be curtailed. .

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 
 
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Limited Operating History; Need for Additional Capital

 

There is no historical financial information about us on which to base an evaluation of our performance. We have generated no revenues from operations since our inception. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in developing our website, and possible cost overruns due to the price and cost increases in supplies and services.

 

At present, we do not have enough cash on hand to cover operating costs for the next 12 months.

 

If we are unable to meet our needs for cash from either our operations, or possible alternative sources, then we may be unable to expand, develop, or continue our operations.

 

Critical Accounting Policies and Estimates

 

We prepare our financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which requires management to make certain estimates and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed financial statements are prepared. On a regular basis, we review our accounting policies and how they are applied and disclosed in our condensed financial statements.

 

While we believe that the historical experience, current trends and other factors considered support the preparation of our financial statements in conformity with U.S. GAAP, actual results could differ from our estimates and such differences could be material.

 

Our significant accounting policies are described more fully in Note 2 to our accompanying condensed financial statements. We believe the following accounting policies are the most critical to aid you in fully understanding and evaluating this Management Discussion and Analysis.

 

Foreign Currency Transactions

 

The reporting currency of the Company is the United States dollar ("U.S. Dollars"). The financial records of the Company are maintained in U.S. Dollars, which is the functional currency.

 

Monetary assets and liabilities denominated in currencies other than U.S. Dollars are translated into the functional currency at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are re-measured into U.S. Dollars at historical exchange rates. Transactions in currencies other than U.S. Dollars during the period are converted into U.S. Dollars at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of operations.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

A smaller reporting company, as defined by Item 10 of Regulation S-K, is not required to provide the information required by this item.

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

Management's Report on Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow for timely decisions regarding required disclosure.

 
 
16
 
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As of the end of the quarter covered by this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures. Based on the foregoing, our management concluded that our disclosure controls and procedures were not effective as of September 30, 2018. This was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

 

The matters involving internal controls that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and compensation committee; (2) lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; (4) lack of appropriate policies and procedures in place to evaluate the proper accounting and disclosures of key documents and agreements; and (5) insufficient skilled accounting personnel with an appropriate level of technical accounting knowledge and experience in the application of accounting principles generally accepted in the United States commensurate with our financial reporting requirements. The aforementioned material weaknesses were identified by our principal executive officer and principal financial officer in connection with the review of our financial statements as of September 30, 2018.

 

In order to cure the foregoing material weaknesses, we have taken or are taking the following remediation measures:

 

 

·

We intend to establish an audit committee of the board of directors as soon as practicable. We envision that the audit committee will be primarily responsible for reviewing the services performed by our independent auditors, evaluating our accounting policies and our system of internal controls.

 

·

We are committed to establishing the internal audit functions but due to limited qualified personnel in the region, we were not able to hire sufficient internal audit resources by September 30, 2018.

 

·

We plan to provide additional training to our accounting personnel on U.S. GAAP, SEC reporting and other regulatory requirements regarding the preparation of financial statements.

 

Despite the material weaknesses and deficiencies reported above, our management believes that our financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented and that this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal controls over financial reporting that occurred during the period ended September 30, 2018, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

 
 
17
 
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PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

 

Item 1A. Risk Factors

 

As a "smaller reporting company", we are not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 
 
18
 
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Item 6. Exhibits.

 

31.1*

 

Rule 13a-14(a) / 15d-14(a) Certification of Principal Executive Officer.

 

 

31.2*

 

Rule 13a-14(a) / 15d-14(a) Certification of Principal Financial Officer.

 

 

32.1**

 

Section 1350 Certification of Principal Executive Officer.

 

 

32.2**

 

Section 1350 Certification of Principal Financial Officer.

 

101.INS*

 

XBRL Instance Document

 

 

101.SCH*

 

XBRL Taxonomy Extension Schema Document

 

 

101.CAL*

 

XBRL Taxonomy Extension Calculation Linkbase Document

 

 

101.DEF*

 

XBRL Taxonomy Extension Definition Linkbase Document

 

 

101.LAB*

 

XBRL Taxonomy Extension Label Linkbase Document

 

 

101.PRE*

 

XBRL Taxonomy Extension Presentation Linkbase Document

_____________

*

Filed herewith

**

Furnished herewith

 
 
19
 
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SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Love International Group, Inc.

 

 

Dated: November 13, 2018

By:

/s/ Yong Qiang Yang

 

Name:

Yong Qiang Yang

 

President

(principal executive officer)

 

 

Dated: November 13, 2018

By:

/s/ Wei Min Jin

 

Name:

Wei Min Jin

 

Chief Financial Officer

(principal financial officer)

 

 

20

 

EX-31.1 2 lovv_ex311.htm CERTIFICATION lovv_ex311.htm

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Yong Qiang Yang, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q for September 30, 2018 of Love International Group, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations: and

 

d.

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: November 13, 2018

By:

/s/ Yong Qiang Yang

 

Yong Qiang Yang

 

President (Principal Executive Officer)

 

EX-31.2 3 lovv_ex312.htm CERTIFICATION lovv_ex312.htm

EXHIBIT 31.2

 

CERTIFICATIONS

 

I, Wei Min Jin, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q for September 30, 2018 of Love International Group, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations: and

 

d.

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: November 13, 2018

By:

/s/ Wei Min Jin

 

Wei Min Jin

 

Principal Financial Officer

 

EX-32.1 4 lovv_ex321.htm CERTIFICATION lovv_ex321.htm

EXHIBIT 32.1

 

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

In connection with the quarterly report of Love International Group, Inc. (the "Company") on Form 10-Q for the quarterly period ending September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Yong Qiang Yang, President of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 13, 2018

By:

/s/ Yong Qiang Yang

 

Yong Qiang Yang

 

President (Principal Executive Officer)

 

EX-32.2 5 lovv_ex322.htm CERTIFICATION lovv_ex322.htm

EXHIBIT 32.2

 

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

In connection with the quarterly report of Love International Group, Inc. (the "Company") on Form 10-Q for the quarterly period ending September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Wei Min Jin, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 13, 2018

By:

/s/ Wei Min Jin

 

Wei Min Jin

 

Principal Financial Officer

 

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ORGANIZATION, PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION</b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Love International Group, Inc. ("we", "us", "our" or the "Company") was incorporated on May 23, 2013 under the laws of the State of Nevada. On November 11, 2015, a change in control of the Company occurred, whereby Walter Lee, the-then sole officer and director, sold 15,000,000 of his shares of common stock, representing 51.8% of the voting power of the issued and outstanding capital stock of the Company, in a private transaction to Yong Qiang Yang (8,250,000 shares) and Wei Min Jin (6,750,000 shares), who subsequently became officers and directors of the Company. Mr. Lee sold the remainder of his shares (5,000,000 shares) to other individuals in separate transactions not involving a public sale or distribution. After the sale of stock, Walter Lee had no further ownership of any voting securities of the Company.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On November 30, 2015, the Company accepted the resignation of Walter Lee from his positions as President, Principal Executive Officer, Principal Financial Officer and member of the Board of Directors. The Board of Directors appointed Yong Qiang Yang as President of the Company, and as a member of the Board of Directors, and Wei Min Jin as Principal Financial Officer and Secretary of the Company and a member of the Board of Directors, effective November 30, 2015.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All references above to share and per share data have not been adjusted to give effect of the forward stock split (see below).</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On February 4, 2016, the Financial Industry Regulatory Authority approved: (a) changing the name of the Company to Love International Group, Inc. ("Name Change"); (b) increasing the aggregate number of authorized shares of Common Stock of the Company from one hundred and fifty million (150,000,000) shares, par value $0.001, to one billion (1,000,000,000) shares, par value $0.0001 per share ("Authorized Share Increase"); (c) a 10-for-1 forward stock split ("Forward Split"; together with the Name Change and Authorized Share Increase, the "Corporate Actions") of the issued and outstanding shares of Common Stock of the Company; and (d) a new trading symbol of LOVV.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On February 5, 2016, the Corporate Actions became effective and the issued and outstanding shares of common stock of the Company became 289,333,360.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On March 7, 2016, the trading symbol changed to LOVV and a new CUSIP number (54714U107) was assigned to the Company's common stock.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On May 18, 2016, the Company shifted its business focus from developing and launching an online, cross-border e-commerce platform to promote and market worldwide premium specialties and other well-known branded products with highly comparable discount pricing to developing and launching an online platform to promote cheap airline tickets and hotels as well as developing and launching a "Do-It-Yourself" ("DIY") system for the Company's customers to put together a trip with exotic activities such as hunting, flying a plane, or even piloting a submarine.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company anticipates the prices of the airline tickets and hotel rooms promoted on its online platform will be priced competitively, if not lower, than the marketplace as the Company plans on partnering with some of the airlines and big airline ticket wholesalers. As for the DIY system, the Company anticipates gaining market share based on the originality and specialty of the travel activities to be offered on the Company's online platform through local travel companies and/or travel specialists that the Company is going to partner with.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In the beginning, the Company anticipates targeting potential customers in mainland China and Hong Kong as to the promotion of airline tickets and hotel rooms. The airline tickets and hotel booking selections may be limited upon the launch of the Company's online platform. The Company anticipates focusing the DIY activities upon the launch of the online platform in South East Asia, Canada, United States and Australia.</p> <p style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company does not yet have any operations and the development of its business is speculative. It has not generated any operating revenues to date.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company had a working capital deficiency, accumulated deficit from recurring net losses and net liabilities as of December 31, 2017 and September 30, 2018. These factors raise substantial doubts about the Company's ability to continue as a going concern. The Company plans to raise additional funds through financing, either through a stock offering, or standard or convertible debt, in the future to meet its daily cash demands if required. However, there can be no assurance that the Company will be successful in obtaining further financing. Until and unless it is able to secure adequate financing, its business development will be curtailed.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The accompanying financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company's ability to continue as a going concern.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All common share and per share amounts disclosed herein and in the accompanying financial statements have been retroactively restated to reflect the forward stock split, except as otherwise provided herein.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>NOTE 2. SIGNIFICANT ACCOUNTING POLICIES</b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Basis of Presentation</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The interim condensed financial information as of September 30, 2018 and for the three and nine month periods ended September 30, 2018 and 2017 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are normally included in financial statements prepared in accordance with U.S. GAAP have not been included. The interim condensed financial information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, previously filed with the SEC on April 3, 2018.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company's interim condensed financial position as of September 30, 2018, its interim condensed results of operations and comprehensive loss for the three and nine month periods ended September 30, 2018 and 2017, as applicable, and its interim condensed results of cash flows for the nine month periods ended September 30, 2018 and 2017, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Estimates and Assumptions</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions and could have a material effect on the Company's reported financial position and results of operations.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Foreign Currency Transactions</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The reporting currency of the Company is the United States dollar ("U.S. Dollars"). The financial records of the Company are maintained in U.S. Dollars, which is the functional currency.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Monetary assets and liabilities denominated in currencies other than U.S. Dollars are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are re-measured into U.S. Dollars at historical exchange rates. Transactions in currencies other than U.S. Dollars during the period are converted into U.S. Dollars at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of operations.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Cash and Cash Equivalents</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cash consists of cash on hand and in banks. The Company considers all highly liquid debt instruments, with initial terms of less than three months to be cash equivalents. The Company did not maintain any bank accounts as of September 30, 2018 and December 31, 2017.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Fair Value Measurements</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ASC Topic 820,<i>&#160;Fair Value Measurement and Disclosures</i>, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:</p> <p style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="text-align: justify; width: 100%; font: 10pt 'times new roman';" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"> <p align="justify" style="margin: 0px;"><font style="font-family: symbol;">&#183;</font></p> </td> <td valign="top" width="92%"> <p align="justify" style="margin: 0px;">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</p> </td> </tr> <tr> <td></td> <td>&#160;</td> <td></td> </tr> <tr> <td></td> <td valign="top"> <p align="justify" style="margin: 0px;"><font style="font-family: symbol;">&#183;</font></p> </td> <td valign="top"> <p align="justify" style="margin: 0px;">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</p> </td> </tr> <tr> <td></td> <td>&#160;</td> <td></td> </tr> <tr> <td></td> <td valign="top"> <p align="justify" style="margin: 0px;"><font style="font-family: symbol;">&#183;</font></p> </td> <td valign="top"> <p align="justify" style="margin: 0px;">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</p> </td> </tr> </table> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, balance with related parties and accounts payable approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Stock-Based Compensation</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company adopted ASC 718, Compensation &#8211; Stock-Based Compensation, to account for its stock options and similar equity instruments issued. Accordingly, compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period. ASC 718 requires excess tax benefits be reported as a financing cash inflow rather than as a reduction of taxes paid. The Company did not grant any stock options since inception on May 23, 2013 through September 30, 2018.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Income Taxes</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Income taxes are accounted for under the asset and liability method. 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 carry-forwards. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations and comprehensive loss in the period that includes the enactment date.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Basic and Diluted Loss per Share</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Loss per share is computed using the weighted average number of shares outstanding during the period. The Company has adopted ASC 260, "Earnings per Share". 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font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company has accumulated net operating loss carryovers of approximately $227,882 and $187,138 as of September 30, 2018 and December 31,&#160;2017, respectively, which are available to reduce future taxable income. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes may be subject to annual limitations. A change in ownership may limit the utilization of the net operating loss carry forwards in future years. The tax losses begin to expire in 2035. The fiscal year 2017 remain open to examination by federal tax authorities and other tax jurisdictions.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>NOTE 6. 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Based on our evaluation no material events have occurred that require disclosure.</p> <p align="justify" style="margin: 0px;"><font style="font-family: times new roman,times;" size="2"><b><i>Basis of Presentation</i></b></font></p> <p align="justify" style="margin: 0px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p align="justify" style="margin: 0px;"><font style="font-family: times new roman,times;" size="2">The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</font></p> <p align="justify" style="margin: 0px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p align="justify" style="margin: 0px;"><font style="font-family: times new roman,times;" size="2">The interim condensed financial information as of September 30, 2018 and for the three and nine month periods ended September 30, 2018 and 2017 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are normally included in financial statements prepared in accordance with U.S. GAAP have not been included. The interim condensed financial information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, previously filed with the SEC on April 3, 2018.</font></p> <p align="justify" style="margin: 0px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p align="justify" style="margin: 0px;"><font style="font-family: times new roman,times;" size="2">In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company's interim condensed financial position as of September 30, 2018, its interim condensed results of operations and comprehensive loss for the three and nine month periods ended September 30, 2018 and 2017, as applicable, and its interim condensed results of cash flows for the nine month periods ended September 30, 2018 and 2017, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.</font></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Estimates and Assumptions</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions and could have a material effect on the Company's reported financial position and results of operations.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Foreign Currency Transactions</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The reporting currency of the Company is the United States dollar ("U.S. Dollars"). 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Nonmonetary assets and liabilities are re-measured into U.S. Dollars at historical exchange rates. Transactions in currencies other than U.S. Dollars during the period are converted into U.S. Dollars at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of operations.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Cash and Cash Equivalents</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cash consists of cash on hand and in banks. The Company considers all highly liquid debt instruments, with initial terms of less than three months to be cash equivalents. The Company did not maintain any bank accounts as of September 30, 2018 and December 31, 2017.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Fair Value Measurements</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ASC Topic 820,<i>&#160;Fair Value Measurement and Disclosures</i>, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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The three levels of valuation hierarchy are defined as follows:</p> <p style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="text-align: justify; width: 100%; font: 10pt 'times new roman';" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="4%"></td> <td valign="top" width="4%"> <p align="justify" style="margin: 0px;"><font style="font-family: symbol;">&#183;</font></p> </td> <td valign="top" width="92%"> <p align="justify" style="margin: 0px;">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</p> </td> </tr> <tr> <td></td> <td>&#160;</td> <td></td> </tr> <tr> <td></td> <td valign="top"> <p align="justify" style="margin: 0px;"><font style="font-family: symbol;">&#183;</font></p> </td> <td valign="top"> <p align="justify" style="margin: 0px;">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</p> </td> </tr> <tr> <td></td> <td>&#160;</td> <td></td> </tr> <tr> <td></td> <td valign="top"> <p align="justify" style="margin: 0px;"><font style="font-family: symbol;">&#183;</font></p> </td> <td valign="top"> <p align="justify" style="margin: 0px;">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</p> </td> </tr> </table> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, balance with related parties and accounts payable approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Stock-Based Compensation</i></b></p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p align="justify" style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company adopted ASC 718, Compensation &#8211; Stock-Based Compensation, to account for its stock options and similar equity instruments issued. 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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 carry-forwards. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 12, 2018
Document And Entity Information [Abstract]    
Entity Registrant Name LOVE INTERNATIONAL GROUP, INC.  
Entity Central Index Key 0001605780  
Trading Symbol lovv  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding   289,333,360
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q3  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
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Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 0 $ 0
Deposits and prepaid expenses 3,300 20,000
TOTAL ASSETS 3,300 20,000
CURRENT LIABILITIES    
Accounts payable and accrued liabilities 1,400 7,661
Due to related party 167,466 137,161
Total current liabilities 168,866 144,822
STOCKHOLDERS' DEFICIT    
Common stock, $0.0001 par value, 1,000,000,000 shares authorized, 289,333,360 shares issued and outstanding 28,933 28,933
Additional paid-in capital 33,383 33,383
Accumulated deficit (227,882) (187,138)
TOTAL STOCKHOLDERS' DEFICIT (165,566) (124,822)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 3,300 $ 20,000
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Sep. 30, 2018
Dec. 31, 2017
Feb. 05, 2016
Feb. 04, 2016
Statement of Financial Position [Abstract]        
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001   $ 0.001
Common stock, shares authorized 1,000,000,000 1,000,000,000   150,000,000
Common stock, shares issued 289,333,360 289,333,360 289,333,360  
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Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
REVENUES $ 0 $ 0 $ 0 $ 0
EXPENSES        
General and administrative 68 68 373 205
Professional fees 18,492 7,438 40,371 32,652
Total Expenses 18,560 7,506 40,744 32,857
Loss before income taxes (18,560) (7,506) (40,744) (32,857)
Income tax 0 0 0 0
NET LOSS $ (18,560) $ (7,506) $ (40,744) $ (32,857)
BASIC AND DILUTED LOSS PER SHARE (in dollars per share) $ (0.00) $ (0.00) $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED (in shares) 289,333,360 289,333,360 289,333,360 289,333,360
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Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)
Common stock
Additional Paid-in Capital
Accumulated Deficit
Total
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Balance (in shares) at Dec. 31, 2016 289,333,360      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net loss     (32,857) (32,857)
Balance at Sep. 30, 2017 $ 28,933 33,383 (175,340) (113,024)
Balance (in shares) at Sep. 30, 2017 289,333,360      
Balance at Dec. 31, 2017 $ 28,933 33,383 (187,138) $ (124,822)
Balance (in shares) at Dec. 31, 2017 289,333,360     289,333,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net loss     (40,744) $ (40,744)
Balance at Sep. 30, 2018 $ 28,933 $ 33,383 $ (227,882) $ (165,566)
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Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (40,744) $ (32,857)
Changes in operating assets and liabilities:    
Deposits and prepaid expenses 16,700 10,862
Accounts payable and accrued liabilities (6,261)  
CASH USED IN OPERATING ACTIVITIES (30,305) (21,995)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances from related party 30,305 21,995
CASH PROVIDED BY FINANCING ACTIVITIES 30,305 21,995
NET CHANGE IN CASH 0 0
CASH BEGINNING OF PERIOD 0 0
CASH END OF PERIOD 0 0
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest paid 0 0
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ORGANIZATION, PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION, PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION

NOTE 1. ORGANIZATION, PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION

 

Love International Group, Inc. ("we", "us", "our" or the "Company") was incorporated on May 23, 2013 under the laws of the State of Nevada. On November 11, 2015, a change in control of the Company occurred, whereby Walter Lee, the-then sole officer and director, sold 15,000,000 of his shares of common stock, representing 51.8% of the voting power of the issued and outstanding capital stock of the Company, in a private transaction to Yong Qiang Yang (8,250,000 shares) and Wei Min Jin (6,750,000 shares), who subsequently became officers and directors of the Company. Mr. Lee sold the remainder of his shares (5,000,000 shares) to other individuals in separate transactions not involving a public sale or distribution. After the sale of stock, Walter Lee had no further ownership of any voting securities of the Company.

 

On November 30, 2015, the Company accepted the resignation of Walter Lee from his positions as President, Principal Executive Officer, Principal Financial Officer and member of the Board of Directors. The Board of Directors appointed Yong Qiang Yang as President of the Company, and as a member of the Board of Directors, and Wei Min Jin as Principal Financial Officer and Secretary of the Company and a member of the Board of Directors, effective November 30, 2015.

 

All references above to share and per share data have not been adjusted to give effect of the forward stock split (see below).

 

On February 4, 2016, the Financial Industry Regulatory Authority approved: (a) changing the name of the Company to Love International Group, Inc. ("Name Change"); (b) increasing the aggregate number of authorized shares of Common Stock of the Company from one hundred and fifty million (150,000,000) shares, par value $0.001, to one billion (1,000,000,000) shares, par value $0.0001 per share ("Authorized Share Increase"); (c) a 10-for-1 forward stock split ("Forward Split"; together with the Name Change and Authorized Share Increase, the "Corporate Actions") of the issued and outstanding shares of Common Stock of the Company; and (d) a new trading symbol of LOVV.

 

On February 5, 2016, the Corporate Actions became effective and the issued and outstanding shares of common stock of the Company became 289,333,360.

 

On March 7, 2016, the trading symbol changed to LOVV and a new CUSIP number (54714U107) was assigned to the Company's common stock.

 

On May 18, 2016, the Company shifted its business focus from developing and launching an online, cross-border e-commerce platform to promote and market worldwide premium specialties and other well-known branded products with highly comparable discount pricing to developing and launching an online platform to promote cheap airline tickets and hotels as well as developing and launching a "Do-It-Yourself" ("DIY") system for the Company's customers to put together a trip with exotic activities such as hunting, flying a plane, or even piloting a submarine.

 

The Company anticipates the prices of the airline tickets and hotel rooms promoted on its online platform will be priced competitively, if not lower, than the marketplace as the Company plans on partnering with some of the airlines and big airline ticket wholesalers. As for the DIY system, the Company anticipates gaining market share based on the originality and specialty of the travel activities to be offered on the Company's online platform through local travel companies and/or travel specialists that the Company is going to partner with.

 

In the beginning, the Company anticipates targeting potential customers in mainland China and Hong Kong as to the promotion of airline tickets and hotel rooms. The airline tickets and hotel booking selections may be limited upon the launch of the Company's online platform. The Company anticipates focusing the DIY activities upon the launch of the online platform in South East Asia, Canada, United States and Australia.

 

The Company does not yet have any operations and the development of its business is speculative. It has not generated any operating revenues to date.

 

The Company had a working capital deficiency, accumulated deficit from recurring net losses and net liabilities as of December 31, 2017 and September 30, 2018. These factors raise substantial doubts about the Company's ability to continue as a going concern. The Company plans to raise additional funds through financing, either through a stock offering, or standard or convertible debt, in the future to meet its daily cash demands if required. However, there can be no assurance that the Company will be successful in obtaining further financing. Until and unless it is able to secure adequate financing, its business development will be curtailed.

 

The accompanying financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company's ability to continue as a going concern.

 

All common share and per share amounts disclosed herein and in the accompanying financial statements have been retroactively restated to reflect the forward stock split, except as otherwise provided herein.

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SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

 

The interim condensed financial information as of September 30, 2018 and for the three and nine month periods ended September 30, 2018 and 2017 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are normally included in financial statements prepared in accordance with U.S. GAAP have not been included. The interim condensed financial information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, previously filed with the SEC on April 3, 2018.

 

In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company's interim condensed financial position as of September 30, 2018, its interim condensed results of operations and comprehensive loss for the three and nine month periods ended September 30, 2018 and 2017, as applicable, and its interim condensed results of cash flows for the nine month periods ended September 30, 2018 and 2017, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.

 

Estimates and Assumptions

 

The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions and could have a material effect on the Company's reported financial position and results of operations.

 

Foreign Currency Transactions

 

The reporting currency of the Company is the United States dollar ("U.S. Dollars"). The financial records of the Company are maintained in U.S. Dollars, which is the functional currency.

 

Monetary assets and liabilities denominated in currencies other than U.S. Dollars are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are re-measured into U.S. Dollars at historical exchange rates. Transactions in currencies other than U.S. Dollars during the period are converted into U.S. Dollars at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of operations.

  

Cash and Cash Equivalents

 

Cash consists of cash on hand and in banks. The Company considers all highly liquid debt instruments, with initial terms of less than three months to be cash equivalents. The Company did not maintain any bank accounts as of September 30, 2018 and December 31, 2017.

 

Fair Value Measurements

 

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:

 

·

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

·

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

 

·

Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, balance with related parties and accounts payable approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.

 

Stock-Based Compensation

 

The Company adopted ASC 718, Compensation – Stock-Based Compensation, to account for its stock options and similar equity instruments issued. Accordingly, compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period. ASC 718 requires excess tax benefits be reported as a financing cash inflow rather than as a reduction of taxes paid. The Company did not grant any stock options since inception on May 23, 2013 through September 30, 2018.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. 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 carry-forwards. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations and comprehensive loss in the period that includes the enactment date.

 

The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.

  

Basic and Diluted Loss per Share

 

Loss per share is computed using the weighted average number of shares outstanding during the period. The Company has adopted ASC 260, "Earnings per Share". Diluted loss per share for all the periods presented was the same as basic loss per share as there were no potential dilutive equity instruments.

 

New Accounting Pronouncements

 

Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's financial statements upon adoption.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
DUE TO RELATED PARTY
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
DUE TO RELATED PARTY

NOTE 3. DUE TO RELATED PARTY

 

Due to related parties consisted of the following:

 

 

 

Note

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

 

 

MMI Group NZ Limited

 

(a)

 

$ 167,466

 

 

$ 137,161

 

 

(a)

Yong Qiang Yang and Wei Min Jin, both directors of the Company, have beneficial interests in this company.

 

The above balance is unsecured and non-interest bearing. This related company has agreed not to demand repayment until the Company is financially capable to do so.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2018
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 4. STOCKHOLDERS' EQUITY

 

During the three and nine month periods ended September 30, 2018 and 2017, the Company did not issue any common stock.

 

As at September 30, 2018 and December 31, 2017, the Company had 289,333,360 shares issued and outstanding.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 5. INCOME TAXES

 

The Company is incorporated in the State of Nevada and is subject to the U.S. federal tax and state tax. The Tax Cuts and Jobs Act of (“TCJ Act”) was signed into law in December 2017, and among its many provisions, it imposed a mandatory one-time transition tax on undistributed international earnings and reduced the U.S. corporate income tax rate to 21%, effective January 1, 2018. No provision for income taxes in the United States has been made as the Company had no taxable income for the three and nine month ended September 30, 2018 and 2017.

 

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income statutory tax rates to pretax loss as follows: 

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

$ (18,560 )

 

$ (7,506 )

 

$ (40,744 )

 

$ (32,857 )

Statutory income tax rate

 

 

21 %

 

 

34 %

 

 

21 %

 

 

34 %

Tax benefit at statutory rates

 

 

3,898

 

 

 

2,552

 

 

 

8,556

 

 

 

11,171

 

Change in valuation allowance

 

 

(3,898 )

 

 

(2,552 )

 

 

(8,556 )

 

 

(11,171 )

Provision for income taxes

 

$ -

 

 

$ -

 

 

$ -

 

 

$ -

 

 

Net deferred tax assets consist of the following components:

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Deferred tax asset:

 

 

 

 

 

 

Net operating loss carry forwards

 

$ 47,855

 

 

$ 39,299

 

Valuation allowance

 

 

(47,855 )

 

 

(39,299 )

Net deferred tax asset

 

$ -

 

 

$ -

 

 

The Company has accumulated net operating loss carryovers of approximately $227,882 and $187,138 as of September 30, 2018 and December 31, 2017, respectively, which are available to reduce future taxable income. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes may be subject to annual limitations. A change in ownership may limit the utilization of the net operating loss carry forwards in future years. The tax losses begin to expire in 2035. The fiscal year 2017 remain open to examination by federal tax authorities and other tax jurisdictions.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 6. SUBSEQUENT EVENTS

 

Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

 

The interim condensed financial information as of September 30, 2018 and for the three and nine month periods ended September 30, 2018 and 2017 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are normally included in financial statements prepared in accordance with U.S. GAAP have not been included. The interim condensed financial information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, previously filed with the SEC on April 3, 2018.

 

In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company's interim condensed financial position as of September 30, 2018, its interim condensed results of operations and comprehensive loss for the three and nine month periods ended September 30, 2018 and 2017, as applicable, and its interim condensed results of cash flows for the nine month periods ended September 30, 2018 and 2017, as applicable, have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.

Estimates and Assumptions

Estimates and Assumptions

 

The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions and could have a material effect on the Company's reported financial position and results of operations.

Foreign Currency Transactions

Foreign Currency Transactions

 

The reporting currency of the Company is the United States dollar ("U.S. Dollars"). The financial records of the Company are maintained in U.S. Dollars, which is the functional currency.

 

Monetary assets and liabilities denominated in currencies other than U.S. Dollars are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are re-measured into U.S. Dollars at historical exchange rates. Transactions in currencies other than U.S. Dollars during the period are converted into U.S. Dollars at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the statements of operations.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash consists of cash on hand and in banks. The Company considers all highly liquid debt instruments, with initial terms of less than three months to be cash equivalents. The Company did not maintain any bank accounts as of September 30, 2018 and December 31, 2017.

Fair Value Measurements

Fair Value Measurements

 

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value. Certain current assets and current liabilities are financial instruments. Management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and, if applicable, their current interest rates are equivalent to interest rates currently available. The three levels of valuation hierarchy are defined as follows:

 

·

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

·

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

 

·

Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, balance with related parties and accounts payable approximate their fair values because of the short maturity of these instruments or the rate of interest of these instruments approximate the market rate of interest.

Stock-Based Compensation

Stock-Based Compensation

 

The Company adopted ASC 718, Compensation – Stock-Based Compensation, to account for its stock options and similar equity instruments issued. Accordingly, compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period. ASC 718 requires excess tax benefits be reported as a financing cash inflow rather than as a reduction of taxes paid. The Company did not grant any stock options since inception on May 23, 2013 through September 30, 2018.

Income Taxes

Income Taxes

 

Income taxes are accounted for under the asset and liability method. 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 carry-forwards. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations and comprehensive loss in the period that includes the enactment date.

 

The impact of an uncertain income tax positions on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.

Basic and Diluted Loss per Share

Basic and Diluted Loss per Share

 

Loss per share is computed using the weighted average number of shares outstanding during the period. The Company has adopted ASC 260, "Earnings per Share". Diluted loss per share for all the periods presented was the same as basic loss per share as there were no potential dilutive equity instruments.

New Accounting Pronouncements

New Accounting Pronouncements

 

Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's financial statements upon adoption.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
DUE TO RELATED PARTY (Tables)
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Schedule of due to related parties

 

 

Note

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

 

 

MMI Group NZ Limited

 

(a)

 

$ 167,466

 

 

$ 137,161

 

 

(a)

Yong Qiang Yang and Wei Min Jin, both directors of the Company, have beneficial interests in this company.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of federal and state income statutory tax rates to pretax loss

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

$ (18,560 )

 

$ (7,506 )

 

$ (40,744 )

 

$ (32,857 )

Statutory income tax rate

 

 

21 %

 

 

34 %

 

 

21 %

 

 

34 %

Tax benefit at statutory rates

 

 

3,898

 

 

 

2,552

 

 

 

8,556

 

 

 

11,171

 

Change in valuation allowance

 

 

(3,898 )

 

 

(2,552 )

 

 

(8,556 )

 

 

(11,171 )

Provision for income taxes

 

$ -

 

 

$ -

 

 

$ -

 

 

$ -

 

Schedule of net deferred tax assets

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Deferred tax asset:

 

 

 

 

 

 

Net operating loss carry forwards

 

$ 47,855

 

 

$ 39,299

 

Valuation allowance

 

 

(47,855 )

 

 

(39,299 )

Net deferred tax asset

 

$ -

 

 

$ -

 

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION, PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION (Detail Textuals)
Feb. 04, 2016
$ / shares
shares
Nov. 11, 2015
shares
Sep. 30, 2018
$ / shares
shares
Dec. 31, 2017
$ / shares
shares
Feb. 05, 2016
shares
Organization, Principal Activities And Basis Of Preparation [Line Items]          
Common stock, par value (in dollars per share) | $ / shares $ 0.001   $ 0.0001 $ 0.0001  
Common stock, shares authorized 150,000,000   1,000,000,000 1,000,000,000  
Common stock, shares issued     289,333,360 289,333,360 289,333,360
Common stock, shares outstanding     289,333,360 289,333,360 289,333,360
Forward stock split ratio 10        
Forward stock split 10-for-1        
Walter Lee          
Organization, Principal Activities And Basis Of Preparation [Line Items]          
Number of shares sold   15,000,000      
Ownership percentage   51.80%      
Walter Lee | Yong Qiang Yang          
Organization, Principal Activities And Basis Of Preparation [Line Items]          
Number of shares sold   8,250,000      
Walter Lee | Wei Min Jin          
Organization, Principal Activities And Basis Of Preparation [Line Items]          
Number of shares sold   6,750,000      
Walter Lee | Other individuals          
Organization, Principal Activities And Basis Of Preparation [Line Items]          
Number of shares sold   5,000,000      
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
DUE TO RELATED PARTY (Detail) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Related Party Transaction [Line Items]    
Due to related party $ 167,466 $ 137,161
MMI Group NZ Limited    
Related Party Transaction [Line Items]    
Due to related party [1] $ 167,466 $ 137,161
[1] Yong Qiang Yang and Wei Min Jin, both directors of the Company, have beneficial interests in this company.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Detail Textuals) - shares
Sep. 30, 2018
Dec. 31, 2017
Feb. 05, 2016
Stockholders' Equity Note [Abstract]      
Common stock, shares issued 289,333,360 289,333,360 289,333,360
Common stock, shares outstanding 289,333,360 289,333,360 289,333,360
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Tax Disclosure [Abstract]        
Loss before income taxes $ (18,560) $ (7,506) $ (40,744) $ (32,857)
Statutory income tax rate 21.00% 34.00% 21.00% 34.00%
Tax benefit at statutory rates $ 3,898 $ 2,552 $ 8,556 $ 11,171
Change in valuation allowance (3,898) (2,552) (8,556) (11,171)
Provision for income taxes $ 0 $ 0 $ 0 $ 0
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details 1) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Deferred tax asset:    
Net operating loss carry forwards $ 47,855 $ 39,299
Valuation allowance (47,855) (39,299)
Net deferred tax asset $ 0 $ 0