Cover
Cover - USD ($) | 12 Months Ended | |
Jan. 31, 2022 | May 16, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --01-31 | |
Entity File Number | 033-20966 | |
Entity Registrant Name | LVPAI GROUP LIMITED | |
Entity Central Index Key | 0000831378 | |
Entity Tax Identification Number | 76-0251547 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 50 West Liberty Street | |
Entity Address, Address Line Two | Suite 880 | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89501 | |
City Area Code | (646) | |
Local Phone Number | 768-8417 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Public Float | $ 6,230 | |
Entity Common Stock, Shares Outstanding | 103,103 | |
ICFR Auditor Attestation Flag | false | |
Auditor Firm ID | 5041 | |
Auditor Name | BF Borgers CPA PC | |
Auditor Location | Lakewood, CO |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2022 | Jan. 31, 2021 | |
ASSETS | |||
Total Assets | |||
LIABILITIES & STOCKHOLDERS’ DEFICIT | |||
Accrued liabilities | 4,270 | ||
Note payable related parties | 24,499 | ||
Total liabilities | 28,769 | ||
Commitments and Contingencies | |||
Stockholders’ Equity | |||
Preferred Series A stock, $0.001 par value, 20,000,000 shares authorized, 10,000,000 shares issued and outstanding, January 31, 2022 and 2021, respectively | 10,000 | 10,000 | |
Common stock, $0.001 par value; 103,103 shares authorized, 103,103 shares issued and outstanding as of January 31, 2022 and 2021, respectively* | [1] | 103 | 103 |
Additional paid in capital | 19,616,948 | 19,616,948 | |
Accumulated deficit | (19,655,820) | (19,627,051) | |
Total Stockholders’ Deficit | [2] | (28,769) | |
Total Liabilities and Stockholders’ Deficit | |||
[1] | Given effect of the Reverse Stock Split, See Note 6 | ||
[2] | Given effect of the Reverse Stock Split, See Note 6 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2022 | Jan. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Prefeered stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 103,103 | 103,103 |
Common stock, shares issued | 103,103 | 103,103 |
Common stock, shares outstanding | 103,103 | 103,103 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Income Statement [Abstract] | |||
Revenue | |||
Operating Expenses: | |||
Administrative expenses -related party | 28,769 | 6,062,828 | |
Total operating expenses | 28,769 | 6,062,828 | |
Loss from operations | (28,769) | (6,062,828) | |
Other expense | |||
Other expense net | |||
Loss before provision for income taxes | (28,769) | (6,062,828) | |
Provision for income taxes | |||
Net Loss | $ (28,769) | $ (6,062,828) | |
Basic and diluted loss per common share* | [1] | $ (0.28) | $ (58) |
Weighted average number of shares outstanding* | [1] | 103,103 | 103,103 |
[1] | Given effect of the Reverse Stock Split, See Note 6 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Beginning balance at Jan. 31, 2020 | $ 100 | $ 13,561,448 | $ (13,564,223) | $ (2,675) | ||
Beginning balance, shares at Jan. 31, 2020 | 100,000 | |||||
Related party loans reclassified as a capital contribution | 65,503 | 65,503 | ||||
Issuance of preferred stock | $ 10,000 | 5,990,000 | 6,000,000 | |||
Issuance of Preferred stock, shares | 10,000,000 | |||||
Shares issued related to historic conversion of preferred stock | $ 3 | (3) | ||||
Shares issued related to historic conversion of preferred stock (in Shares) | 3,103 | |||||
Net loss | (6,062,828) | (6,062,828) | ||||
Ending balance at Jan. 31, 2021 | [1] | $ 103 | 19,616,948 | (19,627,051) | ||
Ending balance, shares at Jan. 31, 2021 | [1] | 103,103 | ||||
Net loss | (28,769) | (28,769) | ||||
Ending balance at Jan. 31, 2022 | [1] | $ 10,000 | $ 103 | $ 19,616,948 | $ (19,655,820) | $ (28,769) |
Ending balance, shares at Jan. 31, 2022 | [1] | 10,000,000 | 103,103 | |||
[1] | Given effect of the Reverse Stock Split, See Note 6 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (28,769) | $ (6,062,828) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Stock- based compensation | 6,000,000 | |
Changes in operating assets and liabilities: | ||
Accrued liabilities | 4,270 | |
Net cash used for operating activities | (24,499) | (62,828) |
Cash Flows From Financing Activities: | ||
Proceeds from related party loans | 24,499 | 62,828 |
Net cash provided by financing activities | 24,499 | 62,828 |
Net Increase In Cash | ||
Cash At The Beginning Of The Period | ||
Cash At The End Of The Period | ||
Supplemental disclosure of cash flow information: | ||
Cash paid for interest |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Lvpai Group Limited has been dormant since November 2011. On March 16, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-809716-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of the Company. On March 17, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer, and Chairman of the Board of Directors. David Lazar has been CEO and Chairman of the Company since May 16, 2018. David Lazar is a private investor. Mr. Lazar has been a partner at Zenith Partners International since 2013, where he specializes in research and development, sales, and marketing. From 2014 through 2015, David was the Chief Executive Officer of Dico, Inc., which was then sold to Peekay Boutiques. Since February of 2018, Mr. Lazar has been the managing member of Custodian Ventures LLC, where he specializes in assisting distressed public companies. Since March 2018, David has acted as the managing member of Activist Investing LLC, which specializes in active investing in distressed public companies. David has a diverse knowledge of financial, legal, and operations management; public company management, accounting, audit preparation, due diligence reviews, and SEC regulations. On January 25, 2021, as a result of a private transaction, 10,000,000 0.001 200 86.95 250,000 65,503 On January 25, 2021, David Lazar, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, and a Director. At the effective date of the transfer, Yang Fuzhu consented to act as the new President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company. Mr. Yang graduated from Jiangsu Vocational College of Electronics and Information (formerly known as Huaiyin Electronic Industry School) in year 1997. Mr. Yang has twenty years’ experience in his career in photography. He established “Red Rose Studio” in 1999, to provide customized photo shooting services such as wedding photo shooting, wedding banquet shooting and portrait photo shooting etc. He is the Founder and Chairman at Haoye Network Information Consultant Limited Company in Wuxi, China from 2009 to the present date, where he was responsible for corporate network system construction, website content optimization, online sales personnel training, online shop system improvement and providing guidance in online industry alliances, etc. From 2011 to the present date, Mr. Yang has served as Founder and Chairman of Lvpai Culture Communication (Shanghai) Company Limited, where he has set up the online platform (“lvpai.com”) as online service marketing provider, providing destination wedding photographer business and city brand name establishment and planning. From 2020 to the present date, Mr. Yang has served as Founder and Chairman of Jiangsu Travel Photography Technology Group Company Limited, where he is responsible for business management and strategic planning. From 2008 to the present time, Mr. Yang serves as a member of the council of China Portrait Photography, where he is responsible for integrating the member resource and member training. Mr. Yang’s business leadership and professional photography expertise has, in the Company’s estimation, qualified him for his roles as the Company’s President, Chief Executive Officer and Director. The Company’s accounting year-end is January 31. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial statements. The Company has incurred operating losses since inception. As of January 31, 2022 the Company had negative retained earnings of 19,655,820 Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Prior to January 25, 2021 when a change of control in the Company occurred, the Company had been being funded by David Lazar who extended interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities, the liability for the excess share issuance, and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Revenue Recognition On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended April 30, 2020 the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On January 31, 2022, and January 31, 2021, the Company’s cash equivalents totaled $ 0 0 Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We adopted ASC 842 on July 1, 2020. The adoption of this guidance did not have any impact on our financial statements. Stockholders’ Equity and Accrued Liability Excess stock Issuance The Company has authorized 103,103 shares of Common Stock with a par value of $ 0.001 . As of January 31, 2022, and January 31, 2021, respectively, there were 103,103 shares of Common Stock issued and outstanding, respectively. On March 1, 2021, the Company issued 20,000,000 0.001 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 3 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments of January 31, 2022, and 2021. |
NOTES PAYABLE-RELATED PARY
NOTES PAYABLE-RELATED PARY | 12 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE-RELATED PARY | NOTE 4 – NOTES PAYABLE-RELATED PARY Mr. Yang Fuzhu, the principal member of the Company’s Court-appointed custodian is considered a related party. During the year ended January 31, 2022, he extended $ 24,499 |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 5 – COMMON STOCK Effective on March 8, 2021, the Company has approved a reverse stock split of the Company’s authorized and issued and outstanding shares of common stock, par value $ 0.001 1-for-3000 (the “Reverse Stock Split”) 300,134,005 103,103 0.001 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. There was no event that management deemed necessary for disclosure as a material subsequent event. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial statements. The Company has incurred operating losses since inception. As of January 31, 2022 the Company had negative retained earnings of 19,655,820 Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Prior to January 25, 2021 when a change of control in the Company occurred, the Company had been being funded by David Lazar who extended interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities, the liability for the excess share issuance, and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recognition On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended April 30, 2020 the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On January 31, 2022, and January 31, 2021, the Company’s cash equivalents totaled $ 0 0 |
Income taxes | Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We adopted ASC 842 on July 1, 2020. The adoption of this guidance did not have any impact on our financial statements. |
Stockholders’ Equity and Accrued Liability Excess stock Issuance | Stockholders’ Equity and Accrued Liability Excess stock Issuance The Company has authorized 103,103 shares of Common Stock with a par value of $ 0.001 . As of January 31, 2022, and January 31, 2021, respectively, there were 103,103 shares of Common Stock issued and outstanding, respectively. On March 1, 2021, the Company issued 20,000,000 0.001 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - Series A Preferred Stock [Member] - Private Transaction [Member] | Jan. 25, 2021USD ($)$ / sharesshares |
Number of shares issued in transaction | shares | 10,000,000 |
Sale of stock, price per share | $ / shares | $ 0.001 |
Shares issued upon conversion | shares | 200 |
Ownership percentage | 86.95% |
Proceeds from issuance of stock | $ | $ 250,000 |
David Lazar [Member] | |
Debt forgiven | $ | $ 65,503 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jan. 31, 2022 | Mar. 08, 2021 | Mar. 01, 2021 | Jan. 31, 2021 |
Accounting Policies [Abstract] | ||||
Accumulated deficit | $ 19,655,820 | $ 19,627,051 | ||
Cash equivalents | $ 0 | $ 0 | ||
Common stock, shares authorized | 103,103 | 103,103 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 103,103 | 300,134,005 | 103,103 | |
Common stock, shares outstanding | 103,103 | 300,134,005 | 103,103 | |
Preferred stock, shares issued | 10,000,000 | 20,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
NOTES PAYABLE-RELATED PARY (Det
NOTES PAYABLE-RELATED PARY (Details Narrative) | Jan. 31, 2022USD ($) |
Debt Disclosure [Abstract] | |
Interest free demand loans | $ 24,499 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Mar. 08, 2021 | Jan. 31, 2022 | Jan. 31, 2021 |
Equity [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Description of reverse stock split | 1-for-3000 (the “Reverse Stock Split”) | ||
Common stock, shares issued | 300,134,005 | 103,103 | 103,103 |
Common stock, shares outstanding | 300,134,005 | 103,103 | 103,103 |