10-Q Filing

WENYUAN GROUP CORP. CIK: 723533 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001017386-23-000204`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	lwlw_2023mar31-10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 48 Cash Flow Statement 54 Stockholders Equity 14

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$20.80K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$68.12K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	550.00M	shares	Point-in-time
Accounts receivable, net of allowance	`ReceivablesNetCurrent`	$226.61K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	550.00M	shares	Point-in-time
Accounts receivable, net of allowance	`ReceivablesNetCurrent`	-	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	74.11M	shares	Point-in-time
Inventories	`InventoryNet`	-	USD	Point-in-time
Inventories	`InventoryNet`	$41.78K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	79.11M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	74.11M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$58.41K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$23.87K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	79.11M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$313.06K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$126.53K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$272.44K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$274.37K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.46K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.62K	USD	Point-in-time
Goodwill	`Goodwill`	$1.13K	USD	Point-in-time
Goodwill	`Goodwill`	$1.13K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$590.10K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$405.66K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$31.96K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$212.53K	USD	Point-in-time
Loans from third parties	`LoansPayableToBankCurrent`	$12.25K	USD	Point-in-time
Loans from third parties	`LoansPayableToBankCurrent`	$133.96K	USD	Point-in-time
Shareholder loans	`LoansPayableCurrent`	$90.49K	USD	Point-in-time
Shareholder loans	`LoansPayableCurrent`	$90.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$134.71K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$436.62K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$436.62K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$134.71K	USD	Point-in-time
Preferred stock, $0.0001 par value, 50,000,000 authorized, nil shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 50,000,000 authorized, nil shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 550,000,000 authorized, 79,108,926 and 74,108,926 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$7.91K	USD	Point-in-time
Common stock, $0.0001 par value, 550,000,000 authorized, 79,108,926 and 74,108,926 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$7.41K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.03M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$7.45K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$5.84K	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$270.95K	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$153.48K	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$-13.55K	USD	Point-in-time
TOTAL STOCKHOLDERS EQUITY	`StockholdersEquity`	$59.77K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$405.66K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$590.10K	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Consulting service income	`ConsultingServiceIncome`	$1.17K	USD	1 Quarter
Consulting service income	`ConsultingServiceIncome`	$13.03K	USD	1 Quarter
Online product sales	`OnlineProductSales`	$6.08K	USD	1 Quarter
Online product sales	`OnlineProductSales`	-	USD	1 Quarter
Aquaculture product sales	`AquacultureProductSalesNet`	-	USD	1 Quarter
Aquaculture product sales	`AquacultureProductSalesNet`	$221.60K	USD	1 Quarter
Total revenues	`Revenues`	$240.71K	USD	1 Quarter
Total revenues	`Revenues`	$1.17K	USD	1 Quarter
Online product sales	`OnlineProductSalesExpenses`	-	USD	1 Quarter
Online product sales	`OnlineProductSalesExpenses`	$2.20K	USD	1 Quarter
Aquaculture product sales	`AcquacultureProductSalesExpenses`	$199.16K	USD	1 Quarter
Aquaculture product sales	`AcquacultureProductSalesExpenses`	-	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$201.35K	USD	1 Quarter
Gross profit	`GrossProfit`	$39.35K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.17K	USD	1 Quarter
Professional expenses	`ProfessionalAndContractServicesExpense`	$73.16K	USD	1 Quarter
Professional expenses	`ProfessionalAndContractServicesExpense`	$34.78K	USD	1 Quarter
Share-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$500.00K	USD	1 Quarter
Share-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	-	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$83.91K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.74K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$44.52K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$657.06K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-43.35K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-617.71K	USD	1 Quarter
Interest expense, net	`InterestExpense1`	$-125.00	USD	1 Quarter
Interest expense, net	`InterestExpense1`	$-55.00	USD	1 Quarter
Other (expense) income, net	`OtherIncome`	$224.00	USD	1 Quarter
Other (expense) income, net	`OtherIncome`	$-485.00	USD	1 Quarter
Total other (expense) income, net	`OtherNoncashIncomeExpense`	$99.00	USD	1 Quarter
Total other (expense) income, net	`OtherNoncashIncomeExpense`	$-540.00	USD	1 Quarter
Net loss before income tax	`OperatingIncomeLoss`	$-618.25K	USD	1 Quarter
Net loss before income tax	`OperatingIncomeLoss`	$-43.25K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$843.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-619.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-43.25K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$482.00	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$1.61K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$1.61K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$482.00	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-42.77K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-617.48K	USD	1 Quarter
Weighted average shares outstanding: Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	78.01M	shares	1 Quarter
Weighted average shares outstanding: Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	65.17M	shares	1 Quarter
Earnings per share: Basic and diluted	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Earnings per share: Basic and diluted	`EarningsPerShareBasic`	-	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-619.09K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-43.25K	USD	1 Quarter
Depreciation	`Depreciation`	$3.31K	USD	1 Quarter
Depreciation	`Depreciation`	$143.00	USD	1 Quarter
Share-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$500.00K	USD	1 Quarter
Share-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$227.49K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$41.95K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$34.75K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-34.61K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableTrade`	$125.00	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableTrade`	$182.94K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-77.73K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-167.66K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquireProductiveAssets`	$5.41K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquireProductiveAssets`	-	USD	1 Quarter
Cash obtained from business acquisition	`ProceedsFromDivestitureOfBusinesses`	$7.00	USD	1 Quarter
Cash obtained from business acquisition	`ProceedsFromDivestitureOfBusinesses`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.41K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from shareholder loans	`ProceedsFromContributedCapital`	$82.11K	USD	1 Quarter
Proceeds from shareholder loans	`ProceedsFromContributedCapital`	-	USD	1 Quarter
Net proceeds from third-partys loans	`ProceedsFromLoans`	-	USD	1 Quarter
Net proceeds from third-partys loans	`ProceedsFromLoans`	$134.48K	USD	1 Quarter
Repayment to shareholder loans	`RepaymentOfNotesReceivableFromRelatedParties`	-	USD	1 Quarter
Repayment to shareholder loans	`RepaymentOfNotesReceivableFromRelatedParties`	$14.62K	USD	1 Quarter
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from common stock issuance	`ProceedsFromIssuanceOfCommonStock`	$116.09K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$119.86K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$198.19K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-518.00	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$479.00	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$114.54K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-47.32K	USD	1 Quarter
Cash, beginning balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.80K	USD	Point-in-time
Cash, beginning balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$114.54K	USD	Point-in-time
Cash, beginning balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.12K	USD	Point-in-time
Cash, beginning balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash, ending balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.80K	USD	Point-in-time
Cash, ending balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$114.54K	USD	Point-in-time
Cash, ending balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.12K	USD	Point-in-time
Cash, ending balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income tax paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income tax paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Acquisition of Hangzhou Longwen Enterprise Management with shareholder loan	`AcquisitionCosts`	$141.00	USD	Point-in-time
Acquisition of Hangzhou Longwen Enterprise Management with shareholder loan	`AcquisitionCosts`	$993.00	USD	1 Quarter
Acquisition of Hangzhou Longwen Enterprise Management with shareholder loan	`AcquisitionCosts`	-	USD	1 Quarter
Acquisition of Hangzhou Longwen Enterprise Management with shareholder loan	`AcquisitionCosts`	1,000.00	CNY	Point-in-time
Repayment of commercial loan and interest by a related party on behalf of the Company	`NotesReduction`	-	USD	1 Quarter
Repayment of commercial loan and interest by a related party on behalf of the Company	`NotesReduction`	$14.05K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$270.95K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$153.48K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-13.55K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$59.77K	USD	Point-in-time
Shares issued for compensation	`StockIssuedDuringPeriodValueIssuedForServices`	$500.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$116.09K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$1.61K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$482.00	USD	1 Quarter
Net loss	`ProfitLoss`	$-619.09K	USD	1 Quarter
Net loss	`ProfitLoss`	$-43.25K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$270.95K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$153.48K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-13.55K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$59.77K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.