Fri, Nov 29, 3:09 PM (49 days ago)
Lvpai Group Limited (LVPA) reported no revenue for the three and nine months ended October 31, 2024, maintaining a trend of inactivity since its dormancy began in 2011. The company incurred a net loss of $8,760 for Q3 2024, a decrease from $11,150 in Q3 2023, and a total net loss of $27,080 for the nine-month period, down from $33,565 year-over-year. Total liabilities rose to $132,180, primarily due to increased amounts owed to related parties. As of October 31, 2024, cash and cash equivalents remained at $0, indicating a reliance on loans from related parties for operational liquidity. The company continues to explore financing options to meet working capital needs amid substantial operational losses. Additionally, internal controls over financial reporting were deemed ineffective due to material weaknesses, raising concerns about the accuracy of financial statements. The company plans to withdraw a name change application, reflecting ongoing operational uncertainties. Future operations hinge on securing additional funding to address its negative retained earnings of $19,759,231 and to potentially return to profitability.