Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2024

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

For the transition period from ______ to ______

Commission File Number 000-11596

WENYUAN GROUP CORP.

(Exact name of registrant as specified in its charter)

Nevada		95-3506403
(State or Other Jurisdiction		(I.R.S. Employer
of Incorporation or Organization)		Identification No.)

RM 2404, Yin Zun Building, ZunBao Plaza,

Shangcheng Dist., Hangzhou City, Zhejiang Province, China

(Address of Principal Executive Office)

+86 0571 -85128985

(Registrant’s telephone number, including area code)

LONGWEN GROUP CORP.

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

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Not Applicable		Not Applicable		Not Applicable

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 ☒ 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 ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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	☐	Smaller reporting company	☒
		Emerging growth company	☒

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 ☐ No ☒

As of November 6, 2024, the registrant had 80,884,279 shares of common stock outstanding.

WENYUAN GROUP CORP.

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

		PAGE

	Note about Forward-Looking Statements	3

	PART I - FINANCIAL INFORMATION

Item 1	Financial Statements	4
	Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023	5
	Consolidated Statements of Operations and Other Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 30, 2024 and 2023	6
	Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023	7
	Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited) for the three and nine months ended September 30, 2024 and 2023	8
	Notes to Unaudited Consolidated Financial Statements	9
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operation	19
Item 3	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4	Controls and Procedures	22

	PART II - OTHER INFORMATION

Item 1	Legal Proceedings	23
Item 1A	Risk Factors	23
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3	Defaults Upon Senior Securities	23
Item 4	Mine Safety Disclosures	23
Item 5	Other Information	23
Item 6	Exhibits	24

SIGNATURES		25

EXHIBIT INDEX		26

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section entitled “Risk Factors”, beginning on page 5 of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities & Exchange Commission (“SEC”) on April 1, 2024. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Unless expressly indicated or the context requires otherwise, the terms “Company,” “we,” “us,” and “our” in this document refer Wenyuan Group Corp. (formerly known as Longwen Group Corp.), a Nevada corporation.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WENYUAN GROUP CORP.

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

INDEX TO FINANCIAL STATEMENTS

Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023	5

Consolidated Statements of Operations and Other Comprehensive Income (unaudited) for the three and nine months ended September 30, 2024 and 2023	6

Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023	7

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited) for the three and nine months ended September 30, 2024 and 2023	8

Notes to Unaudited Consolidated Financial Statements	9 - 18

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

CONSOLIDATED BALANCE SHEETS

	September 30, 2024			December 31, 2023
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	153,716		$	18,449
Inventories		43,539			40,373
Prepaid expenses and other current assets		15,068			45,628
Current assets from discontinued operations		—			480,569
Total current assets		212,323			585,019

Property and equipment, net		271,541			254,578
Intangible assets, net		2,494			2,994
Intangible assets under construction		21,660			—
Goodwill		1,132			1,132
TOTAL ASSETS	$	509,150		$	843,723

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued liabilities	$	106,027		$	119,469
Shareholder loans		5,877			198,510
Loans from third parties		31,350			84,533
Advances from customers		71			33,171
Current liabilities from discontinued operations		—			484,475
Total current liabilities		143,325			920,158

TOTAL LIABILITIES		143,325			920,158

COMMITMENTS AND CONTINGENCIES		-			-

STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.0001 par value, 50,000,000 authorized, nil shares issued and outstanding		—			—
Common stock, $0.0001 par value, 550,000,000 authorized, 80,809,370 and 78,775,094 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		8,081			7,878
Additional paid-in capital		21,280,326			19,970,306
Accumulated deficit		(20,936,297	)		(20,054,293	)
Accumulated other comprehensive income (loss)		13,715			(326	)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)		365,825			(76,435	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	509,150		$	843,723

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

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

(UNAUDITED)

	2024			2023			2024			2023
	For the Three Months Ended September 30,						For the Nine months ended September 30,
	2024			2023			2024			2023

Revenues
Consulting service income	$	—		$	—		$	—		$	15,004
Online product sales		—			—			—			6,082
Offline product sales – related parties		—			—			17,075			—
Offline product sales		11,263			—			50,893			—
Total revenues		11,263			—			67,968			21,086

Cost of revenues
Online product sales		—			—			—			2,199
Offline product sales		6,014			—			40,048			—
Total cost of revenues		6,014			—			40,048			2,199
Gross profit		5,249			—			27,920			18,887

Operating Expenses
Professional expenses		45,205			61,806			128,655			168,001
Selling, general and administrative expenses		46,491			71,886			215,150			212,916
Share-based compensation		—			—			570,000			576,000

Total operating expenses		91,696			133,692			913,805			956,917

Loss from operations		(86,447	)		(133,692	)		(885,885	)		(938,030	)

Other income (expenses):
Interest expense		—			(104	)		(26	)		(260	)
Other income (expenses), net		1,462			(30	)		(2,625	)		(392	)
Total other income (expense), net		1,462			(134	)		(2,651	)		(652	)

Net loss from continuing operations		(84,985	)		(133,826	)		(888,536	)		(938,682	)
Gain (loss) from discontinued operations (including disposal gain of $nil and $3,404 for the three and nine months ended September 30, 2024, respectively)		—			(52,788	)		6,532			6,314

Net loss	$	(84,985	)	$	(186,614	)	$	(882,004	)	$	(932,368	)

Other comprehensive income (loss)
Foreign currency translation income (loss)		13,473			1,164			14,041			(3,861	)

Total other comprehensive income (loss)		13,473			1,164			14,041			(3,861	)

Comprehensive loss	$	(71,512	)	$	(185,450	)	$	(867,963	)		(936,229	)

Weighted average shares outstanding:
Basic and diluted		80,645,636			79,825,094			79,863,637			78,996,477

Loss per share:
Continuing operations	$	(0.00	)	$	(0.00	)	$	(0.01	)		(0.01	)
Discontinued operations		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Basic and diluted		(0.00	)		(0.00	)		(0.01	)		(0.01	)

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

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	2024			2023
	For the nine months ended September 30,
	2024			2023
Cash flows from operating activities:
Net loss	$	(882,004	)	$	(932,368	)
Adjustment to reconcile net loss used in operating activities:
Gain from discontinued operations		(6,532	)		(6,314	)
Depreciation and amortization		9,933			9,645
Share-based compensation		570,000			576,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		32,943			44,337
Accounts receivable		—			(6,399	)
Inventories		(2,637	)		(40,803	)
Accounts payable and accrued liabilities		(14,578	)		92,055
Advances from customers		(32,646	)		—
Net cash used in operating activities from continuing operations		(325,521	)		(263,847	)
Net cash used in operating activities from discontinued operations		—			(169	)
Net cash used in operating activities		(325,521	)		(264,016	)

Cash flows from investing activities:
Purchase of property and equipment		(23,116	)		—
Payment for intangible assets under construction		(21,121	)		—
Net cash used in investing activities		(44,237	)		—

Cash flows from financing activities:
Proceeds from third parties		30,495			87,705
Proceeds from a shareholder		21,314			83,640
Repayment to shareholders		(211,548	)		(33,132	)
Proceeds from issuance of common stock		656,376			67,234
Net cash provided by financing activities from continuing operations		496,637			205,447
Net cash provided by financing activities from discontinued operations		—			—
Net cash provided by financing activities		496,637			205,447

Effect of exchange rate changes in cash and cash equivalents from continuing operations		8,388			(4,203	)
Effect of exchange rate changes in cash and cash equivalents from discontinued operations		—			289
Net increase (decrease) in cash and cash equivalents from continuing operations		135,267			(62,603	)
Net increase in cash and cash equivalents from discontinued operations		—			120

Cash and cash equivalents, beginning balance		18,449			68,121
Cash and cash equivalents, ending balance	$	153,716		$	5,638

Supplement Disclosures:
Interest paid	$	—		$	—
Income tax paid	$	—		$	—

Supplemental Disclosures of Non-Cash Investing and Financing Activities
Repayment of commercial loan by related party on behalf of the Company	$	—		$	14,050
Common stocks issuable for deferred compensation	$	—		$	23,221
Common stocks issued for debt settlement	$	83,847		$	—

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

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(UNAUDITED)


	Preferred Stock Shares		Preferred Stock Amount		Common Stock Shares		Common Stock Amount			Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity

Balance June 30, 2024		—	$	—		80,393,905	$	8,040	-	$	21,031,089	-	$	(20,851,312	)	$	242	$	188,059
Common stock issued for cash		—		—		415,465		41	-		249,237	-		—			—		249,278
Other comprehensive income		—		—		—		—	-		—	-		—			13,473		13,473
Net loss		—		—		—		—	-		—	-		(84,985	)		—		(84,985	)
Balance September 30, 2024		—	$	—		80,809,370	$	8,081	-	$	21,280,326	-	$	(20,936,297	)	$	13,715	$	365,825

	Preferred Stock Shares		Preferred Stock Amount		Common Stock Shares			Common Stock Amount				Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity (Deficit)

Balance December 31, 2023		—	$	—		78,775,094		$	7,878		-	$	19,970,306	-	$	(20,054,293	)	$	(326	)	$	(76,435	)
Share-based compensation		—		—		1,550,000			155		-		569,845	-		—			—			570,000
Share cancellation		—		—		(1,200,000	)		(120	)	-		120	-		—			—			—
Common stock issued for cash		—		—		1,404,786			140		-		656,236	-		—			—			656,376
Common stock issued for debt settlement		—		—		279,490			28		-		83,819	-		—			—			83,847
Other comprehensive income		—		—		—			—		-		—	-		—			14,041			14,041
Net loss		—		—		—			—		-		—	-		(882,004	)		—			(882,004	)
Balance September 30, 2024		—	$	—		80,809,370		$	8,081		-	$	21,280,326	-	$	(20,936,297	)	$	13,715		$	365,825

	Preferred Stock Shares		Preferred Stock Amount		Common Stock Shares		Common Stock Amount		Common stock issuable		Additional Paid-in Capital		Deferred Share-based Compensation			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity

Balance June 30, 2023		—	$	—		79,825,094	$	7,983	$	37	$	20,002,164	$	(74,000	)	$	(19,773,589	)	$	815	$	163,410
Other comprehensive loss		—		—		—		—		—		—		—			—			1,164		1,164
Net loss		—		—		—		—		—		—		—			(186,614	)		—		(186,614	)
Balance September 30, 2023		—	$	—		79,825,094	$	7,983	$	37	$	20,002,164		(74,000	)	$	(19,960,203	)	$	1,979	$	(22,040	)

	Preferred Stock Shares		Preferred Stock Amount		Common Stock Shares		Common Stock Amount		Common stock issuable		Additional Paid-in Capital		Deferred Share-based Compensation			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity

Balance December 31, 2022		—	$	—		74,108,926	$	7,411	$	—	$	19,285,539	$	—		$	(19,027,835	)	$	5,840		$	270,955
Balance		—	$	—		74,108,926	$	7,411	$	—	$	19,285,539	$	—		$	(19,027,835	)	$	5,840		$	270,955
Shares issued for compensation		—		—		5,380,000		538		—		575,462		—			—			—			576,000
Shares issued for cash		—		—		336,168		34		—		67,200		—			—			—			67,234
Shares issuable for deferred compensation		—		—		—		—		37		73,963		(74,000	)		—			—			—
Other comprehensive loss		—		—		—		—		—		—		—			—			(3,861	)		(3,861	)
Other comprehensive income (loss)		—		—		—		—		—		—		—			—			(3,861	)		(3,861	)
Net loss		—		—		—		—		—		—		—			(932,368	)		—			(932,368	)
Balance September 30, 2023		—	$	—		79,825,094	$	7,983	$	37	$	20,002,164		(74,000	)	$	(19,960,203	)	$	1,979		$	(22,040	)
Balance		—	$	—		79,825,094	$	7,983	$	37	$	20,002,164		(74,000	)	$	(19,960,203	)	$	1,979		$	(22,040	)

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

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

Wenyuan Group Corp. (formerly known as Longwen Group Corp.) (the “Company”) was originally incorporated as Expertelligence, Inc in the State of California on March 31, 1980 and reincorporated in the State of Nevada on November 17, 2005. On January 23, 2017, the Company amended its Articles of Incorporation (“Charter Amendment”) to affect its name change of Longwen Group Corp with trading symbol of “LWLW”. On April 23, 2024, pursuant to the Company’s majority shareholder consent and board approval dated on April 5, 2024, the Company amended its Article of Incorporation with Nevada State and changed its name to Wenyuan Group Corp. The name and symbol change are currently under the review by The Financial Industry Regulatory Authority (“FINRA”).

On February 23, 2022, the Company entered into an Acquisition Agreement with a third-party individual to acquire the 100% ownership of Hangzhou Wenyuan Enterprise Management Co., Ltd. (“Hangzhou Wenyuan”) (FKA: Hangzhou Longwen Enterprise Management Co., Ltd or “Hangzhou Longwen”), a wholly foreign-owned enterprise (“WOFE”) in Hangzhou, the People’s Republic of China (the “PRC”), for a total cash consideration of $1,000. As a result of the acquisition, Hangzhou Wenyuan became the Company’s wholly-owned subsidiary in the PRC. Hangzhou Wenyuan was originally registered on January 4, 2012, and has minimum operations since its inception. The Company recognized $993 goodwill upon consummated the acquisition. On February 27, 2024, Hangzhou Longwen Enterprise Management Co., Ltd changed its name to Hangzhou Wenyuan Enterprise Management Co., Ltd. through Hangzhou Market Supervision and Administration Bureau in China.

On October 11, 2022, the Company and its subsidiary, Hangzhou Wenyuan entered into an Acquisition Agreement with a third-party individual to acquire 100% ownership of Hangzhou Wenyuan Art and Culture Co., Ltd. (“HWAC”) (FKA: Hangzhou Yusu Trading Co., Ltd. or “Hangzhou Yushu”), a limited liability company in Hangzhou, the People’s Republic of China (the “PRC”), for a total cash consideration of RMB 1,000 or about USD $141. Upon consummated HWAC became Hangzhou Wenyuan’s wholly owned subsidiary in the PRC. HWAC was originally registered on April 20, 2020 and has had minimum operations since its inception. The Company recognize goodwill of $139 upon consummated the acquisition. On April 10, 2024, Hangzhou Yusu was renamed to Hangzhou Wenyuan Art and Culture Co., Ltd (“HWAC”).

On March 3, 2023, Hangzhou Wenyuan established a new subsidiary, Huzhou Wohong Fishery Co., Ltd. (“HWF”), to operate the aquacultural breeding, wholesale and retail of aquaculture products and etc. Due to the change in the economic situation and lower-than-expected sales of aquacultural products, our management decided to change the HWF’s operations and on March 27, 2024, HWF entered into an agreement with a counterparty to sell certain assets and liabilities of HWF. HWF was identified as discontinued operations with aquacultural products sales. Such assets and liabilities are classified as assets and liabilities held for sale, and the sale was closed on March 27, 2024.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries as described in Note 1. All significant intercompany transactions and balances have been eliminated in the consolidation.

Basis of Presentation

The unaudited consolidated financial statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the financial statements have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Reclassifications

Certain amounts on the prior year’s consolidated balance sheets, consolidated statements of operations and cash flows were reclassified to conform to current-year presentation, with no effect on ending stockholders’ equity.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates and assumptions.

Foreign Currency Transactions

The Company’s consolidated financial statements are presented in U.S. dollars ($), which is the Company’s reporting and functional currency. The functional currencies of the Company’s subsidiaries including Hangzhou Wenyuan, HWAC and HWF, are RMB. The resulting translation adjustments are reported under other comprehensive loss in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 220 (“ASC 220”), “Reporting Comprehensive Income”. Gains and losses resulting from the translation of foreign currency transactions are reflected in the consolidated statements of operations and other comprehensive income. Monetary assets and liabilities denominated in foreign currency are translated at the functional currency using the rate of exchange prevailing at the balance sheet date. Any differences are taken to profit or loss as a gain or loss on foreign currency translation in the consolidated statements of operations and other comprehensive income.

The Company translates the assets and liabilities into U.S. dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from RMB into U.S. dollars are recorded in shareholders’ equity as part of accumulated other comprehensive loss. The exchange rate used for financial statements are as follows:

	2024		2023		2024		2023
	Average Rate for the three months ended September 30,				Average Rate for the nine months ended September 30,
	2024		2023		2024		2023
China yuan (RMB)	RMB	7.1649	RMB	7.2437	RMB	7.1966	RMB	7.0326
United States dollar ($)	$	1.0000	$	1.0000	$	1.0000	$	1.0000

	September 30, 2024		December 31, 2023
	Exchange Rate at
	September 30, 2024		December 31, 2023
China yuan (RMB)	RMB	7.0176	RMB	7.0978
United States dollar ($)	$	1.0000	$	1.0000
Foreign exchange rate	$	1.0000	$	1.0000

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Inventories

Inventories consist of finished products and are stated at the lower of cost or net realizable value. Cost is calculated by applying the weighted average cost method. The Company regularly reviews inventory quantities on hand and writes down to its net realizable value any inventory that it believes to be impaired. Management considers forecast demand in relation to the inventory on hand, competitiveness of product offerings, market conditions and product life cycles when determining excess and obsolescence and net realizable value adjustments. Once inventory is written down and a new cost basis is established, it is not written back up if demand increases.

Property and equipment

Depreciation on property and equipment is recognized on a straight-line basis over the estimated useful lives of the assets, for which the remaining term of the legal title for the office space and 3 years for office equipment.

Impairment of Long-Lived Assets

The Company evaluates property and equipment and finite-lived intangible assets for impairment whenever events or circumstances indicate that the carrying amounts of such assets may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated. If the carrying amount of the long–lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third–party independent appraisals, as considered necessary.

Revenue Recognition

The Company recognizes revenue when a customer obtains control of promised products or services, in an amount that reflects the consideration expected to be received in exchange for those products or services. The Company follows the five-step model prescribed under Topic 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies each performance obligation. Revenues are presented net of any sales or value added taxes collected from customers and remitted to the government.

The Company’s consulting service income consists of the delivery of focused insights and recommendations that assist customers with their challenges in developing and executing strategies around their trade business and financial reporting processes. The consulting services provided are fixed-fee arrangements that are generally in one-year term. The Company has concluded that each contract represents a single performance obligation as each is a single promise to deliver a customized engagement and deliverable. For the majority of these services, either practically or contractually, the work performed and delivered to the customer has no alternative use to the Company. Additionally, the Company maintains an enforceable right to payment at all times throughout the contract.

The Company’s online product sales consists of selling products to end customers through online channel, such as apps embedded in Wechat. Revenue is recognized at a point in time when the product is delivered to and accepted by end customers.

The Company’s aquaculture product sales consist of selling aquacultural products to customers through offline channel. Revenue is recognized at a point in time when the products are delivered to and accepted by end customers. The Company concludes the presentation of revenue generated from selling of aquaculture products is at a gross basis as the Company acts as a principal by controlling sales transactions provided to their customers. Due to the change of the economic situation and the sales of aquacultural products was not as expected, the management intended to change the Company’s operations and on March 27, 2024, the Company entered into an agreement with a counterparty to sell certain assets and liabilities of HWF. HWF was identified as discontinued operations with aquacultural products.

Concentration

During the nine months ended September 30, 2024, the Company generated 25% and 10% of revenues from the top 2 customers, including one related party and one third party, respectively. During the nine months ended September 30, 2023, the Company generated 41% and 31% of revenues from the top 2 customers, respectively. The Company’s cost of revenues consisted of 95% and 94% purchases from one top vendor for the three and nine months ended September 30, 2024. The Company’s cost of revenues were not material during the three and nine months ended September 30, 2023.

Share-based Compensation

The Company accounts for stock options and other equity-based compensation issued in accordance with ASC 718 “Stock Compensation”, which requires the measurement and recognition of compensation expense related to the fair value of equity-based compensation awards that are ultimately expected to vest. Stock-based compensation expense recognized includes the compensation cost for all share-based compensation payments granted to employees and nonemployees, net of estimated forfeitures, over the employees’ requisite service period or the non-employee performance period based on the grant date fair value estimated in accordance with the provisions of ASC 718. ASC 718 is also applied to awards modified, repurchased, or cancelled during the periods reported.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply 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 income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

Related Parties

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

Fair Value Measurements

Fair value accounting establishes a framework for measuring fair value and expands disclosure about fair value measurements. Fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels 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 liabilities, 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.

As of September 30, 2024 and December 31, 2023, the Company did not have any assets or liabilities that were required to be measured at fair value on a recurring basis or on a non-recurring basis. The carrying value of the Company’s cash, loans from third parties, shareholder loans and accounts payable and accrued liabilities approximates the fair value due to the short-term maturity.

Segment Reporting

Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how our chief operating decision maker internally evaluates separate financial information, business activities and management responsibility. During the three and nine months ended September 30, 2024 and 2023, the Company determined that we have one reportable segment as we manage the business from the geography location.

Accounting Standards Issued but Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact this amended guidance may have on the footnotes to its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information. This guidance requires disclosure of specific categories in the effective tax rate reconciliation and further information on reconciling items meeting a quantitative threshold. In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes. It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amended guidance is effective for fiscal years beginning after December 15, 2024. The guidance can be applied either prospectively or retrospectively. The Company is currently in the process of evaluating the impact this amended guidance may have on the footnotes to our consolidated financial statements.

There were also other updates recently issued and the management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position results of operations or cash flows.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 – GOING CONCERN

The Company’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. During the nine months ended September 30, 2024, the Company incurred a net loss of $ 882,004. The Company had an accumulated deficit of $ 20,936,297 as of September 30, 2024. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.

The Company’s future success is dependent upon its ability to acquire and achieve business with profitable operations, generate cash from operating activities and obtain additional financing. The Company intends to raise funds from the issuance of equity and/or debt securities, but there is no assurance that additional funds from the issuance of equity will be available for the Company to finance its operations on acceptable terms, or at all. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 – PROPERTY AND EQUIPMENT, NET

As of September 30, 2024 and December 31, 2023, property and equipment consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT, NET

	September 30, 2024			December 31, 2023

Equipment	$	30,996		$	7,209
Property		266,665			263,651
Less: accumulated depreciation		(26,120	)		(16,282	)
Total property and equipment, net	$	271,541		$	254,578

On September 28, 2022, the Company consummated an office suite purchase agreement with a third party. Pursuant to the agreement, the Company issued 2,651,780 common stocks of the Company to purchase a 118-square-meter office suite located in Hangzhou City, Zhejiang Province, China. The cost of the office suite was measured at the fair value of the issued common stocks on the closing date of $265,178 less value-added tax of $2,108. The difference of $3,595 between the addition of $263,070 and the cost as of September 30, 2024 is due to the fluctuation of foreign exchange rate. The office space is intended for internal use.

Depreciation expenses were $3,512 and $3,118 for the three months ended September 30, 2024 and 2023, respectively, which was included in selling, general and administrative expenses. Depreciation expenses were $9,933 and $9,645 for the nine months ended September 30, 2024 and 2023, respectively. The difference with the change in accumulated depreciation was due to exchange difference.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5 – LOANS FROM THIRD PARTIES

The Company’s loans from third parties consisted of the following as of September 30, 2024 and December 31, 2023:

SCHEDULE OF LOANS FROM THIRD PARTIES

	September 30, 2024			December 31, 2023

Loan from third-party lenders; unsecure, bearing an interest rate of 0.5% per annum, and due in one year	$	31,350		$	84,533
Total loans		31,350			84,533
Less: current portion		(31,350	)		(84,533	)
Total non-current portion	$	—		$	—

On December 31, 2019, the Company entered into a loan agreement of $12,250 with a third-party individual with three-year term. The borrowing bears interest of $300 at the effective date of the contract and fixed rate at $500 per annum, which matured on December 31, 2022 and immediately became due on demand. As of December 31, 2022, the outstanding balance of the borrowing was $12,250 with $1,800 interest payable. During the three months ended March 31, 2023, the loan and interest payable in the total amount of $14,050 was repaid by the wife of the President, on behalf of the Company.

During the three months ended March 31, 2023, the Company borrowed $46,776 (RMB 320,000) from two third-party individuals through HWF. The loans were unsecure, non-interest-bearing, and due on December 30, 2023. After the first quarter of 2023, the Company borrowed additional $76,934 (RMB 550,000) and repaid $123,710 (RMB 870,000) to the two individuals. As of December 31, 2023, the loans were fully paid off.

During the three months ended March 31, 2023, the Company borrowed $87,705 (RMB 600,000) from a third-party individual. The loans are unsecure, bearing an interest rate of 0.5% per annum, and due in one year. On February 18, 2024, the Company entered into a debt settlement agreement with the third party. Pursuant to the agreement, the Company issued 279,490 common stocks with total fair value of $83,847 to settlement the total loan principal and interest payable of $83,847 (RMB 603,000), which resulted in no gain or loss. The change in value as of transaction date was due to the fluctuation in foreign exchange rates. The interest expenses were not material for the three and nine months ended September 30, 2024 and 2023.

During the three months ended June 30, 2024, the Company borrowed $30,495 (RMB 220,000) from three third-party individuals. The loans are unsecure, bearing an interest rate of 0.5% per annum, and due in one year. As of September 30, 2024, loans due to the three individuals totalled $31,350. The change between the addition and September 30, 2024 balance is due to the fluctuation of foreign exchange. On October 23, 2024, the Company converted the above loans, including accrued interest with the three third-party individuals, to exchange issuance of 51,534 shares of the common stock of the Company, at $0.60 per share.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6 – STOCKHOLDERS’ EQUITY

Common Stocks

As of September 30, 2024 and December 31, 2023, the Company had 80,809,370 and 78,775,094 shares of common stock issued and outstanding, respectively.

In May and June 2023, the Company sold a total of 336,168 shares of common stock to forty-nine (49) non-U.S. investors at $0.20 per share for cash consideration. In December 2023, the Company sold a total of 150,000 shares of common stock to three (3) non-U.S. investors at $0.28 per share for cash consideration.

During the three months ended March 31, 2024, the Company sold 621,648 shares of common stock to fifteen non-U.S. investors at $0.30 per share, with total proceeds of $186,494 received in cash. Additionally, during the three months ended June 30, 2024, the Company issued 367,673 shares of common stock to individual non-U.S. investors at $0.60 per share, with total proceeds of $220,604 received in cash, which $62,184 received during the three months ended March 31, 2024. For the three months ended September 30, 2024, the Company sold 415,465 shares of common stock to ten non-U.S. investors at $0.60 per share, with total proceeds of $249,278 received in cash. The Company relied upon Regulation S of the Securities Act of 1933, as amended, for the sale of these securities. No commissions were paid regarding the share issuance and the share certificates were issued with a Rule 144 restrictive legend.

Also, on February 18, 2024, the Company converted a loan in the total amount of $83,847 with a related party, to exchange issuance of 279,490 shares of the common stock of the company to the related party, at $0.30 per share.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6 – STOCKHOLDERS’ EQUITY (continued)

2022 Equity Incentive Plan

On November 7, 2022, the Board adopted an equity incentive plan to increase stockholder value and to advance the interests of the Company by furnishing a variety of economic incentives (“Incentives”) designed to attract, retain and motivate employees, certain key consultants and directors of the Company (the “2022 Equity Incentive Plan”). Under the 2022 Equity Incentive Plan, the Company can issue up to 10,000,000 shares of common stock of the Company. Incentives may be granted in any one or a combination of: (a) incentive stock options and non-statutory stock options; (b) stock appreciation rights; (c) stock awards; (d) restricted stock; and (e) performance shares. Such incentives may be subject to vesting conditions determined by the Board of Directors at grant. The maximum term of options or other stock-based award granted is ten years or such lesser time as determined by the Board of Directors at the time of grant.

On January 19, 2023, the Company granted total 5,000,000 shares of common stock of the Company to six employees and one consultant pursuant to the Company’s 2022 Equity Incentive Plan. The fair value of the shares totaled $500,000 on the grant dates. In December 2023, 1,200,000 shares of common stock were returned by one employee for no consideration due to the employment term was terminated prematurely and cancelled upon receipt. In January 2024, 1,200,000 shares of common stock were returned by another employee for no consideration due to the employment term was terminated prematurely and cancelled upon receipt.

On June 29, 2023, the Company granted a total of 200,000 shares of common stock of the Company to two employees pursuant to the Company’s 2022 Equity Incentive Plan. The fair value of the shares totalled of $40,000 on the grant date, which was recorded in share-based compensation on the consolidated statement of operations. On the same date, the Company granted 550,000 common stocks issuable to four individuals at a fair value of $0.20 per share, subject to vesting condition in three tranches within six months, with 180,000 vested immediately. During the year ended December 31, 2023, the Company recognized share-based compensation of $36,000 as a result of the grant of these 550,000 common stocks. As of December 31, 2023, 180,000 common stocks have been issued. During the fourth quarter of the year ended December 31, 2023, the 370,000 unvested common stocks were forfeited.

During the three months ended March 31, 2024, the Company granted 1,200,000 shares of common stocks of the Company which vested immediately, to two employees pursuant to the Company’s 2022 Equity Incentive Plan. The fair value of the shares totalled $360,000 on the grant dates.

During the three months ended June 30, 2024, the Company granted 350,000 shares of common stocks of the Company which vested immediately, to two employees pursuant to the Company’s 2022 Equity Incentive Plan. The fair value of the shares totalled $210,000 on the grant dates.

As of September 30, 2024 and December 31, 2023, the Company’s common shares issuable under the 2022 Equity Incentive Plan totalled 1,220,000 and 1,570,000, respectively.

2023 Equity Incentive Plan

As of September 30, 2024 and December 31, 2023, no shares have been issued under the Company’s 2023 Equity Incentive Plan, and the Company’s common shares issuable under the 2023 Equity Incentive Plan totalled 5,000,000 and 5,000,000, respectively.

A summary of equity incentive activities for the three months ended September 30, 2024 is as follows:

SCHEDULE OF EQUITY INCENTIVE ACTIVITIES

	Number of Shares			Weighted Average Grant Date Fair Value
Issued and vested as of January 1, 2023		4,250,000			0.10
Granted and vested		5,750,000			0.11
Forfeited and cancelled		(1,570,000	)		0.12
Issued and vested as of January 1, 2024		8,430,000		$	0.10
Forfeited and cancelled		(1,200,000	)		0.10
Granted and vested		1,550,000			0.37
Issued and vested as of September 30, 2024		8,780,000		$	0.15

The total fair value of shares issued for incentive that vested was $0.57 million and $0.57 million during the nine months ended September 30, 2024 and 2023, respectively.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7 – RELATED PARTY TRANSACTIONS

During the three months ended March 31, 2022, the Company borrowed total $82,107 from the President of the Company for its normal business operations and the acquisition of Hangzhou Wenyuan. The borrowing bear is unsecured, non-interest-bearing and due on demand. During the three months ended March 31, 2023, the Company repaid $14,618 (RMB100,000) to the President. In addition, the Company paid $2,359 (RMB 23,000) during the remaining of the year in 2023. As of December 31, 2023, the balance of the loan due to our President was $71,165, with difference of $2,350 due to the fluctuation in foreign exchange. During the three months ended March 31, 2024, the Company repaid $64,770 (RMB 465,544) to the President. As of September 30, 2024, the balance of the loan due to our President was $5,575, with difference of $820 due to the fluctuation in foreign exchange.

During the three months ended March 31, 2023, the wife of President of the Company, repaid commercial loan and accrued interest in the total amount of $14,050 on behalf of the Company. During the nine months ended September 30, 2023, the Company received advances of $83,640 in cash from and repaid $16,046 to the wife of President of the Company. During the nine months ended September 30, 2024, the Company received advances of $21,315 and made repayments of $146,862 to the wife of President of the Company. As of September 30, 2024 and December 31, 2023, the amount owed to this related party by the Company totalled $302 and $127,345, respectively. The amount due to this related party is unsecured, non-interest-bearing and due on demand.

The President’s wife further paid expenses in the total amount of $2,868 on behalf of the Company during the three months ended March 31, 2024.

During the three and nine months ended September 30, 2024, the Company recognized employee compensation expenses of $4,335 and $13,005 to the daughter of the President, respectively. During the three and nine months ended September 30, 2024, the Company recognized employee compensation expenses of $3,335 and $4,447 to the wife of the President, respectively. Salaries paid to the president totalled $5,002 for the three and nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, the compensation payable to the related parties including the President, President’s wife and daughter, totalled $4,332 and $31,446, respectively, which was included in accounts payable and accrued liabilities on the consolidated balance sheet.

The Company conducted offline product sales to a close relative of the President’s wife, totalling $16,710 for the three months ending March 31, 2024. As of September 30, 2024, the entire sales transaction was paid off by the related party.

The Company conducted offline product sales to a related party, totalling $365 for the three months ending June 30 30, 2024. As of September 30, 2024, the entire sales transaction was paid off by the related party.

During the three months ended March 31, 2023, HWAC purchased inventory in the total amount of $40,373 from Hangzhou Wenyuan Yiyun Media Co., Ltd. (FKA: Hangzhou Longwen Culture Media Ltd.) (“HZWY”), an entity under the control by the daughter of the President of the Company. As of September 30, 2024 and December 31, 2023, the amount payable to HZWY totalled $25,735 and $40,373, respectively, which was included in accounts payable and accrued liabilities on the consolidated balance sheet.

NOTE 8 – DISCONTINUED OPERATIONS

Management intended to change its operation focus and entered into an agreement with a counterparty to sell certain assets and liabilities of HWF as of March 31, 2024 for consideration of $nil on March 27, 2024, which was closed on March 31, 2024. By selling off these assets and liabilities, management was signalling a shift away from aquaculture trading, which met the criteria to be reported as a discontinued operation and HWF as identified as discontinued operations as a result.

Total disposed assets and liabilities from discontinued operations as of March 31, 2024, were as below:

SCHEDULE OF DISCONTINUED OPERATIONS

	March 31, 2024

ASSETS
Current assets
Prepaid expenses and other current assets		736
Accounts receivable	$	471,066
Total current assets	$	471,802
TOTAL ASSETS DISPOSED FROM DISCONTINUED OPERATIONS	$	471,802

LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	461,201
Other payable		14,005
Total current liabilities		475,206
TOTAL LIABILITIES DISPOSED FROM DISCONTINUED OPERATIONS	$	475,206
Disposal gain	$	3,404

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2024 and 2023, results of operations from HWF are as below:

	2024			2023
	For the three months ended March 31,
	2024			2023

Revenues
Aquaculture product sales	$	-		$	221,601
Total revenues		-			221,601

Cost of revenues
Cost of Aquaculture product		-			199,156
Total cost of revenues		-			199,156
Gross profit		-			22,445

Operating expenses:
Selling, general and administrative expenses		-			5,375
Total operating expenses		-			5,375

Income from operations of discontinued operations		-			17,070

Other expenses:
Other expenses, net		13			208
Total other expenses, net		13			208

Net (loss) income before income tax from discontinued operations		(13	)		16,862
Income tax recovery (expense)		3,141			(843	)
Net income from discontinued operations, net of taxes before gain from sale of discontinued operations		3,128			16,019
Gain from sale of discontinued operations, net of taxes		3,404			-
Loss from discontinued operations	$	6,532			16,019

NOTE 9 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. Based on our evaluation, no event has occurred requiring adjustment or disclosure, except the following:

On October 23, 2024, the Company converted three outstanding loans, including accrued interest, in the total amount of $30,920 with three individual lenders, to exchange issuance of 51,534 shares of the common stock of the Company, at $0.60 per share.

In October 2024, the Company sold 23,375 shares of common stock to a non-U.S. investor at a price of $0.60 per share, generating total cash proceeds of $14,025. The sale was conducted in reliance on Regulation S of the Securities Act of 1933, as amended. No commissions were incurred in connection with this share issuance, and the share certificates were issued with a Rule 144 restrictive legend.

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

This Quarterly Report on Form 10-Q contains forward-looking statements, particularly those identified with the words, “anticipates,” “believes,” “expects,” “plans,” “intends,” “objectives,” and similar expressions. These statements reflect management’s best judgment based on factors known at the time of such statements. The reader may find discussions containing such forward-looking statements in the material set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” generally, and specifically therein under the captions “Liquidity and Capital Resources” as well as elsewhere in this Quarterly Report on Form 10-Q. Actual events or results may differ materially from those discussed herein. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guarantee, or warranty is to be inferred from those forward-looking statements. The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.

Overview

Wenyuan Group Corp. (formerly known as Longwen Group Corp.) (the “Company”) was originally incorporated as Expertelligence, Inc in the State of California on March 31, 1980 and reincorporated in the State of Nevada on November 17, 2005. On January 23, 2017, after a series of various name changes, the Company amended its Articles of Incorporation (“Charter Amendment”) to affect its name change of Longwen Group Corp with trading symbol of “LWLW”. On April 23, 2024, pursuant to the Company’s majority shareholder consent and board approval dated on April 5, 2024, the Company amended its Article of Incorporation with Nevada State to change its name to Wenyuan Group Corp. The name and symbol change of the Company is now under review by the Financial Industry Regulatory Authority (“FINRA”).

The Company underwent a change of control on January 21, 2016, at which time Harold Minsky resigned in all officer positions. G. Reed Petersen and White Rim Cattle Company LLC each purchased 25,000,000 shares of common stock of the Company from Harold Minsky. Mr. Petersen is the Member Manager of White Rim Cattle Company, LLC and thus can be considered a control person of all 50,000,000 shares of stock of the Company. Pursuant to a Board of Directors meeting, Mr. Petersen was elected to and accepted all the officer positions previously held by Harold Minsky.

On or about April 5, 2016, the Company affected a 1 for 750 share reverse split of its issued and outstanding common stock. On such date, the Company’s common stock was reduced from 95,164,140 to 127,061 shares outstanding.

Effective November 29, 2016, G. Reed Peterson sold 66,667 shares of common stock of the Company to Longwen Group Corporation (Cayman Island), a Cayman Island company (“Longwen Cayman”). All of the shares held by Longwen Cayman are restricted securities. As a result of the transactions, Mr. Petersen no longer owns any of the Company’s capital stock or securities and he and his affiliates waived all loans and other amounts due to the Company. In addition, on such date, Mr. Petersen resigned in all officer capacities from the Company, and Mr. Xizhen Ye, President of Longwen Cayman, was appointed as a sole Director of the Company and President and Chief Executive Officer and Chief Financial Officer of the Company.

From August 2018 to June 2021, the Company continued to seek for new business opportunities in order to increase its value of the common stock. However, due to the impact of the Covid-19 pandemic, the progress was delayed and the business goal was not successfully achieved.

On June 9, 2021, Anthony Lombardo (“Lombardo”) filed an Application for Appointment of Custodian (“Application”) with the Eighth Judicial District Court in Nevada to request the custodianship of the Company due to the Company’s non-response and late filing with the State of Nevada.

On June 24, 2021, a hearing was held on this Application, where Lombardo was named temporary custodian of the Company. Subsequently after Lombardo’s custodianship, Deanna Johnson was appointed as the CEO, CFO and Secretary of the Company. On September 1, 2021, Deanna Johnson appointed Joseph Passalaqua (“Joseph”) as CEO, CFO and Secretary and resigned from all positions in the Company, On October 25, 2021, Mr. Xizhen Ye (“Ye”), who was the officer and director of the Company prior to Lombardo’s custodianship, and Longwen Group Corporation (Cayman Island), a Cayman Island company (“Longwen Cayman”), filed a Motion to Dissolve Custodianship (“Motion”) with the Eighth Judicial District Court of Nevada State. On January 12, 2022, in accordance with a Settlement Agreement regarding Lombardo’s custodianship, Mr. Ye was reinstated his positions as the officer and director of the Company, along with the reinstatement of the other Company’s director, Lizhong Lu, who was also in place prior to Lombardo’s custodianship. On February 9, 2022, pursuant to the Settlement Agreement, Joseph transferred 65,000,000 common stocks of the Company owned by him to Mr. Ye. On February 17, 2022, the Eighth Judicial District Court formally dismissed Lombardo’s custodianship for the Company.

On February 23, 2022, the Company entered into an Acquisition Agreement with a third-party individual to acquire the 100% ownership of Hangzhou Wenyuan Enterprise Management Co., Ltd. (“Hangzhou Wenyuan”) (FKA: Hangzhou Longwen Enterprise Management Co., Ltd or “Hangzhou Longwen”), a wholly foreign-owned enterprise (“WOFE”) in Hangzhou, the People’s Republic of China (the “PRC”), for a total cash consideration of $1,000. As a result of the acquisition, Hangzhou Wenyuan became the Company’s wholly owned subsidiary in the PRC. Hangzhou Wenyuan was originally registered on January 4, 2012 and has minimum operations since its inception. The Company recognize $993 goodwill upon consummated the acquisition. On February 27, 2024, Hangzhou Longwen Enterprise Management Co., Ltd changed its name to Hangzhou Wenyuan Enterprise Management Co., Ltd. through Hangzhou Market Supervision and Administration Bureau in China.

On October 11, 2022, the Company and its subsidiary, Hangzhou Wenyuan entered into an Acquisition Agreement with a third-party individual to acquire 100% ownership of Hangzhou Wenyuan Art and Culture Co., Ltd. (“HWAC”) (FKA: Hangzhou Yusu Trading Co., Ltd. or “Hangzhou Yushu”), a limited liability company in Hangzhou, the People’s Republic of China (the “PRC”), for a total cash consideration of RMB 1,000 or about USD $141. Upon consummated HWAC became Hangzhou Wenyuan’s wholly owned subsidiary in the PRC. HWAC was originally registered on April 20, 2020 and has minimum operations since its inception. The Company recognize goodwill of $139 upon consummated the acquisition. On April 10, 2024, Hangzhou Yusu was renamed to Hangzhou Wenyuan Art and Culture Co., Ltd (“HWAC”).

On March 3, 2023, Hangzhou Wenyuan established a new subsidiary, Huzhou Wohong Fishery Co., Ltd. (“HWF”), to operate the aquacultural breeding, wholesale and retail of aquaculture products and etc. Due to the change in the economic situation and lower-than-expected sales of aquacultural products, our management decided to alter the HWF’s operations and on March 27, 2024, HWF entered into an agreement with a counterparty to sell certain assets and liabilities of HWF. HWF was identified as discontinued operations with aquacultural products sales. Such assets and liabilities are classified as assets and liabilities held for sale, and the sale was closed on March 27, 2024.

Results of operation for the three months ended September 30, 2024 and 2023

Revenue

Starting from the first quarter of 2024, the Company initiated the sale of cultural and health products through its subsidiary, Hangzhou Wenyuan Art and Culture Co., Ltd. (“HWAC”). For the three months ending on September 30, 2024, the Company generated $11,263 in revenue from offline product sales, and these sales consisted of cultural and health products, as compared to $Nil offline product sales during the same quarter in 2023. The management expects this newly added business segment of cultural and health product will become a new driving force for the Company’s revenue growth in 2024.

Cost of Revenues

Our cost of revenues for offline product sales for the three months ended September 30, 2024 amounted to $6,014 as compared to $Nil for the three months ended September 30, 2023, an increase of $6,014. The increase was primarily attributable to our offline product sales increased.

Operating Expense

For the three months ended September 30, 2024, our operating expenses amounts to $91,696, as compared to $133,692 for the three months ended September 30, 2023, a decrease of $41,996. The decrease was mainly due to the decrease in selling, general and administrative expenses.

During the three months ended September 30, 2024 and 2023, the Company incurred selling, general and administrative expenses (“SG&A”) of $46,491 and $71,886, respectively. The SG&A cost decreased mainly due to our cost cutting in 2024.

Net Loss

The net loss was $84,985 and $186,614 for the three months ended on September 30, 2024 and 2023, respectively. The decrease in net loss in the current quarter was mainly due to the decrease in SG&A, professional expenses and loss from the discontinued operations.

Results of operation for the nine months ended September 30, 2024 and 2023

Revenue

During the nine months ended September 30, 2024, the Company generated $nil of revenue from its consulting services compared to $15,004 for the period of the same quarter of year 2023. The Company has terminated all consulting agreements with previous service recipients by the end of year 2023 due to the Company’s business strategy adjustment. During the nine months ended September 30, 2024, the Company generated $Nil in revenue from online product sales, compared to $6,082 online product sales during the same quarter in 2023.

For the nine months ended September 30, 2024, the Company generated $67,968 in revenue from offline product sales including related party sales, and these sales consisted of cultural and health products, as compared to $Nil offline product sales during the same period in 2023. The management expects this newly added business segment of cultural and health product will become a new driving force for the Company’s revenue growth in 2024.

	For the nine months ended September 30,				Increase			Percentage
	2024		2023		(Decrease)			Change

Consulting services	$	-	$	15,004	$	(15,004	)		(100	)%
Online product sales		-		6,082		(6,082	)		(100	)%
Offline product sales – related party		17,075		-		17,075			100	%
Offline product sales		50,893		-		50,893			100	%
	$	67,968	$	21,086	$	46,882			222	%

Cost of Revenues

Our cost of revenues for online product sales for the nine months ended September 30, 2024 amounted to $Nil as compared to $2,199 for the nine months ended September 30, 2023, a decrease of $2,199. The increase was primarily attributable to our online product sales decreased. Our cost of revenues for offline product sales for the nine months ended September 30, 2024 amounted to $40,048 as compared to $Nil for the nine months ended September 30, 2023, an increase of $40,048. The increase was primarily attributable to our offline product sales increased.

Operating Expense

For the nine months ended September 30, 2024, our operating expense amounts to $913,805, as compared to $956,917 for the nine months ended September 30, 2023, a decrease of $43,112. The decrease was mainly due to the decrease in professional fees.

During the nine months ended September 30, 2024 and 2023, the Company incurred selling, general and administrative expenses of $215,150 and $212,916, respectively. The SG&A cost were comparable for the same quarter of 2024 and 2023.

Net Loss

The net loss was $882,004 and $932,368 for the nine months ended on September 30, 2024 and 2023, respectively. The decrease was mainly due to the decrease in professional fees and increase in revenue.

Discontinued Operations – Aquacultural product sales

On March 3, 2023, Hangzhou Wenyuan established a new subsidiary, Huzhou Wohong Fishery Co., Ltd. (“HWF”), to operate the aquacultural breeding, wholesale and retail of aquaculture products and etc. During the three months ended March 31, 2024 and 2023, the Company generated $nil and $221,601 of revenue from its aquaculture product sales through HWF. The aquacultural product sales was an important source of revenue for the Company in the year 2023. However, due to the changes in the economic situation and lower-than-expected sales of aquacultural products, our management decided to alter its operations. On March 27, 2024, HWF entered into an agreement with a counterparty to sell certain assets and liabilities of HWF. Consequently, HWF was identified as discontinued operations with aquacultural product sales in the accompanying unaudited consolidated financial statements. Net income from discontinued operations for the three months ended September 30, 2024 and 2023, amounted to $nil and $6,314, respectively.

Net income from discontinued operations for the nine months ended September 30, 2024 and 2023, amounted to $6,532 and $6,314, respectively.

Liquidity and Capital Resources

As of September 30, 2024 and December 31, 2023, we had an accumulated deficit of $20,936,297 and $20,054,293, respectively. As of September 30, 2024, we had cash of $153,716 and a working capital of $68,998. As of December 31, 2023, we had cash of $18,449 and a working capital deficit of $335,139. The increase in the working capital was primarily due to cash provided by financing activities for the issuance of commons stocks which was partially offset by cash used in operating activities.

Going Concern Assessment

The Company has adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. These adverse conditions are negative financial trends, specifically cash outflow from operating activities, operating losses, accumulated deficit and other adverse key financial ratios.

Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and the President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements.

The unaudited condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

Off-Balance Sheet Arrangements

We have no 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 stockholders.

Critical Accounting Policies

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires making estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The critical accounting policies are discussed in further detail in the notes to the unaudited financial statements appearing elsewhere in this Form 10-Q report. Management believes that the application of these policies on a consistent basis enables us to provide useful and reliable financial information about our operating results and financial condition.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company” we are not required to provide this information under this item pursuant to Regulation S-K.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report on Form 10-Q, our President (principal executive officer) and our Chief Financial Officer performed an evaluation of the effectiveness of and the operation of our disclosure controls and procedures as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act. Based on that evaluation, our President and Chief Financial Officer each concluded that as of the end of the period covered by this report on Form 10-Q, our disclosure controls and procedures were not effective in timely alerting them to material information relating to Wenyuan Group Corp. (formerly known as Longwen Group Corp.) required to be included in our Exchange Act filings.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15 under the Exchange Act that occurred during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The Company may be involved in certain legal proceedings that arise from time to time in the ordinary course of its business. Legal expenses associated with any contingency are expensed as incurred. The Company’s officers and directors are not aware of any threatened or pending litigation to which the Company is a party or which any of its property is the subject and which would have any material, adverse effect on the Company.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide this information under this item pursuant to Regulation S-K.

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

For the three months ended September 30, 2024, the Company sold 415,465 shares of common stock to ten non-U.S. investors at $0.60 per share, with total proceeds of $249,278 received in cash. The Company relied upon Regulation S of the Securities Act of 1933, as amended, for the sale of these securities. No commissions were paid regarding the share issuance and the share certificates were issued with a Rule 144 restrictive legend.

We used the net proceeds from the unregistered sales of equity securities to fund the Company’s normal business operations.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number		Description of Exhibit
31.1*		Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14 and Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14 and Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Certification of Chief Executive Officer and President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

SIGNATURES

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

	WENYUAN GROUP CORP.

Date: November 6, 2024	/s/ Xizhen Ye
	Xizhen Ye, Chief Executive Officer

Date: November 6, 2024	/s/ Xizhen Ye
	Xizhen Ye, Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Description of Exhibit
31.1*		Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14 and Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14 and Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Certification of Chief Executive Officer and President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

EXHIBIT 31.1

CERTIFICATION

I, Xizhen Ye, certify that:

1.	I have reviewed this report on Form 10-Q of Wenyuan Group Corp.;

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 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 consolidated 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 evaluation; 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 quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer 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 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.

	/s/ Xizhen Ye
	Xizhen Ye
	Chief Executive Officer and President (Principal Executive Officer)
	November 6, 2024

EXHIBIT 31.2

CERTIFICATION

I, Xizhen Ye, certify that:

1.	I have reviewed this report on Form 10-Q of Wenyuan Group Corp.;

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 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 consolidated 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 evaluation; 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 quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer 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 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.

	/s/ Xizhen Ye
	Xizhen Ye
	Chief Financial Officer (Principal Financial Officer) (Principal Accounting Officer)
	November 6, 2024

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

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

In connection with the Quarterly Report of Wenyuan Group Corop. (formerly known as Longwen Group Corp.) (the “Company”) on Form 10-Q for the period ending September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

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

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Xizhen Ye
	Xizhen Ye
	Chief Executive Officer and President (Principal Executive Officer)
	November 6, 2024

	/s/ Xizhen Ye
	Xizhen Ye
	Chief Financial Officer (Principal Financial Officer) (Principal Accounting Officer)
	November 6, 2024

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-11596
Entity Registrant Name	Longwen Group Corp.
Entity Central Index Key	0000723533
Entity Tax Identification Number	95-3506403
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	RM 2404, Yin Zun Building
Entity Address, Address Line Two	ZunBao Plaza,
Entity Address, Address Line Three	Shangcheng Dist.
Entity Address, City or Town	Hangzhou City
Entity Address, Country	CN
City Area Code	86 0571
Local Phone Number	85128985
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,884,279

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 153,716	$ 18,449
Inventories	43,539	40,373
Prepaid expenses and other current assets	15,068	45,628
Current assets from discontinued operations		480,569
Total current assets	212,323	585,019
Property and equipment, net	271,541	254,578
Intangible assets, net	2,494	2,994
Intangible assets under construction	21,660
Goodwill	1,132	1,132
TOTAL ASSETS	509,150	843,723
Current liabilities:
Accounts payable and accrued liabilities	106,027	119,469
Advances from customers	71	33,171
Current liabilities from discontinued operations		484,475
Total current liabilities	143,325	920,158
TOTAL LIABILITIES	143,325	920,158
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.0001 par value, 50,000,000 authorized, nil shares issued and outstanding
Common stock, $0.0001 par value, 550,000,000 authorized, 80,809,370 and 78,775,094 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	8,081	7,878
Additional paid-in capital	21,280,326	19,970,306
Accumulated deficit	(20,936,297)	(20,054,293)
Accumulated other comprehensive income (loss)	13,715	(326)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)	365,825	(76,435)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	509,150	843,723
Shareholder [Member]
Current liabilities:
Loans from third parties	5,877	198,510
Third Parties [Member]
Current liabilities:
Loans from third parties	$ 31,350	$ 84,533

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	550,000,000	550,000,000
Common stock, shares issued	80,809,370	78,775,094
Common stock, shares outstanding	80,809,370	78,775,094

Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 11,263		$ 67,968	$ 21,086
Cost of revenues
Total cost of revenues	6,014		40,048	2,199
Gross profit	5,249		27,920	18,887
Operating Expenses
Professional expenses	45,205	61,806	128,655	168,001
Selling, general and administrative expenses	46,491	71,886	215,150	212,916
Share-based compensation			570,000	576,000
Total operating expenses	91,696	133,692	913,805	956,917
Loss from operations	(86,447)	(133,692)	(885,885)	(938,030)
Other income (expenses):
Interest expense		(104)	(26)	(260)
Other income (expenses), net	1,462	(30)	(2,625)	(392)
Total other income (expense), net	1,462	(134)	(2,651)	(652)
Net loss from continuing operations	(84,985)	(133,826)	(888,536)	(938,682)
Gain (loss) from discontinued operations (including disposal gain of $nil and $3,404 for the three and nine months ended September 30, 2024, respectively)		(52,788)	6,532	6,314
Net loss	(84,985)	(186,614)	(882,004)	(932,368)
Other comprehensive income (loss)
Foreign currency translation income (loss)	13,473	1,164	14,041	(3,861)
Total other comprehensive income (loss)	13,473	1,164	14,041	(3,861)
Comprehensive loss	$ (71,512)	$ (185,450)	$ (867,963)	$ (936,229)
Weighted average shares outstanding:
Weighted average shares outstanding: Basic	80,645,636	79,825,094	79,863,637	78,996,477
Weighted average shares outstanding: Diluted	80,645,636	79,825,094	79,863,637	78,996,477
Continuing operation - Basic	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Continuing operation - Diluted	(0.00)	(0.00)	(0.01)	(0.01)
Discontinued operations - Basic	(0.00)	(0.00)	(0.00)	(0.00)
Discontinued operations - Diluted	(0.00)	(0.00)	(0.00)	(0.00)
Loss per share: Basic	(0.00)	(0.00)	(0.01)	(0.01)
Loss per share: Diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Consulting Service Income [Member]
Revenues
Total revenues				$ 15,004
Online Product Sales [Member]
Revenues
Total revenues				6,082
Cost of revenues
Total cost of revenues				2,199
Offline Product Sales [Member]
Cost of revenues
Total cost of revenues	6,014		40,048
Offline Product Sales [Member] \| Related Party [Member]
Revenues
Total revenues			17,075
Offline Product Sales [Member] \| Nonrelated Party [Member]
Revenues
Total revenues	$ 11,263		$ 50,893

Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Income Statement [Abstract]
Disposal gain		$ 3,404

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (882,004)	$ (932,368)
Adjustment to reconcile net loss used in operating activities:
Gain from discontinued operations	(6,532)	(6,314)
Depreciation and amortization	9,933	9,645
Share-based compensation	570,000	576,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	32,943	44,337
Accounts receivable		(6,399)
Inventories	(2,637)	(40,803)
Accounts payable and accrued liabilities	(14,578)	92,055
Advances from customers	(32,646)
Net cash used in operating activities from continuing operations	(325,521)	(263,847)
Net cash used in operating activities from discontinued operations		(169)
Net cash used in operating activities	(325,521)	(264,016)
Cash flows from investing activities:
Purchase of property and equipment	(23,116)
Payment for intangible assets under construction	(21,121)
Net cash used in investing activities	(44,237)
Cash flows from financing activities:
Proceeds from third parties	30,495	87,705
Proceeds from a shareholder	21,314	83,640
Repayment to shareholders	(211,548)	(33,132)
Proceeds from issuance of common stock	656,376	67,234
Net cash provided by financing activities from continuing operations	496,637	205,447
Net cash provided by financing activities from discontinued operations
Net cash provided by financing activities	496,637	205,447
Effect of exchange rate changes in cash and cash equivalents from continuing operations	8,388	(4,203)
Effect of exchange rate changes in cash and cash equivalents from discontinued operations		289
Net increase (decrease) in cash and cash equivalents from continuing operations	135,267	(62,603)
Net increase in cash and cash equivalents from discontinued operations		120
Cash and cash equivalents, beginning balance	18,449	68,121
Cash and cash equivalents, ending balance	153,716	5,638
Supplement Disclosures:
Interest paid
Income tax paid
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Repayment of commercial loan by related party on behalf of the Company		14,050
Common stocks issuable for deferred compensation		23,221
Common stocks issued for debt settlement	$ 83,847

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Common Stock Issuable [Member]	Additional Paid-in Capital [Member]	Deferred Compensation, Share-Based Payments [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2022	$ 7,411		$ 19,285,539		$ (19,027,835)	$ 5,840	$ 270,955
Balance, shares at Dec. 31, 2022	74,108,926
Shares issued for cash	$ 34		67,200				67,234
Shares issued for cash, shares	336,168
Other comprehensive income (loss)						(3,861)	(3,861)
Net loss					(932,368)		(932,368)
Shares issued for compensation	$ 538		575,462				576,000
Shares issued for compensation, shares	5,380,000
Shares issuable for deferred compensation		37	73,963	(74,000)
Balance at Sep. 30, 2023	$ 7,983	37	20,002,164	(74,000)	(19,960,203)	1,979	(22,040)
Balance, shares at Sep. 30, 2023	79,825,094
Balance at Jun. 30, 2023	$ 7,983	37	20,002,164	(74,000)	(19,773,589)	815	163,410
Balance, shares at Jun. 30, 2023	79,825,094
Other comprehensive income (loss)						1,164	1,164
Net loss					(186,614)		(186,614)
Balance at Sep. 30, 2023	$ 7,983	37	20,002,164	(74,000)	(19,960,203)	1,979	(22,040)
Balance, shares at Sep. 30, 2023	79,825,094
Balance at Dec. 31, 2023	$ 7,878		19,970,306		(20,054,293)	(326)	(76,435)
Balance, shares at Dec. 31, 2023	78,775,094
Shares issued for cash	$ 140		656,236				656,376
Shares issued for cash, shares	1,404,786
Other comprehensive income (loss)						14,041	14,041
Net loss					(882,004)		(882,004)
Shares issued for compensation	$ 155		569,845				570,000
Shares issued for compensation, shares	1,550,000
Share cancellation	$ (120)		120
Share cancellation, shares	(1,200,000)
Common stock issued for debt settlement	$ 28		83,819				83,847
Common stock issued for debt settlement, shares	279,490
Balance at Sep. 30, 2024	$ 8,081		21,280,326		(20,936,297)	13,715	365,825
Balance, shares at Sep. 30, 2024	80,809,370
Balance at Jun. 30, 2024	$ 8,040		21,031,089		(20,851,312)	242	188,059
Balance, shares at Jun. 30, 2024	80,393,905
Shares issued for cash	$ 41		249,237				249,278
Shares issued for cash, shares	415,465
Other comprehensive income (loss)						13,473	13,473
Net loss					(84,985)		(84,985)
Balance at Sep. 30, 2024	$ 8,081		$ 21,280,326		$ (20,936,297)	$ 13,715	$ 365,825
Balance, shares at Sep. 30, 2024	80,809,370

ORGANIZATION AND PRINCIPAL ACTIVITIES

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

On March 3, 2023, Hangzhou Wenyuan established a new subsidiary, Huzhou Wohong Fishery Co., Ltd. (“HWF”), to operate the aquacultural breeding, wholesale and retail of aquaculture products and etc. Due to the change in the economic situation and lower-than-expected sales of aquacultural products, our management decided to change the HWF’s operations and on March 27, 2024, HWF entered into an agreement with a counterparty to sell certain assets and liabilities of HWF. HWF was identified as discontinued operations with aquacultural products sales. Such assets and liabilities are classified as assets and liabilities held for sale, and the sale was closed on March 27, 2024.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Basis of Presentation

Reclassifications

Use of Estimates

Foreign Currency Transactions

	2024		2023		2024		2023
	Average Rate for the three months ended September 30,				Average Rate for the nine months ended September 30,
	2024		2023		2024		2023
China yuan (RMB)	RMB	7.1649	RMB	7.2437	RMB	7.1966	RMB	7.0326
United States dollar ($)	$	1.0000	$	1.0000	$	1.0000	$	1.0000

	September 30, 2024		December 31, 2023
	Exchange Rate at
	September 30, 2024		December 31, 2023
China yuan (RMB)	RMB	7.0176	RMB	7.0978
United States dollar ($)	$	1.0000	$	1.0000
Foreign exchange rate	$	1.0000	$	1.0000

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Inventories

Property and equipment

Impairment of Long-Lived Assets

Revenue Recognition

Concentration

Share-based Compensation

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Income Taxes

Related Parties

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

Fair Value Measurements

	●	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 liabilities, 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.

Segment Reporting

Accounting Standards Issued but Not Yet Adopted

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

GOING CONCERN

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN

NOTE 3 – GOING CONCERN

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 4 – PROPERTY AND EQUIPMENT, NET

As of September 30, 2024 and December 31, 2023, property and equipment consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT, NET

	September 30, 2024			December 31, 2023

Equipment	$	30,996		$	7,209
Property		266,665			263,651
Less: accumulated depreciation		(26,120	)		(16,282	)
Total property and equipment, net	$	271,541		$	254,578

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

LOANS FROM THIRD PARTIES

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

LOANS FROM THIRD PARTIES

NOTE 5 – LOANS FROM THIRD PARTIES

The Company’s loans from third parties consisted of the following as of September 30, 2024 and December 31, 2023:

SCHEDULE OF LOANS FROM THIRD PARTIES

	September 30, 2024			December 31, 2023

Loan from third-party lenders; unsecure, bearing an interest rate of 0.5% per annum, and due in one year	$	31,350		$	84,533
Total loans		31,350			84,533
Less: current portion		(31,350	)		(84,533	)
Total non-current portion	$	—		$	—

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

STOCKHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

Common Stocks

As of September 30, 2024 and December 31, 2023, the Company had 80,809,370 and 78,775,094 shares of common stock issued and outstanding, respectively.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6 – STOCKHOLDERS’ EQUITY (continued)

2022 Equity Incentive Plan

As of September 30, 2024 and December 31, 2023, the Company’s common shares issuable under the 2022 Equity Incentive Plan totalled 1,220,000 and 1,570,000, respectively.

2023 Equity Incentive Plan

A summary of equity incentive activities for the three months ended September 30, 2024 is as follows:

SCHEDULE OF EQUITY INCENTIVE ACTIVITIES

	Number of Shares			Weighted Average Grant Date Fair Value
Issued and vested as of January 1, 2023		4,250,000			0.10
Granted and vested		5,750,000			0.11
Forfeited and cancelled		(1,570,000	)		0.12
Issued and vested as of January 1, 2024		8,430,000		$	0.10
Forfeited and cancelled		(1,200,000	)		0.10
Granted and vested		1,550,000			0.37
Issued and vested as of September 30, 2024		8,780,000		$	0.15

The total fair value of shares issued for incentive that vested was $0.57 million and $0.57 million during the nine months ended September 30, 2024 and 2023, respectively.

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

The President’s wife further paid expenses in the total amount of $2,868 on behalf of the Company during the three months ended March 31, 2024.

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 8 – DISCONTINUED OPERATIONS

Total disposed assets and liabilities from discontinued operations as of March 31, 2024, were as below:

SCHEDULE OF DISCONTINUED OPERATIONS

	March 31, 2024

ASSETS
Current assets
Prepaid expenses and other current assets		736
Accounts receivable	$	471,066
Total current assets	$	471,802
TOTAL ASSETS DISPOSED FROM DISCONTINUED OPERATIONS	$	471,802

LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	461,201
Other payable		14,005
Total current liabilities		475,206
TOTAL LIABILITIES DISPOSED FROM DISCONTINUED OPERATIONS	$	475,206
Disposal gain	$	3,404

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2024 and 2023, results of operations from HWF are as below:

	2024			2023
	For the three months ended March 31,
	2024			2023

Revenues
Aquaculture product sales	$	-		$	221,601
Total revenues		-			221,601

Cost of revenues
Cost of Aquaculture product		-			199,156
Total cost of revenues		-			199,156
Gross profit		-			22,445

Operating expenses:
Selling, general and administrative expenses		-			5,375
Total operating expenses		-			5,375

Income from operations of discontinued operations		-			17,070

Other expenses:
Other expenses, net		13			208
Total other expenses, net		13			208

Net (loss) income before income tax from discontinued operations		(13	)		16,862
Income tax recovery (expense)		3,141			(843	)
Net income from discontinued operations, net of taxes before gain from sale of discontinued operations		3,128			16,019
Gain from sale of discontinued operations, net of taxes		3,404			-
Loss from discontinued operations	$	6,532			16,019

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

Basis of Presentation

Reclassifications

Use of Estimates

Foreign Currency Transactions

	2024		2023		2024		2023
	Average Rate for the three months ended September 30,				Average Rate for the nine months ended September 30,
	2024		2023		2024		2023
China yuan (RMB)	RMB	7.1649	RMB	7.2437	RMB	7.1966	RMB	7.0326
United States dollar ($)	$	1.0000	$	1.0000	$	1.0000	$	1.0000

	September 30, 2024		December 31, 2023
	Exchange Rate at
	September 30, 2024		December 31, 2023
China yuan (RMB)	RMB	7.0176	RMB	7.0978
United States dollar ($)	$	1.0000	$	1.0000
Foreign exchange rate	$	1.0000	$	1.0000

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Inventories

Property and equipment

Impairment of Long-Lived Assets

Revenue Recognition

Concentration

Share-based Compensation

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Income Taxes

Related Parties

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

Fair Value Measurements

	●	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 liabilities, 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.

Segment Reporting

Accounting Standards Issued but Not Yet Adopted

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SCHEDULE OF EXCHANGE RATE USED FOR FINANCIAL STATEMENTS

	2024		2023		2024		2023
	Average Rate for the three months ended September 30,				Average Rate for the nine months ended September 30,
	2024		2023		2024		2023
China yuan (RMB)	RMB	7.1649	RMB	7.2437	RMB	7.1966	RMB	7.0326
United States dollar ($)	$	1.0000	$	1.0000	$	1.0000	$	1.0000

	September 30, 2024		December 31, 2023
	Exchange Rate at
	September 30, 2024		December 31, 2023
China yuan (RMB)	RMB	7.0176	RMB	7.0978
United States dollar ($)	$	1.0000	$	1.0000
Foreign exchange rate	$	1.0000	$	1.0000

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

SCHEDULE OF PROPERTY AND EQUIPMENT, NET

As of September 30, 2024 and December 31, 2023, property and equipment consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT, NET

	September 30, 2024			December 31, 2023

Equipment	$	30,996		$	7,209
Property		266,665			263,651
Less: accumulated depreciation		(26,120	)		(16,282	)
Total property and equipment, net	$	271,541		$	254,578

LOANS FROM THIRD PARTIES (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

SCHEDULE OF LOANS FROM THIRD PARTIES

The Company’s loans from third parties consisted of the following as of September 30, 2024 and December 31, 2023:

SCHEDULE OF LOANS FROM THIRD PARTIES

	September 30, 2024			December 31, 2023

Loan from third-party lenders; unsecure, bearing an interest rate of 0.5% per annum, and due in one year	$	31,350		$	84,533
Total loans		31,350			84,533
Less: current portion		(31,350	)		(84,533	)
Total non-current portion	$	—		$	—

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SCHEDULE OF EQUITY INCENTIVE ACTIVITIES

A summary of equity incentive activities for the three months ended September 30, 2024 is as follows:

SCHEDULE OF EQUITY INCENTIVE ACTIVITIES

	Number of Shares			Weighted Average Grant Date Fair Value
Issued and vested as of January 1, 2023		4,250,000			0.10
Granted and vested		5,750,000			0.11
Forfeited and cancelled		(1,570,000	)		0.12
Issued and vested as of January 1, 2024		8,430,000		$	0.10
Forfeited and cancelled		(1,200,000	)		0.10
Granted and vested		1,550,000			0.37
Issued and vested as of September 30, 2024		8,780,000		$	0.15

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

SCHEDULE OF DISCONTINUED OPERATIONS

Total disposed assets and liabilities from discontinued operations as of March 31, 2024, were as below:

SCHEDULE OF DISCONTINUED OPERATIONS

	March 31, 2024

ASSETS
Current assets
Prepaid expenses and other current assets		736
Accounts receivable	$	471,066
Total current assets	$	471,802
TOTAL ASSETS DISPOSED FROM DISCONTINUED OPERATIONS	$	471,802

LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	461,201
Other payable		14,005
Total current liabilities		475,206
TOTAL LIABILITIES DISPOSED FROM DISCONTINUED OPERATIONS	$	475,206
Disposal gain	$	3,404

WENYUAN GROUP CORP. AND SUBSIDIARIES

(FORMERLY KNOWN AS LONGWEN GROUP CORP.)

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2024 and 2023, results of operations from HWF are as below:

	2024			2023
	For the three months ended March 31,
	2024			2023

Revenues
Aquaculture product sales	$	-		$	221,601
Total revenues		-			221,601

Cost of revenues
Cost of Aquaculture product		-			199,156
Total cost of revenues		-			199,156
Gross profit		-			22,445

Operating expenses:
Selling, general and administrative expenses		-			5,375
Total operating expenses		-			5,375

Income from operations of discontinued operations		-			17,070

Other expenses:
Other expenses, net		13			208
Total other expenses, net		13			208

Net (loss) income before income tax from discontinued operations		(13	)		16,862
Income tax recovery (expense)		3,141			(843	)
Net income from discontinued operations, net of taxes before gain from sale of discontinued operations		3,128			16,019
Gain from sale of discontinued operations, net of taxes		3,404			-
Loss from discontinued operations	$	6,532			16,019

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Narrative) - Acquisition Agreement [Member] - Hangzhou Wenyuan [Member]	Oct. 11, 2022 USD ($)	Oct. 11, 2022 CNY (¥)	Feb. 23, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage	100.00%	100.00%	100.00%
Cash consideration	$ 141	¥ 1,000	$ 1,000
Goodwill acquired during period	$ 139		$ 993

SCHEDULE OF EXCHANGE RATE USED FOR FINANCIAL STATEMENTS (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Average Rate [Member] \| China Yuan R M B [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
United States dollar ($)	7.1649	7.2437	7.1966	7.0326
Average Rate [Member] \| United States Dollar [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
United States dollar ($)	1.0000	1.0000	1.0000	1.0000
Exchange Rate [Member] \| China Yuan R M B [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Foreign exchange rate	7.0176		7.0176		7.0978
Exchange Rate [Member] \| United States Dollar [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Foreign exchange rate	1.0000		1.0000		1.0000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Product Information [Line Items]
Concentration risk percentage		25.00%	41.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Product Information [Line Items]
Concentration risk percentage		10.00%	31.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Vendor One [Member]
Product Information [Line Items]
Concentration risk percentage	95.00%	94.00%
Office Equipment [Member]
Product Information [Line Items]
Useful life	3 years	3 years

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
GOING CONCERN (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 84,985	$ 186,614	$ 882,004	$ 932,368
Accumulated deficit	$ 20,936,297		$ 20,936,297		$ 20,054,293

SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Equipment	$ 30,996	$ 7,209
Property	266,665	263,651
Less: accumulated depreciation	(26,120)	(16,282)
Total property and equipment, net	$ 271,541	$ 254,578

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 28, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Impairment Effects on Earnings Per Share [Line Items]
Issuance of common stock for property. shares	2,651,780
Issuance of common stock for property	$ 265,178
Value-added tax	$ 2,108
Depreciation expenses		$ 3,512	$ 3,118	$ 9,933	$ 9,645
Property, Plant and Equipment [Member]
Impairment Effects on Earnings Per Share [Line Items]
Issuance of common stock for property				263,070
Fluctation of foreign exchange				$ 3,595

SCHEDULE OF LOANS FROM THIRD PARTIES (Details) - Third Parties [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Total loans	$ 31,350	$ 84,533
Less: current portion	(31,350)	(84,533)
Total non-current portion
Unsecure Third Party Lender [Member]
Short-Term Debt [Line Items]
Total loans	$ 31,350	$ 84,533

SCHEDULE OF LOANS FROM THIRD PARTIES (Details) (Parenthetical) - Third Party Lender [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Interest rate	0.50%	0.50%
Due term	1 year	1 year

LOANS FROM THIRD PARTIES (Details Narrative)				3 Months Ended						9 Months Ended		12 Months Ended
LOANS FROM THIRD PARTIES (Details Narrative)	Oct. 23, 2024 $ / shares shares	Feb. 18, 2024 USD ($) shares	Dec. 31, 2019 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CNY (¥)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023	Feb. 18, 2024 CNY (¥)	Dec. 31, 2022 USD ($)
Short-Term Debt [Line Items]
Borrowed from third party										$ 30,495	$ 87,705
Common stock issued for debt settlement										$ 83,847
Common Stock [Member]
Short-Term Debt [Line Items]
Common stock issued for debt settlement, shares \| shares										279,490
Common stock issued for debt settlement										$ 28
Three Individual Lenders [Member] \| Subsequent Event [Member] \| Common Stock [Member]
Short-Term Debt [Line Items]
Converted shares \| shares	51,534
Converted shares, price per share \| $ / shares	$ 0.60
Third Party Lender [Member]
Short-Term Debt [Line Items]
Interest rate										0.50%		0.50%
Debt term										1 year		1 year
Two Third-party Individuals [Member]
Short-Term Debt [Line Items]
Debt due date								Dec. 30, 2023	Dec. 30, 2023
Borrowed from third party						$ 76,934	¥ 550,000	$ 46,776	¥ 320,000
Two Individual [Member] \| Third Party Lender [Member]
Short-Term Debt [Line Items]
Repayments of loans from third parties						$ 123,710	¥ 870,000
Third Party Individual [Member]
Short-Term Debt [Line Items]
Borrowed from third party								$ 87,705	¥ 600,000
Interest rate								0.50%	0.50%
Debt term								1 year	1 year
Three Third Party Individual [Member]
Short-Term Debt [Line Items]
Loans due amount										$ 31,350
Borrowed from third party				$ 30,495	¥ 220,000
Interest rate				0.50%	0.50%
Loan Agreement [Member]
Short-Term Debt [Line Items]
Loans due amount			$ 12,250
Interest payable			300											$ 1,800
Fixed rate			$ 500
Debt due date			Dec. 31, 2022
Borrowings														$ 12,250
Repayments of loans from third parties								$ 14,050
Debt Settlement Agreement [Member] \| Third Party Individual [Member]
Short-Term Debt [Line Items]
Interest payable		$ 83,847											¥ 603,000
Common stock issued for debt settlement, shares \| shares		279,490
Common stock issued for debt settlement		$ 83,847

SCHEDULE OF EQUITY INCENTIVE ACTIVITIES (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Number of Shares, Issued and Vested Beginning Balance	8,430,000	4,250,000
Weighted Average Grant Date Fair Value, Issued and Vested Begining Balance	$ 0.10	$ 0.10
Number of Shares, Granted and Vested	1,550,000	5,750,000
Weighted Average Grant Date Fair Value, Granted and Vested	$ 0.37	$ 0.11
Number of Shares, Forfeited and Cancelled	(1,200,000)	(1,570,000)
Weighted Average Grant Date Fair Value, Forfeited and Cancelled	$ 0.10	$ 0.12
Number of Shares, Issued and Vested Beginning Balance	8,780,000	8,430,000
Weighted Average Grant Date Fair Value, Issued and Vested Ending Balance	$ 0.15	$ 0.10

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)				1 Months Ended				3 Months Ended				9 Months Ended		12 Months Ended
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	Feb. 18, 2024	Jun. 29, 2023	Jan. 19, 2023	Jan. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	May 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Nov. 07, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued					78,775,094			80,809,370			78,775,094	80,809,370		78,775,094
Common stock, shares outstanding					78,775,094			80,809,370			78,775,094	80,809,370		78,775,094
Fair value of shares								$ 249,278				$ 656,376	$ 67,234
Fair value of shares issued that vested												$ 570,000	$ 570,000
2022 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock shares have been issued					180,000						180,000			180,000	10,000,000
Number of common stock shares granted														550,000
Share based compensation														$ 36,000
Number of unvested shares forfeited											370,000
Number of common shares issuable					1,570,000			1,220,000			1,570,000	1,220,000		1,570,000
2022 Equity Incentive Plan [Member] \| Two Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock shares granted									350,000	1,200,000
Fair value of shares									$ 210,000	$ 360,000
2023 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares issuable					5,000,000			5,000,000			5,000,000	5,000,000		5,000,000
Related Party [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares price per share	$ 0.30
Loan amount converted	$ 83,847
Debt exchanged shares issuance	279,490
49 Non US Investors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued						336,168	336,168
Price per share						$ 0.20	$ 0.20
3 Non US Investors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued					150,000
Price per share					$ 0.28						$ 0.28			$ 0.28
Fifteen Non-U.S. Investors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued								415,465		621,648
Price per share								$ 0.60		$ 0.30		$ 0.60
Cash proceeds								$ 249,278		$ 186,494
Individual Non US Investors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued									367,673
Cash proceeds									$ 220,604	$ 62,184
Shares price per share									$ 0.60
Six Employees and One Consultant [Member] \| 2022 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock shares granted			5,000,000
Fair value of shares			$ 500,000
One Employee [Member] \| 2022 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock shares returned					1,200,000
Another Employee [Member] \| 2022 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock shares returned				1,200,000
Two Employees [Member] \| 2022 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock shares granted		200,000
Fair value of shares		$ 40,000
Four Individuals [Member] \| 2022 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares price per share		$ 0.20
Number of common stock shares granted		550,000
Number of shares vested		180,000

RELATED PARTY TRANSACTIONS (Details Narrative)	3 Months Ended								9 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Advance from related party									$ 30,495			$ 87,705
Total revenues	$ 11,263								67,968			21,086
President [Member]
Related Party Transaction [Line Items]
Advance from related party								$ 82,107
Repayment to related party			$ 64,770	¥ 465,544		$ 14,618	¥ 100,000			$ 2,359	¥ 23,000
Loan due	5,575								5,575	71,165
Difference amount due to fluctuation in foreign exchange	820								820	2,350
Salaries paid	5,002								5,002
Wife of President [Member]
Related Party Transaction [Line Items]
Advance from related party									21,315			83,640
Repayment to related party									146,862			$ 16,046
Repayment of commercial loan and accrued interest			2,868			14,050
Due to related parties	302								302	127,345
Recognized compensation expenses	3,335								4,447
Wife of President [Member] \| Offline Product Sales [Member]
Related Party Transaction [Line Items]
Total revenues			$ 16,710
Daughter of President [Member]
Related Party Transaction [Line Items]
Recognized compensation expenses	4,335								13,005
Related Party [Member]
Related Party Transaction [Line Items]
Compensation payable	4,332								4,332	31,446
Related Party [Member] \| Offline Product Sales [Member]
Related Party Transaction [Line Items]
Total revenues		$ 365
Hangzhou Longwen Culture Media Ltd. [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 25,735								$ 25,735	$ 40,373
Purchased inventory						$ 40,373

SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Current assets
Prepaid expenses and other current assets	$ 736
Accounts receivable	471,066
Total current assets	471,802
TOTAL ASSETS DISPOSED FROM DISCONTINUED OPERATIONS	471,802
Current liabilities:
Accounts payable and accrued liabilities	461,201
Other payable	14,005
Total current liabilities	475,206
TOTAL LIABILITIES DISPOSED FROM DISCONTINUED OPERATIONS	475,206
Disposal gain	3,404
Total revenues		$ 221,601
Total cost of revenues		199,156
Gross profit		22,445
Selling, general and administrative expenses		5,375
Total operating expenses		5,375
Income from operations of discontinued operations		17,070
Other expenses, net	13	208
Total other expenses, net	13	208
Net (loss) income before income tax from discontinued operations	(13)	16,862
Income tax recovery (expense)	3,141	(843)
Net income from discontinued operations, net of taxes before gain from sale of discontinued operations	3,128	16,019
Gain from sale of discontinued operations, net of taxes	3,404
Loss from discontinued operations	6,532	16,019
Aquaculture [Member]
Current liabilities:
Total revenues		221,601
Total cost of revenues		$ 199,156

DISCONTINUED OPERATIONS (Details Narrative)	Mar. 27, 2024 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Consideration price

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)		1 Months Ended
	Oct. 23, 2024	Oct. 31, 2024
Non-US [Member]
Subsequent Event [Line Items]
Investor shares, price per share		$ 0.60
Common stock to a non-U.S , shares		23,375
Total cash proceeds		$ 14,025
Three Individual Lenders [Member]
Subsequent Event [Line Items]
Converted amount	$ 30,920
Three Individual Lenders [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Converted shares	51,534
Investor shares, price per share	$ 0.60