Company: LVPA
Filing Date: 2025-06-20
Form Type: 10-Q
Source: 0001477932-25-004713
Chunk: 7

Company: LVPAI GROUP Ltd
Filing Date: 2025-06-20
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ● Recent accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, which clarifies certain aspects of the new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard. We adopted ASC 842 on July 1, 2020. The adoption of this guidance did not have any impact on our financial statements. ● Stockholders’ Equity and Accrued Liability Excess Stock Issuance The Company has authorized 300,000,000 shares of Common Stock with a par value of $0.001. As of April 30, 2025, and January 31, 2025, respectively, there were 100,103,103 shares of Common Stock issued and outstanding, respectively. As of April 30, 2025, and January 31, 2025, 8,000,000 shares of preferred stock were outstanding respectively, and preferred Series A stock, $0.001 par value, 20,000,000 shares authorized