**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

_________________

** **

**FORM 10Q**

_________________

(Mark One)

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

                                                             For the quarterly period ended September 30, 2015

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

 

                                              For the transition period from __________ to ___________

 

Commission file number: 000-21477

 

**JV GROUP, INC.**

(Exact name of registrant as specified in its charter)

 

| **DELAWARE**                              | **27-0514566**          |
|-------------------------------------------|-------------------------|
| (STATE OR  OTHER JURISDICTION             | (I.R.S.  EMPLOYER       |
| OF  INCORPORATION OR ORGANIZATION)        | IDENTIFICATION  NUMBER) |
|                                      |                    |
| **7609 RALSTON  ROAD**                    |                    |
| **ARVADA,  COLORADO**                     | **80002**               |
| (ADDRESS OF  PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE)              |

** **

303-422-8127

(Registrant's Telephone number)

 

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  past 12 months (or for such  shorter  period that the  registrant  was required  to file  such  reports),  and  (2)  has  been  subject  to the  filing requirements for the past 90 days.

 

| Yes | [x] | No

[_]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 for 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 and post such files).

 

Yes

[x]

No

[_]

 

Indicate by check mark whether the registrant is a large accelerated file, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

[_]

Accelerated filer

[_]

Non-accelerated filer

[_]

Smaller reporting company

[x]

(Do not check if a smaller  reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

[_]

No

[x]

Indicate the number of share outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

As of January 29, 2016, there were98,879,655 shares of the registrant's common stock issued and outstanding.

** **
  
  

**Table of Contents**
PART I - FINANCIAL INFORMATION
**Page**

Item 1.

Financial Statements

2

Condensed Consolidated Balance Sheets (Unaudited) as of September  30,  2015 and June 30, 2015 (Audited)

3

Condensed Consolidated Statements of Operations  (Unaudited) for the Three Months Ended September 30, 2015 and 2014

4

Condensed Consolidated  Statements of Cash Flows (Unaudited) for the Three Months Ended September 30,  2015 and 2014

5

Notes to Condensed Consolidated Financial Statements  (Unaudited)

6

Item 2.

Management's Discussion and Analysis of Financial  Condition and Results of Operations

14

Item 3.

Quantitative and Qualitative Disclosures About  Market Risk

14

Item 4.

Controls and Procedures

15

**PART II - OTHER INFORMATION**

Item 1.

Legal Proceedings

15

Item 1A.

Risk Factors

15

Item 2.

Unregistered Sales of Equity Securities and Use of  Proceeds

15

Item 3.

Defaults Upon Senior Securities

15

Item 4.

Mine Safety Disclosures

15

Item 5.

Other Information

15

Item 6.

Exhibits

16

SIGNATURES

17

-1- 

**PART I**

 

**ITEM 1. FINANCIAL STATEMENTS**

-2- 
    JV GROUP, INC. AND SUBSIDIARIES    CONSOLIDATED  BALANCE SHEETS    (Amounts in US Dollars)              September 30,     June 30,                 2015         2015             (Unaudited)         ASSETS                        Current assets                           Cash and cash equivalents        $                      180     $                195      Current assets held for sale         3,218                3,327                                   Total current assets         3,398      3,522                          Total assets         $    3,398     $    3,522                    LIABILITIES & STOCKHOLDERS' DEFICIT                    Current liabilities                          Accounts payable and accrued liabilities       $                155,819            153,511      Advances, related parties                       49,637              49,637      Current liabilities - discontinued operations                 1,950,283          1,902,277                                   Total current liabilities                 2,155,739          2,105,425                  Total liabilities              2,155,739              2,105,425                 Stockholders' deficit                          Preferred stock, $0.01 par value: 25,000,000 shares authorized, no shares                            -                      -        issued and outstanding.             Common stock, $0.01 par value: 1,000,000,000 shares authorized      988,797            988,797        98,879,655 shares issued and outstanding at             September 30, 2015 and June 30, 2015            Other comprehensive income         5,680                5,680      Accumulated deficit                  (3,146,818)       (3,096,380)                                  Total stockholders' deficit                (2,152,341)       (2,101,903)                Total liabilities and stockholders' deficit       $    3,398     $              3,522                             See accompanying notes to condensed consolidated financial statements.
 

-3- 
    JV GROUP, INC. AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS    (Amounts in US Dollars)    (Unaudited)               For the three months             ended             September 30,                   2015         2014                  Revenue            $                   -     $                   -                   Operating expenses                              General and administrative                        2,322                 23,034     Loss from continuing operations                  (2,322)          (23,034)                  Loss from discontinued operations net of tax                   (48,116)            (228,340)     Total loss from discontinued operations               (48,116)        (228,340)                                                Net loss                  (50,438)        (251,374)                  Other comprehensive income                             Foreign currency translation adjustment                       -                       -                   Total comprehensive loss           $         (50,438)    $       (251,374)                  Basic and diluted loss per weighted average common share            Continuing operations                    (0.00)              (0.00)     Discontinued operations                   (0.00)             (0.00)    Total loss per weighted average common share         $            (0.00)    $            (0.00)                                Weighted average common shares outstanding:                            Basic                 98,879,655          98,879,655                    Diluted                 98,879,655          98,879,655                   See accompanying notes to condensed consolidated financial statements.
-4- 
    JV GROUP, INC. AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF CASH FLOWS    FOR THE THREE MONTHS ENDED SEPTEMBER 30,    (Amounts in US Dollars)    (Unaudited)                          2015     2014                                               CASH FLOWS FROM OPERATING ACTIVITIES                        Net loss from continuing operations        $            (2,322)    $           (23,034)                  Adjustments to reconcile net loss to net cash             used in operating activities:                          Changes in operating assets and liabilities:                          Accounts payable and accrued liabilities                  2,307              13,143       Total cash flow used in operating activities                     (15)             (9,891)                  CASH FLOW PROVIDED BY (USED IN) DISCONTINUED OPERATIONS          Net cash used in operating activities               (36,488)          (194,011)      Net cash provided by financing activities                36,488            203,947       Net cash provided by discontinued operations                      -                  9,936                                Effect of exchange rate changes on cash                            -                       (60)                  NET CHANGE IN CASH                      (15)                  (15)                  CASH AT BEGINNING OF PERIOD                        195                      255                   CASH AT END OF PERIOD        $                180     $                240                   SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION                       Cash paid for interest        $                    -     $                    -       Cash paid for income tax        $                    -     $                    -                                See accompanying notes to condensed consolidated financial statements. 
 

-5- 

**JV GROUP, INC. ANDSUBSIDIARIES**

**Notes to theCondensed Consolidated Financial Statements**

**September 30, 2015**

**(Amounts in USD)**

**(Unaudited)**

**NOTE 1 - BUSINESS AND BASIS OF PRESENTATION**

*Company History*

ASPI,Inc. ("APSI") was formed in Delaware in September 29, 2008.  On April 25, 2012,ASPI filed an amendment to its Certificate of Incorporation to change itsname from ASPI, Inc. to JV Group, Inc. ("JV Group.")  In addition, at thattime, JV Group increased the number of authorized common shares fromOne Hundred Million (100,000,000) shares to One Billion (1,000,000,000) shares.

*Business*

JV Group has made a strategic shift by discontinuingits office space leasing operations effective October 2015, and is looking tomerge with or acquire an existing company or acquire the technology to beginnew operations.

The Company's business is to pursue a businesscombination through acquisition, or merger with, an existing company. OnDecember 22, 2015, the Company filed form 8-K with the Securities and Exchange Commissionoutlining its intention to effect a sale of approximately 96% of itsoutstanding common shares to Arcus Mining Holdings Limited a SeychellesInternational Business Company. The closing is anticipated to be in lateJanuary 2016. No assurances can be given that the Company will be successful inlocating or negotiating with any target company.

Historically, JV Group operated primarily as an officeservice provider through its wholly-owned subsidiary, Prestige Prime Office,Limited ("Prestige"). As of the date of these financial statements Prestige hadceased all operating activities due to a strategic shift and the Company is nowclassified as a shell corporation.

The Company also has a second wholly owned subsidiary,Mega Action Ltd., A British Virgin Island corporation which has no businessactivities.

As of September 30, 2015 the Company is seeking todivest itself of these subsidiaries.

*Basis of Presentation*** **

The accompanying condensed consolidated financialstatements include the accounts of JV Group, Inc., a Delaware corporation, itswholly-owned subsidiaries, Mega Action Limited ("Mega"), a British VirginIsland Corporation, and Prestige, a Hong Kong Special Administrative RegionCorporation (JV Group and itssubsidiaries are collectively referred toas the "Company"). All significant intercompany accounts and transactions havebeen eliminated in consolidation. The following (a) balance sheets as ofSeptember 30, 2015 (unaudited) and June 30, 2015, which have been derived fromaudited financial statements, and (b) the unaudited interim statements ofoperations and cash flows of the Company have been prepared in accordance withaccounting principles generally accepted in the U.S.  ("GAAP") for interimfinancial information and the instructions to Form 10-Q and Rule 8-03 ofRegulation S-X. Accordingly, they do not include all of the information andfootnotes required by U.S. GAAP for complete financial statements. In theopinion of management, all adjustments (consisting of normal recurring accruals)considered necessary for a fair presentation have been included. Operatingresults for the three  months ended September 30, 2015 are not necessarilyindicative of results that may be expected for the year ending June 30, 2016.These unaudited financial statements should be read in conjunction with theaudited financial statements and notes thereto for the fiscal year ended June30, 2015 included in the Company's Annual Report on Form 10-K, filed with theSecurities and Exchange Commission ("SEC") on December 14, 2015. There have been no significantchanges to such accounting policies during the three months ended September 30,2015.

-6- 

**JV GROUP, INC. ANDSUBSIDIARIES**

**Notes to theCondensed Consolidated Financial Statements**

**September 30, 2015**

**(Amounts in USD)**

**(Unaudited)**

**NOTE 2 - DISCONTINUED OPERATIONS**

As of September 30, 2015 the business activities ofPrestige Prime Office, Limited have been discontinued. There are no revenuesand only lease obligations to be considered in the future. The leaseobligations terminate in February of 2016. Because Mega Acton Limited wasformed to be the management arm of Prestige Prime Office, Limited there was nofurther reason to keep it as a separate entity. On this basis the currentreporting includes both Prestige Prime Office, Limited and Mega Action Limitedas discontinued operations. All references to discontinued operations containthe net result of combining these two entities. There are nominal assets andsignificant liabilities in the subsidiaries and management has deemed that theonly appropriate action is to abandon these subsidiaries effective as ofSeptember 30, 2015.

**Results of Discontinued Operations**

Summary results  of operations for our discontinued operations for the quarters

September 30,

September 30,

Discontinued  operations

2015

2014

Revenues

$

                                      -   

$

                        78,713  

Loss from  discontinued operations

$

                             48,116 

$

                       228,340 

Income tax  expense (benefit)

$

                                      -   

$

Net loss from  discontinued operations

$

                            48,116  

$

                       228,340 

The assets and liabilities of the discontinuedoperations are set forth as follows:

**Schedule of discontinued operations**

Quarter ended September 30, 2015

F Y E June 30, 2015

Prestige

Mega

Total

Prestige

Mega

Total

Cash

            180  

              6 

             186 

              160

             96

              256

Prepaid

          3,032

               -

           3,032

           3,071

           3,071 

P P & E

                 -  

               -   

                  - 

                     

                      

Intangibles

                  - 

               -   

                  - 

                  -  

                  -   

   Total  discontinued assets

        3,212 

              6 

         3,218 

           3,321

              96

           3,327

Accts Payable  & Accrued Expenses

        27,691 

           903 

        28,594 

         16,171

           904 

         17,075 

Notes Payable

      452,790 

      452,790 

      452,790 

      452,790

Related party  payable

   1,301,947 

   166,952 

   1,468,899 

   1,265,460 

     166,952

   1,432,412

   Total  discontinued liabilities

   1,782,428 

   167,855 

   1,950,283 

   1,734,421 

     167,856

   1,902,277

-7- 

**JV GROUP, INC. ANDSUBSIDIARIES**

**Notes to theCondensed Consolidated Financial Statements**

**September 30, 2015**

**(Amounts in USD)**

**(Unaudited)**
**NOTE 3****- SIGNIFICANT ACCOUNTING POLICIES**
*Use of Estimates*

The preparation of the financial statements inconformity with accounting principles generally accepted in the United Statesof America requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reportedamounts of revenues and expenses during the reporting periods.  Actual resultscould differ from those estimates.

Judgments and estimates of uncertainties are requiredin applying the Company's accounting policies in certain areas. The followingare some of the areas requiring significant judgments and estimates: a) Goingconcern; and b) Depreciable life for property, plant and equipment andintangible assets. The relevant amounts could be adjusted in the near term ifexperience differs from current estimates.

*Cash and Cash Equivalents*

The Company considers all liquid investments purchasedwith an initial maturity of three months or less to be cash equivalents. Cashand cash equivalents include demand deposits and money market funds carried atcost which approximates fair value.  The Company maintains its cash in institutionsoutside of the U. S. without FDIC insurance, HK deposits may have some limitedHK deposit insurance. The Company carries minimal cash balances. 

*Foreign Currency Translation *

The financial statements of JV Group'swholly-owned subsidiaries, Prestige and Mega are measured using the localcurrency (the Hong Kong Dollar (HK$) is the functional currency).  Assets andliabilities of Prestige and Mega are translated at exchange rates as of thebalance sheet date. Revenues and expenses are translated at average rates ofexchange in effect during the period. The resulting cumulative translationadjustments have been recorded as a component of comprehensive income (loss),included as a separate item in the statement of operations.* *

The Company is exposed to movements in foreigncurrency exchange rates. In addition, the Company is subject to risks includingadverse developments in the foreign political and economic environment, tradebarriers, managing foreign operations, and potentially adverse tax consequences.There can be no assurance that any of these factors will not have a materialnegative impact on the Company's financial condition or results of operationsin the future.

*Fair Value of Financial Instruments*

Fair value is defined as the price that would bereceived upon sale of an asset or paid upon transfer of a liability in anorderly transaction between market participants at the measurement date and inthe principal or most advantageous market for that asset or liability. The fairvalue should be calculated based on assumptions that market participants woulduse in pricing the asset or liability, not on assumptions specific to theentity. In addition, the fair value of liabilities should include considerationof non-performance risk including our own credit risk. 

In addition to defining fair value, the standardexpands the disclosure requirements around fair value and establishes a fairvalue hierarchy for valuation inputs. The hierarchy prioritizes the inputs intothree levels based on the extent to which inputs used in measuring fair valueare observable in the market.  Each fair value measurement is reported in oneof the three levels which is determined by the lowest level input that issignificant to the fair value measurement in its entirety. These levels are: 

Level 1 - inputs are based uponunadjusted quoted prices for identical instruments traded in active markets.

Level 2 - inputs are based uponsignificant observable inputs other than quoted prices included in Level 1,such as quoted prices for identical or similar instruments in markets that arenot active, and model-based valuation techniques for which all significantassumptions are observable in the market or can be corroborated by observablemarket data for substantially the full term of the assets or liabilities.

-8- 

**JV GROUP, INC. ANDSUBSIDIARIES**

**Notes to theCondensed Consolidated Financial Statements**

**September 30, 2015**

**(Amounts in USD)**

**(Unaudited)**

Level 3 - inputs are generallyunobservable and typically reflect management's estimates of assumptions thatmarket participants would use in pricing the asset or liability. The fairvalues are therefore determined using model-based techniques that includeoption pricing models, discounted cash flow models, and similar techniques.

The carrying value of the Company's financial assetsand liabilities which consist of cash, prepaid expenses and other currentassets, accounts payable, accrued liabilities, prepayments and advances fromrelated parties in management's opinion approximate their fair value due to theshort maturity of such instruments. Unless otherwise noted, it is management'sopinion that the Company is not exposed to significant interest, exchange, orcredit risks arising from these financial instruments.

*Revenue Recognition*

The Company recognizes revenue when it isearned and expenses are recognized when they occur in accordance with *FASB ASC 605"Revenue Recognition" ("ASC 605")*. Sincethe Company has no ongoing operations there is no revenue to be recognizedeither in the parent Company nor its subsidiaries.

*Net Loss per Common Share*

Net income (loss) per common share iscomputed pursuant to section 260-10-45 of the FASB Accounting StandardsCodification. Basic net income (loss) per common share is computed by dividingnet income (loss) by the weighted average number of shares of common stockoutstanding during the period. Diluted net income (loss) per common share iscomputed by dividing net income (loss) by the weighted average number of sharesof common stock and potentially outstanding shares of common stock during theperiod. There were no potentially dilutive shares issued or outstanding duringthe three months ended September 30, 2015 and 2014.

*Impairment of Long Lived Assets*

The Company has adopted paragraph360-10-35-17 of the FASB Accounting Standards Codification for its long-livedassets. The Company's long-lived assets, which include office equipment, arereviewed for impairment whenever events or changes in circumstances indicatethat the carrying amount of an asset may not be recoverable.

 

The Company assesses the recoverability ofits long-lived assets by comparing the projected undiscounted net cash flowsassociated with the related long-lived asset or group of long-lived assets overtheir remaining estimated useful lives against their respective carryingamounts. Impairment, if any, is based on the excess of the carrying amount overthe fair value of those assets. Fair value is generally determined using theasset's expected future discounted cash flows or market value, if readilydeterminable. If long-lived assets are determined to be recoverable, but thenewly determined remaining estimated useful lives are shorter than originallyestimated, the net book values of the long-lived assets are depreciated overthe newly determined remaining estimated useful lives.

 

The Company considers the following to besome examples of important indicators that may trigger an impairment review:(i) significant under-performance or losses of assets relative to expectedhistorical or projected future operating results; (ii) significant changes inthe manner or use of assets or in the Company's overall business strategy;(iii) significant negative industry or economic trends; (iv) increasedcompetitive pressures; (v) a significant decline in the Company's stock pricefor a sustained period of time; and (vi) regulatory changes. The Companyevaluates acquired assets for potential impairment indicators at least annuallyand more frequently upon the occurrence of such events.

 

The impairment charges, if any, areincluded in operating expense in the accompanying statements of income andcomprehensive income (loss).

-9- 

**JV GROUP, INC. ANDSUBSIDIARIES**

**Notes to theCondensed Consolidated Financial Statements**

**September 30, 2015**

**(Amounts in USD)**

**(Unaudited)**

*Other Comprehensive Income(Loss)*

The Company has no elements of Comprehensive Incomeor (Loss) for the three months ended September 30, 2015 and 2014.

*Income Taxes*

Provisions for income taxes represents actual orestimated amounts payable on tax return filings each year. Deferred tax assetsand liabilities are recorded for the estimated future tax effects of temporarydifferences between the tax basis of assets and liabilities and amountsreported in the accompanying balance sheets, and for operating loss and taxcredit carry forwards. The change in deferred tax assets and liabilities forthe period measures the deferred tax provision or benefit for the period.Effects of changes in enacted tax laws on deferred tax assets and liabilitiesare reflected as adjustments to the tax provision or benefit in the period ofenactment.

FASB ASC 740, "Income Taxes" ("ASC 740") addresses thedetermination of whether tax benefits claimed or expected to be claimed on atax return should be recorded in the financial statements. Under ASC 740, theCompany may recognize the tax benefit from an uncertain tax position only if itis more likely than not that the tax position will be sustained on examinationby the taxing authorities, based on the technical merits of the position. Thetax benefits recognized in the financial statements from such a position wouldbe measured based on the largest benefit that has a greater than 50% likelihoodof being realized upon ultimate settlement. ASC 740 also provides guidance onde-recognition of income tax assets and liabilities, classification of currentand deferred tax assets and liabilities, and accounting for interest andpenalties associated with tax positions. As of September 30, 2015 and June 30,2015, the Company does not have a liability for any uncertain tax positions.

The income tax laws of various jurisdictions in whichthe Company operates are summarized as follows:

United States

JV Group is subject to UnitedStates tax at 35%. No provision for income tax in the United States has beenmade as the Company had no U.S. taxable income for the quarters ended September30, 2015 and 2014.

BVI

Mega is incorporated in BVI andis governed by the income tax laws of BVI. According to current BVI income taxlaw, the applicable income tax rate for the Company is 0%.

Hong Kong

Prestige is incorporated inHong Kong. Pursuant to the income tax laws of Hong Kong, the Company is subjectto the tax rate 16.5%. However, due to the Company sustaining losses, theCompany's effective tax rate is zero.

Upon successful divestiture of the subsidiariesManagement is of the opinion that there will be no remaining tax liability orbenefit from either subsidiary.

*Recent Accounting Pronouncements *

There were various other accounting standards andinterpretations issued in 2015 and 2014, none of which are expected to have amaterial impact on the Company's financial position, operations, or cash flows.

-10- 

**JV GROUP, INC. ANDSUBSIDIARIES**

**Notes to theCondensed Consolidated Financial Statements**

**September 30, 2015**

**(Amounts in USD)**

**(Unaudited)**

**NOTE 4 - GOING CONCERN**

The Company's financial statements for the quartersended September 30, 2015 and 2014 have been prepared on a going concern basis,which contemplates the realization of assets and the settlement of liabilitiesand commitments in the normal course of business. The Company reported a lossfrom continuing operations of $2,322 for the quarter ended September 30, 2015.The Company reported a net loss due to discontinued operations of $48,116 andan accumulated deficit of $3,146,818 for the same period. At September 30, 2015,the Company had total assets of $3,398 and total liabilities of $2,155,739 fora working capital deficit of $2,152,341 Out of these, current assets held forsale were $3,218 and the current liabilities held for sale were $1,950,283.** **

The Company's ability to continue as a going concernmay be dependent on the success of management's plan discussed below. Thefinancial statements do not include any adjustments relating to therecoverability and classification of assets or the amounts and classificationof liabilities that might be necessary should the Company be unable to continueas a going concern.

To the extent the Company's operations are notsufficient to fund the Company's capital requirements, the Company may attemptto enter into a revolving loan agreement with financial institutions or attemptto raise capital through the sale of additional capital stock or through theissuance of debt. At the present time, the Company does not have a revolvingloan agreement with any financial institution nor can the Company provide anyassurance that it will be able to enter into any such agreement in the futureor be able to raise funds through the further issuance of debt or equity in theCompany.** **

As of June 30, 2015 the Company has effectively ceasedall of its operations which has resulted in the Company being classified as ashell corporation. On December 22, 2015,the Company filed form 8-K with the Securities and Exchange Commissionoutlining its intention to effect a sale of approximately 96% of itsoutstanding common shares to Arcus Mining Holdings Limited a Seychelles InternationalBusiness Company. The closing is anticipated to be in late January 2016. Noassurances can be given that the Company will be successful in locating ornegotiating with any target company.

**NOTE 5 - ADVANCES, RELATED PARTIES**

During the quarter ended September 30, 2015 and, 2014,Ms. Look, an officer and director of the Company and manager of Mega, advancedno additional funds to either the Company or its subsidiary Mega during thethree months ended September 30, 2015 and 2014. Ms. Look is owed a principlebalance of $49,637 and $49,637 as of September 30, 2015 and June 30, 2015,respectively. Such funds are unsecured, bear no interest, and are due ondemand. 

During the three months ended September 30, 2015 and2014, Mega, a BVI company which Ms. Look manages, advanced nil and $9,876respectively. The Company owes Mega $161,760 as of September 30, 2015 and June30, 2015, respectively.

During the quarter ended September 30, 2015 and 2014,Mr. Hung, the manager of Prestige and the majority shareholder of the Company,advanced funds of $36,488 and $203,947, respectively. The advances wereattributable and used by the Company's discontinued operations. Mr. Hungis owed$1,301,947 and $1,265,460 as on September 30, 2015 and June 30, 2015 respectively,which is included in the current liabilities of discontinued operations.

During the quarter ended September 30, 2015 and 2014,Ms. Look advanced funds of $- and $10,191 respectively to the discontinuedoperations of the Company. Ms. Look is owed $166,952 as of September 30, 2015and June 30, 2015, which is included in the current liabilities of discontinuedoperations.

-11- 

**JV GROUP, INC. ANDSUBSIDIARIES**

**Notes to theCondensed Consolidated Financial Statements**

**September 30, 2015**

**(Amounts in USD)**

**(Unaudited)**

**NOTE 6 - STOCKHOLDERS' DEFICIT**

The authorized capital stock of the Company is1,000,000,000 shares of common stock with a $0.01 par value and 25,000,000shares of preferred stock with a par value of $0.01 per share. At September 30,2015 and June 30, 2015 the Company had 98,879,655 shares of its common stockissued and outstanding and no shares of preferred stock issued and outstanding. 

During the period ended September 30, 2015 the Companydid not issue any shares of its common stock.

**NOTE 7 - SUBSEQUENT EVENTS**

The Company has evaluated it activities subsequent tothe quarter ended September 30, 2015 through the date of filing and hasfollowing events. 

On December 22, 2015, the Company filed form 8-K withthe Securities and Exchange Commission outlining its intention to effect a saleof approximately 96% of its outstanding common shares to Arcus Mining HoldingsLimited a Seychelles International Business Company. The closing is anticipatedto be in late January of 2016. No assurances can be given that the Company willbe successful in locating or negotiating and completing a merger/saletransaction with Arcus Mining Holdings Limited or an other target company.

-12- 

**ITEM 2. MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion should be read in conjunction with our unaudited financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission.  Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking  statements are necessarily based upon estimates and assumptions that are inherently  subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with  respect to future  business  decisions,  are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on our behalf.  We disclaim any obligation to update forward-looking statements.*

*The independent registered public accounting firm's report on the Company's**consolidated**financial statements as of June 30, 201**5**, and for each of the years in the two-year period then ended, includes a "going concern" explanatory paragraph, that describes substantial doubt about the Company's ability to continue as a going concern.   *

PLAN OF OPERATIONS

JV Group's strategy is to seek out a partner for amerger or an operating company seeking the benefits of a publicly tradedcompany. Because the subsidiaries have ceased their activity it will cause theCompany to be classified as a shell corporation

The Company will need substantial additional capitalto support its budget. The Company has had minimal revenues. The Company has nocommitted source for any funds as of date hereof. In the event funds cannot beraised when needed, the Company may not be able to carry out its business plan,may never achieve sales or royalty income, and could fail in business as aresult of these uncertainties.

The Company may borrow money to finance its futureoperations, although it does not currently contemplate doing so. Any suchborrowing will increase the risk of loss to the investor in the event theCompany is unsuccessful in repaying such loans.

The independent registered public accounting firm'sreport on the Company's financial statements as of June 30, 2015, and for eachof the years in the two-year period then ended, includes a "going concern"explanatory paragraph, that describes substantial doubt about the Company'sability to continue as a going concern.  

**RESULTS OF OPERATIONS**

*For the Three Months Ended September 30, 2015 Comparedto the Three Months Ended September 30, 2014*

During the three months ended September 30, 2015 and2014, we recognized revenues of $0 and $0 respectively from operations.Revenues from discontinued operations amounted to $0 and $78,713 for thequarters ended September 30, 2015 and 2014 with corresponding cost of revenuesof $9,465 and $19,482 respectively.

During the three months ended September 30, 2015, weincurred operational expenses of $2,323. During the three months endedSeptember 30, 2014, we incurred $23,034 in operational expenses.  The decreaseof $20,711 was a result of audit and legal services not received until afterSeptember 30, 2015. During the quarters ended September 30, 2015 and 2014 weincurred operational expenses of $38,651 and 208,858 respectively in relationto the discontinued operations.

Losses attributable to continuing operations were$2,323 for the quarter ended September 30, 2015 and $23,034 for the quarterended September 30, 2014. Losses attributable to the discontinued operationswere $48,116 for the quarter ended September 30, 2015 and $228,340 for thequarter ended September 30, 2014.

-13- 

**LIQUIDITY**

At September 30, 2015, we had total current assets of$3,398 consisting of $180 in cash and cash equivalents and $3,218 currentassets held for sale. At September 30, 2015, we had total liabilities of$2,155,739, all current. Total liabilities included $155,819 in accountspayable, $49,637 in advances from related parties and $1,950,283 in currentliabilities of discontinued operations. 

During the three months ended September 30, 2015, weused funds of $2,323 in our operational activities which was offset by anincrease of $2,308 in accounts payable resulting in a net decrease in cash of$15.  During the three months ended September 30, 2014, we used funds of$23,034 in our operations activities which was partially offset by a $13,143increase in accounts payable resulting in a net decrease in cash of $9,891. Theoperational loss due to discontinued operations was $48,116 which was partiallyoffset by changes in current assets and liabilities of $11,628 for a netdecrease in cash of $36,448..During the three months ended September 30, 2014,the operational loss due to discontinued operations was $228,340 which wasincreased by changes in current assets and liabilities of $112,040 and reducedby depreciation and amortization charges of $38,868 and loss on disposal ofassets of $107,501 for a net change in cash of ($194,011).

During the three months ended September 30, 2015 and2014, we received $0 and $0 from our financing activities.  During the three months ended September 30, 2015 and2014, we received $36,488 and $203,947 respectively from our financingactivities attributable to discontinued operations

During the three months ended September 30, 2015 and2014 we used $0 from our investing activities respectively. During the sameperiod investing activities from discontinued operations used $0 and $0respectively.** **

*Off-Balance Sheet Arrangements*

We have no material off-balance sheet arrangements nordo we have any unconsolidated subsidiaries.

*Short Term*

Since we have ceased operations there is no revenuecoming in to the Company, however, there will be limited ongoing expenses thatwill need to be covered. For short term needs we will be dependent on receipt,if any, of offering proceeds and/or loans from officers and stockholders.. 

*Capital Resources*

We have only common stock as our capital resource.

We have no material commitments for capitalexpenditures within the next year, substantial capital will be needed to payfor working capital.

*Need for Additional Financing *

We do not have capital sufficient to meet our cashneeds. We will have to seek loans or equity placements to cover such cashneeds.

No commitments to provide additional funds have beenmade by our management or other stockholders.  Accordingly, there can be noassurance that any additional funds will be available to us to allow it tocover our expenses as they may be incurred.

**ITEM 3.  QUANTATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

-14- 

**ITEM 4.  CONTROLS AND PROCEDURES**

Disclosures Controls and Procedures

We have adopted and maintain disclosurecontrols and procedures (as such term is defined in Rules 13a 15(e) and15d-15(e) under the Securities Exchange Act of 1934, as amended (the"Exchange  Act"))  that are  designed to ensure that informationrequired to be disclosed in our reports under the Exchange Act, is recorded,processed, summarized and reported within the time periods required under theSEC's rules and forms and that the information is gathered and communicated toour management, including our Chief Executive Officer (Principal ExecutiveOfficer) and Chief Financial Officer (Principal Financial Officer), asappropriate, to allow for timely decisions regarding required disclosure.

As required by SEC Rule 15d-15(b), ourChief Executive Officer carried out an evaluation under the supervision andwith the participation of our management, of the effectiveness of the designand operation of our disclosure controls and procedures pursuant to ExchangeAct Rule 15d-14 as of the end of the period covered by this report.  Based onthe foregoing evaluation, our Chief Executive Officer has concluded that ourdisclosure controls and procedures are noteffective intimely alerting them to material  information required to be included in ourperiodic SEC filings and to ensure that information required to be disclosed inour periodic SEC filings is accumulated and communicated to our management, including our Chief Executive Officer, to allow timely decisions regardingrequired disclosure as a result of the potential deficiency in our internal control overfinancial reporting.* *

There was no change in our internal control overfinancial reporting that occurred during the fiscal quarter ended September 30,2015, that has materially affected, or is reasonably likely to materiallyaffect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**ITEM 1.  LEGAL PROCEEDINGS**

None.

**ITEM 1A.  RISK FACTORS**

Not Applicable to Smaller Reporting Companies.

**ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

The Company did not make any unregisteredsales of its securities fromJune 30, 2015 through September 30, 2015.

**ITEM 3.  DEFAULTS UPON SENIOR SECURITIES**

On  September  8,  2011,  Prestige  entered  into an Agreement  with  Huge Earn Investments  Limited ("Huge Earn") topurchase a leasehold,  as described below, in exchange for 25,000,000 shares ofthe Company's restricted common stock and a $450,000  promissory note withanticipated due date of six months from issuance. The promissory note was dueon March 1, 2012. The promissory note does not accrue interest. DespitePrestige's default on the promissory note Huge Earn has not entered into anyextension of the promissory note or indicated a willingness to repossess theleases.

**ITEM 4.  MINE SAFETY DISCLOSURES **

Not Applicable.

**ITEM 5.  OTHER INFORMATION**

None.

-15- 

**ITEM 6.  EXHIBITS**

**Exhibits.**  The following is a complete list of exhibits filedas part of this Form 10-Q.  Exhibit numbers correspond to the numbers in theExhibit Table of Item 601 of Regulation S-K.

**EXHIBIT NO.**

**DESCRIPTION**

31.1

Certification  of Chief Executive and Chief Financial Officer pursuant to Section 302 of the  Sarbanes-Oxley Act 

32.1

Certification  of Principal Executive and Financial Officer pursuant to Section 906 of the  Sarbanes-Oxley Act 

101.INS

XBRL Instance  Document (1)

101.SCH

XBRL Taxonomy  Extension Schema Document (1)

101.CAL

XBRL Taxonomy  Extension Calculation Linkbase Document (1)

101.DEF

XBRL Taxonomy  Extension Definition Linkbase Document (1)

101.LAB

XBRL Taxonomy  Extension Label Linkbase Document (1)

101.PRE

XBRL Taxonomy  Extension Presentation Linkbase Document (1)

(1)   Pursuant to Rule 406T of  Regulation S-T, this interactive data file is deemed not filed or part of a  registration statement or prospectus for purposes of Sections 11 or 12 of the  Securities Act of 1933, is deemed not filed for purposes of Section 18 of the  Securities Exchange Act of 1934, and otherwise is not subject to liability  under these sections.

-16- 

**SIGNATURES**

Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

**JV GROUP, INC.**

**(Registrant)**

Dated:  February 5, 2016

 

By: /s/ Look  Yuen Ling                                             

Look Yuen Ling

President, Chief Executive Officer and

Chief Financial Officer

 

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